Pharoah Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 Unexpected asset gain for 2017 $30,800 17,000 Accumulated other comprehensive income (G/L) (beginning balance) 7,700 Cr Determine for 2017: (a) Pharoah's other comprehensive income (loss), and (b) comprehensive income. Net income for 2017 is $26,900; no amortization of gain or loss is necessary in 2017.
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- Calculate the following ratios from the income statement and balance sheet all are required 1-Payables Turnover 2-Debt-Equity Ratio 3-Debt Ratio 4-Total Asset Turnover 5-Fixed Asset Turnover Statement of financial positionas at 31 December 2018 2018 2017 Note RO RO ASSETS Non-current assets Property, plant and equipment 14 8,407,572 9,300,442 Deferred tax assets 12 40,977 18,550 8,448,549 9,318,992 Current assets Inventories 15 430,885 422,421 Trade and other receivables 16 1,129,440 1,235,724 Due from related parties 24 70,300 73,050 Cash and bank balances 17 6,856,734 6,439,709 Total current assets 8,487,359 8,170,904 Total assets 16,935,908 17,489,896 EQUITY…The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Teal Mountain Inc.’s net income for 2017 was $156,366. Depreciation expense was $27,594. 2017 2016Current assets Cash $107,310 $ 101,178Accounts receivable 81,760 90,958Inventory 171,696 175,784Prepaid expenses 27,594 22,484Total current assets $388,360 $390,404Current liabilities Accrued expenses payable $ 15,330 $ 5,110Accounts payable 86,870 94,024Total current liabilities $102,200 $ 99,134 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)The balance sheet of Huan Corporation reported net fixed assets of $332,000 at the end of 2018. The fixed- asset turnover ratio for 2018 was 4.0, and sales for the year totaled $1,540,000. Net fixed assets at the end of 2017 were: A. $491,000. B. $385,000. C. $438,000 D. $408,000
- Current Attempt in Progress Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017. Goodwill $ 211,800 Accumulated depreciation-equipment $ 467,100 Payroll taxes payable 67,100 Inventory 400,400 Bonds payable 501,800 Rent payable (short-term) 41,800 Discount on bonds payable 35,100 Income tax payable 112,600 Cash 62,800 Rent payable (long-term) 81,800 Land 352,800 Common stock, $1 par value 251,800 Notes receivable 162,300 Preferred stock, $25 par value 1,251,800 Notes payable (to banks) 266,700 Prepaid expenses 70,560 Accounts payable 348,800 Equipment 1,387,800 Retained earnings ? Equity investments (trading) 376,800 Income taxes receivable 47,400 Accumulated depreciation-buildings 361,300 Unsecured notes payable (long-term) 1,301,800 Buildings 2,801,800 Prepare a classified…The following is a statement of earned surplus prepared by the company for 2021: Balance, 1/1669.1 Additions: orldwisecriou Change in estimate of 2021 bo amortization expense Gain on sale of land Interest income Profit for 2021 Total N Abse Deductions: Increased depreciation due to change in estimated life played at tan Dividends declared and paid tga ol Loss on sale of equipment Loss from major casualtyd betet Balance, 12/31 P 2,800 18,350 4,500 13,680 a. P7,260 loss b. P5,060 loss C. P4,940 profit d. P2,740 profit P 85,949 P 5,000 10,000 3,860 27,730 39,330 125,279 46,590 P 78,689 The adjusted profit or loss that should be reported in the company's income statement for the year ended Dec. 31, 2021 is 2995100225 16 31010-2012The following condensed information was reported by Peabody Toys, Inc., for 2018 and 2017:($ in thousands)2018 2017Income statement informationNet sales $5,200 $4,200Net income 180 124Balance sheet informationCurrent assets $ 800 $ 750Property, plant, and equipment (net) 1,100 950Total assets $1,900 $1,700Current liabilities $ 600 $ 450Long-term liabilities 750 750Paid-in capital 400 400Retained earnings 150 100Liabilities and shareholders’ equity $1,900 $1,700Required:1. Determine the following ratios for 2018:a. Profit margin on salesb. Return on assetsc. Return on shareholders’ equity2. Determine the amount of dividends paid to shareholders during 2018.This exercise is based on the Peabody Toys, Inc., data from E 4–27.
- The balance sheets of Pinewood Resorts reported net fixed assets of $740,000 and $940,000 at the end of 2017and 2018, respectively. The fixed-asset turnover ratio for 2018 was 3.25. Calculate Pinewood’s net sales for2018.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 $ 1,800.0 $ 1,500.0 Operating costs excluding depreciation and amortization 1,395.0 1,275.0 EBITDA $ 405.0 $ 225.0 Depreciation and amortization 43.0 39.0 Earnings before interest and taxes (EBIT) $ 362.0 $ 186.0 Interest 40.0 33.0 Earnings before taxes (EBT) $ 322.0 $ 153.0 Taxes (40%) 128.8 61.2 Net income $ 193.2 $ 91.8 Common dividends $ 174.0 $ 73.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2018 2017 Assets Cash and equivalents $ 23.0 $ 18.0 Accounts receivable 248.0 225.0 Inventories 396.0 360.0 Total current assets $ 667.0 $ 603.0 Net plant and equipment 429.0 390.0 Total assets $ 1,096.0 $ 993.0 Liabilities and Equity Accounts…The comparative statement of financial position for Cullumber Corporation shows the following noncash current asset and liability accounts at March 31: 2018 2017 Accounts receivable $61,000 $43,000 Inventory 70,000 64,000 Accounts payable 35,000 43,000 Dividends payable 1,400 2,300 Cullumber’s income statement reported the following selected information for the year ended March 31, 2018: net income was $280,000, depreciation expense was $60,000, and a loss on the disposal of land was $18,000. Cullumber uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER CORPORATIONStatement of Cash Flows (Partial)-Indirect Method Operating activities…
- Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017. Goodwill $ 211,800 Accumulated depreciation-equipment $ 467,100 Payroll taxes payable 67,100 Inventory 400,400 Bonds payable 501,800 Rent payable (short-term) 41,800 Discount on bonds payable 35,100 Income tax payable 112,600 Cash 62,800 Rent payable (long-term) 81,800 Land 352,800 Common stock, $1 par value 251,800 Notes receivable 162,300 Preferred stock, $25 par value 1,251,800 Notes payable (to banks) 266,700 Prepaid expenses 70,560 Accounts payable 348,800 Equipment 1,387,800 Retained earnings ? Equity investments (trading) 376,800 Income taxes receivable 47,400 Accumulated depreciation-buildings 361,300 Unsecured notes payable (long-term) 1,301,800 Buildings 2,801,800 Prepare a classified balance sheet in good form. Common stock…Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2018 Sales $ 1,625.0 $ 2017 1,300.0 Operating costs excluding depreciation and amortization 1,300.0 1,105.0 EBITDA $ 325.0 $ 195.0 Depreciation and amortization 39.0 31.0 Earnings before interest and taxes (EBIT) $ 286.0 $ 164.0 Interest 36.0 29.0 Earnings before taxes (EBT) $ 250.0 $ 135.0 Taxes (40%) 100.0 54.0 Net income $ 150.0 $ 81.0 Common dividends $ 135.0 $ 65.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2018 Assets Cash and equivalents $ 23.0 $ 2017 18.0 Accounts receivable 164.0 143.0 Inventories 343.0 312.0 Total current assets $ 530.0 $ 473.0 Net plant and equipment 390.0 312.0 Total assets $ 920.0 $ 785.0 Liabilities and Equity…The 2017 Annual Report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 December 31, 2016 Total assets $930.9 $920.1 Total liabilities 197.1 208.6 Net sales 515.7 517.4 Net income 80.7 67.2 Compute the following ratios for Tootsie Roll for 2017. (a) Asset turnover (Round answer to 3 decimal places, e.g. 0.851 times.) enter the asset turnover rounded to 4 decimal places times (b) Return on assets (Round answer to 2 decimal places, e.g. 4.87%.) enter the return on assets in percentages rounded to 2 decimal places % (c) Profit margin on sales (Round answer to 2 decimal places, e.g. 4.87%.) enter the profit margin on sales in percentages rounded to 3 decimal places %
