INTERMEDIATE ACCOUNTING (LL) W/CONNECT
9th Edition
ISBN: 9781260679694
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 4, Problem 4.4E
Multiple-step continuous statement of comprehensive income
• LO4–1, LO4–5, LO4–6
The
| Account Title | Debits | Credits |
| Sales revenue | 2,300,000 | |
| Cost of goods sold | 1,400,000 | |
| Selling and administrative expenses | 420,000 | |
| Interest expense | 40,000 | |
| Unrealized holding gains on investment securities | 80,000 |
The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 30%. One million shares of common stock were outstanding throughout 2018.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2018, including appropriate EPS disclosures.
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jDL Coroproation Selected Financial Data as at december 21,2016
Current asset 2,50,000$
Current Liabilities 1,50,000$
Inventories 60,000$
Accounts Receivable 45,000$
Revenue 9,50,000$
Cost of Good Sold 6,75,000$
Note: Ignore averaging for this question
JDL's Quick ratio is:
1
0.8
2.45
1.27
JDL's average collection period is:
8 days
11 days
17 days
20 days
JDL's inventory turnover is:
9.50 times
11.25 times
4.50 times
5.43 times
JDL's receivables turnover is:
24.34 times
22.56 times
21.11 times
20.11 times
TEST YOUR UNDERSTANDING
A Review of Ratio Analysis
Activity 10 Y
ORACLE CORPORATION
Ear the fiscal year ended.
Current ratio
5/31/97
5/31/98
1.74
5/31/99
(PAL/S)
1.79
1.70
(P/L/S)
Debt ratio
0.491
0.492
0.488
(P/L/S)
Return on sales
0.15
0.11
´ 0.14
(РLIS)
Return on assets
0.18
0.14
0.18
Source: Disclosure, Ina, Compact D/SEC, 2000.
1.
In the left-hand margin above, circle whether the ratio measures (P)rofitability, short-term (L)iquidity -
the ability to pay current debt, or long-term (S)ölvency - the ability to pay long-term debt.
2. For each short-term liquidity ratio above, circle the ratio indicating the greatest ability to pay current
liabilities for the `three years of information presented.
This company appears to (have / not have) the ability to pay current debt.
3. For each long-term solvency ratio above, circle the ratio indicating the least amount of debt financing for
the three years of information presented.
This company relies more heavily on (debt / equity) to finance…
Chapter 4 Solutions
INTERMEDIATE ACCOUNTING (LL) W/CONNECT
Ch. 4 - The income statement is a change statement....Ch. 4 - What transactions are included in income from...Ch. 4 - Prob. 4.3QCh. 4 - Prob. 4.4QCh. 4 - Prob. 4.5QCh. 4 - What are restructuring costs and where are they...Ch. 4 - Define intraperiod tax allocation. Why is the...Ch. 4 - How are discontinued operations reported in the...Ch. 4 - What is meant by a change in accounting principle?...Ch. 4 - Prob. 4.10Q
Ch. 4 - The correction of a material error discovered in a...Ch. 4 - Define earnings per share (EPS). For which income...Ch. 4 - Prob. 4.13QCh. 4 - Describe the purpose of the statement of cash...Ch. 4 - Prob. 4.15QCh. 4 - Explain what is meant by noncash investing and...Ch. 4 - Distinguish between the direct method and the...Ch. 4 - Prob. 4.18QCh. 4 - Prob. 4.19QCh. 4 - Show the calculation of the following...Ch. 4 - Show the DuPont frameworks calculation of the...Ch. 4 - Prob. 4.22QCh. 4 - Prob. 4.23QCh. 4 - Prob. 4.1BECh. 4 - Multiple -step income statement LO41, LO43 Refer...Ch. 4 - Prob. 4.3BECh. 4 - Multiple -step income statement LO41, LO43 The...Ch. 4 - Prob. 4.5BECh. 4 - Prob. 4.6BECh. 4 - Prob. 4.7BECh. 4 - Discontinued operations LO44 Refer to the...Ch. 4 - Discontinued operations LO44 Refer to the...Ch. 4 - Prob. 4.10BECh. 4 - Prob. 4.11BECh. 4 - Prob. 4.12BECh. 4 - Statement of cash flows; indirect method LO48 Net...Ch. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - Profitability ratios LO410 The 2018 income...Ch. 4 - Prob. 4.17BECh. 4 - Inventory turnover ratio LO410 During 2018, Rogue...Ch. 4 - Operating versus Nonoperating Income LO41 Pandora...Ch. 4 - Income statement format; single step and multiple...Ch. 4 - Income statement format; single step and multiple...Ch. 4 - Multiple-step continuous statement of...Ch. 4 - Income statement presentation LO41, LO45 The...Ch. 4 - Prob. 4.6ECh. 4 - Income statement presentation; discontinued...Ch. 4 - Discontinued operations; disposal in subsequent...Ch. 4 - Discontinued operations; disposal in subsequent...Ch. 4 - Earnings per share LO45 The Esposito Import...Ch. 4 - Comprehensive income LO46 The Massoud Consulting...Ch. 4 - Prob. 4.12ECh. 4 - Prob. 4.13ECh. 4 - IFRS; statement of cash flows LO48, LO49 Refer to...Ch. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Statement of cash flows; indirect method LO48...Ch. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Statement of cash flows; indirect method LO48...Ch. 4 - Statement of cash flows; direct method LO48 Refer...Ch. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Concepts; terminology LO41, LO42, LO43, LO44,...Ch. 4 - Inventory turnover; calculation and evaluation ...Ch. 4 - Evaluating efficiency of asset management LO410...Ch. 4 - Profitability ratios LO410 The following...Ch. 4 - Prob. 4.28ECh. 4 - Prob. 4.29ECh. 4 - Prob. 4.30ECh. 4 - Prob. 4.31ECh. 4 - Prob. 4.32ECh. 4 - Comparative income statements; multiple-step...Ch. 4 - Discontinued operations LO44 The following...Ch. 4 - Income statement presentation; Discontinued...Ch. 4 - Restructuring costs; Discontinued operations;...Ch. 4 - Income statement presentation; Restructuring...Ch. 4 - Income statement presentation; Discontinued...Ch. 4 - Income statement presentation; statement of...Ch. 4 - Multiple-step statement of income and...Ch. 4 - Statement of cash flows LO48 The Diversified...Ch. 4 - Integration of financial statements; Chapters 3...Ch. 4 - Statement of cash flows; indirect method LO48...Ch. 4 - Calculating activity and profitability ratios ...Ch. 4 - Use of ratios to compare two companies in the same...Ch. 4 - Creating a balance sheet from ratios; Chapters 3...Ch. 4 - Prob. 4.15PCh. 4 - Interim financial reporting Appendix 4 Branson...Ch. 4 - Prob. 4.1BYPCh. 4 - Judgment Case 42 Restructuring costs LO43 The...Ch. 4 - Prob. 4.3BYPCh. 4 - Prob. 4.4BYPCh. 4 - Prob. 4.5BYPCh. 4 - Prob. 4.6BYPCh. 4 - Prob. 4.7BYPCh. 4 - IFRS Case 48 Statement of cash flows;...Ch. 4 - Judgment Case 49 Income statement presentation;...Ch. 4 - Prob. 4.10BYPCh. 4 - Integrating Case 412 Balance sheet and income...Ch. 4 - Prob. 4.13BYPCh. 4 - Prob. 4.17BYPCh. 4 - Prob. 4.18BYPCh. 4 - Continuing Cases Target Case LO43, LO44, LO46,...
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