The following data were taken from the year-end records of Nomura Export Company:Statement of Earnings ItemsYear 1Sales revenueCost of salesGross profitOperating expensesEarnings before income taxesIncome tax expense (20%)Net earningsEarnings per share (10,000 sharesoutstanding)Statement of Earnings ItemsSales revenueCost of salesGross profitOperating expensesEarnings before income taxesIncome tax expense (20%)Net earningsEarnings per share (10000 shares)Year 119,500Year 2? $ 216,0002.6068%?19,500???2.60Required:Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.)Year 2$ 216,000?30%?24,00024,000???

Year 1Year 2Sales Revenue $ 1,62,500 $ 2,16,000Cost of Sales $ 1,10,50068% $ 1,51,20070%Gross Profit…

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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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Preparing a Single-Step Income Statement The following items are from the adjusted trial balance of Bailey Corp. on December 31, the end of its annual accounting period. Assume an average 25% income tax on all items. Weighted average shares of common stock outstanding for the year were 10,000. Sales revenue Depreciation for the period Rent revenue Gain on sale of investment Cost of goods sold Selling expenses General and administrative expenses Interest revenue Interest expense Loss on sale of investment $645,200 6,000 2,400 2,000 330,000 136,000 110,000 900 1,500 22,000 Prepare a single-step income statement for the 12 months ended December 31, including the earnings per share disclosures. Report income taxes in its own section. Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. Note: Do not enter any negative signs with your answers.
Consider the following financial statement data for Hi-Tech Instruments: For the Year Ended December 31 (Thousands of Dollars, except Earnings per Share) Sales revenue $218,000 Cost of goods sold 133,000 Net income 16,300 Dividends 10,600 Earnings per share $4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Current Year Prior Year Assets Cash $26,300 $26,000 Accounts receivable (net) 54,000 49,000 Inventory 47,500 51,700 Total Current Assets 127,800 126,700 Plant assets (net) 60,600 58,500 Other assets 23,600 21,800 Total Assets $212,000 $207,000 Liabilities and Stockholders’ Equity Notes payable—banks $14,000 $14,000 Accounts payable 30,500 26,700 Accrued liabilities 24,500 29,000 Total Current Liabilities 69,000 69,700 9% Bonds payable 48,000 48,000 Total Liabilities 117,000 117,700 Common stock 50,000 50,000 Retained earnings 45,000 39,300 Total Stockholders’ Equity 95,000 89,300…
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Common-Size Income StatementsConsider the following income statement data from the Ross Company: Current Year Previous Year Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 109,000 103,000 Administrative expenses 64,000 58,000 Income tax expense 7,800 5,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Note: Compute percentages for each "Total" (do not add prior percentage amounts to arrive at Totals). ROSS COMPANYCommon-Size Income Statements(Percent of Sales Revenue) Current Year Previous Year Sales Revenue Answer Answer Cost of Goods Sold Answer Answer Answer Answer Answer Answer Selling Expenses Answer Answer Administrative Expenses Answer Answer Total Answer Answer Income before Income Taxes Answer Answer Answer Answer Answer Answer Answer Answer PreviousSave AnswersNext
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income Current Year $381,300 312,000 $69,300 $19,210 18,150 $37,360 $31,940 12,800 $19,140 Previous Year $310,000 260,000 $50,000 $17,000 15,000 $32,000 $18,000 7,200 $10,800
Return on total assets A company reports the following income statement and balance sheet information for the current year: Net income $266,220 Interest expense 46,980 Average total assets 4,350,000 Determine the return on total assets. If required, round the percentage to one decimal place. %
Selected current year-end financial statements of Concordia Corporation follow. All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $48,900; total assets, $189,400; common stock, $90,000; and retained earnings, $33,748. Compute the following: (1) current ratio, (2) acid-test ratio, (3) days’ sales uncollected, (4) inventory turnover, (5) days’ sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on equity. Round to one decimal place; for part 6, round to two decimals.
A company reports the following income statement and balance sheet information for the current year: Net income $132,370 Interest expense 11,510 Average total assets 2,180,000 Determine the return on total assets. Round the percentage to one decimal place.fill in the blank %
Pribyl Corporation has provided the following financial data: Total assets Total stockholders' equity Income Statement For the Year Ended December 31, Year 2 $ Sales (all on account) Cost of goods sold Gross margin Operating expenses Net operating income Interest expense Net income before taxes Income taxes (36%) Net income a. Net profit margin percentage b. Gross margin percentage c. Return on total assets d. Return on equity % 1,285,000 727,000 558,000 510,846 Required: a. What is the company's net profit margin percentage for Year 2? b. What is the company's gross margin percentage for Year 2? c. What is the company's return on total assets for Year 2? d. What is the company's return on equity for Year 2? Note: Round your answers to 2 decimal places. % % 47,154 17,500 29,654 10.675 $ 18,979 $ 1.496.000 $ 1,033,000 $ 1,470,000 $ 1,020,000
Selected income statement data follow for Harper, Inc., for the year ended December 31 (in thousands). What is the company's times interest earned ratio? Operating income before interest Interest expense Operating income after interest Income tax Income after tax 35.6 30.6 11.2 24.4 6,617 189 6.428 1,607 4,821

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