Current assetsNet fixed assetsUniversal Products CompanyFinancial Statements, 2021 and Pro Forma 2822 ($ thousands)BALANCE SHEETTotal assetsCurrent liabilitiesLong-term debtOwner's equityTotal liabilities & equityActual2021Net fixed assets in 2022Owner's equity in 2022External funding required for 2022$ 2,9002,000$ 4,900$ 1,0606003,240$4,900Forecast2022$ 3,150$ 1,180500a. Assume that Universal plans to purchase $400,000 in fixed assets during 2022 and to dispose of no fixed assets during 2022.What would be its forecast for net fixed assets in 2022?b. Assume that Universal plans to have a dividend payout ratio of 50 percent in 2022 and will neither sell nor repurchase equityduring 2022. What would be its forecast for owner's equity in 2022?c. Given the assumptions in questions (a) and (b), what is Universal's projected external funding required for 2022? Universal Products Company has almost finished its pro forma financial statements for 2022, as shown next.Universal Products CompanyFinancial Statements, 2021 and Pro Forma 2022 ($ thousands)INCOME STATEMENTSalesCost of goods soldOperating expenseDepreciation expense.Interest expenseEarnings before taxTaxNet incomeActual2021Current assetsNet fixed assets.Total assetsCurrent liabilities.Long-term debtOwner's equityTotal liabilities & equity$ 4,8003,50050025070480168$312Forecast2022$ 5,2003,700Universal Products CompanyFinancial Statements, 2021 and Pro Forma 2022 ($ thousands)BALANCE SHEETActual2021500260100640224$416$2,9002,000$ 4,900$ 1,0606003,240$ 4,900Forecast2022$ 3,150$ 1,18050057

Fixed assets are observable, durable assets that a business uses in its operations, such as…

Universal Products Company has almost finished its pro forma financial statements for 2022, as shown next. Universal Products Company Financial Statements, 2021 and Pro Forma 2822 ($ thousands) INCOME STATEMENT Sales Cost of goods sold Operating expense Depreciation expense Interest expense Earnings before taxi Tax Net income Actual 2021 Current assets Net fixed assets. Total assets Current liabilities. Long-term debt Owner's equity Total liabilities & equity $4,800 3,500 500 250 70 480 168 $312 Forecast 2022 $ 5,200 3,700 500 260 100 Universal Products Company Financial Statements, 2021 and Pro Forma 2022 ($ thousands) BALANCE SHEET Actual 2021 640 224 $416 $ 2,900 2,000 $ 4,900 $ 1,060 600 3,240 $4,900 Forecast 2022 $3,150 $1,180 500 27

Universal Products Company has almost finished its pro forma financial statements for 2022, as shown next. Universal Products Company Financial Statements, 2021 and Pro Forma 2822 ($ thousands) INCOME STATEMENT Sales Cost of goods sold Operating expense Depreciation expense Interest expense Earnings before taxi Tax Net income Actual 2021 Current assets Net fixed assets. Total assets Current liabilities. Long-term debt Owner's equity Total liabilities & equity $4,800 3,500 500 250 70 480 168 $312 Forecast 2022 $ 5,200 3,700 500 260 100 Universal Products Company Financial Statements, 2021 and Pro Forma 2022 ($ thousands) BALANCE SHEET Actual 2021 640 224 $416 $ 2,900 2,000 $ 4,900 $ 1,060 600 3,240 $4,900 Forecast 2022 $3,150 $1,180 500 27

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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Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 2020 2021 $ 43,500 $48,240 29,625 32,160 Assets 2020 2021 Current assets Cash $ 8,250 $ 12,240 Accounts receivable 34,500 40,560 Inventory 58,500 86,160 Total $101,250 $ 138,960 Total es Long-term debt Owners' equity $ 73,125 $ 80,400 $ 45,000 $ 36,000 Common stock and paid-in surplus $60,000 $60,000 Retained earnings 196,875 303,600 $ Net plant and equipment $273,750 $341,040 Total $ 256,875 363,600 $ Total assets $375,000 480,000 Total liabilities and owners' equity $ $375,000 480,000 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Brown Company, had the following statements prepared as of December 31, 2020. Brown CompanyComparative Balance SheetAs of December 31, 2020 and 2019 12/31/20 12/31/19 Cash $160,800 $38,400 Accounts receivable 123,200 49,000 investments (available-for-sale) 112,500 57,900 Inventory 90,000 101,000 factory assets 240,000 212,500 Total assets $726,500 $458,800 Accounts payable $100,000 $66,200 mortgage debt 50,000 77,000 accumulated depreciation 30,000 52,000 Common stock 175,000 131,100 Retained earnings 371,500 133,500 Total liabilities and stockholders' equity $726,500 $458,800 Brown CompanyIncome StatementFor the Year Ending December 31, 2020 Sales revenue $440,000…
The current sections of Vaughn Inc's balance sheets at December 31, 2019 and 2020, are presented here. Vaughn's net income for 2020 was $214,500. Depreciation expense was $48,000. Current assets Cash Accounts receivable Inventory Prepaid expense Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 2019 128.000 $126.500 $110,500 100.500 165,500 195,000 50,000 32,500 $470,000 $438.500 $38,000 $16.500 96,500 116,000 $134,500 $132,500 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a sign eg-15,000 or in parenthesis eg. (15,000)) VAUGHN INC. Partial Statement of Cash Flows
Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600. 2022 2021 Current assets Cash $107,600 $95,900 Accounts receivable 78,400 89,400 Inventory 167,800 172,100 Prepaid expenses 26,800 22,000 Total current assets $380,600 $379,400 Current liabilities Accrued expenses payable $15,800 $8,600 Accounts payable 84,900 95,500 Total current liabilities $100,700 $104,100 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).)
Compare and analyze the data provided. Explain clearly.
Selected hypothetical financial data of Target and Wal-Mart for 2022 are presented here (in millions). Target Corporation Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Total assets Total stockholders' equity Current liabilities Total liabilities Walmart Inc. Income Statement Data for Year $65,357 $408,214 45,583 304,657 79,607 707 2,065 (94) (411) 1,384 7,139 $ 2,488 $ 14,335 Balance Sheet Data (End of Year) $18,424 $48,331 122,375 $170,706 $55,561 44,089 71,056 $170,706 15,101 26,109 $44,533 $11,327 17,859 15,347 $44,533 Beginning-of-Year Balances $44,106 $163,429 65,682 55,390 97,747 13,712 10,512 30,394 Other Data
Below are the Statement of Financial Position of Malibu Finance Inc for the year 2020. Statement of Financial position 2020 Asset Cash P1,100,000.00 AR P1,027,000.00 Prepaid insurance P15,000.00 Marketable securities P600,000.00 Merchandise inventory P600,000.00 Furniture and fixtures [net] P350,000.00 Land $900,000.00 Building [net] $3,250,000.00 Total assets #7,842,000.00 Liabilities and Equity AP P1,530,000.00 Notes Payable (due in 6 months) P600,000.00 Bonds payable due in 5 years P500,000.00 Total liabilities P2,630,000.00 Shareholders Equity Ordinary shares $4,000,000.00
Compute for the ; 1. Return on total asset for 2019 2. Return on Ordinary Equity 2019
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The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ended 2021 and 2022. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable. Net fixed assets* Long-term debt Notes payable Dividends paid Cash and marketable securities 2021 $ 4,100 1,700 470 270 520 240 340 320 350 4,800 2,400 687 380 760 Net working capital 2022 $ 4,200 1,800 490 335 570 240 360 355 395 * Taxes are paid in their entirety in the year that the tax obligation is incurred. t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. 5,540 2,860 540 380 480 What was the change in net working capital during the year? Note: Enter your answer in thousands of dollars. by
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