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Use the balance sheet and income statement below: Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total Total assets Net sales Less: Cost of goods sold Gross profits Less: Other operating expenses CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2024 and 2023 (in millions of dollars) 2024 Net income Less: Preferred stock dividends Net income available to common stockholders Less: Common stock dividends Addition to retained earnings Per (common) share data: Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Market value (price) per share (MVPS) $3 27 37 $ 67 $ 101 28 $ 73 23 $ 96 $ 163 2023 $3 25 30 $ 58 $ 80 20 $ 60 23 $ 83 $141 Current liabilities: Accrued wages and taxes Accounts payable Notes payable Total Liabilities and Equity Long-term debt Stockholders' equity: Preferred stock (2 million shares) CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2024 and 2023 (in millions of dollars) Common stock and paid-in-surplus (5 million shares) Retained earnings Total Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Total liabilities and equity Pronaroa statomont of cach flows for Clancy's Dog Piccuit Corporation 2024 $98 50 $ 48 10 $38 8 9 $30 9 $ 21 4 $17 $ 1 $ 16 5 $11 $3.20 $ 1.00 $14.40 $ 15.05 2023 $ 102 46 $ 56 9 $ 47 8 $39 9 $ 30 6 $24 $1 $23 5 $ 18 $4.60 $ 1.00 $ 12.20 $ 15.60 2024 $ 16 24 26 $ 66 $ 23 $2 11 61 $ 74 $ 163 2023 $14 22 20 $ 56 $ 22 $2 11 50 $ 63 $141

Use the balance sheet and income statement below: Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total Total assets Net sales Less: Cost of goods sold Gross profits Less: Other operating expenses CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2024 and 2023 (in millions of dollars) 2024 Net income Less: Preferred stock dividends Net income available to common stockholders Less: Common stock dividends Addition to retained earnings Per (common) share data: Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Market value (price) per share (MVPS) $3 27 37 $ 67 $ 101 28 $ 73 23 $ 96 $ 163 2023 $3 25 30 $ 58 $ 80 20 $ 60 23 $ 83 $141 Current liabilities: Accrued wages and taxes Accounts payable Notes payable Total Liabilities and Equity Long-term debt Stockholders' equity: Preferred stock (2 million shares) CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2024 and 2023 (in millions of dollars) Common stock and paid-in-surplus (5 million shares) Retained earnings Total Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Total liabilities and equity Pronaroa statomont of cach flows for Clancy's Dog Piccuit Corporation 2024 $98 50 $ 48 10 $38 8 9 $30 9 $ 21 4 $17 $ 1 $ 16 5 $11 $3.20 $ 1.00 $14.40 $ 15.05 2023 $ 102 46 $ 56 9 $ 47 8 $39 9 $ 30 6 $24 $1 $23 5 $ 18 $4.60 $ 1.00 $ 12.20 $ 15.60 2024 $ 16 24 26 $ 66 $ 23 $2 11 61 $ 74 $ 163 2023 $14 22 20 $ 56 $ 22 $2 11 50 $ 63 $141

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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Use the balance sheet and income statement below: Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total Total assets Net sales Less: Cost of goods sold Gross profits Less: Other operating expenses Less: Interest Earnings before taxes (EBT) Less: Taxes CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2024 and 2023 (in millions of dollars) 2024 Net income Less: Preferred stock dividends Net income available to common stockholders Less: Common stock dividends Addition to retained earnings Per (common) share data: $3 27 37 $ 67 $ 101 28 $ 73 23 $ 96 $ 163 2023 $3 25 30 $58 Current liabilities: Accrued wages and taxes Accounts payable Notes payable CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2024 and 2023 (in millions of dollars) Liabilities and Equity Total Long-term debt Stockholders' equity: Preferred stock (2 million shares) Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation Earnings before interest and taxes (EBIT) $ 80 20 $ 60 23 $ 83 $ 141 Total liabilities and equity Common stock and paid-in-surplus (5 million shares) Retained earnings Total Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Market value (price) per share (MVPS) Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. 2024 $98 50 $48 10 $38 8 8 $ 30 9 $ 21 4 $ 17 $1 $16 5 $ 11 $ 3.20 $ 1.00 $ 14.40 $15.05 2023 $ 102 46 $ 56 9 $47 8 $39 9 $ 30 6 $ 24 $1 $ 23 5 $18 $4.60 $ 1.00 $ 12.20 $15.60 2024 $ 16 24 26 $ 66 $ 23 $2 11 61 $ 74 $ 163 2023 $ 14 22 20 $ 56 $ 22 $2 11 50 $ 63 $141
Transcribed Image Text:Use the balance sheet and income statement below: Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total Total assets Net sales Less: Cost of goods sold Gross profits Less: Other operating expenses Less: Interest Earnings before taxes (EBT) Less: Taxes CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2024 and 2023 (in millions of dollars) 2024 Net income Less: Preferred stock dividends Net income available to common stockholders Less: Common stock dividends Addition to retained earnings Per (common) share data: $3 27 37 $ 67 $ 101 28 $ 73 23 $ 96 $ 163 2023 $3 25 30 $58 Current liabilities: Accrued wages and taxes Accounts payable Notes payable CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2024 and 2023 (in millions of dollars) Liabilities and Equity Total Long-term debt Stockholders' equity: Preferred stock (2 million shares) Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation Earnings before interest and taxes (EBIT) $ 80 20 $ 60 23 $ 83 $ 141 Total liabilities and equity Common stock and paid-in-surplus (5 million shares) Retained earnings Total Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Market value (price) per share (MVPS) Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. 2024 $98 50 $48 10 $38 8 8 $ 30 9 $ 21 4 $ 17 $1 $16 5 $ 11 $ 3.20 $ 1.00 $ 14.40 $15.05 2023 $ 102 46 $ 56 9 $47 8 $39 9 $ 30 6 $ 24 $1 $ 23 5 $18 $4.60 $ 1.00 $ 12.20 $15.60 2024 $ 16 24 26 $ 66 $ 23 $2 11 61 $ 74 $ 163 2023 $ 14 22 20 $ 56 $ 22 $2 11 50 $ 63 $141
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