Use the following information for the year ended December 31, 2022, to calculate net income for Trenton Corporation. Item Revenues Amount $28,000 Operating expenses $14,500 Cash $18,000 Accounts payable $10,500 Drawings $2,000 Accounts receivable $4,500 Notes payable $2,500 Beginning capital $6,000 Equipment $7,500 What is the net income?
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- Condensed balance sheet and income statement data for Coronado Corporation are presented here. Coronado CorporationBalance SheetsDecember 31 2022 2021 2020 Cash $ 29,700 $ 17,300 $ 17,100 Accounts receivable (net) 49,500 45,800 49,000 Other current assets 89,800 95,700 63,900 Investments 55,100 69,300 45,600 Property, plant, and equipment (net) 500,800 369,900 358,000 $724,900 $598,000 $533,600 Current liabilities $84,500 $80,200 $69,100 Long-term debt 145,100 84,100 49,100 Common stock, $10 par 354,000 321,000 308,000 Retained earnings 141,300 112,700 107,400 $724,900 $598,000 $533,600 Coronado CorporationIncome StatementsFor the Years Ended December 31 2022 2021 Sales $744,500 $606,300 Less: Sales returns and allowances 40,900 29,700 Net…Suppose McDonald's 2025 financial statements contain the following selected data (in millions). Current assets $3,461.5 Interest expense $480.0 Total assets 30,250.0 Income taxes 1,942.0 Current liabilities 3,010.0 Net income 4,538.0 Total liabilities 16,637.5 (a1) Compute the following values. a. Working capital. (Round to 1 decimal place in millions, e.g. 5,275.5.) $ 451.5 millions b. Current ratio. (Round to 2 decimal places, e.g. 6.25:1.) 1.15 :1 C. Debt to assets ratio. (Round to O decimal places, e.g. 62%.) 55 % d. Times interest earned. (Round to 2 decimal places, e.g. 6.25.) 14.50 timesThe following information is provided for Company A and Company B. (in $ millions) Net income 2028 Net sales 2028 Total assets 12/31/26 Total assets 12/31/27 Total assets 12/31/28 What is Company B's return on assets for 2028? OA) 14.0% OB) 10.5% OC) 12.0% Company A $165 1,650 1,000 1,050 1,150 OD) 15.6% Company B $ 420 4,900 2,400 3,000 4,000
- Hamad Corporation's total sales for 2022 were AED 800 million, and gross profit was AED 100 million, current assets AED 200 , cash AED 10 million, accounts receivables 90 million and account payable 40 million. Calculate accounts payable days , collection period, inventory days and accounts payable turn over.MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,110; cost of goods sold, $1,390; selling expense, $190; general and administrative expense, $180; interest expense, $55; and gain on sale of investments, $125. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). Current assets 3M Company Balance Sheets (partial) Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities Screenshot Current ratio Working capital 2022 $ $3,180 3,600 2,738 1,932 $11,450 $4,830 2021 $1,836 3,180 3,019 1,590 Suppose that at the end of 2022, 3M management used $183 million cash to pay off $183 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter working capital answer to million.) $9,625 $5,887 :1 million Done
- Given the data in the following table, accounts receivable in 2023 was…Selected financial statement information for 2018, 2019, and 2023 for End Run Corporation is presented below (amounts in millions of dollars): Accounts receivable Current assets Property, plant, and equipment (net) Total assets Current liabilities Long-term debt Sales Cost of goods sold Selling and administrative expenses Income from continuing operations Cash flow from operations Depreciation expense 2020 A. 2020 SAI B. 2020 LVGI C. 2020 TATA D. 2020 Y E. 2020 earnings manipulation probability 10508 30945 11284 68787 29417 8776 101573 92207 3931 946 4837 518 2019 3905 7438 10744 31289 6595 7223 47860 32090 3315 1063 1127 550 2018 2985 5743 10493 26213 6048 7223 33906 27772 2582 739 1863 550 For 2019 and 2020, compute the following amounts relative to Beneish's eight-factor earnings manipulation model:Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets 2021 2020 Cash $12,010 $8,980 Accounts receivable 17,810 19,660 Land 16,800 21,840 Buildings 58,800 58,800 Accumulated depreciation—buildings (12,600 ) (8,400 ) Total $92,820 $100,880 Liabilities and Shareholders’ Equity Accounts payable $10,390 $26,120 Common shares 63,000 57,960 Retained earnings 19,430 16,800 Total $92,820 $100,880 Additional information: 1. Profit was $19,010. Dividends declared and paid were $16,380. 2. No noncash investing and financing activities occurred during 2021. 3. The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…
- A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.Suppose Torche Corporation has the following revenue and expenses for 2022: Revenues of $9,100,000 Cost of Goods Sold of $2,730,000 Depreciation Expenses of $500,000 Income Taxes of $1,672,000 Interest Expenses of $180,000 Other Expenses of $600,000 Sales, General, & Administrative Expenses of $910,000 Create an income statement with amounts in thousands What is the value of Earnings Before Interest & Taxes?Use the following data to determine the total dollar amount of assets to be classified as current assets. Nighthawk Corporation Balance Sheet December 31, 2020 Cash $130,000 Accounts payable $151,000 Accounts receivable 123,800 Salaries and wages payable 27,700 Inventory 208,500 Note payable (due 2025) 270,400 Supplies 94,400 Total liabilities $449,100 Land 538,500 Buildings $335,500 Common stock $360,000 Less: Accumulated depreciation (56,100) 279,400 Retained earnings 779,800 Franchise 214,300 Total stockholders' equity $1,139,800 Total assets $1,588,900 Total liabilities and stockholders' equity $1,588,900
