Ai don't The following information is provided for Atlas Corporation and Zephyr Limited:(in $ millions)Atlas Corporation Zephyr LimitedNet income 2019$300$550Net sales 20192,5006,000Total assets 12/31/17 1,8003,500Total assets 12/31/18 2,0004,100Total assets 12/31/19 2,2004,700Debt outstanding$200$400What is Zephyr Limited's return on assets (rounded) for 2019?

Step 1: Compute the average total assets for 2019.Average total assets = (Total assets (beg),…

Answered: The following information is provided…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 11MCQ

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The following information is provided for Cullumber Company and Bramble Corporation. (in $ millions) Cullumber Company Bramble Corporation Net income 2022 $145 $415 Net sales 2022 1755 4610 Total assets 12/31/20 1025 2330 Total assets 12/31/21 1260 3000 Total assets 12/31/22 1150 4080 What is Bramble's return on assets for 2022? (Round answer to 1 decimal place, e.g. 15.2.) 11.5% 13.8% 10.2% 11.7%
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Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…
Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on which Sub made…
Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on…
Meera Ltd.'s comparative statements of financial position are presented below. Meera Ltd.Comparative Statements of Financial PositionDecember 31 2020 2019 Land $ 20,000 $ 26,000 Buildings 70,000 70,000 Accumulated depreciation—buildings (15,000) (10,000) Accounts receivable 20,800 23,400 Cash 17,660 10,700 Total $113,460 $120,100 Share capital—ordinary $ 75,000 $ 72,000 Retained earnings 26,090 20,000 Accounts payable 12,370 28,100 Total $113,460 $120,100 Additional information: 1. Net income was $22,590. Dividends declared and paid were $16,500. 2. All other changes in non‐current account balances had a direct effect on cash flows, except the change in accumulated depreciation. 3. The land was sold for $5,000. Instructions: Prepare a statement of cash flows for 2020 using the indirect method.
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The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: BALANCE SHEETS December 31, 2020 Patrick Sean Cash $ 74,000 $ 76,000 Accounts receivable (net) 130,000 38,000 Inventories 86,000 54,000 Plant and equipment (net) 626,000 274,000 Investment in Sean 456,000 - Total assets $ 1,372,000 $ 442,000 Accounts payable 178,000 80,000 Long-term debt 110,000 26,000 Common stock ($10 par) 322,000 46,000 Additional paid-in capital 12,000 Retained earnings 762,000 278,000 Total liabilities and shareholders' equity $ 1,372,000 $ 442,000 Additional Information: On December 31, 2020, Patrick acquired 100 percent of Sean’s voting stock in exchange for $456,000. At the acquisition date, the fair values of Sean’s assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean’s inventory were…
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