The following condensed information is reported by World of Stamp Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities. Long-term liabilities. Common stock Retained earnings Total liabilities and stockholders' equity Required: 1. Calculate the following profitability ratios for 2024: 2. Determine the amount of dividends paid to shareholders in 2024. Required 1 a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 2024 % % % times % $7,612,000 5,031,532 321,780 Complete this question by entering your answers in the tabs below. < Required 1 $1,130,000 1,570,000 $1,530,000 $1,430,000 2,130,000 1,830,000 $3,660,000 $3,260,000 730,000 230,000 $3,660,000 Required 2 Jy Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.) Profitability Ratios 2023 $7,700,000 5,200,000 178,000 Required 2 > $830,000 1,570,000 730,000 130,000 $3,260,000

The following condensed information is reported by World of Stamp Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities. Long-term liabilities. Common stock Retained earnings Total liabilities and stockholders' equity Required: 1. Calculate the following profitability ratios for 2024: 2. Determine the amount of dividends paid to shareholders in 2024. Required 1 a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 2024 % % % times % $7,612,000 5,031,532 321,780 Complete this question by entering your answers in the tabs below. < Required 1 $1,130,000 1,570,000 $1,530,000 $1,430,000 2,130,000 1,830,000 $3,660,000 $3,260,000 730,000 230,000 $3,660,000 Required 2 Jy Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.) Profitability Ratios 2023 $7,700,000 5,200,000 178,000 Required 2 > $830,000 1,570,000 730,000 130,000 $3,260,000

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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he comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 195 $ 134 Accounts receivable 60 62 Less: Allowance for uncollectible accounts (4 ) (3 ) Dividends receivable 15 8 Inventory 73 62 Long-term investment 45 40 Land 112 70 Buildings and equipment 351 376 Less: Accumulated depreciation (55 ) (74 ) $ 792 $ 675 Liabilities Accounts payable $ 25 $ 32 Salaries payable 8 11 Interest payable 10 8 Income tax payable 13 14 Notes payable 42 0 Bonds payable 263 190 Less: Discount on…
The comparative statement of financial position of Marigold Inc. as at June 30.2023, and a statement of comprehensive income for the 2023 fiscal year follow MARIGOLD INC. Statement of Financial Position June 30.2023 Assets Cash Accounts receivable Inventory Prepaid expenses FV-OCI investments Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Income tax payable Dividends payable Long-term notes payable Common shares Retained earnings Accumulated other comprehensive income Total June 30 2023 2022 $ 20.000 $ 44,000 86.200 72.400 104,000 101,400 2,800 5,600 48,000 44,900 171.000 158,500 (34,400) (25.000) $ 397.600 $ 401.800 $ 114,000 $ 102,000 1,700 3,500 4,800 80,700 122,000 30,100 24.200 155,000 141,900 11,300 8.200 $ 397,600 $ 401.800 MARIGOLD INC. Statement of Comprehensive Income For the Year Ended June 30, 2023 Net sales $340,000 Cost of goods sold 175,000 Grass profe 165,000 Operating expenses 123,500 Income from operations…
Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets What is the equity multiplier for 2021? Multiple Choice 1.78 times 3.33 times 2.25 times 1.31 times 2.64 times 2020 2021 $ 250 890 $ 9,900 7,650 390 $ 1,860 88 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) $220 990 1,750 1,655 $ 2,960 $ 2,795 3,360 3,880 $ 6,320 $ 6,675 $ 1,772 372 $1,400 Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2020 $ 1,540 1,010 3,240 530 $ 6,320 2021 $ 1,632 1,293 2,970 780 $ 6,675
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Income statement and balance sheet data for The Athletic Attic are provided below.Required: 1. Calculate the following risk ratios for 2021 and 2022: a. Receivables turnover ratio. c. Current ratio. b. Inventory turnover ratio. d. Debt to equity ratio. 2. Calculate the following profitability ratios for 2021 and 2022: a. Gross profit ratio. c. Profit margin. b. Return on assets. d. Asset turnover. 3. Based on the ratios calculated, determine whether overall risk and profitability improved from 2021 to 2022.
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