Sunland Company reported the following information for 2025: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale debt securities Cash dividends received on the securities $2420000 $490300. O $404600. $480700. O $85700. 1754000 271000 85700 9600 For 2025, Sunland would report comprehensive income (ignoring tax effects) of

Sunland Company reported the following information for 2025: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale debt securities Cash dividends received on the securities $2420000 $490300. O $404600. $480700. O $85700. 1754000 271000 85700 9600 For 2025, Sunland would report comprehensive income (ignoring tax effects) of

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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On January 1, 2020, Wildhorse Inc. had the following balance sheet. WILDHORSE INC. BALANCE SHEET AS OF JANUARY 1, 2020 Assets Cash Debt investments (available-for-sale) Total $54,300 256,700 $311,000 Dividend revenue Gain on sale of investments Net income WILDHORSE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $5,500 29,700 $35,200 Equity Common stock Accumulated other comprehensive income Total The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Wildhorse Inc's available-for-sale debt securities at December 31, 2020, was $181,900; its cost was $128,800. No securities were purchased during the year. Wildhorse Inc.'s income statement for 2020 was as follows. (Ignore income taxes.) $277,200 33,800 $311,000
What are the firm's current ratios for 2018 and 2019? Income Statements ($ in millions) Balance Sheets ($ in millions) 2018 2019 Assets 2018 2019 $1,265 | Cash $780 Short-Term investments Sales Revenue $1,180 $35 $20 $660 $20 $5 Less: Cost of goods sold Less: Operating Expenses Less: Depreciation Earnings before interest and taxes Less: Interest paid $75 $92 | Accounts rec. 190 235 $40 $50 Inventory 250 300 $405 $343 Total Current Assets $495 $560 $170 $150 | Net fixed assets 990 1,105 Taxable Income $235 $193 Less: Taxes (40%) $77 Total assets $116 Liabilities and Owner's Equity $94 $1,485 1,665 Net income $141 Dividends (45%) Additions to Retained Earnings $63 $52 2018 2019 $64 Accounts payable Аccruals $78 $125 $100 $10 $10 Notes payable 35 40 Total Current Liabilities $170 $150 Long-term debt 598 790 Total Liabilities $768 $940 Common stock 554 498 Retained earnings Total Equity Total liab.& equity 163 $227 717 $725 $1,485 $1,665
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 $18,549 Cash flow from assets Cash flow to creditors Cash flow to stockholders 2,416 5,890 1,371 1,130 8,696 11,528 1,714 29,180 72,861 6,293 20,492 2,179 2021 $18,888 2,524 6,771 1,198 1,345 9,367 13,602 1,681 35,329 77,730 6,760 21,902 2,354 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 900s) Less: Treasury stock DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 800s) Revenues Sales revenue Dividend revenue Expenses Cost of goods sold. Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense Net income $325 9 $334 134 39 33 1 22 6 31 266…
Using the financial statements mentioned above estimate the annual rate of interest paid by the corporation (cost of debt). Also, find the tax rate and capitalization ratio (proportions among equity and debt). Using these values that you have found estimate the annual weighted cost of capital (WACC) of the corporation.
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Selected hypothetical financial data of Target and Wal-Mart for 2022 are presented here (in millions). Target Corporation Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Total assets Total stockholders' equity Current liabilities Total liabilities Walmart Inc. Income Statement Data for Year $65,357 $408,214 45,583 304,657 79,607 707 2,065 (94) (411) 1,384 7,139 $ 2,488 $ 14,335 Balance Sheet Data (End of Year) $18,424 $48,331 122,375 $170,706 $55,561 44,089 71,056 $170,706 15,101 26,109 $44,533 $11,327 17,859 15,347 $44,533 Beginning-of-Year Balances $44,106 $163,429 65,682 55,390 97,747 13,712 10,512 30,394 Other Data
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Swifty Co. reports the following information for 2020: sales revenue $768,300, cost of goods sold $516,000, operating expenses $85,000, and an unrealized holding loss on available-for-sale debt securities for 2020 of $60,700. It declared and paid a cash dividend of $12,070 in 2020.Swifty Co. has January 1, 2020, balances in common stock $358,200; accumulated other comprehensive income $88,500; and retained earnings $91,950. It issued no stock during 2020. (Ignore income taxes.)Prepare a statement of stockholders’ equity.
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 $ 18,549 2,416 5,890 Cash flow from assets Cash flow to creditors Cash flow to stockholders 1,371 1,130 GA 8,696 11,528 1,714 29,180 72,861 6,293 20,492 2,179 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. $ $ $ 2021 $ 18,888 2,524 6,771 1,198 1,345 9,367 13,602 1,681 35,329 77,730 6,760 21,902 2,354 -1,538.80 -4,804.00 7,250.00
The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…