Presented below are the comparative income and retained earnings statements for Bridgeport Inc. for the years 2020 and 2021. Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) 2021 $373,000 193,000 1. 180,000 94,600 $85,400 $111.700 85,400 (32.800) $164,300 2020 $246,000 135,000 111.000 46,300 $64,700 $72,000 64,700 (25,000) $111,700 The following additional information is provided: In 2021, Bridgeport Inc. decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2020 for $92.500 with an estimated useful life of 4 years and no salvage value. (The 2021 income statement contains depreciation expense of $27.750 on the assets purchased at the beginning of 2020) 2. In 2021, the company discovered that the ending inventory for 2020 was overstated by $23.400: ending inventory for 2021 is correctly stated. Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (Ignore income taxes) BRIDGEPORT INC. Retained Earnings Statement For the Year Ended 2021 $ 2020 Stitch It

Presented below are the comparative income and retained earnings statements for Bridgeport Inc. for the years 2020 and 2021. Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) 2021 $373,000 193,000 1. 180,000 94,600 $85,400 $111.700 85,400 (32.800) $164,300 2020 $246,000 135,000 111.000 46,300 $64,700 $72,000 64,700 (25,000) $111,700 The following additional information is provided: In 2021, Bridgeport Inc. decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2020 for $92.500 with an estimated useful life of 4 years and no salvage value. (The 2021 income statement contains depreciation expense of $27.750 on the assets purchased at the beginning of 2020) 2. In 2021, the company discovered that the ending inventory for 2020 was overstated by $23.400: ending inventory for 2021 is correctly stated. Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (Ignore income taxes) BRIDGEPORT INC. Retained Earnings Statement For the Year Ended 2021 $ 2020 Stitch It

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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Here are the comparative income statements of Carla Vista Corporation. CARLA VISTA CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $610,300 $540,600 Cost of goods sold 448,800 426,200 Gross Profit 161,500 114,400 Operating expenses 76,400 48,100 Net income $ 85,100 $ 66,300 (a) Prepare a horizontal analysis of the income statement data for Carla Vista Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CARLA VISTA CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $610,300 $540,600 2$ % Customize and control Google Chrome 44,000 Cost of goods sold Gross Profit 161,500 114,400 % Operating expenses 76,400 48,100 % Net income $ 85,100 $ 66,300 $ %
Here are comparative financial statement data for Vaughn Company and Mary Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities $ Long-term liabilities Common stock, $10 par Retained earnings (a) Vaughn Company Dollars 2022 $1,842,000 1,040,730 268,932 9,210 53,418 323,500 $314,800 520,500 501,500 64,000 109,000 497,500 173,500 $ 2021 74,800 Vaughn Company 91,000 497,500 153,000 Dollars I Condensed Income Statement Percent % 2022 % Mary Company $561,000 297,330 77.979 3,927 Prepare a vertical analysis of the 2022 income statement data for Vaughn Company and Mary Company. (Round percentages to 1 decimal place, e.g. 12.1%) 83,200 6,732 30,600 138,300 125,400 34,000 28,600 Vaughn Company 2021 4 $78,600 117,000 117,000 39,900 $ 24,200 Condensed Income Statement 34,200 Percent Dollars % % % % % % % % % $ Mary Company…
Data for Kahn, Inc. follows: Kahn, Inc. Comparative Income Statement Years Ended Dec. 31, 2019 and 2018 2019 2018 Net Sales Revenue 550,000 500,000 Expenses: Cost of Goods Sold 245,000 220,000 Selling and Administrative Expenses 100,000 96,000 Other Expenses (Interest Expense) 12,000 9,000 Income Tax Expense 58,000 47,000 Total Expenses 415,000 372,000 Net Income 135,000 128,000 Prepare a horizontal analysis of the comparative income statement of Kahn, Inc. (Round to one decimal place.)
Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155,500 131,200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46,200 $39,700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 7,900 10,000 Long-term loans payable 59.800 68,600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500
Provided below are the financial statements for J Ltd.: Income statement Balance Sheet Net sales $984 2021 2020 Assets Cost of goods sold $752 Current assets $452 $354 Depreciation $27 Long-term assets $389 $374 EBIT $205 Total assets $841 $728 Interest expense $25 Liabilities and shareholders' equity Current liabilities $247 $164 Income before taxes $180 Long-term debt $157 $145 Taxes $27 Shareholders' equity $437 $419 Net income $153 Total liabilities and shareholders' equity $841 $728 Calculate economic value added (EVA), assuming cost of capital is 7.5%. (Round all the intermediate calculations and the final answer to 2 decimal places) $131.95 $135.70 $98.40 $129.70
What does it mean if a company ratio's are below or above industry average? Please see attached scans depicting company data and industry averages.
The following common size income statement are available for Viva Corporation for the two years ended December 31, 2026 and 2025: 2026 2025 Sales 100% 100% Cost of Sales 55% 70% Gross profit on sales 45% 30% Operating expenses (incl income tax expense) 20% 18% Net income 25% 12% The trend percentages of gross profit on sales for 2026 is? (with 2025 as base year)
The statements of comprehensive income for Alicante plc. London plc. and Madrid plc. for the year ended 31 October 2020 are as follows: Statements of comprehensive income for the year ended 31 October 2020 Alicante London Madrid £ 000 £ 000 £ 000 Sales 135,000 77,000 66,500 Cost of sales 45,000 32,000 24,000 Gross profit 90,000 45,000 42,500 Expenses 23,500 26,600 37,000 Dividends received 6,850 N/A 3,000 Profit before tax 73,350 18,400 8,500 Corporate Taxation 20,350 8,750 3,500 Profit for the year 53,000 9,650 5,000 Dividends paid in year 26,000 5,250 2,000 The following information is also relevant: Alicante plc. acquired 60% of the shares in London plc. on 1 November 2016 for a cash consideration of £51,500,000. The balance on the retained earnings of London plc. was £45,000,000 and the balance on the general reserve of London plc. was £20,000,000 on that date. Alicante plc. also acquired 30% of the shares in Madrid plc. on 1 November…
Agro Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows: Agro Co.: Income Statement for the year ended 31 March 2019 £'000 Sales 3495 Cost of Sales (2182) Gross profit 1313 Other income: interest received 33 Distribution costs (187) Administrative expenses (309) Interest costs (75) Profit before tax 775 Income tax expense (157) Profit for the year 618 Agro Co.: Statements of Financial Position as at 31 March 2019 and 2018 2019 2018 £'000 £'000 Non-current assets Property, plant and equipment (PPE) 1700 1615 Intangible assets 425 375 Investments 0 95 Current assets Inventory 150 102 Trade receivables 1010 315 Short-term investments 75 0 Cash at Bank 452 1 Total Assets 3812 2503 Current liabilities Trade payables 289 119 Bank overdraft 143 98 Taxation 312 285 744 502 Non-current liabilities Long-term loans 170 50 Total Net Assets 2898 1951 Equity Share capital (£1 ordinary shares) 1950 1550 Share premium…
The condensed income statement of Nestle Cereal Company is as follows: NESTLE CEREAL COMPANY Income Statements for the years Ended December 31 2020 2019 $ $ Revenue 11,776 10,907 Cost of sales 6,597 6,082 Gross profit 5,179 4,825 Selling and Administrative Expenses 3,311 3,059 PBIT 1,868 1,766 Interest Expense 321 294 PBT 1,547 1,472 Income Tax 444 468 Net Profit 1,103 1,004 Other Information Number of Ordinary Shares 418 418 Stock price at year end $52.92 $50.06 Calculate the following ratios for the year 2020 1. Price Earnings Ratio 2.Dividend Yield
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $82,000 $81,000 Inventory 90,000 73,000 Net sales 420,000 375,000 Cost of goods sold 260,000 221,000 Total assets 825,000 760,000 Total stockholders' equity 490,000 450,000 Net income 78,000 58,000 TPX Company's 2021 gross profit ratio is: (Round your answer to one decimal place.) Multiple Choice 61.9%. 43.1%. 47.1%. 38.1%.
Some selected financial statement items belonging to Tower Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500 Total Assets in 2021 100,000 Current Liabilities 30,000 Total Assets in 2020 80,000 Net Profit 18,000 Shareholders' Equity 65,000 Select one: a. 24% b. 20% c. 11% d. 15%