Service revenue (from camping fees) $171,600 Dividends $11,700 Sales revenue (from general store) 32,500 Notes payable 65,000 Accounts payable 14,300 Expenses during 2017 163,800 Cash 11,050 Supplies 7,150 Equipment 148,200 Common stock 52,000 Retained earnings (1/1/2017) 6,500
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![Service revenue (from camping fees)
$171.600
Dividends
$11,700
Sales revenue (from general store)
32,500
Notes payable
65,000
Accounts payable
14,300
Expenses during 2017
163,800
Cash
11,050
Supplies
7,150
Equipment
148,200
Common stock
52,000
Retained earnings (1/1/2017)
6,500
Determine Tamarisk, Inc's net income for 2017.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6766cc63-a53f-45bf-b9e3-955a32d76946%2F49ed9ff7-4dc0-4efb-8adc-9e6101da62bf%2F0zjgdrt_processed.jpeg&w=3840&q=75)
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- On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $24,300 Accounts Receivable 42,500 Allowance for Uncollectible Accounts $2,700 Inventory 42,000 Land 79,600 Accounts Payable 29,200 Notes Payable (8%, due in 3 years) 42,000 Common Stock 68,000 Retained Earnings 46,500 Totals $188,400 $188,400 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…Assets Line Item Description Amount Cash and short-term investments $42,572 Accounts receivable (net) 33,774 Inventory 37,691 Property, plant, and equipment 215,705 Total assets $329,742 Liabilities and Stockholders’ Equity Line Item Description Amount Current liabilities $68,960 Long-term liabilities 98,919 Common stock, $10 par 64,740 Retained earnings 97,123 Total liabilities and stockholders’ equity $329,742 Income Statement Line Item Description Amount Sales $91,805 Cost of goods sold (41,312) Gross profit $50,493 Operating expenses (28,002) Net income $22,491 Number of shares of common stock 6,474 Market price of common stock $28 What is the current ratio?Presented below are selected ledger accounts of Oriole Corporation as of December 31, 2017. Cash $68,000 Administrative expenses 106,700 Selling expenses 83,090 Net sales 544,700 Cost of goods sold 265,900 Cash dividends declared (2017) 22,650 Cash dividends paid (2017) 22,000 Discontinued operations (loss before income taxes) 41,200 Depreciation expense, not recorded in 2016 36,000 Retained earnings, December 31, 2016 96,390 Effective tax rate 30% (a) Net income $ 33,467 (b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,480 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.) ORIOLE CORPORATIONIncome Statement…
- IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation Equipment Total assets Notes payable (long term) Total liabilities. Equity Common stock, $5 par value Retained earnings. Total liabilities and. equity Liabilities and Equity) Accounts payable Wages payable Income taxes payable. Total current liabilities 39,200 Sales Cost of goods sold. Gross profit $ 105,100 71,000 67,800 4,800 248,700 128,000 (29,000) $ 347,700 Cash flows from operating activities $ 29,000 6,400 3,800 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense: Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Cash flows from investing activities 228,000 46,500 $ 347,700 Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end…Pizza, Inc. balance sheet statement for December 31. 2015 with the following information tound to the nearest thousand i Data Table Barron Pizza, Inc. Balance Sheet as of Decemb Retained earnings: $43,512 Accounts payable: $74,547 Accounts receivable: $34,808 Common stock: $119,856 Cash: $8,258 Short-term debt $188 ($ in thousands) LIABILIT Current Inventory: $23,487 Goodwill: $48,302 Long-term debt S80,147 Other noncurrent liabilities: $42,597 Net plant, property, and equipment. $192,340 Other noncurrent assets.$16,738 Long-term investments: $22,330 Other current assets: $14,584 Total cur Total liat OWNER! Print Done a意前 %24 %24 %24 %24 %24Privett Company Line Item Description Amount Accounts payable $27,815 Accounts receivable 70,978 Accrued liabilities 6,525 Cash 22,970 Intangible assets 43,640 Inventory 74,446 Long-term investments 100,209 Long-term liabilities 78,528 Marketable securities 34,768 Notes payable (short-term) 25,264 Prepaid expenses 2,065 Property, plant, and equipment 646,687 Based on the data for Privett Company, what is the amount of working capital? a. $205,227 b. $995,763 c. $128,716 d. $145,623
- Windswept, Inc.2017 Income Statement($ in millions) Net sales $ 11,000 Cost of goods sold 8,200 Depreciation 395 Earnings before interest and taxes $ 2,405 Interest paid 110 Taxable income $ 2,295 Taxes 689 Net income $ 1,606 Windswept, Inc.2016 and 2017 Balance Sheets($ in millions) 2016 2017 2016 2017 Cash $ 420 $ 445 Accounts payable $ 2,060 $ 2,005 Accounts rec. 1,210 1,110 Long-term debt 1,120 1,580 Inventory 1,980 1,820 Common stock 3,460 3,190 Total $ 3,610 $ 3,375 Retained earnings 700 950 Net fixed assets 3,730 4,350 Total assets $ 7,340 $ 7,725 Total liab. & equity $ 7,340 $ 7,725 What were the total dividends paid for 2017?Skysong Corporation had the following 2025 Income statement. Revenues $103,000 Expenses Net income In 2025, Skysong had the following activity in selected accounts. Accounts Receivable 21,000 Revenues 103,000 Write-offs Collections 1/1/25 66,000 $37,000 12/31/25 29.100 Allowance for Doubtful Accounts 1/1/25 Write-offs 900 Bad debt expense 12/31/25 (a) 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the din SKYSONG CORPORATION Statement of Cash Flows-Direct Method (Partial)Selected data from Thornton Company follow. Balance Sheets As of December 31 Year 2 $377,000 (15,080) $361,920 Year 3 $393,000 (19,650) Accounts receivable Allowance for doubtful accounts Net accounts receivable $373,350 Inventories, lower of cost or market $477,000 $434,000 Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales Net cash sales $2,004,000 400,000 $1,753,000 307,000 Net sales 2,404,000 2,060,000 Cost of goods sold Selling, general, and administrative expenses Other expenses 1,602,000 240,300 40,200 $1,882,500 1,420,000 214,300 24,000 Total operating expenses $1,658,300 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) a. Accounts receivable turnover times b. Inventory turnover times c. Net margin %
- The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017. 2019 $233,000 2018 $204,000 (110,000) (81,500) 2017 Net sales Cost of sales (124,000) (95,000) Selling and administrative expenses Other income: (3,700) (3,050) 1,175 $ 10,625 (4,740) 5,885 1,510 $ 7,395 Interest Other 100 Earnings before tax and extraordinary credit Provision for income tax Earnings before extraordinary credit Extraordinary credit $ 10,400 (4,800) 5,600 $ 5,600 Total assets $202,000 24,600 $173,000 $161,000 Long-term debt Common equity Preferred stock Preferred dividends 17,400 15,200 112,800 123,000 4,000 280 116,800 4,000 4,000 280 280 Required: Compute the following ratios for Shawn Co. for 2019 and 2018. Net profit margin 1. 2. Total asset turnover 3. Return on assets 4. Return on investment Return on total equity Return on common equity Gross profit margin 5. 6. 7. Discuss the trend in profitability and identify specific causes for the trend.Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners' Equity Cash Accounts receivable Inventory Net fixed assets 21,900 24,300 Common stock $ 850 $ 1,210 126 Accounts payable 1,370 Short-term notes payable $ 1,080 $ 970 500 0 4,350 4,610 Long-term debt 11,900 13,500 6,000 6,200 Retained earnings Total assets $28,310 $30,406 Total liabilities and owners' equity 8,830 $28,310 $30,406 9,736 2016 Income Statement Sales Cost of goods sold Depreciation Interest Taxes Net income $30,710 18,470 6,132 744 1,824 $ 3,540 What are the values of the three components of the DuPont identity? Use ending balance sheet values. Multiple ChoiceOn January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…
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