Don't give me wrong answer 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?

Step 1: Return on asset = Net income/ average total assets Average total assets=(Beginning asset+…

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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?
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?
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…
INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Federal taxes (@ 21%) Net income $ 27,576 17,578 1,411 $ 8,587 526 8,061 1,693 $ 6,368 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Assets Current assets Cash and marketable securities 2022 2021 Liabilities and Shareholders' Equity Current liabilities $ 2,345 $ 2,345 Debt due for repayment Receivables Inventories Other current assets 1,384 131 1,098 1,344 126 Accounts payable Total current liabilities 625 Total current assets $ 4,958 $ 4,440 Fixed assets Property, plant, and equipment $ 24,686 2,813 2,992 2,662 Long-term debt $ 22,844 Other long-term liabilities Total liabilities 3,108 Total shareholders' equity $ 35,449 $ 33,054 Total liabilities and shareholders' equity 2022 2021 $3,412 $ 3,412 $ 394 3,152 $ 3,546 $ 13,642 3,066 $ 20,120 15,329 $ 35,449 $ 12,143 2,966 $ 18,655 14,399…
Ayayai Company Limited reported the following for 2023: sales revenue, $1.16 million; cost of goods sold, $725, 000; selling and administrative expenses, $333, 000; gain on disposal of building, $283,000; and unrealized gain - OCI (related to FV- OCI equity investments with gains/losses not recycled), $17,000. Assume investments are accounted for as FV - OCI equity investments, with gains/losses not recycled through net income. Prepare a statement of comprehensive income. Ignore income tax and EPS.
mework i 0 ences Mc Graw Hill INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Federal taxes (@ 21%) Net income Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets a. Free cash flow b. Additional tax c. Free cash flow million million million $ 27,571 17,573 1,406 $ 8,592 521 2022 8,071 1,695 $ 6,376 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) 2021 $ 2,340 1,379 126 1,093 $ 4,938 $ 24,681 2,808 2,987 $ 35,414 $ 2,340 1,339 121 620 $ 4,420 Saved $ 22,839 2,657 3,103 Liabilities and Shareholders' Equity Current liabilities Debt due for repayment Long-term debt Other long-term liabilities Total liabilities Total shareholders' equity $ 33,019 Total liabilities and…

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