Presented below is information related to Whispering Company at December 31, 2020, the end o Sales revenue $326.200 Cost of goods sold 126,370 Selling and administrative expenses 47,200 Gain on sale of plant assets 31,080 Unrealized gain on available-for-sale debt investments 9620 Interest expense 6,320 Loss on discontinued operations 11.900 Dividends declared and paid 4,700 Compute the following (a) Income from operations (b) Net income %24 (c) Comprehensive income %24 (d) Retained earnings balance at December 31, 2020 $

Presented below is information related to Whispering Company at December 31, 2020, the end o Sales revenue $326.200 Cost of goods sold 126,370 Selling and administrative expenses 47,200 Gain on sale of plant assets 31,080 Unrealized gain on available-for-sale debt investments 9620 Interest expense 6,320 Loss on discontinued operations 11.900 Dividends declared and paid 4,700 Compute the following (a) Income from operations (b) Net income %24 (c) Comprehensive income %24 (d) Retained earnings balance at December 31, 2020 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Identify and Compute NOPAT Following is the income statement for Lowe's Companies Inc. LOWE'S…

A: Net Operating Profit After Tax (NOPAT) is used to evaluate a company's operating performance by…

Q: I need the exact format for the earnings per share please

A: Step 1 Financial Statements are the reports which provide the entity's financial information in…

Q: Earnings per share

A: Earnings Per Share = Net income/Average Outstanding Common Shares Average Outstanding Common Shares…

Q: Required: a) Prepare a statement of cash flows from operations for Neway Ltd. b) Prepare a statement…

A: Cash flow statement are prepared in order to ascertain the actual cash…

Q: Income statement and balance sheet data for Great Adventures, Incorporated, are provided below.…

A: These ratios provide insights into the profitability and efficiency of Great Adventures,…

Q: Some selected financial statement items belonging to MNO Company are given in the table below.…

A: Return on assets is the ratio of net income with average assets invested in the business.

Q: Below are the Income Statement and Balance Sheet for Palmer Corporation for the years…

A: Liquidity Ratio :—Liquidity ratios are measurements used to examine the ability of an organization…

Q: Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated…

A: Forecasted Income statement: A forecasted income statement shows the budgeted income and expenses of…

Q: Below are the Income Statement and Balance Sheet for Palmer Corporation for…

A: liquidity ratios shows that whether the firm is able to pay off its short term liabilities without…

Q: Seagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC…

A: Income statements refer to the showing of the revenues or expenses earned during a period by the…

Q: Selected items from Lemus Enterprises 12-31-2019 and 12-31-2018, financial statements are presented…

A: Assets Turnover Ratio determines the ability of a firm or company to generate revenue from its…

Q: cember 31): ales revenue ost of goods sold dministrative expense elling expense Interest revenue…

A: Income statement is the important part of financial statement, which shows income and expenditure of…

Q: Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate…

A: answer with all workings are as follows

Q: The comparative statement of financial position for Wildhorse Corporation shows the following…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Comparitive balance sheet of Hillard Co. as of Dec 31, Assets 2020 2021 Cash Accounts Receivable…

A: A cash flow statement indicates cash inflow and cash outflow information for a particular time…

Q: c. Compute net operating profit after taxes (NOPAT) and net operating profit margin (NOPM) for each…

A: An operating expense is an expense that a business incurs through its normal business operations..…

Q: Calculate Return on Equity (ROE) for 2021 using the Dupont Equation

A: Return on Equity: It represents a profitability measure and indicates the return made by the firm…

Q: What are the firm’s days’ sales outstanding for 2018 and 2019? Income Statements ($ in millions)…

A: Days sales Outstanding(DSO) = (Accounts Receivables/Revenue)*365

Q: Below are the Income Statement and Balance Sheet for Palmer Corporation for the years…

A: Formulas used: Working Capital=Current Assets - Current LiabilitiesCurrent Ratio=Current…

Q: Ehrlich Company reported the following information for 2021: Sales revenue $2,500,000 Cost of goods…

A: Comprehensive Income Statement: When combined with standard net income, the statement of…

Q: MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit…

A: CASH FLOW STATEMENT The cash flow statement is prepared to record the cash flow from various…

Q: operating activities section of the statement of cash flows using the indirect method

A: The statement of cash flows is a part of financial statement which shows the flow of cash across…

Q: Tournesol Inc. Income Statement Year Ended December 15, 2018 Sale Cost of goods sold Rent Expense…

A: Total return on assets (TROA) is a financial ratio that compares a company's profitability to its…

Q: Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment…

A: As per the information provided, an amount of $ 22,000 was declared and paid during the year. Since…

Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

Presented below is information related to Whispering Company at December 31, 2020, the end of its first year of operations.
Sales revenue
$326,200
Cost of goods sold
126,370
Selling and administrative expenses
47,200
Gain on sale of plant assets
31,080
Unrealized gain on available-for-sale debt investments
9,620
Interest expense
6,320
Loss on discontinued operations
11,900
Dividends declared and paid
4,700
Compute the following:
(a) Income from operations
(b)
Net income
(c)
Comprehensive income
%24
(d)
Retained earnings balance at December 31, 2020 $

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Selected current year company information follows: Net income. Net sales Total liabilities, beginning-year Total liabilities, end-of-year Total stockholders' equity, beginning-year Total stockholders' equity, end-of-year The total asset turnover is: (Do not round Intermediate calculations.) $ 16,753 720,855 91,932 111, 201 206,935 133,851
In its income statement for the year ended December 31, 2022, Blue Company reported the following condensed data. Operating expenses $760,210 Interest revenue $31,740 Cost of goods sold Interest expense 1,301,200 Loss on disposal of plant assets 15,430 72,400 Net sales 2,413,300 (a) Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLUE COMPANY Income Statement For the Year Ended December 31, 2022
The comparative statements of Wildhorse Co. are presented here: WILDHORSE CO.Income StatementsFor the Years Ended December 31 2022 2021 Net sales $1,892,340 $1,752,300 Cost of goods sold 1,060,340 1,007,800 Gross profit 832,000 744,500 Selling and administrative expenses 501,800 480,800 Income from operations 330,200 263,700 Other expenses and losses Interest expense 23,700 21,700 Income before income taxes 306,500 242,000 Income tax expense 93,700 74,700 Net income $212,800 $167,300 WILDHORSE CO.Balance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable (net) 119,600 104,600 Inventory 127,700 117,200 Total current assets 381,400 336,000 Plant assets (net) 663,000 534,300…
Forecast an Income StatementSeagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $20,780 Cost of revenue 14,916 Product development 1982 Marketing and administrative 906 Amortization of intangibles 46 Restructuring and other, net (44) Total operating expenses 17,806 Income from operations 2,974 Interest income 168 Interest expense (448) Other, net 50 Other expense, net (230) Income before income taxes 2,744 (Benefit) provision for income taxes (1,280) Net income $4,024 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change…
Oriole Company's income statement contained the following condensed information ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.500 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 $74,400 40.300 Oriole's balance sheets contained the comparative data at December 31, shown below. 12.900 2021 54,600 $61000 27.000 6.400 24.100 $972,000 703,200 268,800 40,100 $228.700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15.000 or in parenthesis e.g. (15.000))
The income statement of Price Ltd for the year ended 31 December 2020, reported the following condensed information: Revenue from fees $600,000 Operating expenses 360,000 Income from operations 240,000 Income tax expense 60,000 Net income $180,000 Price's balance sheet contained the following comparative data at December 31: 2020 2019 Accounts receivable $50,000 $45,000 Accounts payable 35,000 41,000 Income taxes payable 6,000 3,000 Price has no depreciable assets. Accounts payable pertains to operating expenses. Required: (a) Calculate: Cash receipts from customers. Cash payments for operating expenses. (b) Prepare the operating activities…
Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…
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…
Identify and Compute NOPATFollowing is the income statement for Lowe’s Companies Inc. LOWE’S COMPANIES INC. Consolidated Statement of Earnings Twelve Months Ended (In millions) Feb. 1, 2019 Net sales $142,618 Cost of sales 96,802 Gross margin 45,816 Expenses Selling, general and administrative 34,826 Depreciation and amortization 2,954 Operating income 8,036 Interest expense, net 1,248 Pretax earnings 6,788 Income tax provision 2,160 Net earnings $4,628 Compute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019, assuming a 22% total statutory tax rate.Note: Round your answer to the nearest whole dollar (millions).
he following information is related to the Doll Pty Ltd. Description 2018 2020 Total revenues (Sales) $2,580 $5,880 Total assets: Beginning of year 1,200 2,290 End of year 1120 2,381 The ratio of sales to assets for 2018 and 2020 will be: Select one: a. 2.22 And 2.52 b. 2.30 And 2.47 c. 1.11 And 1.26 d. 2.15 And 2.56
Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation Taxable income Taxes (22%) Earnings before interest and taxes Interest paid Net income Dividends Retained earnings 2020 $35,585 $38,940 28,846 43,112 18,401 3,970 SMOLIRA GOLF CORPORATION 2021 Income Statement a. Price-earnings ratio b. Dividends per share c. Market-to-book ratio d. PEG ratio SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $57,956 $110,898 $ 465,585 $ 27,000 37,022 Accounts payable Notes payable Other $ 521,433 Total $ 523,541 $ 632,331 Total liabilities and owners' equity Long-term debt times Owners' equity Common stock and paid-in surplus Accumulated retained earnings times times Total $ 512,454 363,528 45,963 $102,963 20,883 $ 82,080 18,058 $ 64,022 Smolira Golf Corporation has 52,000…