Stargel Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales. .. $10,000,000 $9,400,000 Cost of goods sold. Gross profit..... Selling expenses Administrative expenses. Total operating expenses Income from operations. Other income.. 5,350,000 $ 4,650,000 $ 2,000,000 4,950,000 $4450,000 $1,880,000 1,500,000 $ 3,500,000 $ 1,150,000 1,410,000 $3.290,000 $1,160,000 .... .......... 150,000 $ 1,300,000 ..... 140,000 ....... $1,300,000 Other expense (interest).. Income before income tax Income tax expense.. Net income ... 170,000 $ 1,130,000 230.000 $ 900,000 150,000 $1,150,000 225.000 5 925.000 Stargel Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets Current assets: $ s0,000 $ 400,000 1,010,000 Cash. Marketable securities. 1,000.000 Accounts receivable (net). S10,000 950,000 740,000 .... ........... ..... Inventories ....... 1,190,000 ....... ....... Prepaid expenses 250,000 229.000 ........ Total current assets.. $3,690,000 $3,089,000 ........ .......... Long-term investments.... Property, plant, and equipment (net) Total assets. 2,350,000 2,300,000 ..... 3,740,000 3.366.000 $9,780,000 $8,755.000 Liabilities Current liabilities.. Long-term liabilities: $ 900,000 $ 80.000 $ 200,000 S Mortgage note payable, 10%. Bonds payable, 10%... 1,500,000 $1,700,000 $2.600,000 $2.380.000 1,500.000 $1,500.000 ..... Total long-term liabilities Total liabilities. .. Stockholders' Equity Preferred $0.90 stock, $10 par Common stock, $5 par.... Retained earnings.... Total stockholders' equity.... Total liabilities and stockholders'equity. $ 500,000 $ so0,000 s00,000 500,000 6,180,000 $7.180,000 56.375,000 $9.780,000 58.755.000 5375.000 Stargel Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 $5,375,000 Retained earnings, January 1. Net income.. Total .. Dividends: On preferred stock On common stock... Total dividends.. Retained earnings, December 31 $4,545,000 925,000 $5,470,000 900,000 $6,275,000 $ 45,000 50,000 $ 95,000 $6,180,000 $ 45,000 .. 50,000 $ 95,000 $5,375,000 Instructions Determine the following measures for 20Y2, rounding to one decimal place including percentages, except for per-share amounts:
Stargel Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales. .. $10,000,000 $9,400,000 Cost of goods sold. Gross profit..... Selling expenses Administrative expenses. Total operating expenses Income from operations. Other income.. 5,350,000 $ 4,650,000 $ 2,000,000 4,950,000 $4450,000 $1,880,000 1,500,000 $ 3,500,000 $ 1,150,000 1,410,000 $3.290,000 $1,160,000 .... .......... 150,000 $ 1,300,000 ..... 140,000 ....... $1,300,000 Other expense (interest).. Income before income tax Income tax expense.. Net income ... 170,000 $ 1,130,000 230.000 $ 900,000 150,000 $1,150,000 225.000 5 925.000 Stargel Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets Current assets: $ s0,000 $ 400,000 1,010,000 Cash. Marketable securities. 1,000.000 Accounts receivable (net). S10,000 950,000 740,000 .... ........... ..... Inventories ....... 1,190,000 ....... ....... Prepaid expenses 250,000 229.000 ........ Total current assets.. $3,690,000 $3,089,000 ........ .......... Long-term investments.... Property, plant, and equipment (net) Total assets. 2,350,000 2,300,000 ..... 3,740,000 3.366.000 $9,780,000 $8,755.000 Liabilities Current liabilities.. Long-term liabilities: $ 900,000 $ 80.000 $ 200,000 S Mortgage note payable, 10%. Bonds payable, 10%... 1,500,000 $1,700,000 $2.600,000 $2.380.000 1,500.000 $1,500.000 ..... Total long-term liabilities Total liabilities. .. Stockholders' Equity Preferred $0.90 stock, $10 par Common stock, $5 par.... Retained earnings.... Total stockholders' equity.... Total liabilities and stockholders'equity. $ 500,000 $ so0,000 s00,000 500,000 6,180,000 $7.180,000 56.375,000 $9.780,000 58.755.000 5375.000 Stargel Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 $5,375,000 Retained earnings, January 1. Net income.. Total .. Dividends: On preferred stock On common stock... Total dividends.. Retained earnings, December 31 $4,545,000 925,000 $5,470,000 900,000 $6,275,000 $ 45,000 50,000 $ 95,000 $6,180,000 $ 45,000 .. 50,000 $ 95,000 $5,375,000 Instructions Determine the following measures for 20Y2, rounding to one decimal place including percentages, except for per-share amounts:
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
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working capital value: $2,790,000
current ratio value: 4.1
quick ratio: 2.5
accounts receivable turnover: 16
if someone can please please pleassseee help me with 5-18 please. I have been so stressed with this question and i just need answer and explanation please
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