Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 8, Problem 8.12BE
Ratio analysis
• LO8–7
Selected financial statement data for Schmitzer Inc. is shown below:
| 2018 | 2017 | |
| Inventories | 60,000 | 48,000 |
| Ratios: | ||
| Gross profit ratio for 2018 | 40% | |
| Inventory turnover ratio for 2018 | 5 |
What was the amount of net sales for 2018?
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QUESTION 8
P18-5A
P14.5A (LO 3)
are presented here (in millions).
Compute selected ratios, and compare liquidity, profitability, and solvency for two
сотрanies.
Suppose selected financial data of Target and Wal-Mart for 2020
Wal-Mart
Target
Corporation Stores, Inc.
Income Statement Data for Year
Net sales
$65,357
$408,214
Cost of goods sold
45,583
304,657
Selling and administrative expenses
15,101
79,607
L
Wal-Mart
Target
Corporation Stores, Inc.
Interest expense
707
2,065
Other income (expense)
(94)
(411)
Income tax eхрense
1,384
7,139
$ 2,488
Balance Sheet Data (End of Year)
Net income
$ 14,335
Current assets
$18,424
$ 48,331
Noncurrent assets
26,109
122,375
Total assets
$44,533
$170,706
Current liabilities
$11,327
$ 55,561
Long-term debt
Total stockholders' equity
17,859
44,089
15,347
71,056
Total liabilities and stockholders' equity
$44,533
$170,706
Beginning-of-Year Balances
Total assets
$44,106
$163,429
Total stockholders' equity
13,712
65,682
Current liabilities
10,512
55,390…
Need help with this question
QUESTION 7
Р18.3А
P18.ЗА (LO 3)
Jergan Corporation are presented here.
Perform ratio analysis, and discuss changes in financial position and operating results.
Jergan Corporation
Condensed balance sheet and income statement data for
Balance Sheets
December 31
2020
2019
2018
Cash
$ 30,000
$ 20,000
$ 18,000
Accounts receivable (net)
50,000
45,000
48,000
Other current assets
90,000
95,000
64,000
Investments
55,000
70,000
45,000
Plant and equipment (net)
500,000
370,000
358,000
$725,000
$600,000
$533,000
Current liabilities
$ 85,000
$ 80,000
$ 70,000
Long-term debt
Common stock, $10 par
145,000
85,000
50,000
320,000
310,000
300,000
Retained earnings
175,000
125,000
113,000
$725,000
$600,000
$533,000
Jergan Corporation
Income Statements
For the Years Ended December 31
2020
2019
Sales revenue
$740,000
$600,000
Less: Sales returns and allowances
40,000
30,000
Net sales
700,000
570,000
Cost of goods sold
Gross profit
425,000
350,000
275,000
220,000
Operating expenses (including income taxes)…
Chapter 8 Solutions
Intermediate Accounting
Ch. 8 - Describe the three types of inventory of a...Ch. 8 - What is the main difference between a perpetual...Ch. 8 - The Cloud Company employs a perpetual inventory...Ch. 8 - The Bockner Company shipped merchandise to Laetner...Ch. 8 - What is a consignment arrangement? Explain the...Ch. 8 - Prob. 8.6QCh. 8 - The Esquire Company employs a periodic inventory...Ch. 8 - Prob. 8.8QCh. 8 - Its common in the electronics industry for unit...Ch. 8 - Explain why proponents of LIFO argue that it...
Ch. 8 - Prob. 8.11QCh. 8 - Describe the ratios used by financial analysts to...Ch. 8 - Prob. 8.13QCh. 8 - Prob. 8.14QCh. 8 - The Austin Company uses the dollar-value LIFO...Ch. 8 - Identify any differences between U.S. GAAP and...Ch. 8 - Determining ending inventory; periodic system ...Ch. 8 - Prob. 8.2BECh. 8 - Prob. 8.3BECh. 8 - Purchas e discounts; gross method LO83 On...Ch. 8 - Prob. 8.5BECh. 8 - Prob. 8.6BECh. 8 - Inventor y cost flow methods; perpetual system ...Ch. 8 - LIFO method LO84 Esquire Inc. uses the LIFO...Ch. 8 - LIFO method LO84 AAA Hardware uses the LIFO...Ch. 8 - LIFO liquidation LO86 Refer to the situation...Ch. 8 - Prob. 8.11BECh. 8 - Ratio analysis LO87 Selected financial statement...Ch. 8 - Dollar-value LIFO LO88 At the beginning of 2018,...Ch. 8 - Perpetual inventory system; journal entries LO81...Ch. 8 - Prob. 8.2ECh. 8 - Determining cost of goods sold; periodic inventory...Ch. 8 - Perpetual and periodic inventory systems compared ...Ch. 8 - Prob. 8.6ECh. 8 - Goods in transit; consignment LO82 The December...Ch. 8 - Physical quantities and costs included in...Ch. 8 - Prob. 8.9ECh. 8 - Prob. 8.10ECh. 8 - Prob. 8.11ECh. 8 - FASB codification research LO82, LO83 Access the...Ch. 8 - Inventory cost flow methods; periodic system ...Ch. 8 - Inventory cost flow methods; perpetual system ...Ch. 8 - Comparison of FIFO and LIFO; periodic system ...Ch. 8 - Average cost method; periodic and perpetual...Ch. 8 - FIFO, LIFO, and average cost methods LO81, LO84...Ch. 8 - Supplemental LIFO disclosures; LIFO reserve; AEP...Ch. 8 - LIFO liquidation LO81, LO84, LO86 The Reuschel...Ch. 8 - Dollar-value LIFO LO88 On January 1, 2018, the...Ch. 8 - Dollar-value LIFO LO88 Mercury Company has only...Ch. 8 - Dollar-value LIFO LO88 Carswell Electronics...Ch. 8 - Concepts; terminology LO81 through LO85 Listed...Ch. 8 - Various inventory transactions; journal entries ...Ch. 8 - Prob. 8.2PCh. 8 - Prob. 8.4PCh. 8 - Various inventory costing methods LO81, LO84...Ch. 8 - Various inventory costing methods LO81, LO84...Ch. 8 - Supple mental LIFO disclosures; Caterpillar LO84,...Ch. 8 - LIFO liquidation LO84, LO86 Taylor Corporation...Ch. 8 - LIFO liquidation LO84, LO86 Cansela Corporation...Ch. 8 - Prob. 8.11PCh. 8 - Integrating problem; inventories and accounts...Ch. 8 - Dollar-value LIFO LO88 On January 1, 2018, the...Ch. 8 - Dollar-value LIFO LO88 Kingston Company uses the...Ch. 8 - Dollar-value LIFO LO88 On January 1, 2018,...Ch. 8 - Prob. 8.1BYPCh. 8 - Real World Case 82 Physical quantities and costs...Ch. 8 - Judgment Case 83 The specific identification...Ch. 8 - Prob. 8.4BYPCh. 8 - Prob. 8.5BYPCh. 8 - Judgment Case 86 Goods in transit LO82 At the end...Ch. 8 - Ethics Case 87 Profit manipulation LO84 In 2017...Ch. 8 - Real World Case 88 Effects of inventory valuation...Ch. 8 - Real World Case 89 Effects of inventory valuation...Ch. 8 - Communication Case 810 Dollar-value LIFO method ...Ch. 8 - Prob. 8.11BYPCh. 8 - Prob. 8.CCTCCh. 8 - Prob. CCIFRS
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