Laflamme Inc. had the following operating results for 2018: sales $30,660, cost of goods sold = $20.260, depreciation expense = $5.660, interest expense $3.090; dividends paid = $1.950. At the beginning of the year, net fixed assets were $17,480, current assets were $5.960, and current liabilities were $3.575. At the end of the year, net fixed assets were $21,160, current assets were $7,180, and current liabilities were $4100. The tax rate for 2018 was 30 %. a. What is net income for 2018? (Negative answers should be indicated by a minus sign. Omit S sign in your response.) Net income b. What is the operating cash flow for 2018? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Operating cesh flow c. What is the cash flow from assets for 2018? (Negative answer should be indicated by a minus sign. Omit $ sign in your response.) Cash flow from essets d. If no new debt wes issued during the year, what is the cash flow to creditors? What is the cash flow to shareholders? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Cash flow to creditors Cash flow to shareholders

Laflamme Inc. had the following operating results for 2018: sales $30,660, cost of goods sold = $20.260, depreciation expense = $5.660, interest expense $3.090; dividends paid = $1.950. At the beginning of the year, net fixed assets were $17,480, current assets were $5.960, and current liabilities were $3.575. At the end of the year, net fixed assets were $21,160, current assets were $7,180, and current liabilities were $4100. The tax rate for 2018 was 30 %. a. What is net income for 2018? (Negative answers should be indicated by a minus sign. Omit S sign in your response.) Net income b. What is the operating cash flow for 2018? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Operating cesh flow c. What is the cash flow from assets for 2018? (Negative answer should be indicated by a minus sign. Omit $ sign in your response.) Cash flow from essets d. If no new debt wes issued during the year, what is the cash flow to creditors? What is the cash flow to shareholders? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Cash flow to creditors Cash flow to shareholders

Name: Laflamme Inc. had the following operating results for 2018: sales $30
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Laflamme Inc. had the following operating results for 2018: sales $30,660; cost of goods sold = $20.260, depreciation expense =$5,660: interest expense = $3.090; dividends paid = $1,950. At the beginning of the year, net fixed assets were $17,480, c

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Swiss Group reports net income of $39,000 for the year. At the beginning of the year, Swiss Group had $195,000 in assets. By the end of the year, assets had grown to $245,000. What is Swiss Group's return on assets for the current year? Did Swiss Group perform better or worse than its competitors if competitors average an 13% return on assets? Complete this question by entering your answers in the tabs below. Return on Assets Group Perform What is Swiss Group's return on assets for the current year? Numerator: Denominator:
Use the following tables to answer the question: LOGIC COMPANY Income Statement For years ended December 31, 2016 and 2017 (values in $) 2016 2017 Gross sales 19,800 15,600 Sales returns and allowances 900 100 Net sales 18,900 15,500 COGS 11,800 8,800 Gross profit 7,100 6,700 Depreciation 780 640 Selling and administrative expenses 2,800 2,400 Research 630 540 Miscellaneous 440 340 Total operating expenses 4,650 3,920 Income before interest and taxes 2,450 2,780 Interest expense 640 540 Income before taxes 1,810 2,240 Provision for taxes 724 896 LOGIC COMPANY Balance Sheet For years ended December 31, 2016 and 2017 (values in $) 2016 2017 Current assets 12,300 9,400 Accounts receivable 16,900 12,900 Merchandise inventory 8,900 14,400 Prepaid expenses 24,400 10,400 Total current assets 62,500 47,100 Building (net) 14,900 11,400 Land 13,900 9,400 Total plant and equipment 28,800 20,800 Total assets 91,300 67,900 Accounts payable 13,400 7,400 Salaries payable 7,500 5,400 Total current…
= Manaia Manufacturing had the following operating results for 2022: sales $30,674; cost of goods sold $21,920; depreciation expense $3,582; interest expense $594; dividends paid $889. At the beginning of the year, net fixed assets were $20,336, current assets were $2,149, and current liabilities were $4,886. At the end of the year, net fixed assets were $23,227, current assets were $4,557, and current liabilities were $3,237. The tax rate for 2022 was 21 percent. a. What is net income for 2022? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. b. What is the operating cash flow for 2022? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. c. What is the cash flow from assets for 2022? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. d. If no new debt was issued…
The 2021 income statement of Adrian Express reports sales of $15,642,000, cost of goods sold of $9,351,500, and net income of $1,590,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Common stock Retained earnings Total liabilities and stockholders' equity Average collection period Average days in inventory Current ratio Debt to equity ratio Industry averages for the following four risk ratios are as follows: Risk Ratios Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 50% days days 2021 Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2021. (Use 365 days in a year. Round your answers to 1 decimal place.) to 1 % 2020 $ 590,000 1,380,000 $750,000 990,000…
Sandhill Corporation had revenues of $858,030 in 2017. It also had expenses (excluding depreciation) of $356,240, depreciation of $103,471, and interest expense of $52,414. What was the company’s net income after taxes if its average tax rate was 40 percent? (Round answer to 2 decimal places, e.g. 15.25.)
Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2018 2017 Sales $ 3,900.0 $ 3,000.0 Operating costs excluding depreciation and amortization 2,925.0 2,550.0 EBITDA $ 975.0 $ 450.0 Depreciation and amortization 90.0 69.0 Earnings before interest and taxes (EBIT) $ 885.0 $ 381.0 Interest 86.0 66.0 Earnings before taxes (EBT) $ 799.0 $ 315.0 Taxes (40%) 319.6 126.0 Net income $ 479.4 $ 189.0 Common dividends $ 431.0 $ 151.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2018 2017 Assets Cash and equivalents $ 38.0 $ 30.0 Accounts receivable 432.0 360.0 Inventories 819.0 630.0 Total current assets $ 1,289.0 $ 1,020.0 Net plant and equipment 897.0 690.0 Total assets $ 2,186.0 $ 1,710.0 Liabilities and Equity…
In its 2014 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $8,113 million, end-of-the-year total assets of $8,323 million, total sales of $8,268 million, and net income of $807 million. (a) Compute Campbell’s asset turnover. (b) Compute Campbell’s profit margin on sales. (c) Compute Campbell’s return on assets using (1) asset turnover and profit margin and (2) net income. (Round to two decimal places.)
Suppose the 2022 income statement for McDonald's Corporation shows cost of goods sold $4,878.8 million and operating expenses (including depreciation expense of $1,226.0 million) $10,671.1 million. The comparative balance sheets for the year show that inventory decreased $7.4 million, prepaid expenses increased $43.4 million, accounts payable (inventory suppliers) increased $19.1 million, and accrued expenses payable increased $195.8 million. Using the direct method, compute (a) cash payments to suppliers and (b) cash payments for operating expenses. (Enter answers in millions to 1 decimal place, e.g. 527.5.) Cash payments to suppliers $ Cash payments for operating expenses $ million million
Peyton's Palace has net income of $13.4 million on sales revenue of $114 million. Total assets were $80 million at the beginning of the year and $88 million at the end of the year. Calculate Peyton's return on assets, profit margin, and asset turnover ratios. (Enter your answers in millions. (i.e., $5,500,000 should be entered as 5.5).) Return on Assets Numerator/Denominator Amounts Peyton's Palace % Profit Margin Numerator/Denominator Amounts Peyton's Palace % Asset Turnover Numerator/Denominator Amounts Peyton's Palace times
The 2024 income statement of Adrian Express reports sales of $22,910,000, cost of goods sold of $13,150,000, and net income of $2,420,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Gross profit ratio Return on assets. Profit margin Asset turnover Return on equity 45% 25% 15% 19.5 35% times. 2024 2023 $1,060,000 $1,040,000 2,050,000 1,370,000 2,630,000 1,950,000 5,260,000 4,520,000 $11,000,000 $8,880,000 SUPERS $2,316,000 $1,976,000 2,724,000 2,716,000 2,350,000 2,170,000 3,610,000 2,018,000 $11,000,000 $8,880,000 Required: 1. Calculate the five profitability ratios listed above for Adrian Express. 2. Do…
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue $ 5,300,000 $ 4,400,000 Cost of goods sold 3,040,000 2,180,000 Administrative expense 980,000 855,000 Selling expense 540,000 482,000 Interest revenue 168,000 158,000 Interest expense 236,000 236,000 Loss on sale of assets of discontinued component 120,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024–9/30/2024 2023 Sales revenue $ 580,000 $ 680,000 Cost of goods sold (380,000) (428,000) Administrative expense (68,000) (58,000) Selling expense (38,000) (38,000) Operating income before taxes…
Suppose in its 2027 annual report that McDonald's Corporation reports beginning total assets of $20.80 billion, ending total assets of $19.20 billion, net sales of $21.80 billion, and net income of $4.10 billion. (a) Compute McDonald's return on assets. (Round return on assets to one decimal place, e.g. 5.1%.) McDonald's return on assets % (b) Compute McDonald's asset turnover. (Round asset turnover to 2 decimal places, e.g. 5.12.) McDonald's asset turnover times