ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Chapter 5, Problem 3IFRE
To determine
Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.
The total comprehensive income for company M.
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Here is comparative balance sheet for 2021 and 2022, stating each asset as a percent of total assests and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity.
2020
(%)
2021
(%)
Assets
Cash
43,500
8.84
55,000
14.25
Inventory
22,000
4.47
23,500
6.09
Equipment and fixures
380,000
77.24
255,000
66.08
Supplies
3,800
0.77
4,100
1.06
Prepaid expenses
9,200
1.87
12,500
3.24
Store design/Buildout
27,000
5.49
27,000
7.00
Loan Fee
4,000
0.81
5,500
1.42
Advertising and Marketing
2,500
0.51
3,300
0.86
Total assets
492,000
100.00
385,900
100.00
Bank Loan
150,000
30.49
170,000
44.05
Other liability (Balancing figure)
292,000
59.35
170,900
44.29
Owner contribution
50,000
10.16
45,000
11.66
Total equity and liability
492,000
100.00
385,900
100.00
Please explain or make an assumption of the figure
During 2019, the company reported net income of $4,212 million, interest expense of $167 million and income tax expense of $1,372 million. During 2018? Based on this information, what is the time interests earned ratio?
A. 34.4
B. 34.1
C. 32.2
D. 28.4
Condensed balance sheet and income statement data for Oriole Corporation are presented here.
Cash
Accounts receivable (net)
Other current assets
Investments
Property, plant, and equipment (net)
Current liabilities
Long-term debt
Common stock, $10 par
Retained earnings
Oriole Corporation
Balance Sheets
December 31
2022
$ 30,100
49,800
89,600
55,100
500,100
$724,700
24
$84,500
145.700
381,000
113.500
$724,700
Sales
Less: Sales returns and allowances
Net sales
Cost of goods sold
Gross profit
Operating expenses (including income taxes)
Net income
Oriole Corporation
Income Statement
For the Years Ended December 31
2022
$16,100
45,500
95,000
70,000
370,800
$597,400
$79,400
84,300
319,000
114,700
$597,400
2021
$744.500
39 200
705 300
424.700
280,600
188.911
$91.689
2021
$605,400
30,700
574.700
366.000
208.700
151 200
$57.470
2020
$18,300
47,900
63,000
46,000
358,600
$533,800
306,000
107,400
$533,800
$69,700
50,700
Additional information:
The market price of Oriole's common stock was…
Chapter 5 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - 5. When is cost of goods sold determined in a...Ch. 5 - Prob. 6QCh. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - Prob. 10Q
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - 17. Identify the distinguishing features of an...Ch. 5 - Prob. 18QCh. 5 - Prob. 19QCh. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 1BECh. 5 - BE5-2 Presented below are the components in Veasy...Ch. 5 - Prob. 3BECh. 5 - Prob. 4BECh. 5 - Prob. 5BECh. 5 - Prob. 6BECh. 5 - Prob. 7BECh. 5 - Prob. 8BECh. 5 - Prob. 9BECh. 5 - Prob. 10BECh. 5 - Prob. 11BECh. 5 - Prob. 12BECh. 5 - Prob. 13BECh. 5 - Prob. 14BECh. 5 - Prob. 15BECh. 5 - Prob. 16BECh. 5 - Prob. 1DIECh. 5 - Prob. 2DIECh. 5 - Prob. 3DIECh. 5 - Prob. 4DIECh. 5 - Prob. 5DIECh. 5 - E5-1 Mr. McKenzie has prepared the following list...Ch. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - E5-11 An inexperienced accountant for Stahr...Ch. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 22ECh. 5 - Prob. 1PSACh. 5 - Prob. 6PSACh. 5 - Prob. 6EYCTCh. 5 - Prob. 7EYCTCh. 5 - Prob. 1ISTQCh. 5 - IFRS5-2 For each of the following income statement...Ch. 5 - Prob. 3ISTQCh. 5 - Prob. 4ISTQCh. 5 - Prob. 1IFRECh. 5 - Prob. 2IFRECh. 5 - Prob. 3IFRE
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