The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:Account TitleSales revenueInterest revenueGain on sale of investmentsCost of goods soldSelling expensesGeneral and administrative expensesInterest expenseIncome tax expenseDebits760,000195,00082,00047,000137,000Credits1,500,00037,00057,000There were 100,000 shares of common stock outstanding throughout 2021.Required:1. Prepare a single-step income statement for 2021, including EPS disclosures.2. Prepare a multiple-step income statement for 2021, including EPS disclosures.Complete this question by entering your answers in the tabs below.

preparation of single step and multi step income statement are as follows

Answered: The following is a partial trial…

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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Hi there, For this accounting problem, how do I determine the balance of each shareholders equity account at December 31?
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The following information pertains to Austin, Incorporated and Huston Company. Account Title Austin Huston Current assets $ 90,000 $ 87,500 Total assets 320,000 680,000 Current liabilities 29,250 43,750 Total liabilities 210,000 530,000 Stockholders’ equity 290,000 150,000 Interest expense 17,800 21,200 Income tax expense 35,600 30,800 Net income 90,000 93,700 Requireda-1. Compute each company’s debt-to-assets ratio, current ratio, and times interest earned (EBIT must be computed).a-2. Which company has the greater financial risk?b. Compute each company’s return-on-equity ratio and return-on-assets ratio. Use EBIT instead of net income when computing the return-on-assets ratio.
Here is the income statement for Windsor, Inc. WINDSOR, INC.Income StatementFor the Year Ended December 31, 2020 Sales revenue $420,100 Cost of goods sold 235,100 Gross profit 185,000 Expenses (including $16,100 interest and $21,900 income taxes) 72,500 Net income $ 112,500 Additional information: 1. Common stock outstanding January 1, 2020, was 22,400 shares, and 36,600 shares were outstanding at December 31, 2020. 2. The market price of Windsor stock was $12 in 2020. 3. Cash dividends of $22,600 were paid, $4,600 of which were to preferred stockholders. Compute the following measures for 2020. (Round all answers to 2 decimal places, e.g. 1.83 or 2.51%) (a) Earnings per share $enter a dollar amount (b) Price-earnings ratio enter Price-earnings ratio in times times (c) Payout ratio enter percentages % (d) Times interest earned enter Times interest earned times
The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $1,212,000 Liabilities: Current liabilities $120,000 Note payable, 6%, due in 15 years 606,000 Total liabilities $726,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during year) $544,500 Common stock, $10 par (no change during year) 544,500 Retained earnings: Balance, beginning of year $580,000 Net income 226,000 $806,000 Preferred dividends $21,780 Common dividends 58,220 80,000 Balance, end of year 726,000 Total stockholders' equity $1,815,000 Sales $16,351,500 Interest expense $36,360 Assuming that total assets were $2,414,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal…
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The following information was drawn from the accounting records of Jones Company. (Round the percenta Net sales $351,515 Net income 58,000 Average total assets 540,000 Average total liabilities 340,000 Average total stockholders' equity 220,000 Based on this information, the company's return on investment (also known as return on assets) is Multiple Choice The answer cannot be determined from the information provided. 25.7%. 16.5%. of 9 MacBook Air 80 888 DII F2 F3 F4 F5 F7 F8 @ # $ % & 2 3 4 5 6 7 * CO
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 3,050,000 Interest revenue 94,000 Loss on sale of investments 29,500 Cost of goods sold 1,330,000 Loss on inventory write-down (obsolescence) 340,000 Selling expense 440,000 General and administrative expense 220,000 Interest expense 93,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement for 2021, including EPS disclosures. Prepare a multiple-step income statement for 2021, including EPS disclosures.
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 2,350,000 Interest revenue 80,000 Loss on sale of investments 22,500 Cost of goods sold 1,200,300 Loss on inventory write-down (obsolescence) 200,000 Selling expense…
Barger Corporation has the following data as of December 31, 2024: Total Stockholders' Equity Total Current Liabilities Total Current Assets $ 36,210 58,200 181,630 Other Assets Long-term Liabilities Property, Plant, and Equipment, Net Compute the debt to equity ratio at December 31, 2024. (Round your answer to two decimal places, X.XX.) = = C $? 45,600 269,640 Debt to equity ratio
Wichita, Inc. reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues Expenses Net income Current assets; Long-term assets Total assets Current liabilities Long-term liabilities Total liabilities. Common stock Retained earnings Total equity Total liabilities and equity What is the company's debt-to-assets ratio? $200,000 180,000 $50,000 150,000 $ 20,000 80,000 $ 40,000 60,000 $ 20,000 $200,000 100,000 100,000 $200,000

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