FUND OF ACCOUNTING PRIN W/ACC <CUSTOM>
25th Edition
ISBN: 9781264725403
Author: Wild
Publisher: MCG CUSTOM
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Textbook Question
Chapter 3, Problem 3BTN
Access EDGAR online (SEC.gov) and locate the 10-Kreport of The Gap. Inc. (ticker: GPS): filed on March 20: 2017. Review its financial statements reported for the year ended January 28. 2017. to answer the following questions.
Required
1. What are Gap's main brands?
2. When is Gap's fiscal year-end?
3. What is Gap's net sales for the period ended January 28. 2017?
4. What is Gap's net income for the period ended January 28. 2017?
5. Compute Gap's profit margin for the year ended January 28. 2017?
G. Do you believe Gap's decision to use a year-end of late January or early February relates to its natural business year1 Explain.
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Cullumber Company
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2024
Net
$2,400,400
$2,240,000
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1127000
1,307,000
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522,200
Selling and administrative
650,000
622,700
Income from operations
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309,500
Other and lac
Intereat ex
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Income before income tax
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203,500
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Net Income
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Ast
Cullumber Company
Balance Sheets
December 33
2025
2024
Current act
Cash
$78.130
$23,450
Debt Investments (short)
96,200
65,000
Accounts recchable (net)
153,140
133,640
Inventory
163,000
150,150
Total current acts
471,370
422,250
Plantasacts (nct)
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676,390
Total
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$1,100,640
Lablities and Stockholders' Equity
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Accountab
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Income tax payable
56.550
54,500
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254,330
243,620
Bonds payable
286,000
250,000
Total Tablice
550,510
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Stockholders' equity
Comment($
377,000
270,000
Retained carnings
407 420
215,020
Total stockholders' equity
784,420…
Given the following information, convert Cardinal Company's cost of goods sold from its income statement into payments to suppliers for its statement of cash flows.
•
Cost of goods sold
$50,000
•
Increase in inventory
23,000
•
Decrease in accounts payable
15,000
Sunland, Inc.
Income Statement
For the Year Ended December 31, 2025
Net sales
$443,100
Cost of goods sold
241,700
Gross profit
201,400
Expenses (including $14,700 interest and $27,600 income taxes)
78,300
Net income
$123,100
Additional information:
1.
Common stock outstanding January 1, 2025, was 24,200 shares, and 39,200 shares were outstanding at December 31, 2025.
(Use a simple average for weighted-average.)
2.
The market price of Sunland stock was $14 on December 31, 2025.
3. Cash dividends of $22,200 were declared and paid.
Compute the following measures for 2025. (Round Earnings per share to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place,
e.g. 1.8 or 2.5%.)
a.
Earnings per share
$
b.
Price-earnings ratio
C.
Payout ratio
d.
Times interest earned
times
%
times
Chapter 3 Solutions
FUND OF ACCOUNTING PRIN W/ACC <CUSTOM>
Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QSCh. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...
Ch. 3 - Adjusting for unearned (deferred) revenues P2 For...Ch. 3 - Accrued expenses adjustments Pl For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments P4 For each separate...Ch. 3 - Recording and analysing adjusting entries A1...Ch. 3 - QS3-16
Determining effects of adjusting...Ch. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Preparing adjusting entries P4 Garcia Company had...Ch. 3 - Preparing adjusting entries P4 Cal Consulting...Ch. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Exercise 3-6 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Exercise 3-14 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3A Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A
Recording prepaid expenses and...Ch. 3 - Prob. 1PSBCh. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3B Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5B Preparing financial statements from...Ch. 3 - Problem 3-6B Recording prepaid expenses and...Ch. 3 - Prob. 3SPCh. 3 - Prob. 1GLPCh. 3 - Using transactions from the following assignments,...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Key figures for the recent two years of both Apple...Ch. 3 - Key comparative figures for Samsung. Apple, and...Ch. 3 - Prob. 1DQCh. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQCh. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...Ch. 3 - 6. What contra account is used when recording and...Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - 8. If a company initially records prepaid expenses...Ch. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Access EDGAR online (SEC.gov) and locate the...Ch. 3 - Prob. 4BTN
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