Limited Review of the Akins Income Statement shows 100,000 of Net Sales for the Year 2017 and NetIncome of 12,000. The terms for Sales and Purchases are 2/10, n/30. Partial Comparative BalanceSheets for the Akins Corporation appear below:(In Thousands)(In Thousands)20172016$ 3,000$15,0005,000CashMarketable Securities9,000Accounts Receivable25,00015,00023,00017,000InventoryEquipment (At Book Value)60,00055,000Land20,00015,000Patents50.00050,000Total Assets$190,000$172,000Current Liabilities10,00030,000Long Term LiabilitiesTotal Liabilities70.000100,00075,00085,000a) Compute the current ratio for 2017b) Compute the accounts receivable turnover ratio for 2017c) Compute the average days uncollected for 2017 and provide observation.

Ratio analysis can be defined as the technique that is used by the users of the financial statement…

Limited Review of the Akins Income Statement shows 100,000 of Net Sales for the Year 2017 and Net Income of 12,000. The terms for Sales and Purchases are 2/10, n/30. Partial Comparative Balance Sheets for the Akins Corporation appear below: (In Thousands) (In Thousands) 2016 $15,000 5,000 15,000 2017 Cash $ 3,000 Marketable Securities 9,000 Accounts Receivable Inventory Equipment (At Book Value) 25,000 23,000 17,000 60,000 55,000 Land 20,000 15,000 Patents 50.000 50.000 Total Assets $190,000 $172,000 10,000 75.000 85,000 Current Liabilities 30,000 70.000 Long Term Liabilities Total Liabilities 100,000 a) Compute the current ratio for 2017 b) Compute the accounts receivable turnover ratio for 2017 c) Compute the average days uncollected for 2017 and provide observation.

Limited Review of the Akins Income Statement shows 100,000 of Net Sales for the Year 2017 and Net Income of 12,000. The terms for Sales and Purchases are 2/10, n/30. Partial Comparative Balance Sheets for the Akins Corporation appear below: (In Thousands) (In Thousands) 2016 $15,000 5,000 15,000 2017 Cash $ 3,000 Marketable Securities 9,000 Accounts Receivable Inventory Equipment (At Book Value) 25,000 23,000 17,000 60,000 55,000 Land 20,000 15,000 Patents 50.000 50.000 Total Assets $190,000 $172,000 10,000 75.000 85,000 Current Liabilities 30,000 70.000 Long Term Liabilities Total Liabilities 100,000 a) Compute the current ratio for 2017 b) Compute the accounts receivable turnover ratio for 2017 c) Compute the average days uncollected for 2017 and provide observation.

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

Income statement. Construct the Barron Pizza, Inc. income statement for the year ending 2015 with the following information (the dollar amounts are in thousands of dollars). Shares outstanding: 16,673,000 Tax rate: 37.5% Interest expense. $6,072 Revenue: $889,345 Depreciation: $31,256 Selling, general, and administrative expense: S77.498 Other income. $1,118 Research and development: $4,193 Cost of goods sold: $750,757 Note Enter all expenses as negative numbers. EBIT Income before tax Net income Shares outstanding Earnings per share %24 %24 %24 %24 %24 %24
The income statement of a corporation shows the following balance in Sales Revenue for the years 2017, 2016, and 2015. 2017: $676,000 2016: $625,000 2015: $610,000 Performing horizontal analysis on Sales Revenue would result in what percentage change for 2017? (Round to two decimal places.) 8% 108% 2% 11%
All sales were on account. Net cash provided by operating activities for 2017 was $234,000. Capital expenditures were $136,000, and cash dividends were $61,000. Compute the following ratios for 2017. (Round current ratio, earnings per share and asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%. Use 365 days in calculation.) Asset turnnover Debt to asset ratio Free cash flow
The following are financial statements of Carla Vista Co.. Carla Vista Co.Income StatementFor the Year Ended December 31, 2022 Net sales $2,247,500 Cost of goods sold 1,018,500 Selling and administrative expenses 901,000 Interest expense 82,000 Income tax expense 75,000 Net income $ 171,000 Carla Vista Co.Balance SheetDecember 31, 2022 Assets Current assets Cash $ 56,300 Debt investments 81,000 Accounts receivable (net) 169,500 Inventory 118,900 Total current assets 425,700 Plant assets (net) 574,000 Total assets $ 999,700 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 161,000 Income taxes payable 37,000 Total current liabilities 198,000 Bonds payable 201,880 Total liabilities 399,880 Stockholders’ equity Common stock 355,000 Retained earnings 244,820…
Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 9,400 (6,400) 3,000 (2,200) (240) (224) $ 336 Bonds payable Common stock Retained earnings Comparative Balance Sheets. Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities December 31 2024 $ 640 640 840 2,400 $ 4,520 $ 1,340 1,600 640 940 $ 4,520 2023 $ 540 440 640 2,500 $4,120 $ 1,090 1,600 640 790 $ 4,220 Required: Calculate the following ratios for 2024 Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.
Additional information: 2018 current ratio: 1.4:1 debt to total assets: 61.1% Question: find working capital for 2018 Additional information: 2017 current ratio 1.5:1 working capital: 214,500 Question find debt to total assets for 2017
Selected comparative statement data for Tyrone Company are presented below. All balance sheet data are as of December 31. _2017 2016_ Net sales…
Suppose selected comparative statement data for the giant bookseller Barnes & Noble are as follows. All balance sheet data are as of the end of the fiscal year (in millions). Net sales Cost of goods sold Net income Accounts receivable Inventory Total assets Total common stockholders' equity 2022 $4,750.0 3.300.3 85.3 75.1 1,150.0 2,850.0 900.2 2021 $5,500.6 3,700.6 110.1 102.2 1.250.0 3,250.1 1.120.7
Apple’s balance sheet reports 2017 accounts receivable total of $17,932 million. Computed as $17,874 million plus its $58 million allowance. What isApple’s total of its schedule of accounts receivable?
What are the firm’s net profit margins for 2018 and 2019? Income Statements ($ in millions) Balance Sheets ($ in millions) 2018 2019 Assets 2018 2019 Sales Revenue $2,580 $2,865 Cash $70 $50 Less: Cost of goods sold $1,060 $1,500 Short-Term investments $35 $9 Less: Operating Expenses $105 $162 Accounts rec. 400 460 Less: Depreciation $85 $80 Inventory 490 556 Earnings before interest and taxes $1,330 $1,123 Total Current Assets $995 $1,075 Less: Interest paid $350 $380 Net fixed assets 1890 1,910 Taxable Income $980 $743 Less: Taxes (40%) $392 $297 Total assets $2,885 2,985 Net income $588 $446 Liabilities and Owner's Equity Dividends (45%) $265 $201 2018 2019 Additions to Retained Earnings $323 $245 Accounts payable $240 $210 Accruals $20 $20 Notes payable 65 74 Total Current…
A company reported the following data for the year ending 2018: Description Amount Sales $400,000 Sales discount $16,000 Sales returns and allowances $13,000 Cost of goods sold $117,000 Operating expense $153,000 Income tax expense $23,750 There are 25,000 shares outstanding throughout the year. What is the earnings per share? $2.08 per share $4.04 per share $3.09 per share $3.01 per share
Presented below are selected ledger accounts of Oriole Corporation as of December 31, 2017. Cash $68,000 Administrative expenses 106,700 Selling expenses 83,090 Net sales 544,700 Cost of goods sold 265,900 Cash dividends declared (2017) 22,650 Cash dividends paid (2017) 22,000 Discontinued operations (loss before income taxes) 41,200 Depreciation expense, not recorded in 2016 36,000 Retained earnings, December 31, 2016 96,390 Effective tax rate 30% (a) Net income $ 33,467 (b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,480 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.) ORIOLE CORPORATIONIncome Statement…