FINANCIAL ACCOUNTING 9TH
16th Edition
ISBN: 9781308821672
Author: Libby
Publisher: MCG/CREATE
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 1, Problem 1.3E
Matching Financial Statement Items to Financial Statement Categories
Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll, Tootsie Roll Pops. Tootsie Pop Drops. Tootsie Flavor Rolls. Charms, and Blow-Pop lollipops. The following items were listed on Tootsie Roll’s recent income statement and
| _____ (1) Bank loans | _____ (10) Machinery and equipment |
| _____ (2) Selling, marketing, and administrative expenses | _____ (11) Net product sales |
| _____ (3) Accounts payable | _____ (12) Inventories |
| _____ (4) Dividends payable | _____ (13) Trademarks |
| _____ (5) |
_____ (14) Buildings |
| _____ (6) Cash and cash equivalents | _____ (15) Land |
| _____ (7) |
_____ (16) Income taxes payable |
| _____ (8) Provision for income taxes* | _____ (17) Rental and royalty costs |
| _____ (9) Product cost of goods sold | _____ (18) Investments (in other companies) |
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Please Solve all required with details and do not Give image format
Required information
Use the following information for the Problems below. (Algo)
[The following information applies to the questions displayed below.]
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and
prior years follow.
LANSING COMPANY
Income Statement
For Current Year Ended December 31
Sales revenue
Expenses
Cost of goods sold
Depreciation expense
Salaries expense
Rent expense
Insurance expense
Interest expense
Utilities expense
Net income
$ 124,200
At December 31
Accounts receivable
Inventory
Accounts payable
Salaries payable
Utilities payable
Prepaid insurance
Prepaid rent
51,000
16,500
27,000
9,900
4,700
4,500
3,700
$ 6,900
LANSING COMPANY
Selected Balance Sheet Accounts
Current Year
$ 6,500
2,880
5,300
1,060
400
350
400
Prior Year
$ 7,600
1,990
6,400
790
250
460
270
The financial statements of Dandy Distributors Ltd. are shown on the "Fcl. Stmts." page.
1
Based on Dandy's financial statements, calculate ratios for the year ended December 31, 2020. Assume all sales are on credit. Show your work.
2
From these ratios, analyze the financial performance of Dandy.
Chapter 1 Solutions
FINANCIAL ACCOUNTING 9TH
Ch. 1 - Define accounting.Ch. 1 - Briefly distinguish financial accounting from...Ch. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Complete the following: Name of Statement...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the income statement,...Ch. 1 - Explain why the income statement and the statement...Ch. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Explain the equation for the income statement....Ch. 1 - Explain the equation for the balance sheet. Define...Ch. 1 - Explain the equation for the statement of cash...Ch. 1 - Explain the equation for retained earnings....Ch. 1 - The financial statements discussed in this chapter...Ch. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - (Supplement A) Briefly differentiate between a...Ch. 1 - Prob. 20QCh. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Which of the following regarding retained earnings...Ch. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Which of the following is true regarding the...Ch. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Matching Elements with Financial Statements M1-1...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Prob. 1.3MECh. 1 - Prob. 1.1ECh. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Preparing a Balance Sheet Honda Motor Corporation...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Prob. 1.6ECh. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Prob. 1.8ECh. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing a Statement of Stockholders Equity...Ch. 1 - Focus on Cash Flows: Matching Cash Flow Statement...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Student's Business and Preparing an...Ch. 1 - Comparing Income with Cash Flow (Challenging)...Ch. 1 - Evaluating Data to Support a Loan Application...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Students Business and Preparing an...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.1CONCh. 1 - Finding Financial Information LO1-1 Refer to the...Ch. 1 - Prob. 1.2CPCh. 1 - Comparing Companies within an Industry Refer to...Ch. 1 - Using Financial Reports: Identifying and...Ch. 1 - Prob. 1.5CPCh. 1 - Prob. 1.6CPCh. 1 - Prob. 1.7CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Analyze and compare Abercrombie & Fitch and The Gap Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each company from recent balance sheets are as follows (in thousands): Abercrombie Current assets: Cash Accounts receivable Inventories Other current assets Total current assets Current liabilities: Accounts payable Other current liabilities Total current liabilities & Fitch The Gap $823,139 $877,000 69,102 525,864 3,018,000 89,654 1,270,000 $1,507,759 $5,165,000 $374,829 640,411 $1,015,240 $1,951,000 2,126,000 $4,077,000 Required: a. Compute the working capital for each company. 492,519 thousand Abercrombie: $ The Gap: $ 1,088,000 thousand b. Compute the current ratio for each company. Round your answers to one decimal place. Abercrombie: 1.5 The Gap: 1.3 c. Compute the quick ratio for each company. Round your answers to one decimal place. Abercrombie: The Gap: x d. Which company appears to have the…arrow_forwardSubject - account Please help me. Thankyou.arrow_forwardPlease help mearrow_forward
- Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio 2020 2019 Cash 122,500 104,700 Accounts Receivable 90,650 80,550 Inventory 66,200 53,000 Prepaid Expense 85,450 106,000 Total Current Assets 364,800 344,250 Property, Plant and Equipment 925,000 786,350 TOTAL ASSETS 1,654,600 1,475,350 Total Current Liability 381,500 423,350 Long-term Liabilities 359,900 230,600 Mabini, Capital 913,200 821,400 Total Liability and Equity 1,654,600 1,475,350 Sales 1,047,050 1,151,755 Cost of Sales 322,750 355,025 Gross Profit 724,300 796,730 Selling Expenses 353,250 388,575 Administrative Expenses 128,150 140,965 Operating Income 242,900 267,190 Interest Income…arrow_forwardPlease provide complete and correct answer for both requirements and show all work like explanation , computation , formula with steps. Answer in text. Million thanks !arrow_forwardPlease solve all questionsarrow_forward
- Below are scrambled list of balance sheet and income statement items for TNT Inc. Prepare an income statement and calculate the net income for TNT Inc. a.$116,325 b.$163,325 c.$136,625 d.$113,625 Depreciation Expense Cash Long-Term debt Sales Accounts Payable General & Administrative Expense Buildings & Equipment Notes Payable Accounts Receivable Interest Expense Accrued Expenses Common Stock Cost of Goods Sold Inventory Taxes Accumulated Depreciation Taxes payable Retained Earnings Given $99,000.00 $337,500.00 $501,000.00 $859,500.00 $153,000.00 $118,500.00 $1,342,500.00 $112,500.00 $251,250.00 $7,125.00 $11,850.00 $433,500.00 $445,500.00 $148,950.00 $75,750.00 $394,500.00 $21,750.00 $79,500.00arrow_forwardIdentifying and Classifying Financial Statement Items For each of the following items, indicate whether they would be reported in the balance sheet (B) or income statement (1). (a) Machinery (b) Supplies expense (c) Inventories (d) Sales (e) Common stock (f) Factory buildings (g) Receivables (h) Taxes payable (i) Taxes expense (i) Cost of goods sold (k) Long-term debt (1) Treasury stock ◆ ◆ ◆ ♦ ♦ ◆ ◆ ♦ ♦arrow_forwardUse the information in the table below to calculate the following ratios for Windswept Woodworks for year 1 and year 2. Windswept Woodworks, Incorporated Input Data (millions of dollars) Accounts payable Accounts receivable Accumulated depreciation Cash & equivalents. Common stock Cost of goods sold Depreciation expense Common stock dividends paid. Interest expense Inventory Addition to retained earnings. Long-term debt. Notes payable Gross plant & equipment Retained earnings. Sales Other current liabilities Tax rate Year 2 interest coverage ratio Year 1 interest coverage ratio Year 2 ACP Year 1 ACP c. Current ratio Year 2 current ratio Year 1 current ratio d. Quick ratio Year 2 622 1,466 6,932 410 Year 2 quick ratio Year 1 quick ratio 1,370 1,590 days days ? ? 230 1,200 602 998 320 10,620 3,248 3,108 Market price per share-year end Number of shares outstanding (For all requirements, round your answers to 2 decimal places.) Required: a. Interest coverage ratio (Assume that year 1 EBIT…arrow_forward
- In analyzing the financial statements which are given can you please compute the following ratios: 1.RECEIVABLE TURNOVER 2.AVERAGE COLLECTION PERIODarrow_forwardThe following data were taken from the Statement of Affairs of Greenfield Corporation: What is the estimated amount holders of the accounts payable will receive upon?arrow_forwardNOTE: DONT ASNWER THE CROSSED OUT ITEMS ONLY ANSWER THE LAST THREE ITEMS THANK YOU!!arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
How To Analyze an Income Statement; Author: Daniel Pronk;https://www.youtube.com/watch?v=uVHGgSXtQmE;License: Standard Youtube License