The following information is provided for Oceanic Ventures and Pinnacle Holdings:Oceanic Ventures Pinnacle Holdings(in $ millions)Net income 2021$280$640Net sales 20213,5007,200Total assets 12/31/19 2,4004,600Total assets 12/31/202,7005,000Total assets 12/31/21 3,0005,500Capital expenditures $150$300What is Pinnacle Holdings' return on assets (rounded) for 2021?

Explanation of Net IncomeNet income is the total profit a company makes after subtracting all…

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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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The following information is provided for Oceanic Ventures and Pinnacle Holdings: (in $ millions) Oceanic Ventures Pinnacle Holdings Net income 2021 $280 $640 Net sales 2021 3,500 7,200 Total assets 12/31/19 2,400 4,600 Total assets 12/31/20 2,700 5,000 Total assets 12/31/21 3,000 5,500 Capital expenditures $150 $300 What is Pinnacle Holdings' return on assets (rounded) for 2021?
What is GLA Corporation's return on Assets (rounded) for 2022?
The following information is provided for Atlas Corporation and Zephyr Limited: (in $ millions) Atlas Corporation Zephyr Limited Net income 2019 $300 $550 Net sales 2019 2,500 6,000 Total assets 12/31/17 1,800 3,500 Total assets 12/31/18 2,000 4,100 Total assets 12/31/19 2,200 4,700 Debt outstanding $200 $400 What is Zephyr Limited's return on assets (rounded) for 2019?
The following information is provided for Sandhill Company and Indigo Corporation. (in $ millions) Sandhill Company Indigo Corporation Net income 2022 $125 $375 Net sales 2022 1540 4500 Total assets 12/31/20 1045 2010 Total assets 12/31/21 1220 3150 Total assets 12/31/22 1175 4070 What is Indigo's return on assets for 2022?
The following information is provided for Company A and Company B. (in $ millions) Net income 2028 Net sales 2028 Total assets 12/31/26 Total assets 12/31/27 Total assets 12/31/28 What is Company B's return on assets for 2028? OA) 14.0% OB) 10.5% OC) 12.0% Company A $165 1,650 1,000 1,050 1,150 OD) 15.6% Company B $ 420 4,900 2,400 3,000 4,000
The following information is provided for Globe Enterprises and Summit Solutions: (in $ millions) Globe Enterprises Summit Solutions Net income 2020 $400 $720 Net sales 2020 3,200 8,100 Total assets 12/31/18 2,500 5,200 Total assets 12/31/19 2,800 5,800 Total assets 12/31/20 3,000 6,400 Revenue from investments $300 $600 What is Summit Solutions' return on assets (rounded) for 2020?
general account
he condensed balance sheet and income statement data for SymbiosisCorporation are presented below.SYMBIOSIS CORPORATIONBalance SheetsDecember 312014 2013 2012Cash $ 30,000 $ 24,000 $ 20,000Accounts receivable (net) 110,000 48,000 48,000Other current assets 80,000 78,000 62,000Investments 90,000 70,000 50,000Plant and equipment (net) 503,000 400,000 360,000$813,000 $620,000 $540,000 Current liabilities $ 98,000 $ 75,000 $ 70,000Long-term debt 130,000 75,000 65,000Common stock, $10 par 400,000 340,000 300,000Retained earnings 185,000 130,000 105,000$813,000 $620,000 $540,000SYMBIOSIS CORPORATIONIncome StatementsFor the Years Ended December 312014 2013Sales revenue $800,000 $750,000Less: Sales returns and allowances 40,000 50,000Net sales 760,000 700,000Cost of goods sold 420,000 406,000Gross profit 340,000 294,000Operating expenses (including income taxes) 230,000 209,000Net income $110,000 $ 85,000Additional information:1. The market price of Symbiosis common stock was $5.00, $3.50, and…
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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.
Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets 2021 2020 Cash $12,010 $8,980 Accounts receivable 17,810 19,660 Land 16,800 21,840 Buildings 58,800 58,800 Accumulated depreciation—buildings (12,600 ) (8,400 ) Total $92,820 $100,880 Liabilities and Shareholders’ Equity Accounts payable $10,390 $26,120 Common shares 63,000 57,960 Retained earnings 19,430 16,800 Total $92,820 $100,880 Additional information: 1. Profit was $19,010. Dividends declared and paid were $16,380. 2. No noncash investing and financing activities occurred during 2021. 3. The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…

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