The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2017: Accounts payable Accounts receivable Accumulated depreciation equipment Advertising expense Cash Share capital-ordinary Dividends Depreciation expense Equipment Insurance expense Note payable, due 6/30/18 Prepaid insurance (12-month policy) Rent expense Retained earnings (1/1/17) Salaries and wages expense Service revenue Supplies Supplies expense ¥ 72,000 44,000 112,000 84,000 60,000 168,000 56,000 48,000 840,000 12,000 280,000 24,000 68,000 240,000 128,000 532,000 16,000 24,000 What is the company's net income for the year ending December 31, 2017? ¥532,000 ¥168,000 ¥112,000 OV48,000

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2017: Accounts payable Accounts receivable Accumulated depreciation equipment Advertising expense Cash Share capital-ordinary Dividends Depreciation expense Equipment Insurance expense Note payable, due 6/30/18 Prepaid insurance (12-month policy) Rent expense Retained earnings (1/1/17) Salaries and wages expense Service revenue Supplies Supplies expense ¥ 72,000 44,000 112,000 84,000 60,000 168,000 56,000 48,000 840,000 12,000 280,000 24,000 68,000 240,000 128,000 532,000 16,000 24,000 What is the company's net income for the year ending December 31, 2017? ¥532,000 ¥168,000 ¥112,000 OV48,000

Name: Question 25The following items (in thousands) are taken from the fina
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Question 25The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2017:Accounts payableAccounts receivableAccumulated depreciation-equipmentAdvertising expenseCashShare capital-or

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

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870
Below are Laiho Industries' 2017 and 2018 balance sheet items: Cash Accounts Receivable Long-Term Debt Accounts Payable Common Stock (total value) Notes Payable Net Fixed Assets Accruals Inventories Retained Earnings $ $ $ $ LA $ LA $ LA $ LA LA 2018 102,850.00 103,365.00 76,264.00 30,761.00 100,000.00 $ $ $ $ Sm 16,717.00 $ 67,165.00 $ 30,477.00 $ 38,444.00 $ 57,605.00 2017 89,725.00 85,527.00 63,914.00 23,109.00 90,000.00 14,217.00 42,436.00 22,656.00 34,982.00 38,774.00 Sales for 2018 were $455,150, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Given this information, construct the firm's 2018 income statement, statement of cash flows, and statement of owner's equity. Then answer the questions below.
The following balance sheet is for the Ballyhoo Company forfiscal year-end 2014. Please fill in all missingdata. Assets Liabilities and Equity_____________ Cash $4,300 Accountspayable $2,340 Accounts receivable _____ Notespayable 4,300 Inventories 8,200 Accruals 1,620 Total current assets$14,300 Total currentliabs. _____ Gross plant and equip._____ Long-termbonds _____ Less: accum depr. 5,630 Totaldebt $13,100 Net plant and equip. _____ Common stock(100 shares) 6,300 Retainedearnings _____ Total Common equity $13,800 TotalAssets _______ Preferred Stock _____ Total liabs &equity $30,000
You observe a company with the following items on the balance sheet (in thousands): Cash and equivalents 2018: $22 Cash and equivalents 2017: $23 Inventory 2018: $26 Inventory 2017: $21 Accounts receivable 2018: $144 Accounts receivable 2017: $129 Property, Plant, and Equipment 2018: $1,584 Property, Plant, and Equipment 2017: $1,663 Current Liabilities 2018: $247 Current Liabilities 2017: $291 Long-term debt 2018: $857 Long-term debt 2017: $1,494 What is the change in net working capital for the firm for these years. Answer in thousands (the same as how the numbers are presented).
Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ millions)Amount Classification Sales $42,879 Answer B I Accumulated depreciation 6,690 Answer B I Depreciation expense 770 Answer B I Retained earnings 2,985 Answer B I Net income 1,464 Answer B I Property, plant & equipment, net 2,510 Answer B I Selling, general and admin expense 8,015 Answer B I Accounts receivable 1,015 AnswerB I Total liabilities 9,595 Answer B I Stockholders' equity 3,306 Answer B I (b) Using the data, compute total assets and total expenses. Total Assets Answer Total Expenses Answer answer complete and correct and in detail with all work
The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The balance sheet and income statement for J. P. RObard Manufatcuring Company are as follows: Item Cash J.P. Robard Manufacturing Company Balance Sheet as at 31 December 2021 ($ in thousands) 500 Account receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Accrued expenses Short-term notes payable Total curernt liabilities Long-term debt Total common equity Total liabilities and equity 2,000 1,000 3,500 4,500 8,000 1,100 600 300 2,000 2,000 4.000 8,000
The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Liabilities and Equity Cash and equivalents $ 20 Accounts payable $ 140 Accounts receivable 475 Accruals 310 Inventories 890 Notes payable 225 Total current assets $ 1,385 Total current liabilities $ 675 Net plant and equipment 2,560 Long-term bonds 1,500 Total liabilities $ 2,175 Common stock (100 million shares) 270 Retained earnings $ 1,500 Common equity $ 1,770 Total assets $ 3,945 Total liabilities and equity $ 3,945 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Sales $ 8,500 Operating costs excluding depreciation and amortization 5,650 EBITDA $ 2,850 Depreciation and amortization 500 EBIT $ 2,350 Interest 230 EBT $ 2,120…
Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance Sheet information As at December 31 2021 2020 Cash $270,040 $138,880 Accounts receivable 136,360 58,800 Inventory 155,250 143,420 Equipment 351,000 (2) 291,000 Accumulated depreciation (65.000) (62.400) S847.650 $569,700 Accounts Payable s106,393 S 80,760 Income Taxes Payable 11,450 10,400 Dividends Payable 33,607 10,000 Bonds Payable 100,000 132,000 Common Shares 282,000 198,000 Retained Earnings 314.200 138.540 S847,650 $569,700 Income Statement For Year ended December 31 Sales $479,892 Cost of goods sold $161,644 Amortization expense 58,800 Other expenses 17,374 Income tax expense 10,185 Interest expense 5,822 Loss on sale of equipment 16,800 (270,625) Net Income $209,267
Below are the 2018 and 2019 year-end balance sheets for Walker Inc.:. Assets Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total common equity Total liabilities and equity 2019 $200,000 864,000 2,000,000 $3,064,000 6,000,000 $9,064,000 $2,400,000 1,600,000 $3,000,000 2,400,000 2,000,000 664,000 $2,664,000 $9,064,000 2018 $170,000 700,000 1,400,000 $2,270,000 5,600,000 $7,870,000 $1,090,000 800,000 $1,890,000 2,400,000 3,000,000 580,000 $3,580,000 $7,870,000 Walker has never paid a dividend on its common share, and it issued $2,400,000 of 10-year non- callable, long-term debt in 2018. As of the end of 2019, none of the principal on this debt had been repaid. Assume that the company's sales in 2018 and 2019 were the same. Which of the following statements must be correct? O a. Walker issued new common shares in 2019. O b.…
On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 88,200 Current liabilities 75,250 Long-term liabilities 87,500 Common stock 29,400 Retained earnings $ 280,350 Total liabilities and equities $ (16,100) (74,250) (90,000) (100,000) $ (280,350) On June 30, 2021, Princeton Company paid $315,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,900 in legal fees. Princeton also agreed to pay $66,400 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $23,700. In determining its offer, Princeton noted the following pertaining to Streeter: • It holds a building with a fair value $44,900 more than its book value. • It has developed a customer list appraised…