The following information is reported for Kinney corporation at the end of 2013. The following information is reported for Kinney Corporation at theend of 2013.Accounts Receivable $23,000Retained EarningsAccounts Payable $11,000Supplies Inventory $9,000Cash $8,000Equipment $138,000Common Stock $110,000a. Compute the amount of retained earnings at the end of 2013.b. If the amount of retained earnings at the beginning of 2013 was$30,000, and $12,000 in cash dividends were declared and paidduring 2013, what was its net income for 2013?

Explanation for a: As per accounting equation:Assets = Liabilities + Equity In the given case, we…

Answered: The following information is reported…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 17E

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Similar questions

Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Required: 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
Calculate the P/R for (WMT) as of November 14, 2017, when the company's stock price closed at $91.09.2 The company's profit for the fiscal year ending January 31, 2017, was US$13.64 billion, and its number of shares outstanding was 3.1 billion.
The following information was available for the year ended December 31, 2016: Sales $ 460,000 Net income 66,140 Average total assets 760,000 Average total stockholders' equity 365,000 Dividends per share 1.33 Earnings per share 3.00 Market price per share at year-end 27.60 a. Calculate margin, turnover, and ROI for the year ended December 31, 2016. (Round your intermediate calculations and final answers to 2 decimal places.) b. Calculate ROE for the year ended December 31, 2016. (Round your answer to 2 decimal places.) c. Calculate the price/earnings ratio for 2016. (Round your answer to 2 decimal places.) d. Calculate the dividend payout ratio for 2016. (Round your answer to 2 decimal places.) e. Calculate the dividend yield for 2016. (Round your answer to 2 decimal places.)
Retained earnings 95,380 65,590 48,000 The 2017 net income was $30,590, and the 20Y6 net income was $18,390. No dividends on common stock were declared between 2015 and 20Y7. Preferred dividends were declared and paid in full in 2016 and 2017, a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for the years 2016 and 2017. When required, round your answers to one decimal place. 20Y7 Return on total assets Return on stockholders' equity Return on common stockholders' equity b. The profitability ratios indicate that the company's profitability has debt. %6 96 % 20Y6 % % % the return on stockholders' equity in both years, there must be Since the return on assets is leverage from the use of
Qualls Corporation reported 2017 earnings per share of $7.21. In 2018, Qualls reported earnings per share as follows. On income from continuing operations $6.40 On discontinued operations 1.88 On net income $8.28 Is the increase in earnings per share from $7.21 to $8.28 afavourable trend?
The comparative financial statements of Bettancort Inc. are as follows. The market price of Bettancort Inc. common stock was $71.25 on December 31, 2014. InstructionsDetermine the following measures for 2014, rounding to one decimal place:1. a.Working capital b. Current ratio c. Quick ratiod. Accounts receivable turnovere. Number of days' sales in receivablesf. Inventory turnoverg. Number of days' sales in inventoryh. Ratio of fixed assets to long-term liabilitiesi. Ratio of liabilities to stockholdersâ€™ equityj. Number of times interest charges are earnedk. Number of times preferred dividends are earned2. a. Ratio of net sales to assetsb. Rate earned on total assetsc. Rate earned on stockholders' equityd. Rate earned on common stockholders' equitye. Earnings per share on common stockf. Price-earnings ratiog. Dividends per share of common stockh. Dividend yield
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses. Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds $852,000 27,000 7,400 12,000 42,000 $3,006,000 1,944,000 1,062,000 940, 400 $ 121,600 VIRTUAL GAMING SYSTEMS Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable. Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Balance Sheets December 31 2021 $180,000 75,000 99,000 11,400 99,000 204,000 264,000 (63,000) $869,400 $ 60,000 4,800 12,000 279,000 294,000 219,600 2020 $138,000 54,000 129,000…
Selected current year company information follows: Net income Net sales Total liabilities, beginning-year Total liabilities, end-of-year $ 16,553 718,855 89,932 109,201 Total stockholders' equity, beginning-year 204,935 Total stockholders' equity, end-of-year 130,851 What is the return on total assets? (Do not round intermediate calculations.).
The 2020 income statement of Blossom Corporation showed net income of $1,271,000, which included a loss from discontinued operations of $114,800. Blossom had 41,000 common shares outstanding all year. (a) Calculate earnings per share (EPS) for 2020 as it should be reported to shareholders. (Round answers to 2 decimal places, e.g. 15.25. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Income from continuing operations Loss from discontinued operations, net of tax Net income $ $ $ Earnings per share
REQUIRED: Compute for financial ratios?
A firm reported the following financials for 2021: Sales revenue = $3,060Accounts receivables = $500Interest expense = $126Total operating expenses = $600Accounts payable = $240COGS = $1,800Dividend on preferred stock = $18Tax rate = 40%Number of common shares outstanding = 1,000 The firm's EPS, rounded to the nearest cent for 2021 was a. $0.5335 b. $0.3024 c. $0.5125 d. $0.3204

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