This information relates to Windsor, Inc. for the year 2017.Retained earnings, January 1, 2017$76,380Advertising expense2,052Dividends6,840Rent expense11,856Service revenue66,120Utilities expense2,736Salaries and wages expense34,200After analyzing the data, prepare an income statement for the year ending December 31, 2017.

Income statement: The financial statement which reports revenues and expenses from business…

Answered: This information relates to Windsor,…

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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LeapFrog Enterprises Inc. had the following quarterly net in- comes during its 2013 fiscal year. (Source: Leapfroginvestors. com) Quarter of Fiscal 2013 Net Income (in millions) First -$3.0 Second -$3.2 Third $26.4 Fourth $63.9 What was the total net income for fiscal year 2013?
The following is an income statement from the financial records of Peace, Love and Joy Company for the year ended December 31, 2015: Income Statement Sales (net) $ 245,675 Cost of Goods Sold (67,500) Gross Profit $ 178,175 Operating expenses (125,000) Operating Income $ 53,175 Interest revenue 5,600 Interest expense (8,750) Income before taxes $ 50,025 Income tax expense (15,008) Net Income $ 35,017 Refer to Exhibit 5-2. Compute earnings-based interest coverage for Peace, Love, and Joy Company. 6.72 times 5.72 times 16.88 times 6.08 times
Selected balance sheet and income statement information for Home Depot follows. $ millions Operating assets Jan. 31, 2016 Feb. 01, 2015 $40,333 $38,223 Nonoperating assets 2,216 1,723 Total assets 42,549 39,946 Operating liabilities 14,918 13,427 Nonoperating liabilities 21,315 17,197 Total liabilities 36,233 30,624 Total stockholders' equity 6.316 9.322 Sales 88,519 Net operating profit before tax (NOPBT) 11,774 Non-operating expense before tax 753 Tax expense 4,012 Net income 7,009 Compute the return on equity for the year ended January 31, 2016. You want your all-equity (no debt) firm to provide a return on equity of 13.5%. If total assets are $375,000, how much must be generated in net income to make this target? a. $41,234 b. $43,405 c. $45,689 d. $48,094 e. $50,625 For the FY 2016, Alpha Company had net sales of $950,000 and a net income of $65,000, paid income taxes of $30,000, and had before-tax interest expense of $15,000. Use this information to determine the: 1. Times…
Flounder Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. FLOUNDER COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $20,900 Accounts payable $80,000 Receivables 117,000 Long-term notes payable 181,000 Inventory 75,000 Common stock (no par) 110,000 Plant assets (net) 354,000 Retained earnings 195,900 $566,900 $566,900 The net income for 2017 was $43,000. Assume that total assets are the same in 2016 and 2017.
You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…
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The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017. 2019 $233,000 2018 $204,000 (110,000) (81,500) 2017 Net sales Cost of sales (124,000) (95,000) Selling and administrative expenses Other income: (3,700) (3,050) 1,175 $ 10,625 (4,740) 5,885 1,510 $ 7,395 Interest Other 100 Earnings before tax and extraordinary credit Provision for income tax Earnings before extraordinary credit Extraordinary credit $ 10,400 (4,800) 5,600 $ 5,600 Total assets $202,000 24,600 $173,000 $161,000 Long-term debt Common equity Preferred stock Preferred dividends 17,400 15,200 112,800 123,000 4,000 280 116,800 4,000 4,000 280 280 Required: Compute the following ratios for Shawn Co. for 2019 and 2018. Net profit margin 1. 2. Total asset turnover 3. Return on assets 4. Return on investment Return on total equity Return on common equity Gross profit margin 5. 6. 7. Discuss the trend in profitability and identify specific causes for the trend.
Need asap please and thank you. Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets $14,720 Current liabilities $15,360 Long-term assets 32,860 Long-term liabilities 16,860 Total assets $47,580 Stockholders’ equity 15,360 Total liabilities and stockholders’ equity $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664. Compute the current ratio and working capital for Cullumber for 2017. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio enter current ratio rounded to 2 decimal places :1 Working capital $enter a dollar amount
You are given the financial statements of a company for over the 6-year periods (2016 –2021). Considering 2016 as the base year, compute the trend index for the following items:a. Revenue, cost of goods sold, total expenses and net earnings. Comment on the trends of each of the items.b. Total assets, total liabilities and shareholders’ equity. Comment on the trends of each of the items.c. Cash flow from operation, cash flow from investing, cash flow from financing and closing cash balances. Comment on the trends of each of the items.
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