The comparative statement of financial position of Marigold Corporation as at December 31, 2023, follows:MARIGOLD CORPORATIONStatement of Financial PositionDecember 31December 31Assets20232022Cash$51,500$11,100Accounts receivable90,70087,300Equipment26,10022,700Less: Accumulated depreciation(9,600)(11,700)Total$158,700$109,400Liabilities and Shareholders' EquityAccounts payable$20,500$14,500Common shares100,00080,200Retained earnings38,20014,700Total$158,700$109,400Net income of $36,300 was reported and dividends of $12,800 were declared and paid in 2023. New equipment was purchased, andequipment with a carrying value of $4,800 (cost of $11,800 and accumulated depreciation of $7,000) was sold for $7,700.Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Marigold preparesfinancial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g.(15,000).)

Cash Flows from Operating ActivitiesNet income: $36,300Adjustments for non-cash items:Depreciation…

Answered: The comparative statement of financial…

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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Forecast an Income StatementSeagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $20,780 Cost of revenue 14,916 Product development 1982 Marketing and administrative 906 Amortization of intangibles 46 Restructuring and other, net (44) Total operating expenses 17,806 Income from operations 2,974 Interest income 168 Interest expense (448) Other, net 50 Other expense, net (230) Income before income taxes 2,744 (Benefit) provision for income taxes (1,280) Net income $4,024 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change…
Provided below are the financial statements for J Ltd.: Income statement Balance Sheet Net sales $984 2021 2020 Assets Cost of goods sold $752 Current assets $452 $354 Depreciation $27 Long-term assets $389 $374 EBIT $205 Total assets $841 $728 Interest expense $25 Liabilities and shareholders' equity Current liabilities $247 $164 Income before taxes $180 Long-term debt $157 $145 Taxes $27 Shareholders' equity $437 $419 Net income $153 Total liabilities and shareholders' equity $841 $728 Calculate economic value added (EVA), assuming cost of capital is 7.5%. (Round all the intermediate calculations and the final answer to 2 decimal places) $131.95 $135.70 $98.40 $129.70
Question 9 Comparative balance sheets of Belch Ltd for 2022 and 2021 are as follows. Assets Current assets Cash Accounts receivable Notes receivable Inventories Total current assets Noncurrent assets Land Machinery Accumulated depreciation Total noncurrent assets Total assets Liabilities and shareholders' equity Current liabilities Accounts payable Interest payable Total current liabilities Long-term debt Total liabilities Belch Ltd Comparative Statement of Financial Position Dec. 31, 2022 Dec. 31, 2021 Shareholders equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 200,000 160,000 70,000 399.000 829,000 525,000 483,000 (143,000) 865,000 $1,694,000 $ 145,000 17,500 162,500 350.000 512,500 650,000 531.500 1.181,500 $1,694,000 $ 188,000 133,000 61,000 326,000 708,000 500,000 238,000 (97,500) 640,500 $1,348.500 $ 153,000 15,000 168,000 200,000 368,000 550,000 430,500 980,500 $1,348,500 Additional information: 1. Net income is…
Comparative financial statement data for Blossom Company and Oriole Company, two competitors, appear below. All balance sheet data are as of December 31, 2022. Net sales. Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash common by operating activities Capital expenditures Dividends paid on common stock Weighted-average common shares outstanding Blossom Company Oriole Company 2022 Net Income $2,592,000 1,692,000 407,520 9,980 $ 122,500 496,600 766,000 95,500 157,020 198,720 129,600 51,840 80,000 2022 $892,800 489,600 141,120 4,240 51,840 213,840 201,160 (a) Compute the net income and earnings per share for each company for 2022. (Round Earnings per share to 2 decimal places, eg $2.78) Earnings per share 48,600 58,470 51,840 28,800 21,600 50,000
Here is financial information for Windsor, Inc. December 31, 2022 December 31, 2021 Current assets $104,753 $ 89,000 Plant assets (net) 367,169 319,000 Current liabilities 108,936 72,000 Long-term liabilities 109,986 83,000 Common stock, $1 par 120,946 106,000 Retained earnings 132,054 147,000 Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) WINDSOR, INC. Assets Current Assets Condensed Balance Sheet December 31 2022 2021 $104,753 $89,000 Plant assets (net) 367,169 319,000 Total assets Liabilities Current Liabilities $471,922 $408,000 $108,936 $72,000 Long-term liabilities 109,986 83,000 +A +A Increase or (Decrease) Amount Percentage % de % % do % % de Total liabilities $218,922 $155,000 do % Stockholders' Equity Common stock, $1 par 120,946 106,000 % Retained earnings 132,054 147,000 %…
Asset Efficiency Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Income Statements (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes (254,000) (290,000) (257,000) Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and equivalents $320,558…
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
Vertical Analysis of Balance Sheets Consolidated balance sheets for Winged Manufacturing follow. Winged ManufacturingConsolidated Balance Sheets(dollars in thousands) December 31 ASSETS 2023 2023 Current assets: Cash and cash equivalents $1,203,488 $676,413 Short-term investments 54,368 215,890 Accounts receivable, net of allowance for doubtful accountsof $90,992 ($83,776 in 2022) 1,581,347 1,381,946 Inventories 1,088,434 1,506,638 Deferred tax assets 293,048 268,085 Other current assets 255,767 289,383 Total current assets $4,476,452 $4,338,355 Property, plant, and equipment: Land and buildings $484,592 $404,688 Machinery and equipment 572,728 578,272 Office furniture and equipment 158,160 167,905 Leasehold improvements 236,708 261,792 $1,452,188 $1,412,657 Accumulated depreciation and amortization (785,088) (753,111) Net property, plant, and equipment $667,100 $659,546 Other assets…
Vertical Analysis of Balance Sheets Consolidated balance sheets for Winged Manufacturing follow. Winged ManufacturingConsolidated Balance Sheets(dollars in thousands) December 31 ASSETS 2023 2023 Current assets: Cash and cash equivalents $1,228,488 $676,413 Short-term investments 54,368 215,890 Accounts receivable, net of allowance for doubtful accountsof $90,992 ($83,776 in 2022) 1,581,347 1,381,946 Inventories 1,088,434 1,541,638 Deferred tax assets 293,048 268,085 Other current assets 255,767 289,383 Total current assets $4,501,452 $4,373,355 Property, plant, and equipment: Land and buildings $484,592 $404,688 Machinery and equipment 587,728 578,272 Office furniture and equipment 158,160 167,905 Leasehold improvements 236,708 261,792 $1,467,188 $1,412,657 Accumulated depreciation and amortization (785,088) (753,111) Net property, plant, and equipment $682,100 $659,546 Other assets…
Presented here are the comparative balance sheets of Hames Incorporated at December 31, 2023 and 2022. Sales for the year ended December 31, 2023, totaled $580,000. HAMES INCORPORATEDBalance SheetsDecember 31, 2023 and 2022 2023 2022 Assets Cash $ 20,000 $ 20,000 Accounts receivable 78,000 72,000 Merchandise inventory 103,000 99,000 Total current assets $ 201,000 $ 191,000 Land 50,000 40,000 Plant and equipment 125,000 110,000 Less: Accumulated depreciation (65,000) (60,000) Total assets $ 311,000 $ 281,000 Liabilities Short-term debt $ 18,000 $ 17,000 Accounts payable 64,400 75,500 Other accrued liabilities 20,000 18,000 Total current liabilities $ 102,400 $ 110,500 Long-term debt 22,000 30,000 Total liabilities $ 124,400 $ 140,500 Stockholders’ Equity Common stock, no par, 100,000 shares authorized 40,000 and 25,000 shares issued, respectively $ 74,000 $ 59,000 Retained earnings: Beginning balance $ 81,500 $ 85,000…
Use the Ulta annual report to calculate profit margin, total debt ratio, and cash ratio for the year ending in 2021.
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