None The financial statements of Carson Enterprises prepared at the end ofthe current year contained the following elements and correspondingamounts:ElementAmountAssets50,000Liabilities?Common Stock10,000Revenue20,000Dividends2,000Beginning Retained Earnings6,000Ending Retained Earnings14,000a. Based on this information, what was the amount of expensesreported on Carson's income statement for the current year?b. What was the amount of total liabilities reported on the balancesheet as of the end of the current year?

Part a:The formula for retained earnings is:Ending Retained Earnings=Beginning Retained Earnings+Net…

Answered: The financial statements of Carson…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
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.
Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: Prepare a common-size income statement for Year 2 by expressing each line item for Year 2 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.)
Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 2 by expressing each line item for Year 2 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 3 by expressing each line item for Year 3 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.)
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
For this question, please refer to the Fact Pattern below (Same fact pattern as previous question). Given the set of transactions above, what was Adjusted EBITDA in 2021? O $1,107.2 O $1,082.2. O $1,068.2 $1,092.2 Activities during the year: Capital expenditures Cost of Goods Sold (excluding D&A) Dividend Payout Ratio (dividends/ net income to common shareholders) Income Tax Net Interest Expense Net Revenues Non-controlling Interest Expense (After-Tax) Litigation Expense Other Operating Expenses (excluding D&A) Purchases of intangible assets Preferred dividends Research And Development (excluding D&A) Proceeds from sale of land with book value of $15 Selling, General, & Administrative (excluding D&A) Write-down of PP&E 2021 580.0 3,256.0 40% 35% 45.6 5,800.0 25.0 97.0 16.5 45.0 5.0 56.3 20.0 1,488.0 7.0
The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Please see the attachment for details: Assuming that total assets were $7,000,000 at the beginning of the current fiscal year, determine the following: (a) ratio of fixed assets to long-term liabilities, (b) ratio of liabilities to stockholders’ equity, (c) asset turnover, (d) return on total assets, (e) return on stockholders’ equity, and (f) return on common stockholders’ equity. Round ratios and percentages to one decimal place as appropriate.
Yogi has the following financial data: Investment assets at year end Investment assets at beginning of the year Savings made during the year by Yogi Employer match to Yogi's 401(k) plan Total assets on ending statement of financial position Gross income on income statement Total assets on beginning statement of financial position Total liabilities at beginning of year Total liabilities at year end What is Yogi's ROI for the year? O 13.01% O 18.37% 15.56% 4 21.17% $475.000 $392,000 $27,000 $5,000 $700.000 $100,000 $600,000 $200.000 $180,000
ll.
Addtional Infomation: Commonsharsa wars lasusd for cash. Cash Paid during the year for income tax = ?
Use the information provided to answer the questions that follows below: Extract of Statement of Changes in Equity for the year ended 31 December 2020 Retained earnings R Balance on 01 January 2020 1500 000 Profit after tax 480 000 Dividends paid and proposed in 2020 (180 000) Balance on 31 December 2020 1 800 000 INFORMATION The information provided below was extracted from the accounting records of Harmony Limited on 31 December 2020: Harmony Limited Extract of Statement of Comprehensive Income for the year ended 31 December 2020 Sales 6 600 000 Cost of sales (3 900 000) Gross profit 2 700 000 Operating expenses (1710 000) Selling and administrative expenses 1 260 000 Depreciation 450 000 Operating profit 990 000 Interest expense (270 000) Profit before tax 720 000 Company tax (240 000) Profit after tax 480 000
Liverton Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows in the images. Calculate for the financial year ended 31 March 2019 and, where possible, for 31 March 2018, the following ratios: i) Gross profit marginii) Assets usageiii) Current ratioiv) Acid testv) Inventories holding periodvi) Debt to Equity ratio

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