Given the abov information, net income for the year is ??? The following information was taken from the records of H. PotterCorporation for the month ended December 31, 2016.Advertising expense$39,200Income tax expense$28,000Accounts payable$24,800Dividends paid$28,250Retained earnings (Jan. 1, 2016) $114,820Consulting fees revenue$200,000$22,500$34,700Rent expenseSupplies expenseGiven the above information, net income for the year isa. $75,600b. $88,560c. $70,620d. $34,120

Step 1: Define Net IncomeIn simple terms, the net income of a company is the difference between…

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
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Selected balance sheet and income statement information for Home Depot follows. $ millions Jan. 31, 2016 Feb. 01, 2015 Operating assets $40,683 $38,573 Nonoperating assets 2,266 1,773 Total assets 42,949 40,346 Operating liabilities 15,043 13,552 Nonoperating liabilities 21,275 17,157 Total liabilities 36,318 30,709 Sales 89,234 Net operating profit before tax (NOPBT) 12,124 Nonoperting expense before tax 803 Tax expense 4,001 Net income 7,320 Round answers to two decimal places (ex: 0.12345 = 12.35%). a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 37%.Answer% b. Disaggregate RNOA into components of profitability and productivity and show that the product of the two components equals RNOA. Assume a statutory tax rate of 37%.NOPM Answer%NOAT Answer
The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
financial statement below represents the performance of Yovela & Co in 2023. Yovela and Co Income statement for the year ended 31 December 2023 $ Sales revenue 187,000 Cost of goods sold (105,000) Gross profit 82,000 Interest income 1, 050 Selling, General & Administrative Exp. (49,300) Interest Expense (1,950) Profit before tax 31,800 Tax Exp. (8,427) Profit after tax 23, 373 Statement of financial position as at 31 December 2023 ASSETS $ $ Non- Current Assets Delivery van 44, 500 Current Assets Inventories 26,000 Trade receivables 21, 600 Cash at bank 20,855 Prepaid expenses (325) 68,455 Total Assets 112,955 EQUITY AND LIABILITIES Current Liabilities Trade payables 18,000 Tax payable 2,350 20, 350 Non- Current Liabilities Non- current debt 35, 650 Total Liabilities 56, 000 Equity 56, 955 Total equity and liabilities 112, 955 Required: As an analyst, you are required to prepare a condensed financial statement as part of your process of evaluating the business of Yovela $ Co. Useful…
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K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
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How do I calculate the NOPAT FOR 2016 AND 2015 - TAX RATE IS 37%? Consolidated Statements of Income Fiscal year ended (in thousands) Dec. 29, 2016 Dec. 30, 2015 Revenues Circulation $880,543 $851,790 Advertising 580,732 638,709 Other 94,067 88,716 Total revenues 1,555,342 1,579,215 Production costs Wages and benefits 363,051 354,516 Raw materials 72,325 77,176 Other 192,728 186,120 Total production costs 628,104 617,812 Selling, general and administrative costs 721,083 713,837 Depreciation and amortization 61,723 61,597 Total operating costs 1,410,910 1,393,246 Restructuring charge 14,804 0 Multiemployer pension plan withdrawal expense 6,730 9,055 Pension settlement charges 21,294 40,329 Early termination charge 0 0 Operating profit 101,604 136,585 Loss from joint ventures -36,273 -783 Interest expense, net 34,805 39,050 Income from continuing operations before income taxes 30,526 96,752 Income tax…
Operating Activities Section—Indirect Method The following account balances for the noncash current assets and current liabilities of Suffolk Company are available: December 31 2017 2016 Accounts receivable $42,990 $34,940 Inventory 30,020 40,050 Prepaid rent 17,370 14,980 Totals $90,380 $89,970 Accounts payable $25,770 $18,760 Income taxes payable 6,210 9,840 Interest payable 15,190 11,520 Totals $47,170 $40,120 Net income for 2017 is $35,170. Depreciation expense is $20,070. Assume that all sales and all purchases are on account. Required: 1. Prepare the Operating Activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash payments, cash outflows, or decreases in cash. Suffolk Company Partial Statement of Cash Flows For the Year Ended December 31, 2017 Cash Provided by Operating Activities $ Adjustments to reconcile net income to net cash…
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