Selling Expenses Administrative Expenses $ 95,000 150,000 Common Stock, $11 Par Value, 13,500 shares authorized and issued Preferred Stock, $2 No-Par Value, 2,000 shares issued Income Tax Expense: Continuing $ 148,500 Income from Discontinued Operations 2,400 60,000 Cost of Goods Sold Treasury Stock-Common (1,500 shares) Net Sales Revenue 470,000 19,500 50,000 Operations Income Tax Expense: Income from Discontinued Operations 801,400 960

Selling Expenses Administrative Expenses $ 95,000 150,000 Common Stock, $11 Par Value, 13,500 shares authorized and issued Preferred Stock, $2 No-Par Value, 2,000 shares issued Income Tax Expense: Continuing $ 148,500 Income from Discontinued Operations 2,400 60,000 Cost of Goods Sold Treasury Stock-Common (1,500 shares) Net Sales Revenue 470,000 19,500 50,000 Operations Income Tax Expense: Income from Discontinued Operations 801,400 960

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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I. Complete the horizontal analysis below. Use the name of the company you belong to in your iLS Activity. Round off your answers to the nearest hundredths. Name: Income Statement for the years ending December 31, 201X and December 31, 201Y 2015 2016 Annual Percentage Growth 2015-2016 Sales 475,000 500,000 1. Cost of Goods Sold 265,000 269,000 2. Gross Profit 210,000 231,000 3. Wages 154,000 163,000 4. Repairs 5,800 4,150 5. Rent 13,000 12,000 6. Taxes 16,940 17,930 7. Office Expenses 1,023 587 8. Total Expenses 190,763 197,667 9. Net Income 19,237 33,333 10. II. Analyze the following ratios (Good/Not good, Undervalued/Overvalued, or just OK) based on the given industry averages. Write the answers in the spaces provided. Ratios Annual Data Industry Average Interpretation Current 5.7 4 Days Sales Outstanding 37 days 42 days Total Debt to Total Capital 47.80% 32.60% Times-Interest Earned 2.2 6 Profit Margin 6.10% 6.00% Return on Invested Capital 10.03% 10.00% Enterprise Value to EBITDA…
Please assist Return on average owner's equity (2018 =40%; industry average = 45%) Round to two decimal places.
The following information is from General Electric Corporation's annual reports. General Electric Year 2015 Revenue ($ Billion) Employees (thousands) 2016 $ 94.79 103.60 334 296 2017 2018 2019 2020 99.78 97.51 95.51 79.92 314 284 206 175 Click here for the Excel Data File Compute a simple index for the revenue of GE using the period 2015 to 2016 as the base. Note: Round your answers to 2 decimal places. The index (2015 to 2016=100) for selected years is: Year Simple Index 2015 2016 2017 2018 2019 2020 What can you conclude about the change in revenue over the period? Note: Round your answer to 2 decimal places. Compared to the average of 2015 and 2016, revenue is % lower.
Consider the comparative balance sheet and income statement for Starbucks provided in the shown Figures . Based on these financial statements, determine the following for the year September 30, 2018: Solve,d. Acid test ratio. e. Accounts receivable turnover. f. Inventory turnover.
Please solve the question sub-division b alone.
Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $27,807 Costs and expenses Cost of products sold 8,331 Research and development expense 2,330 Selling, general, and administrative expense 9,480 Amortization of intangible assets 1,605 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 5,439 Other nonoperating income, net (373) Interest expense 1,314 Income before income taxes 4,498 Income tax provision 547 Net income 3,951 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $3,932 Use the following assumptions to prepare a forecast of the company’s income statement for FY2020. Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal…
Perform a liquidity and profitability analysis on your company utilizing the ratios listed below. Quick Ratio, Receivable Turnover, Days sales uncollected, inventory turnover, Days inventory on hand, payable turnover, days payable, asset turnover, return on assets, and return on equity. statement of operations 12 Months Ended Jul. 31, 2020 Jul. 31, 2019 Revenues: Revenues $ 1,497,826,000 $ 1,684,392,000 Costs and expenses: Operating expense - personnel, vehicle, plant and other 493,055,000 468,868,000 Operating expense - equipment lease expense 33,017,000 Equipment lease expense, preadoption 33,073,000 Depreciation and amortization expense 80,481,000 78,846,000 General and administrative expense 45,752,000 59,994,000 Non-cash employee stock ownership plan compensation charge 2,871,000 5,693,000 Asset impairments 0 0 Loss on asset sales and disposals 7,924,000 10,968,000 Operating income 148,670,000 113,028,000 Interest expense…
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
On the attached page prepare a well-formatted multi-section income statement for the Fiona Company for the fiscal year ending December 31, 2020 from the data below. Use the entire figures as shown on your income statement.Note: For items in section 2 (Other Items) and section 4 (Below-the-line Items) use brackets if an item will have a negative impact on earnings. In section 1 individual items are not generally shown in brackets except for calculated margins or totals if negative. Cost of Goods Sold amounted to $20,000. Sale of equipment that had a historical cost of $1,400 had accumulated depreciation of $910 and was sold for $890. The tax rate related to such a transaction is 25%. Non-taxable interest income on municipal bonds of $300 Sales revenue totaled $35,000. Interest expense totaled $500 for the period. Selling and Administrative Expenses amounted to $6,000 The company discontinued operations during the year that will result in total losses before taxes of $2,000. This…
Abcde Trading has reported the following from its business operation from period 2008 through 2019: a. Sales (32,067, 35,422, 70,881, 95,519, 122,128, 165,654, 188,793, 232,834, 263,159, 273,046, 269,693, 294,619) b. Expenses (28,320, 31,490, 69, 371, 84, 747, 105,310, 144,175, 164,799, 198,966, 224,105, 236,388, 240,171, 261,738) c. Other Income (534, 849, 1,039, 2,103, 660, 662, 816, 829, 899, (932), 1,937, 4,509) d. Interest (465, 913, 2,171, 2,465, 2,385, 2,982, 3,560, 4,749, 4,861, 4,889, 4,283, 4,682) e. Prevailing tax rate is 28.23% (round off amount) Prepare the following: 1. Individual P & L using multiple worksheets. 2. Consolidated P & L for the period 2008 - 2019.
PERFORM A LIQUIDITY AND PROFITABILITY ANALYSIS ON THE FOLLOWING COMPANY UTILIZING THE RATIOS LISTED: PAYABLES TURNOVER DAYS PAYABLE statement of operations 12 Months Ended Jul. 31, 2020 Jul. 31, 2019 Revenues: Revenues $ 1,497,826,000 $ 1,684,392,000 Costs and expenses: Operating expense - personnel, vehicle, plant and other 493,055,000 468,868,000 Operating expense - equipment lease expense 33,017,000 Equipment lease expense, preadoption 33,073,000 Depreciation and amortization expense 80,481,000 78,846,000 General and administrative expense 45,752,000 59,994,000 Non-cash employee stock ownership plan compensation charge 2,871,000 5,693,000 Asset impairments 0 0 Loss on asset sales and disposals 7,924,000 10,968,000 Operating income 148,670,000 113,028,000 Interest expense (192,962,000) (177,619,000) Loss on extinguishment of debt (37,399,000) Other income (expense), net (460,000) 369,000 Loss before income taxes (82,151,000)…