The following information related to TRT Company for the years 2019 and 2020.1. Income Statement Information20192020Net Sales$310,000$250,000Cost of Goods Sold00,000n6,000Operating Expense46,00041,000Interest Expernse9,00010,200Income Tax Expense10,2009,600Net Income154,000103 2002. Other Infomation:20192020Total Assets$250,000$190,000Construction in Progress15,00014,200intangible Assets7,0007,000Long-term debts70,00070,000Current liabilities40,00050,000Preferred Stocks, 5%10,00010,000Common Stocks.210,000150,000Dividend For Common shares84,00060,000Market Price of Common Shares16103. Common Stock outstanding information:*No change in outstanding common shares during 2019.in 2020 the following changes occurred:January 1.2020 (Beginning)40,000April 1. 2020 Shares issued20,000July 1. 2020 Purchased Treasury shares6,000Sept 30. 2020 Shares issued8,000November 1.2020 Stock Dividend 10% issuedDec 31.2020 Shares issued1,950instructionsFor the year 2020, Compute:Return on InvestmentO S0%O46%O35%O 45%

The return on investment ratio (also known as ROI) would be the most popular profitability…

The following information related to TRT Company for the years 2019 and 20 1. Income Statement Information 2019 2020 Net Sales $310,000 $250,000 Cost of Goods Sold 00,000 66,000 Operating Expense 46,000 41,000 Interest Expense 9,000 10,200 Income Tax Expense 10,200 9,600 Net income 154,000 103,200

The following information related to TRT Company for the years 2019 and 20 1. Income Statement Information 2019 2020 Net Sales $310,000 $250,000 Cost of Goods Sold 00,000 66,000 Operating Expense 46,000 41,000 Interest Expense 9,000 10,200 Income Tax Expense 10,200 9,600 Net income 154,000 103,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…
es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 85,650 26,000 61,000 Cash flows from operating activities: Net income 32,400 2,150 2020 $ 525,000 335,600 189,400 123,000 38,000 28,400 9,500 $ 18,900 Changes in current operating assets and liabilities $ 27,800 34,000 54,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 26,700 2,400 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 38,000 $ $ 18,300 38,000 56,300
Income Statement For the year Ended December 31, 2020 Sales Cost of Goods Sold $ 390,000 235,000 Gross Profit S 155,000 Wages Expenses Depreciation Expense Other Operating Expenses Income Tax Expense S61000 14,000 26,000 17,000 120,000 Net Income $35000 Terry Company Balance Sheets Dec. 31, 2020 Dec. 1L Assets 2019 $ 30,000 35,000 84,000 8,000 130,000 (62.000) Cash Accounts Receivable (net) Inventory Prepaid Expense Plant Assets Accumulated Depreciation S16.000 28,000 110,000 12,000 178,000 (76,000) Total Assets $ 268,000 $ 225,000 I Liabilities and Stockholders' Equity Accounts Payable Wages Payable Income Tax Payable Common Stock Retained Earnings $ 27.000 6,000 3,000 135,000 97,000 S 14,000 2,500 4,500 125,000 79,000 Total Liabilities and S 268,000 $ 225,000 Stockholders' Equity Cash dividends of $17,000 were declared and paid during 2020 Plant assets of $48,000 were purchased for cash, and later in the year, an additional $10,000 common stock was issued for cash REQUIRED Prepare…
Income statements for year ending 31 December 2019 Gees Baking Co. ltd 9west com. $’000 $’000 Net revenue 35,119 30,990 Cost of goods sold 12,693 11,088 Gross profit 22,426 19,902 Selling & administrative expenses 13,158 11,358 Other operating expenses 819 313 Operating income 8,449 8,231 Interest income 833 355 Other income…
SUNLAND COMPANYIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25,960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742…
Agro Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows: Agro Co.: Income Statement for the year ended 31 March 2019 £'000 Sales 3495 Cost of Sales (2182) Gross profit 1313 Other income: interest received 33 Distribution costs (187) Administrative expenses (309) Interest costs (75) Profit before tax 775 Income tax expense (157) Profit for the year 618 Agro Co.: Statements of Financial Position as at 31 March 2019 and 2018 2019 2018 £'000 £'000 Non-current assets Property, plant and equipment (PPE) 1700 1615 Intangible assets 425 375 Investments 0 95 Current assets Inventory 150 102 Trade receivables 1010 315 Short-term investments 75 0 Cash at Bank 452 1 Total Assets 3812 2503 Current liabilities Trade payables 289 119 Bank overdraft 143 98 Taxation 312 285 744 502 Non-current liabilities Long-term loans 170 50 Total Net Assets 2898 1951 Equity Share capital (£1 ordinary shares) 1950 1550 Share premium…
The condensed income statement of Nestle Cereal Company is as follows: NESTLE CEREAL COMPANY Income Statements for the years Ended December 31 2020 2019 $ $ Revenue 11,776 10,907 Cost of sales 6,597 6,082 Gross profit 5,179 4,825 Selling and Administrative Expenses 3,311 3,059 PBIT 1,868 1,766 Interest Expense 321 294 PBT 1,547 1,472 Income Tax 444 468 Net Profit 1,103 1,004 Other Information Number of Ordinary Shares 418 418 Stock price at year end $52.92 $50.06 Calculate the following ratios for the year 2020 1. Price Earnings Ratio 2.Dividend Yield
Consider the following information for Handley Stores for 2020 and 2021: 2020 2021 Total assets $72,590,000 $68,832,000 Noninterest-bearing current liabilities 5,368,000 6,039,000 Net income 4,453,000 6,039,000 Interest expense 2,944,000 3,640,000 Sales 55,572,000 117,425,000 Tax rate 35% 35% X Your answer is incorrect. Compute ROI for both years. (Round answers to 2 decimal places, e.g. 15.32%.) 2020 2021 ROI 6.13 % 8.77 % * Your answer is incorrect. Break ROI down into profit margin and investment turnover. (Round answers to 4 decimal places, eg. 15.3215.) 2020 2021 Profit margin 8.01 5.14 Investment turnover 0.78 1.72
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $82,000 $81,000 Inventory 90,000 73,000 Net sales 420,000 375,000 Cost of goods sold 260,000 221,000 Total assets 825,000 760,000 Total stockholders' equity 490,000 450,000 Net income 78,000 58,000 TPX Company's 2021 gross profit ratio is: (Round your answer to one decimal place.) Multiple Choice 61.9%. 43.1%. 47.1%. 38.1%.
HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020 Revenue and gains Sales revenue 495,500 496,738.75 Interest revenue 278,500 279,196.25 Investment Income 71,700 71,879.25 Other revenue 101,500 101,753.75 Total revenue and gains 947,200 949,968 Expenses and losses Cost of good sold 450,000 447,750 Selling&administrative 185,000 184,075 Computer (operating) 42,500 42,288 Depreciation 50,000…
Philly Corporation Philly Corporation Income Statement Comparative Account Information Relating to Operations For the Year Ended December 31, 2020 For the Year Ended December 31, 2020 2020 2019 Sales Revenue 680,000 Accounts receivable -net 78,000 65,000 Cost of goods sold 355,000 Prepaid insurance 5,000 6,000 Salaries expense 50,000 Equipment 111,100 122,400 Depreciation expense equipment 6,800 Accumulated Depreciation 13,800 14,600 Interest expense 8,000 Land 56,000 36,000 Bad debt expense 2,400 Accounts Payable 59,000 47,000 Loss on sale of equipment 4,800 Interest payable 600 1,500 Miscellaneous…