The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of$1,400,000, $140,000 in the common stock account and $2,650,000 in the additionalpaid-in surplus account. The December 31, 2014, balance sheet showed long-termdebt of $1,580,000, $150,000 in the common stock account and $2,950,000 in theadditional paid-in surplus account. The 2014 income statement showed an interestexpense of $94,000 and the company paid out $145,000 in cash dividends during2014. The firm's net capital spending for 2014 was $960,000, and the firm reducedits net working capital investment by $125,000. What was the firm's operating cashflow during 2014?

Step 1:Firm's operating cash flow during 2014 Cash Flow to CreditorsCash Flow to Creditors =…

Answered: The December 31, 2013, balance sheet 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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Cc. 215.
The 2017 income statement of Sandhill Company showed net income of $718,000 and a gain from discontinued operations of $56,000. Sandhill had 50,000 shares of common stock outstanding all year. Prepare Sandhill’s income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 15.25.)
Southeast Systems has the following balance sheet and the income statement. The company had 10 million shares of common stock outstanding and its market price of the common stock was $78 at the end of 2014. Make sure the unit is in million dollars. (unit: $ in millions) Southeast Systems Balance Sheets 2013 2014 2013 2014 Cash $50 $100 Accounts payable $450 $500 Accounts receivable 600 700 Notes payable 300 400 Inventory 500 550 Long-term debt 650 650 Net fixed assets 1,000 1,000 Common equity 300 300 Retained earnings 450 500 Total Assets $2,150 $2,350 Total Liabilities & Owner’s Equity $2,150 $2,350 Income Statement 2014 Sales $2,370 Cost of goods sold 2,070 Depreciation 200 EBIT 100 Interest expenses 20 Taxable income 80 Taxes 28 Net income $52 Dividends $2 (1) What is the common-size value…
Highland company provided the following information on December 31, 2018: Cash 2,000,000 Trade and other receivables 2,600,000 Property, plant and equipment-net 4,600,000 Trade and other payables 1,800,000 Share capital 4,000,000 Revaluation surplus 400,000 Retained earnings 3,000,000 The general price index numbers are 112 on January 1, 2015 which is the date of incorporation, 125 on December 31, 2017 and 280 on December 31, 2018. The property, plant and equipment were acquired on January 1, 2015 but were revalued on December 31, 2017. Required: 1. What amount should be reported as total assets in a hyperinflationary statement of financial position? a. 14,904,000 b. 13,800,000 c. 10,800,000 d. 16,100,000
-Yellow Enterprises reported the following (5 in thousands) as of December 31, 2024. All accounts have normal balances. Deficit (debit balance in retained earnings) Common stock Paid-in capital-share repurchase Treasury stock (at cost) Paid-in capital-excess of par During 2025 ($ in thousands), net income was $9,000, 25% of the treasury stock was resold for $450, cash dividends declared were $600, cash dividends paid were $500 What (5 in thousands) was shareholders' equity as of December 31, 2024? Multiple Choice $28,600 $35.600 $30,400 $ 3,000 2,000 1,000 400 30,000
The 2017 income statement of Wasmeier Corporation showed net income of $480,000 and a loss from discontinued operations of $120,000. Wasmeier had 100,000 shares of common stock outstanding all year. Prepare Wasmeier’s income statement presentation of earnings per share.
At the end of this fiscal year, ABC Company's balance sheet showed $5,470,208 of long term debt, $1,000,000 of common stock account, and $2,569,250 of retained earnings. The company had no preferred stock outstanding, and the market value of its long-term debt was the same as its book value. The company had 104,639 shares of common stock with the end-of-year price of $45 per share. How much value (MVA) did ABC Company's management add to stockholders' wealth this year? Round your answer to the nearest dollar, but ignore dollar sign. If your answer has a negative number, add '-' to your answer, e.g., xx,xxx or -xx,xxx. (Hint: MVA = MV of capital - BV of capital) Answer:
The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description Current Year Previous Year Accounts payable $362,000 $226,000 Current maturities of serial bonds payable 360,000 360,000 Serial bonds payable, 10 % 1,700,000 2,060,000 Common stock, $1 par value 70,000 90,000 Paid-in capital in excess of par 760,000 760,000 Retained earnings 2, 630,000 2,090,000 The income before income tax expense was $803, 400 and $703,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round your answers to one decimal place.
Pharoah Enterprises has total current assets of $354,002 and fixed assets of $465,306. The company also has long-term debt of $278,400, $100,000 in its common stock account, and retained earnings of $187,570. What is the value of its total current liabilities?
Consider the following balance sheet for Go The Distance Trading Cards. Sales were $1,200,000 in the past year. Go The Distance Trading Cards Balance Sheet, 2013: Assets $ Current Assets $74,630.00 Net fixed Assets (Net PPE) $224,900.00 Total Assets $299,530.00 Liabilities and Shareholder Equity Current Liabilities $43,510.00 Long-term liabilities (Long term debt) $93,200.00 Total Liabilities $136,710.00 Shareholder equity $162,820.00 Total Liabilities and Shareholder Equity $299,530.00 What is the debt-to-asset ratio for this firm?
WD Corporation reports the following year-end balance sheet data. The company's debt-to-equity ratio equals: Cash $ 42,000 Current liabilities $ 77,000 Accounts receivable 57,000 Long-term liabilities 28,000 Inventory 62,000 Common stock 102,000 Equipment 147,000 Retained earnings 101,000 Total assets $ 308,000 Total liabilities and equity $ 308,000
Southeast Systems has the following balance sheet and the income statement. The company had 10 million shares of common stock outstanding and its market price of the common stock was $78 at the end of 2014. Make sure the unit is in million dollars. (unit: $ in millions) Southeast Systems Balance Sheets 2013 2014 2013 2014 Cash $50 $100 Accounts payable $450 $500 Accounts receivable 600 700 Notes payable 300 400 Inventory 500 550 Long-term debt 650 650 Net fixed assets 1,000 1,000 Common equity 300 300 Retained earnings 450 500 Total Assets $2,150 $2,350 Total Liabilities & Owner’s Equity $2,150 $2,350 Income Statement 2014 Sales $2,370 Cost of goods sold 2,070 Depreciation 200 EBIT 100 Interest expenses 20 Taxable income 80 Taxes 28 Net income $52 Dividends $2 What are the values of the earning…

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