Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 9,600 Cost of goods sold 7,810 Depreciation 470 Earnings before interest and taxes $ 1,320 Interest paid 106 Taxable income $ 1,214 Taxes 425 Net income $ 789 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 2022 Cash $ 240 $ 270 Accounts payable $ 1,410 $ 1,410 Accounts receivable 1,020 920 Long-term debt 1,110 1,310 Inventory 1,840 1,710 Common stock 3,360 3,280 Total $ 3,100 $ 2,900 Retained earnings 650 900 Net fixed assets 3,430 4,000 Total assets $ 6,530 $ 6,900 Total liabilities & equity $ 6,530 $ 6,900 What is the quick ratio for 2022?

Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 9,600 Cost of goods sold 7,810 Depreciation 470 Earnings before interest and taxes $ 1,320 Interest paid 106 Taxable income $ 1,214 Taxes 425 Net income $ 789 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 2022 Cash $ 240 $ 270 Accounts payable $ 1,410 $ 1,410 Accounts receivable 1,020 920 Long-term debt 1,110 1,310 Inventory 1,840 1,710 Common stock 3,360 3,280 Total $ 3,100 $ 2,900 Retained earnings 650 900 Net fixed assets 3,430 4,000 Total assets $ 6,530 $ 6,900 Total liabilities & equity $ 6,530 $ 6,900 What is the quick ratio for 2022?

Name: Use the following information to answer this question.Windswept, Incor
Uploaded: 2022-11-18T00:26:54.000Z
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Description: Use the following information to answer this question.Windswept, Incorporated2022 Income Statement(in millions)Net sales$ 9,600Cost of goods sold7,810Depreciation470Earnings before interest and taxes$ 1,320Interest paid106Taxable income$ 1,214Taxes42

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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Windswept, Incorporated
2022 Income Statement
(in millions)
Net sales	$ 9,600
Cost of goods sold	7,810
Depreciation	470
Earnings before interest and taxes	$ 1,320
Interest paid	106
Taxable income	$ 1,214
Taxes	425
Net income	$ 789

Windswept, Incorporated
2021 and 2022 Balance Sheets
(in millions)
	2021	2022		2021	2022
Cash	$ 240	$ 270	Accounts payable	$ 1,410	$ 1,410
Accounts receivable	1,020	920	Long-term debt	1,110	1,310
Inventory	1,840	1,710	Common stock	3,360	3,280
Total	$ 3,100	$ 2,900	Retained earnings	650	900
Net fixed assets	3,430	4,000
Total assets	$ 6,530	$ 6,900	Total liabilities & equity	$ 6,530	$ 6,900

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Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets What is the equity multiplier for 2021? Multiple Choice 1.78 times 3.33 times 2.25 times 1.31 times 2.64 times 2020 2021 $ 250 890 $ 9,900 7,650 390 $ 1,860 88 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) $220 990 1,750 1,655 $ 2,960 $ 2,795 3,360 3,880 $ 6,320 $ 6,675 $ 1,772 372 $1,400 Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2020 $ 1,540 1,010 3,240 530 $ 6,320 2021 $ 1,632 1,293 2,970 780 $ 6,675
Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $ 150 1,150 1,825 $ 3,125 3,860 $ 6,985 $ 6,270 4,640 400 $ 1,230 46 $ 1,184 249 $935 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) 2021 $ 255 990 2,140 $ 3,385 3,680 $ 7,065 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings BOLSA- How many dollars of sales were generated from every dollar of fixed assets during 2021? دا 2020 $1,735 890 3,400 960 $ 6,985 2021 $ 1,805 690 3,360 1,210 $ 7,065
Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets What is the equity multiplier for 2021? Multiple Choice 1.55 times 52 times 1.04 times 2.03 times 2020 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) $75 920 2021 $ 180 760 $ 5,920 4,190 320 $ 1,410 27 $ 1,383 290 $ 1,093 1,540 2,000 $ 2,535 $ 2,940 3,550 3,380 $ 6,085 $ 6,320 Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2020 $ 1,420 750 3,105 810 $ 6,085 2021 $ 1,710 540 3,010 1,060 $ 6,320
Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash COMPARATIVE BALANCE SHEETS Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 12/31/25 $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000
6. Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Cash Earnings before $1,625 interest and taxes Interest paid Taxable income Taxes Net income Accounts received Inventory Total 10,100 8,000 475 Net fixed assets Total assets 102 $ 1,523 320 $ 1,203 Windswept, Incorporated 2020 and 2021 Balance Sheets. ($ in millions) 2020 2021 $ 290 $ 325 1,130 1,030 1,800 1,760 $ 3,115 4,090 $ 3,220 3,540 $ 6,760 $ 7,205 Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2020 $ 1,640 1,080 3,380 660 $ 6,760 What is the return on equity for 2021? Write down your calculation. (10%) 2021 $ 1,850 1,405 3,040 910 $ 7,205
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings COMPARATIVE BALANCE SHEETS 12/31/25 Sales revenue $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $8400000 $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000
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ed 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 ending in either 2021 or 2022. All values are in thousands of dollars. you Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes* 2021 $ 5,600 1,800 Average tax rate 420 250 2021 410 220 % 790 280 450 Accounts payable Accounts receivable Net fixed assetst Long-term debt Notes, payable Dividends paid Cash and marketable securities Taxes are paid in their entirety in the year that the tax obligation is incurred. 4,900 2,000 1,010 320 800 2022 $ 5,700 1,900 t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. 440 285 460 220 810 What was the firm's average tax rate for each year? Note: Enter your answers as a percent rounded to 1 decimal places. 2022 325 525 % 5,530 2,410…
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Net sales Windswept, Incorporated 2021 Income Statement Cost of goods sold Depreciation ($ in millions) Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 10,800 7,950 420 $ 2,430 100 $ 2,330 489 $ 1,841 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 Cash $ 280 $ 310 Accounts payable $ 1,790 2021 $ 1,842 Accounts received 1,110 1,010 Long-term debt Inventory 2,000 1,745 Common stock 1,070 3,360 1,353 3,030 Total $ 3,390 $ 3,065 Retained earnings 650 900 Net fixed assets 3,480 4,060 Total assets $ 6,870 $ 7,125 Total liabilities & equity $ 6,870 $ 7,125 What is the equity multiplier for 2021?