Partial Income Statement Year Ending 2017Sales revenue$350,000Cost of goods sold$141,900Fixed costs$43,000Selling, general, andadministrative expensesDepreciationClick on the following icon in order to copy its contents into a spreadsheet.)Partial Balance Sheet 12/31/2016LIABILITIES$16,200 Notes payable$28,000 Accounts payable$48,000 Long-term debtASSETSCashAccounts receivableInventoriesFixed assetsAccumulated depreciationIntangible assets$27,900$45,800ASSETSCashAccounts receivableInventoriesFixed assetsAccumulated depreciationIntangible assets$367,800 OWNERS' EQUITY$143,500 Retained earnings$82,100 Common stockClick on the following icon in order to copy its contents into a spreadsheet.)Partial Balance Sheet 12/31/2017LIABILITIES$25,900 Notes payable$19,100 Accounts payable$53,000 Long-term debt$448,200 OWNERS' EQUITYRetained earnings$82,100 Common stock$13,900$19,000$190,000$132,000$12,100$23,900$162,100$181,900 Cash flow identity. Use the data from the following financial statements in the popup window,. The company paidinterest expense of $17,100 for 2017 and had an overall tax rate of 40% for 2017. Verify the cash flow identity:cash flow from assets = cash flow to creditors + cash flow to ownersThe cash flow from assets is $(Round to the nearest dollar.)

Cash is one of the most important current assets which are crucial to any entity's survival. The…

Partial Income Statement Year Ending 2017 Sales revenue $350,000 Cost of goods sold $141,900 Fixed costs $43,000 Selling, general, and administrative expenses Depreciation Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 LIABILITIES $16,200 Notes payable $28,000 Accounts payable $48,000 Long-term debt $367,800 OWNERS' EQUITY $143,500 Retained earnings $82,100 Common stock ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation Intangible assets $27,900 $45,800 ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation Intangible assets Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2017 LIABILITIES $25,900 Notes payable $19,100 Accounts payable $53,000 Long-term debt $448,200 OWNERS' EQUITY Retained earnings $82,100 Common stock $13,900 $19,000 $190,000 $132,000 $12,100 $23,900 $162,100 $181,900

Partial Income Statement Year Ending 2017 Sales revenue $350,000 Cost of goods sold $141,900 Fixed costs $43,000 Selling, general, and administrative expenses Depreciation Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 LIABILITIES $16,200 Notes payable $28,000 Accounts payable $48,000 Long-term debt $367,800 OWNERS' EQUITY $143,500 Retained earnings $82,100 Common stock ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation Intangible assets $27,900 $45,800 ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation Intangible assets Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2017 LIABILITIES $25,900 Notes payable $19,100 Accounts payable $53,000 Long-term debt $448,200 OWNERS' EQUITY Retained earnings $82,100 Common stock $13,900 $19,000 $190,000 $132,000 $12,100 $23,900 $162,100 $181,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (30%) Net income 2016 $2,033,000 1,487,000 2017 $2,451,000 2018 $2,717,000 2019 $2,994,000 1,617,000 1,768,000 2,093,000 546,000 834,000 949,000 901,000 488,000 494,000 522,000 532,000 58,000 340,000 427,000 369,000 17,400 102,000 128,100 110,700 $40,600 $238,000 $298,900 $258,300 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $19,000. The company uses a periodic inventory system. 2. Compute the gross profit percentage for each year before the correction and after the correction. Note: Round your answers to the nearest whole percent. 2016 2017 2018 2019 Before correction % % % % After correction % % % %
SMOLIRA GOLF CORP. Balance Sheet as of December 31, 2015 ASSETS LIABILITIES & OWNER'S EQUITY Current Assets: Current Liabilities: Cash Rs.710 Accounts Payable Rs.1,215 Accounts Receivable 2106 Notes Payable 718 Inventory 4982 Other 230 Total Rs.7,798 Total C L Rs.2,163 Fixed Assets: Long-term debt Rs.4,190 Net plant and Equipment Rs.18,584 Owner's Equity: Common Stock and paid-in surplus Rs.10,000 Retained Earnings Rs.10,029 Total Rs.20,029 Total Assets Rs.26,382 Total Rs.26,382 SMOLIRA GOLF CORP. Income Statement as on December 31, 2011 Sales Rs.28,000 Less: Cost of goods sold 11,600…
8. [Statement of Cash Flows and Cash Burn or Build] Salza Technology Corporation increased its sales from $375,000 in 2015 to $450,000 in 2016 as shown in the firm's income statements presented below. LeAnn Sands, chief executive officer and founder of the firm, expressed concern that the cash account and the firm's marketable securities declined substantially between 2015 and 2016. Salza's complete bal- ance sheets are also shown. Ms. Sands is seeking your assistance in the preparation of a statement of cash flows for Salza Technology. A. Prepare a statement of cash flows for 2016 for Salza Technology Corporation. B. Provide a brief description of what happened in terms of cash flows (both inflows and outflows) for Salza between 2015 and 2016. SALZA TECHNOLOGY CORPORATION ANNUAL INCOME STATEMENTS FOR YEAR ENDED DECEMBER 31 (IN $ THOUSANDS) 2015 2016 Net sales $375 $450 Less: Cost of goods sold Gross prafit Less: Operating expenses Less: Depreciation -225 -270 150 180 -46 -46 -30 Less:…
Net sales Windswept, Incorporated 2021 Income Statement Cost of goods sold Depreciation ($ in millions) Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 10,800 7,950 420 $ 2,430 100 $ 2,330 489 $ 1,841 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 Cash $ 280 $ 310 Accounts payable $ 1,790 2021 $ 1,842 Accounts received 1,110 1,010 Long-term debt Inventory 2,000 1,745 Common stock 1,070 3,360 1,353 3,030 Total $ 3,390 $ 3,065 Retained earnings 650 900 Net fixed assets 3,480 4,060 Total assets $ 6,870 $ 7,125 Total liabilities & equity $ 6,870 $ 7,125 What is the equity multiplier for 2021?
(Related to Checkpoint 4.2) (Capital structure analysis) The liabilities and owners' equity for Campbell Industries is found here: E a. What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $1.1 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? a. What percentage of the firm's assets does the firm finance using debt (liabilities)? The fraction of the firm's assets that the firm finances using debt is %. (Round to one decimal place.)
Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts rec.. Inventory Total Net fixed assets Total assets $11,400 8,150 440 $ 2,810 108 $ 2,702 946 $1,756 Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 $ 320 $ 350 What is the equity multiplier for 2017? Accounts payable 1,190 1,090 Long-term debt 2,120 1,805 Common stock $3,630 $3,245 Retained earnings 3,560 4,180 $7,190 $7,425 Total liab. & equity 2016 2017 $1,950 $2,022 1,110 1,393. 3,440 3,070 690 940 $7,190 $7,425
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare two closing journal entries
Balance Sheets 2019 2018 Assets Cash and equivalents $100 $85 Accounts receivable 275 300 Inventories 375 250 Total current assets $750 $635 Net plant and equipment 2,300 1,490 Total assets $3,050 $2,125 Liabilities and Equity Accounts payable $150 $85 Accruals 75 50 Notes payable 150 75 Total current liabilities $375 $210 Long-term debt 450 290 Total liabilities 825 500 Common stock 1,225 1,225 Retained earnings 1,000 400 Common equity 2,225 1,625 Total liabilities and equity $3,050 $2,125 Income Statements 2019 2018 Sales $2,065 $1,525 Operating costs excluding depreciation and amortization 1,250 1,000 EBITDA $815 $525 Depreciation and amortization 100 75 EBIT $715 $450 Interest 63 46 EBT $652 $404 Taxes (25%) 163 101 Net income $489 $303 Dividends paid $54 $48 Addition to…
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Current fiscal year Accounts receivable: 4,532 Inventory: 5,372 Property, plant, and equipment, net: 9,178 Accounts payable: 3,183 Long-term debt: 14,001 Depreciation and amortization expense: 1,831 Net income: 5,791 The next year's forecasted balances for above accounts Accounts Receivable: 4,351 Inventory: 5,050 Property, plant, and equipment, net: 9,637 Accounts payable: 4,584 Long-term debt: 18,341 Depreciation and amortization expense: 1,977 Net income: 4,922 1. Using only the information given abouve what is the forecasted amount for Cash Flows from Operating Activities?
Consolidated Balance Sheets ($ in thousands) January 31, 2016 January 31, 2015 CURRENT ASSETS Cash $ 37,243 $ 29,129 Accounts receivable (Note 5) 79,373 72,506 Inventories (Note 6) 211,736 204,812 Prepaid expenses 7,229 9,393 335,581 315,840 NON-CURRENT ASSETS Property and equipment (Note 7) 345,881 311,692 Goodwill (Note 8) 37,260 33,653 Intangible assets (Note 8) 32,610 22,485 Deferred tax assets (Note 9) 29,040 28,074 Other assets (Note 10) 13,423 12,555 458,214 408,459 TOTAL ASSETS $ 793,795 $ 724,299 CURRENT LIABILITIES Accounts payable and accrued liabilities $ 152,136 $ 138,834 Current portion of long-term debt (Note 11) — 6,271 Income tax payable 3,365 1,170 155,501 146,275 NON-CURRENT LIABILITIES Long-term debt (Note 11) 225,489 195,125 Defined benefit plan obligation (Note 12) 33,853 36,556 Deferred tax liabilities (Note 9) 2,630 2,392 Other long-term liabilities 18,710 14,668 280,682 248,741 TOTAL…
Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total (a) (b) (c) (d) (e) FLOUNDER CORPORATION Balance Sheets December 31 (f) (h) (i) (1) Current ratio Inventory turnover Days in inventory Profit margin Average collection period Asset turnover Return on assets 2022 $12,000 Flounder's 2022 income statement included net sales of $117,000, cost of goods sold of $77,000, and net income of $28,500. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to O decimal places, eg 18 or 25% and all other answers to 2 decimal places, e.g. 1.83. Use 365 days for calculation.) Earnings per share Accounts receivables turnover Payout ratio 17,900 12,700 33,700 75,700 (16,700) Debt to total assets ratio 135,300 19.000 73,500 42,800 135,300 Return on common stockholders' equity 2021 $5,600 26,100 9,700 29,700 75,700 (13,700) 133,100…