Summit Corporation had assets of $400,000 and liabilities of $200,000 at the beginning of the year. During the year, revenues were $180,000 and expenses were $110,000. Also, during the year, the business paid the owners a dividend of $10,000, and assets increased by $30,000. What were Summit's total liabilities at the end of the year?

Summit Corporation had assets of $400,000 and liabilities of $200,000 at the beginning of the year. During the year, revenues were $180,000 and expenses were $110,000. Also, during the year, the business paid the owners a dividend of $10,000, and assets increased by $30,000. What were Summit's total liabilities at the end of the year?

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 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.
What is Madison's return on Assets?
Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $17,000 and the year-end balance was $18,500. The additional paid-in capital account balance increased $4,200 during the year. The retained earnings balance at the beginning of the year was $95,000 and the year-end balance was $96,000. Net income was $43,000. How much did Superior sell its common stock for during the year?
At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. During the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities + PIC RE Beginning: Changes: $ 12,400 = $ (750) = 6,400 + (1,400) + $ 0+ $ 6,000 0+ Changes: Ending: $ 11,650 = $ 5,000 + 0+ EA $ 3,050 +Net income (2,400) Dividends 6,650
At the beginning of its current fiscal year, Willie Corporation' s balance sheet showed assets of $11, 100 and liabilities of $ 5,200. During the year, liabilities decreased by $800. Net income for the year was $2, 600, and net assets at the end of the year were $6,400. There were no changes in paid - in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
Bonita Co. invested $910,000 in Windsor Co. for 25% of its outstanding stock. Windsor Co. pays out 30% of net income in dividends each year.Use the information in the following T-account for the investment in Windsor to answer the following questions. Investment in Windsor Co. 910,000 99,000 29,700 (a) How much was Bonita Co.’s share of Windsor Co.’s net income for the year? Net income $enter Bonita’s net income in dollars (b) What was Windsor Co.’s total net income for the year? Total net income $enter the total net income of WindsorCo. for the year (c) What was Windsor Co.’s total dividends for the year? Total Dividends $enter the total dividends of WindsorCo. for the year (d) How much was Bonita Co.’s share of Windsor Co.’s dividends for the year? Dividends $enter the dollar amount of dividends for Bonita Co.
Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $12,000 and the year-end balance was $16,000. The additional paid-in capital account balance increased $3,700 during the year. The retained earnings balance at the beginning of the year was $70,000 and the year-end balance was $91,000. Net income was $38,000. How much were Superior's dividend declarations during its recent year of operation? Multiple Choice $59,000. $17,000. The dividend declarations cannot be determined given the above information. $38,000.
Builtrite had sales of $900,000 and COGS of $280,000. In addition, operating expenses were calculated at 30% of sales. Builtrite also received dividends of $50,000 and paid out common stock dividends of $25,000 to its stockholders. A long-term capital gain of $50,000 was realized during the year along with a capital loss of $70,000 Based on their taxable income, what is Builtrite's tax liability? $136,000 $124,100 $117,300 $115,600 O $113,900
Mangold Corporation reported income from continuing operations of $78,400 and loss from discontinuing a seg-ment (net of taxes) of $6,400 for the current year. Mangold had 80,000 common shares outstanding for the entire year. Show how Mangold would report its earnings per share for the current year.
At the beginning of its current fiscal year, Willie Corp's balance sheet showed assets of $14,600 and liabilities of $5,400. During the year, liabilities decreased by $1,000. Net income for the year was $3.100, and net assets at the end of the year were $9,900. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity Assets = Liabilities PIC RE Beginning: $ 14,600 $ 5,400 Changes: (1,000) + Ending:
Whipporwill, Incorporated’s, net income for the most recent year was $24,020. The tax rate was 24 percent. The firm paid $4,156 in total interest expense and deducted $6,291 in depreciation expense. What was the cash coverage ratio for the year