Questions:Selected comparative statement data for Rawan Products Company. All balance sheet dataare as of December 31.20182017$750,000470,0008,00050,000120,00085,000680,000430,000$730,000440,0005,00042,000100,00075,000600,000325,000Net salesCost of goods soldInterest expenseNet incomeAccounts receivableInventoryTotal assetsTotal common stockholders' equityRequirements:1- Compute the following ratios for 2018.(a) Profit margin.(b) Asset turnover.(c) Return on assets.(d) Return on common stockholders' equity.

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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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Comparative financial statement data for Flounder Corp. and Blue Spruce Corp., two competitors, appear below. All balance sheet data are as of December 31, 2017. Flounder Corp. Blue Spruce Corp. 2017 2017 Net sales $1,908,000 $657,200 Cost of goods sold 1,245,500 360,400 Operating expenses 299,980 103,880 Interest expense 9,540 4,028 Income tax expense 90,100 38,160 Current assets 444,000 199,036 Plant assets (net) 563,920 148,112 Current liabilities 70,305 35,739 Long-term liabilities 115,010 43,125 Net cash provided by operating activities 146,280 38,160 Capital expenditures 95,400 21,200 Dividends paid on common stock 38,160 15,900 Weighted-average number of shares outstanding 80,000 50,000 (a)Compute the net income and earnings per share for each company for 2017. (Round Earnings per share to 2 decimal places, e.g. $2.78.) Net Income Earnings per share Flounder Corp. $…
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Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). 2020 2019 Net sales $5,150 $5,100 Cost of goods sold 3,400 3,901 Net income 75 151 Accounts receivable 75 104 Inventory 1,250 1,350 Total assets 2,950 3,150 Total common stockholders’ equity 890 1,121 Compute the following ratios for 2020. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%) (a) Profit margin enter percentages rounded to 1 decimal place ? % (b) Asset turnover enter Asset turnover in times rounded to 2 decimal places ? times (c) Return on assets enter percentages rounded to 1 decimal place ? % (d) Return on common stockholders’ equity enter percentages rounded to 1 decimal place ? % (e) Gross profit…
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Suppose selected comparative statement data for the giant bookseller Barnes & Noble are as follows. All balance sheet data are as of the end of the fiscal year (in millions). Net sales Cost of goods sold Net income Accounts receivable Inventory Total assets Total common stockholders' equity 2022 $4,750.0 3.300.3 85.3 75.1 1,150.0 2,850.0 900.2 2021 $5,500.6 3,700.6 110.1 102.2 1.250.0 3,250.1 1.120.7
Using these data from the comparative balance sheets of Bonita Company, perform a vertical analysis. Accounts receivable (net) Inventory Total assets (Round percentages to 1 decimal place, e.g. 12.1%.) Accounts receivable (net) Inventory Total assets Amount $435.960 December 31, 2022 December 31, 2021 $422,800 720.720 2.520,000 $435.960 December 31, 2022 720.720 2,520.000 Percentage 624,400 2,800,000 Amount $422,800 624,400 2.800,000 December 31, 2021 Percentage % 8
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Analysis and Interpretation of ProfitabilityBalance sheets and income statements for 3M Company follow. 3M COMPANY Consolidated Statements of Income For Years ended December 31 ($ millions) 2018 2017 Net sales $32,765 $31,657 Operating expenses Cost of sales 16,682 16,055 Selling, general and administrative expenses 7,602 6,626 Research, development and related expenses 1,821 1,870 Gain on sale of businesses (547) (586) Total operating expenses 25,558 23,965 Operating income 7,207 7,692 Other expense, net* 207 144 Income before income taxes 7,000 7,548 Provision for income taxes 1,637 2,679 Net income including noncontrolling interest 5,363 4,869 Less: Net income attributable to noncontrolling interest 14 11 Net income attributable to 3M $ 5,349 $ 4,858 *Interest expense, gross $350 million in 2018 and $322 million in 2017. 3M COMPANY Consolidated Balance Sheets At December 31 ($ millions, except per share amount) 2018 2017…
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Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). Net sales Cost of goods sold Net income Accounts receivable (net) Inventory Total assets Total common stockholders' equity a. b. C. d. e. Profit margin Asset turnover Return on assets 2025 $5,050.3 Gross profit rate 3,700.7 65.1 65.0 1.250.1 Compute the following ratios for 2025. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%) 2,950.1 940.6 Return on common stockholders' equity 2024 $5,800.9 3,200.1 190.9 106.6 1,350.1 3,250.1 1,100.5 % times % % %
- What are the firm’s current ratios for 2018 and 2019?

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