The following information relates to the balance sheet of XYZ company atDecember 31,2017.• Current ratio 2:1 (2 by 1)Payable turnover 3 timesFixed asset turnover 4 times• Cash $15,000• Account receivable $40,000Accounts Payable is the only current liabilityFixed asset for XYZ company will be equal toO a) 162,000O b) 90,000Oc) 17,000d) 72,000

Fixed assets refer to the non-current assets that are kept by the companies for their operations and…

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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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BB Incorporated had the following balances of assets and liabilities in 2022: Beginning balances: Cash and cash equivalents P250,000 Accounts payable P120,000 Trade and other receivables 150,000 Notes payable 80,000 Inventories 210,000 Bonds payable 200,000 Prepaid expenses 50,000 Mortgage payable 240,000 Property, plant and equipment - net 350,000 Ending balances: Cash and cash equivalents P230,000 Accounts payable P100,000 Trade and other receivables 250,000 Notes payable 60,000 Inventories 300,000 Bonds payable 170,000 Prepaid expenses 40,000 Mortgage payable 240,000 Property, plant and equipment - net 300,000 How much is the net income in 2022?
A company has, among other things, the following items in its annual report:Net sales SEK 25,500,000Other income SEK 100,000Inventory 6,500,000 secCash and Bank 500,000 secReceivables 2,000,000 secShort-term investments SEK 500,000Personnel costs SEK 11,500,000Fixed assets SEK 3,300,000Long-term liabilities SEK 5,800,000Calculate the company's capital turnover rate. NOTE! Round to two decimal places! For example, the number 15.54678 would be 15.55 or 2.68512 would be 2.69.
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The following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.
The trial balance of Rollins Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring costs Interest expense General and administrative expense Debits $ 15,000 126,000 3,860,000 340,000 150,000 15,000 240,000 Credits $ 5,300,000 37,000 230,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. ROLLINS INCORPORATED Statement of Comprehensive Income Required: Prepare a 2024 single, continuous statement of comprehensive income for Rollins Incorporated. Use a multiple-step income statement format. Note: Round Earnings per share answer to 2 decimal places.
Suppose in its 2022 annual report that McDonald's Corporation reports beginning total assets of $29.00 billion, ending total assets of $31.00 billion, net sales of $22.20 billion, and net income of $4.26 billion. (a) Compute McDonald's return on assets. (Round return on assets to 2 decimal places, e.g. 5.12%.) McDonald's return on assets % (b) Compute McDonald's asset turnover. (Round asset turnover to 2 decimal places, e.g. 5.12.) McDonald's asset turnover times
The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the above
Suppose in its 2027 annual report that McDonald's Corporation reports beginning total assets of $20.80 billion, ending total assets of $19.20 billion, net sales of $21.80 billion, and net income of $4.10 billion. (a) Compute McDonald's return on assets. (Round return on assets to one decimal place, e.g. 5.1%.) McDonald's return on assets % (b) Compute McDonald's asset turnover. (Round asset turnover to 2 decimal places, e.g. 5.12.) McDonald's asset turnover times
The following accounts appeared on the trail balance of Oriole Company at December 31, 2020. Notes Payable (short-term) $185,000 Accounts Receivable $560,000 Accumulated Depreciation - Bldg. 740,000 Prepaid Insurance 60,000 Supplies 35,000 Common Stock 1,025,000 Salaries and Wages Payable 29,000 Unappropriated Retained Earnings 310,000 Debt Investments (long-term) 280,000 Inventory 1,480,250 Cash 130,000 Land 410,000 Bonds Payable Due 1/1/2028 1,100,000 Trading Securities 79,000 Allowance for Doubtful Accts. 7,700 Interest Payable 5,500 Copyrights 185,000 Buildings 1,200,000 Notes Receivable (due in 6 months) 140,000 Accounts Payable 450,000 Income Taxes Payable 155,000 Additional Paid-in Capital 170,000 Preferred Stock 750,000 Appropriated Retained Earnings 290,000 Compute each of the following: 1. Total current assets $ 2. Total property, plant, and…
Fig Tree Bank has provided the following financial statements for the year ended 2020. Consolidated income statement 2019 2020 Sh ‘000’ sh. ‘000’ Interest income 7,169 8,500 Interest expense 1,217 4,600 Net interest income 5,952 3,900 Fee & commission income 1,308 1,800 Net trading income…
11.Please use the information on the statement of financial position as of January 1, 2018 of Rakdee Company Limited shown as follows to answer the question: Current assets Fixed assets Total assets 30,000,000Accounts payable 10,000,000Accrued liabilities Notes payable Long term Debt Common stock Retained earnings 40,000,000 Total liability and equity The income statement of Rakdee Co., Ltd. for the year 2018 is shown as follows: Sales 80,000,000 baht Net profit 20,000,000 baht 8,000,000 5,000,000 5,000,000 12,000,000 5,000,000 5,000,000 40,000,000 Dividend 10,000,000 baht It is expected that sales will increase in 2019 equal to 25%. Find the Capital Intensity ratio (A*/SO) as a percentage with 2 decimal places. Answer...............% Find the spontaneous liability ratio (L*/SO) as a percentage with 2 decimal places. Answer........... %
2.The following information is from Dejlah, Inc.s, financial statements. Sales (all credit) were AED 800 million for 2020. Sales to total assets... 2 times Total debt to total asset: 30% Current ratio........ 3.0 times Inventory turnover 5.0 times Average collection period 18 days Fixed asset turnover ... 5.0 times Fill in the balance sheet: Cash. Current debt .. Accounts receivable. Long-term debt. Inventory Total debt . Total current assets Equity... Fixed asset: Total debt and equity Total assets

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