Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

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Answer 1

Question

Chapter 1, Problem 46CP

a.

To determine

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

b.

To determine

Compute the return on equity ratio of company S for the year 2018 and 2017.

c.

To determine

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

d.

To determine

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

e.

To determine

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

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At year-end, Simple has cash of $12,000, current accounts receivable of $60,000, merchandise inventory of $37,200, and prepaid expenses totaling $5,200. Liabilities of $24,000 must be paid next year. Assume accounts receivable had a beginning balance of $20,000 and net credit sales for the current year totaled $2,400,000. How many days did it take Simple to collect its average level of receivables? (Assume 365 days/year.)

Answer 2

Question

Chapter 1, Problem 46CP

a.

To determine

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

b.

To determine

Compute the return on equity ratio of company S for the year 2018 and 2017.

c.

To determine

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

d.

To determine

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

e.

To determine

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

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Answer 3

Question

Chapter 1, Problem 46CP

a.

To determine

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

b.

To determine

Compute the return on equity ratio of company S for the year 2018 and 2017.

c.

To determine

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

d.

To determine

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

e.

To determine

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

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Answer 4

Question

Chapter 1, Problem 46CP

a.

To determine

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

b.

To determine

Compute the return on equity ratio of company S for the year 2018 and 2017.

c.

To determine

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

d.

To determine

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

e.

To determine

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

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Answer 5

Chapter 1, Problem 46CP

a.

To determine

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

b.

To determine

Compute the return on equity ratio of company S for the year 2018 and 2017.

c.

To determine

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

d.

To determine

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

e.

To determine

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

Answer 6

Chapter 1, Problem 46CP

a.

To determine

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

Answer 7

Chapter 1, Problem 46CP

a.

To determine

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

Answer 8

b.

To determine

Compute the return on equity ratio of company S for the year 2018 and 2017.

Answer 9

b.

To determine

Compute the return on equity ratio of company S for the year 2018 and 2017.

Answer 10

c.

To determine

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

Answer 11

c.

To determine

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

Answer 12

d.

To determine

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

Answer 13

d.

To determine

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

Answer 14

e.

To determine

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

Answer 15

e.

To determine

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 1 - Prob. 1MC Ch. 1 - Prob. 2MC Ch. 1 - Prob. 3MC Ch. 1 - Prob. 4MC Ch. 1 - Prob. 5MC Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - Prob. 4Q Ch. 1 - Prob. 5Q

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

Prepare income statements of Company S for the years ended September 30, 2018 and October 1, 2017.

Compute the return on equity ratio of company S for the year 2018 and 2017.

Ascertain the debt-to-equity ratio for the year 2018 and 2017.

Indicate the effect of one-time litigation charge on the company’s return on equity ratio.

Discuss the costs and benefits of disclosing the information about the pending litigation in its 2017 annual report.

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Chapter 1 Solutions