Chapter 1, Problem 11E

Below is the balance sheet and income statement for Chin Corporation. You are needed to analyze the financial statements. Use the horizontal, vertical, ratio methods to analyze the financial statements. For the vertical and horizontal analysis, type the accounts and dollar values for the years 2018 and 2017 (as listed on the financial statements even if there is no dollar value for an account). For the ratio analysis, make sure to compute 2 ratios from each section.  Income Statement Period Ending: 12/31/2018 12/31/2017     Total Revenue $76,512,000 $78,291,000     Cost of Revenue $54,884,000 $56,586,000     Gross Profit $21,628,000 $21,706,000     Operating Expenses         Research and Development $0 $0     Sales, General, and Admin. $13,886,000 $13,599,000     Non-Recurring Items $0 $0     Other Operating Items $0 $0     Operating Income $7,832,000 $8,079,000     Add'l income/expense items -$323,000…

epare an income statement for the year ended December 31, 2018, which includes amounts gross profit, income before income taxes, and net income. List expenses (other than cost of for goods sold and income tax expense) in order, from the largest to the smallest dollar balance. You may ignore earnings per share. pare a statement of retained earnings for the year ending December 31, 2018. Prepare thes a statement of financial position (balance sheet) as of December 31, 2018, following Include separate asset and liability categories for those items that are "current." Include and label amounts for total assets, total liabilities, total stockholders' equity, and total liabilities and stockholders' equity. Present deferred income taxes as a noncurrent liability. To the extent information is available that should be disclosed, include the parenthetical disclosure of that information.

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.

On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year ended March 31, 2019. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.

The following information is taken from the records of Baklava Bakery for the year 2019. A. Calculate net income or net loss for January. B. Calculate net income or net loss for February. C. Calculate net income or net loss for March. D. For each situation, comment on how a stakeholder might view the firms performance. (Hint: Think about the source of the income or loss.)

Alex is currently considering to invest his money in one of the companies betweenCompany A and Company B. The summarized final accounts of the companies for theirlast completed financial year are as follows:  (refer to the images)   Required:a. Calculate the following ratios for Company A and Company B. State clearly theformulae used for each ratio:i. Gross Profit Marginii. Net Profit Marginiii. Inventory Turnover Period (days)iv. Receivables Collection Period (days)v. Payables Payment Period (days)vi. Current Ratiovii. Quick Ratiob. Comment on each of the ratios calculated in part (a) above.

Comparative information taken from the Friction Company's financial statements is shown below: (a) Notes receivable (b) Accounts receivable (c) Retained earnings (d) Sales (e) Operating expenses (f) Income taxes payable a. b. Required: Using horizontal analysis, show the percentage change and direction (increase or decrease) from Year 1 to Year 2 with Year 1 as the base year. If an item is impossible to compute, enter a "0" in the percentage box and select "Not possible to compute" in the narrative box. C. d. e. f. % % % % % Year 2 % Year 1 $25,500 $30,000 106,200 90,000 77,000 70,000 654,000 600,000 160,000 200,000 28,000 20,000

Assume that Lululemon Athletica Inc. reported the following summarized data at December 31, 2020. Accounts appear in no particular order. Revenues: $275, Other Liabilities: $38, Other assets: $101, Cash and other Current assets: 53, Accounts Payable: $5, Expenses: $244, Shareholder's equity: $80. Prepare the Trail Balance of Lululemon at December 31,2020. List the accounts in proper order, as shown on "in class" practice. How much was Lululemon's net income or net loss?

Portions of the financial statements for Myriad Products are provided below.  MYRIAD PRODUCTS COMPANYIncome StatementFor the Year Ended December 31, 2021($ in millions)     Sales   780 Cost of goods sold   273 Gross margin   507 Salaries expense 120   Depreciation expense 86   Amortization expense 5   Interest expense 26   Loss on sale of land 4 241 Income before taxes   266 Income tax expense   133 Net Income   133         MYRIAD PRODUCTS COMPANYSelected Accounts from Comparative Balance SheetsDecember 31, 2021 and 2020($ in millions)           Year           2021 2020 Change Cash $ 120 118 2 Accounts receivable   249 259 (10) Inventory   449 468 (19) Accounts payable   185 170 15 Salaries payable   92 104 (12) Interest payable   52 38 14 Income tax payable   42 28 14           Required:Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect…