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TPX Company's 2021 return on equity Is:

TPX Company's 2021 return on equity Is:

FINANCIAL ACCOUNTING
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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Please answer both. This is part A and B
Excerpts from TPX Company's December 31, 2021 and 2020, financlal statements are presented below: 2021 2020 Accounts receivable $ 88,000 $ 82,000 88,000 420,000 260,000 845,000 500,000 71,000 Inventory 74,000 Net sales 383,000 224,000 795,000 435,000 Cost of goods sold Total assets Total stockholders' equity Net income 51,000 TPX Company's 2021 return on equity Is: (Round your answer to 1 decImal place.) Multiple Cholce 3.2%. 14.2%. 15.2%. 1.5%.
Transcribed Image Text:Excerpts from TPX Company's December 31, 2021 and 2020, financlal statements are presented below: 2021 2020 Accounts receivable $ 88,000 $ 82,000 88,000 420,000 260,000 845,000 500,000 71,000 Inventory 74,000 Net sales 383,000 224,000 795,000 435,000 Cost of goods sold Total assets Total stockholders' equity Net income 51,000 TPX Company's 2021 return on equity Is: (Round your answer to 1 decImal place.) Multiple Cholce 3.2%. 14.2%. 15.2%. 1.5%.
X2 Issued callable bonds on January 1, 2021. The bonds pay Interest annually on December 31 each year. X2's accountant has projected the following amortization schedule from Issuance until maturity Interest Decrease in Carrying Date Cash Paid Expense Carrying Value Value 01/01/2021 $122,650 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 $11,210 11,210 11,210 11,210 11,210 $10,425 10,359 10,286 10,208 10,122 785 121, 865 121,014 120,090 119,088 118,000 851 924 1,002 1,088 X2 buys back the bonds for $121,700 Immediately after the Interest payment on 12/31/2022 and retires them, What gain or loss, If any, would X2 record on this date? Multiple Cholce $1,562 loss. $3,700 gain. $686 loss No gain or Loss.
Transcribed Image Text:X2 Issued callable bonds on January 1, 2021. The bonds pay Interest annually on December 31 each year. X2's accountant has projected the following amortization schedule from Issuance until maturity Interest Decrease in Carrying Date Cash Paid Expense Carrying Value Value 01/01/2021 $122,650 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 $11,210 11,210 11,210 11,210 11,210 $10,425 10,359 10,286 10,208 10,122 785 121, 865 121,014 120,090 119,088 118,000 851 924 1,002 1,088 X2 buys back the bonds for $121,700 Immediately after the Interest payment on 12/31/2022 and retires them, What gain or loss, If any, would X2 record on this date? Multiple Cholce $1,562 loss. $3,700 gain. $686 loss No gain or Loss.
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