The balance sheets for Dual Monitors Corporation and additional information are provided below.DUAL MONITORS CORPORATIONBalance SheetsDecember 31, 2024 and 2023AssetsCurrent assets:CashAccounts receivableInventoryInvestmentsLong-term assets:LandEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equityAdditional Information for 2024:1. Net Income is $150,600.2. Sales on account are $1,215,500. (All sales are credit sales.)3. Cost of goods sold is $973,400.Complete this question by entering your answers in the tabs below.a. Gross profit ratiob. Return on assetsc. Profit margind. Asset turnovere. Return on equity202419.9 %13.9 %%6$208,60060,00086,0003,100times%6390,000390,000700,000580,000(338,000) (178,000)$1,109,700$1,058,100$88,2006,0008,000110,000610,000287,500$1,109,7002023$111,00083,00071,0001,100Required:1. Calculate the following profitability ratios for 2024:2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity?$76,00011,1004,100220,000Required 1 Required 2Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.)Profitability Ratios610,000136,900$1,058,100

The return on equity is calculated as the net income divided by the average stockholders' equity.…

The balance sheets for Dual Monitors Corporation and additional Information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. 2024 $208,600 60,000 86,000 3,100 $88,200 6,000 8,000 2023 390,000 390,000 700,000 580,000 (338,000) (178,000) $1,109,700 $1,058,100 110,000 610,000 287,500 $1,109,700 $111,000 83,000 71,000 1,100 $76,000 11,100 4,100 220,000 610,000 136,900 $1,058,100 Required: 1. Calculate the following profitability ratios for 2024: 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity?

The balance sheets for Dual Monitors Corporation and additional Information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. 2024 $208,600 60,000 86,000 3,100 $88,200 6,000 8,000 2023 390,000 390,000 700,000 580,000 (338,000) (178,000) $1,109,700 $1,058,100 110,000 610,000 287,500 $1,109,700 $111,000 83,000 71,000 1,100 $76,000 11,100 4,100 220,000 610,000 136,900 $1,058,100 Required: 1. Calculate the following profitability ratios for 2024: 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity?

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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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…
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A comparative statement of financial position for Blue Spruce Industries Inc. follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Assets Cash Accounts receivable Inventory. Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1 2. 3. vi December 31 2023 $22,800 122,000 234,000 77,000 269,000 (70,300) $654,500 $52,400 163,800 233,000 205,300 $654,500 No equipment was sold during the year. 2022 $35,800 55,600 191.000 Net income for the fiscal year ended December 31, 2023, was $130,000. Cash dividends of $48,300 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $50,000 were retired through the issuance of common shares. 4. Land was sold at a gain of $4,000 125.000 216.000 (43,500) $579,900 $59,500 213,800 183,000 123.600 $579,900
Dec. 31, 2020 Dec. 31, 2019 Assets Current assets: Cash and cash equivalents $248,005 $419,465 Accounts receivable 38,283 34,839 Inventory 15.043 15,332 Prepaid expenses and other current assets 39,965 34,795 Income tax receivable 58,152 16,488 Investments 415,199 338,592 Total current assets 814.647 859,511 Property, plant, & equipment, net 1,217.220 1,106,984 Long-term investments 622,939 496.106 Other assets 70,260 64,716 Total assets $2,725,066 $2,527,317 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $85,709 $69,613 Accrued payroll and benefits 64,958 73,894 Accrued liabilities 129,275 102,203 Total current liabilities 279,942 245,710 Deferred liabilities 284.267 240,975 Other liabilities 32.883 28,263 Total liabilities 597,092 514,948 Shareholders' equity: Common stock 358 354 Additional paid-in capital 954,988 861.843 Retained earnings 1,172.628 1,150,172 Total shareholders' equity 2,127,974 2,012.369 Total liabilities and shareholders' equity…
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