Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2019 2018 Sales $ 1,200.0 $1,000.0 Operating costs excluding depreciation and amortization 1,020.0 850.0 EBITDA $ 180.0 $ 150.0 Depreciation and amortization 30.0 25.0 Earnings before interest and taxes (EBIT) $ 150.0 $ 125.0 Interest 21.7 20.2 Earnings before taxes (EBT) $ 128.3 $ 104.8 Taxes (25%) 32.1 26.2 $ 78.6 $ 61.3 Net income 96.2 Common dividends 79.7 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2019 2018 Assets Cash and equivalents $ 12.0 $ 10.0 Accounts receivable 180.0 150.0 Inventories 180.0 200.0 $ 372.0 300.0 $ 672.0 Total current assets $ 360.0 Net plant and equipment 250.0 Total assets $610.0 Liabilities and Equity Accounts payable $108.0 $ 90.0 Accruals 72.0 60.0 Notes payable 67.0 515 Total current liabilities $247.0 $ 201.5 Long-term bonds 150.0 150.0 Total liabilities $397.0 $ 351.5 Common stock (50 million shares) 50.0 50.0 Retained earnings 225.0 208.5 Common equity $275.0 $ 258.5 Total liabilities and equity $672.0 $610.0

Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2019 2018 Sales $ 1,200.0 $1,000.0 Operating costs excluding depreciation and amortization 1,020.0 850.0 EBITDA $ 180.0 $ 150.0 Depreciation and amortization 30.0 25.0 Earnings before interest and taxes (EBIT) $ 150.0 $ 125.0 Interest 21.7 20.2 Earnings before taxes (EBT) $ 128.3 $ 104.8 Taxes (25%) 32.1 26.2 $ 78.6 $ 61.3 Net income 96.2 Common dividends 79.7 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2019 2018 Assets Cash and equivalents $ 12.0 $ 10.0 Accounts receivable 180.0 150.0 Inventories 180.0 200.0 $ 372.0 300.0 $ 672.0 Total current assets $ 360.0 Net plant and equipment 250.0 Total assets $610.0 Liabilities and Equity Accounts payable $108.0 $ 90.0 Accruals 72.0 60.0 Notes payable 67.0 515 Total current liabilities $247.0 $ 201.5 Long-term bonds 150.0 150.0 Total liabilities $397.0 $ 351.5 Common stock (50 million shares) 50.0 50.0 Retained earnings 225.0 208.5 Common equity $275.0 $ 258.5 Total liabilities and equity $672.0 $610.0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...

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Powell Panther Corporatlon: Income Statements for Year Ending December 31 (millons of dollars) 2021 2020 Sales 2,185.0 S 1,900.0 Operating costs excluding depreciation and amortization 1,748.0 1,615.0 EBITDA 437.0 S 285.0 Depreciation and amortization 46.0 42.0 Earnings before interest and taxes (EBIT) 391.0 S 243.0 Interest 48.1 41.8 Earnings before taxes (EBT) 342.9 S 201.2 Taxes (25%) 137.2 80.5 Net income 205.7 S 120.7 Common dividends 185.1 S 96.6 Powell Panther Corporatlon: Balance Sheets as of December 31 (mllons of dollars) 2021 2020 Assets Cash and equivalents 34.0 $ 27.0 Accounts receivable 251.0 228.0 Inventories 502.0 456.0 Total current assets 787.0 $ 711.0 Net plant and equipment 460.0 418.0 Total assets 1,247.0 S 1,129.0 Liabilities and Equity Accounts payable 219.0 $ 190.0 Accruals 137.0 114.0 Notes payable 43.7 38.0 Total current liabilities 399.7 342.0 Long-term bonds 437.0 380.0 Total liabilities 836.7 $ 722.0 Common stock 353.5 370.8 Retained earnings 56.8 36.2…
Problem BPeter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000 Accumulated depreciationP 36,000Accounts Receivable64,000Accounts payable 40,000Finished Goods48,000Income tax payable9,000Work in process 36,000 Share Capital500,000Raw materials 52,000 Retained Earnings207,000Property and Equipment480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000Administrative salariesP16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800Phil health contributions P2,000SSS contributions 7,100HDMF contributions 2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth…
X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020 How much is the Interest Revenue to be reported on X's statement of comprehensive income in 2021?
Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2021 2020 Sales $ 2,500.0 $ 2,000.0 Operating costs excluding depreciation and amortization 1,938.0 1,700.0 EBITDA $ 562.0 $ 300.0 Depreciation and amortization 62.0 54.0 Earnings before interest and taxes (EBIT) $ 500.0 $ 246.0 Interest 55.0 44.0 Earnings before taxes (EBT) $ 445.0 $ 202.0 Taxes (25%) 178.0 80.8 Net income $ 267.0 $ 121.2 Common dividends $ 240.3 $ 97.0 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 Assets Cash and equivalents $ 36.0 $ 30.0 Accounts receivable 375.0 300.0 Inventories 468.0 360.0 Total current assets $ 879.0 $ 690.0 Net plant and equipment 621.0 540.0 Total assets $ 1,500.0 $ 1,230.0 Liabilities and Equity Accounts payable $ 250.0 $ 200.0 Accruals 75.0…
Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars) 2020 2019Sales $ 11,000 $ 10,000Operating costs excluding depreciation 9,618 8,730Depreciation and amortization 370 330 Earnings before interest and taxes $ 1,012 $ 940Less interest 280 200 Pre-tax income $ 732 $ 740Taxes (25%) 183 185Net income available to common stockholders $ 549 $ 555Common dividends $ 204 $ 200Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019AssetsCash $ 650 $ 600Short-term investments 230 200Accounts receivable 2,750 2,500Inventories 1,250 1,200 Total current assets $ 4,880 $ 4,500Net plant and equipment 3,750 3,500Total assets $ 8,630…
Module pute Net Operating Profit after Tax Refer to the balance sheet information below for Home Depot. Feb. 3, 2019 Jan. 28, 2018 $35,891 $34,794 1,511 3,056 $37,402 $37,850 $14,177 $13,640 24,822 22,974 $38,999 $36,614 Operating assets Nonoperating assets Total assets $ millions Operating liabilities Nonoperating liabilities Total liabilities Net sales Operating expense before tax Net operating profit before tax (NOPBT) Other expense Income before tax Tax expense Net income Assume a statutory tax rate of 22%. a. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = Net income + NNE Net income NNE NOPAT $ 9,453 $ $ $91,973 78,772 13,201 828 12,373 2,920 $9,453 7,361 * $ 16814 b. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = NOPBT - Tax on operating profit NOPBT Tax on operating profit 7,361 * $ 10,296.78 x $ NOPAT -2936
Suppose you collected the following information of ABC corp. from the financial statements published in 2019. Entry Total Current Assets 14050001206000 Current Liabilities Notes Payable Earning before Interest and Taxes Depreciation Capital expenditures Tax rate Select one: @a. 1279990X b. 187578 0c Estimate the Free Cash Flow available for ABC corp. at the end of 2019. 60030 2019 d. 1092412 e 30 2018 602000 571500 476990 457912 97680 159000 -30000 40%
Below is Company A's balance sheet at the end of 2022. What is the gross profits of Company A? 2022 AmountNet sales$1,000.0Variable operating costs 770.0Fixed operating costs 50.0Depreciation and 50.0Interest30.0Taxes20.0Preferred dividends5.0Common dividends25.0 amortization Group of answer choices $130 $230 $180 $1,000
Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars) 2020 2019 Sales $ 12,000 $ 11,000 Operating costs excluding depreciation 10,522 9,674 Depreciation and amortization 410 370 Earnings before interest and taxes $ 1,068 $ 956 Less interest 180 100 Pre-tax income $ 888 $ 856 Taxes (25%) 222 214 Net income available to common stockholders $ 666 $ 642 Common dividends $ 203 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 650 $ 600 Short-term investments 210 200 Accounts receivable 2,750 2,500 Inventories 1,950 1,800 Total current assets $ 5,560 $ 5,100 Net plant and equipment 3,850 3,500 Total assets $ 9,410 $ 8,600 Liabilities and Equity Accounts payable $ 1,300 $ 1,200 Accruals 650 600 Notes…
Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars) 2020 2019 Sales $ 12,000 $ 11,000 Operating costs excluding depreciation 10,522 9,674 Depreciation and amortization 410 370 Earnings before interest and taxes $ 1,068 $ 956 Less interest 180 100 Pre-tax income $ 888 $ 856 Taxes (25%) 222 214 Net income available to common stockholders $ 666 $ 642 Common dividends $ 203 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 650 $ 600 Short-term investments 210 200 Accounts receivable 2,750 2,500 Inventories 1,950 1,800 Total current assets $ 5,560 $ 5,100 Net plant and equipment 3,850 3,500 Total assets $ 9,410 $ 8,600 Liabilities and Equity Accounts payable $ 1,300 $ 1,200 Accruals 650 600 Notes…
WESTON ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020 2019 2020 Current assets $ 1,248 $ 1,305 Current liabilities $ 568 $ 600 Net fixed assets 5,777 6,023 Long-term debt 3,228 3,489 WESTON ENTERPRISES 2020 Income Statement Sales $ 17,529 Costs 5,203 Depreciation 1,532 Interest paid 708 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change in net working capital for 2020? (Do not round intermediate calculations.) c-1. In 2020, the company purchased $3,110 in new fixed assets. How much in fixed assets did the company sell? (Do not round intermediate calculations.) c-2. In 2020, the company purchased $3,110 in new fixed assets. What was the cash flow from assets for the year? The tax rate is 25 percent. (Do not round intermediate calculations.) d-1. During 2020, the company raised $772 in new…
mework i 0 ences Mc Graw Hill INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Federal taxes (@ 21%) Net income Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets a. Free cash flow b. Additional tax c. Free cash flow million million million $ 27,571 17,573 1,406 $ 8,592 521 2022 8,071 1,695 $ 6,376 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) 2021 $ 2,340 1,379 126 1,093 $ 4,938 $ 24,681 2,808 2,987 $ 35,414 $ 2,340 1,339 121 620 $ 4,420 Saved $ 22,839 2,657 3,103 Liabilities and Shareholders' Equity Current liabilities Debt due for repayment Long-term debt Other long-term liabilities Total liabilities Total shareholders' equity $ 33,019 Total liabilities and…