Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Chapter 1, Problem 1.8P
Statement of
The Coca-Cola Company and Subsidiaries reported the following amounts in various statements included in its Form 10-K for the year ended December 31, 2013. (All amounts are stated in millions of dollars.)
Required
- Prepare a statement of retained earnings for The Coca-Cola Company for the year ended December 31, 2013.
- The Coca-Cola Company does not actually present a statement of retained earnings in its annual report. Instead, it presents a broader statement of shareholders’ equity. Describe the information that would be included on this statement that is not included on a statement of retained earnings.
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Pharoah Corporation recently filed the following financial statements with the SEC.
Pharoah CorporationIncome Statement for the FiscalYear Ended July 31, 2017
Net sales
$77,630
Cost of products sold
55,218
Gross profit
$22,412
Selling, general, and administrative expenses
9,893
Depreciation
1,124
Operating income (loss)
$11,395
Interest expense
688
Earnings (loss) before income taxes
$10,707
Income taxes
3,748
Net earnings (loss)
$6,959
What are the company’s current ratio and quick ratio? (Round answers to 2 decimal places, e.g. 52.75.)
Current ratio
Quick ratio
What amount of total assets does the company report on its balance sheet?
What amount of total liabilities does the company report on its balance sheet?
Oriole Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1, 2016, retained earnings of $ 322,525. During the year ended March 31, 2017, the company produced net income after taxes of $ 713,175 and paid out 41 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings. (Round answers to 2 decimal places, e.g. 15.25. List items that increase retained earnings first.)
Oriole Paper Mill, Inc.Retained Earnings for 2017
Chapter 1 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 1 - Prob. 1.1KTQCh. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - The Accounting Equation For each of the following...Ch. 1 - The Accounting Equation Ginger Enterprises began...Ch. 1 - The Accounting Equation Using the accounting...Ch. 1 - Changes in Owners Equity The following amounts are...Ch. 1 - The Accounting Equation For each of the following...Ch. 1 - Classification of Financial Statement Items...Ch. 1 - Classification of Financial Statement Items Regal...
Ch. 1 - Net Income (or Loss) and Retained Earnings The...Ch. 1 - Statement of Retained Earnings Ace Corporation has...Ch. 1 - Accounting Principles and Assumptions The...Ch. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3PCh. 1 - Prob. 1.4PCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7PCh. 1 - Statement of Retained Earnings for The Coca-Cola...Ch. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1APCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.4APCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Fort Worth...Ch. 1 - Corrected Financial Statements Heidis Bakery Inc....Ch. 1 - Statement of Retained Earnings for Brunswick...Ch. 1 - Prob. 1.9APCh. 1 - Prob. 1.10AMCPCh. 1 - Prob. 1.1DCCh. 1 - Reading and Interpreting Chipotles Financial...Ch. 1 - Comparing Two Companies in the Same Industry:...Ch. 1 - Prob. 1.5DCCh. 1 - Prob. 1.6DCCh. 1 - Prob. 1.7DC
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