Homework Answers
Question 9
Correct answer---------(A) Prepaid rent
Prepaid rent is a an expense paid in advance so when the actual liability to pay rent comes this prepaid rent will be used to settle that.Taxes payable are liabilities, Common stock is an equity account and Automobiles are fixed assets not current asset.
Question 10
Correct answer---------(C) $5247 million
Working capital =Current assets- Current liabilities
so
Current assets = Working capital + Current liabilities
Current assets=2273+2974= $5247
Question 11
Correct answer---------(B) Retained earnings.
Retained earnings are accumulated profit of the business since the start of the business. Retained earnings belongs to stockholders and are distributed to them as dividends.
Question 12
Correct answer---------(C) Income statement
Interest expense is an expense which decreases net income so it is shown in income statement.
Question 13
Correct answer---------(B) $1928.7 Million
Working
| Sales | $ 3,563.30 |
| Minus: Gross profit | $ 1,634.60 |
| Cost of goods sold | $ 1,928.70 |
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9. Which of the following are included in...
show work for each question as necessary, please be neat 1. A list of assets, liabilities...
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1. A list of assets, liabilities and equity can be found on which of the following? A) Balance Sheet B) Income Statement C) Statement of Assets and Liabilities D) Statement of Cash Flows E) Statement of Stockholders' Equity 2. A company's net cash flow will equal its net income A) Almost always B) Rarely C) Occasionally D) Only when the company has no investing cash flow for the period E)...
show work as necessary and please be neat 14. In 2016, Nordstrom, Inc. reported the following...
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14. In 2016, Nordstrom, Inc. reported the following (in millions): Current Assets Current Llabilities Long-term Liabilities $3,959 Equity $870 $3,242 $3.020 What amount did Nordstrom report as total assets? A) $ 4,616 million B) $ 3,950 million C) $ 7,307 million D) $13,170 million E) None of the above 15. In its fiscal 2016 annual report, Nike, Inc. reported cash of $3,138 million at year end. The statement of cash flows reports...
show work as necessary and please be neat 18. The fiscal year-end 2016 financial statements for...
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18. The fiscal year-end 2016 financial statements for Walt Disney Co. report revenues of $55,632 million, net operating profit after tax of $9,954 million, net operating assets of $58,603 million, The fiscal year- Walt Disney's 2016 net operating profit margin is: A) 16.9% B) 12.5% C) 17.9% D) 11,7% E) There is not enough information to calculate the ratio. end 2015 balance sheet reports net operating assets of $59,079 million. 19. The...
show work as necessary and please be neat 5. The Goodyear Tire & Rubber Company's December...
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5. The Goodyear Tire & Rubber Company's December 31, 2016 financial statements reported the following (in millions) Sales $15,158 Cost of sales $10,972 Other expenses (excluding cost of sales) $2,902 What did Goodyear report for net income for the year ending December 31, 2016? A) $29,032 million B) $ 1,284 million C) $ 4,186 million D) $13,874 million E) $ 8,070 million 6. The Goodyear Tire & Rubber Company's December 31, 2016,...
show work as necessary and please be neat on-refundable membership fees from customers. 29. Costco Wholesale...
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on-refundable membership fees from customers. 29. Costco Wholesale Core Alholesale Corporation collects annual non-refundable membership fees When should Costco recognize revenue for these membership fees 2 Immediately when cash is received because the fees are nonrefundable B) Evenly over the membership year C) Evenly over the current fiscal year the membership year when Costco has discharged its obligation to the customer D) At the end of the membership year when Costco has...
please show work as necessary and be neat al 2017 income statement and balance sheet of...
please show work as necessary and be neat
al 2017 income statement and balance sheet of Mullen, Inc. provided below Roer to the fiscal 20 MULLEN, INC. Balance Sheet 2012 As of December 31, Assets: Cash and cash equivalents Accounts receivable Inventory Current Assets 2016 $ 454,000 595,241 518,543 1,567,784 $ 374,585 419,546 548,521 1,342,652 Property, plant and equipment Less: Accumulated depreciation Property, plant and equipment-net Intangible assets 1,085,741 (388,139) 697 602 748,545 924,652 (297,504) 627,148 698.545 Total assets $3,013,931...
please show work as needed and be neat Use the following information to answer Questions 22-26...
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Use the following information to answer Questions 22-26 Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31, 2017 Dec. 31, 2017 Current Assets Cash and cash equivalents Marketable securities Accounts receivable (net) Dec 31, 2016 $ 576,843 $ 305,088 166,106 187,064 289,100 391,135 258,387 Inventories 424,493 Prepaid expenses Other current assets 55,369 25,509 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment...
Using the income statement and balance sheets shown above, create an appropriate cash flow statement including...
Using the income statement and balance sheets shown above, create an appropriate cash flow statement including the required disclosures. Thank you. (Dollars in Millions) 2017 2016 Assets Current assets: Cagh and cash equivalents Merchandise inventories Prepaid expenses Total current assets Property and equipment, net Other assets Total assets $1,074 3,795 378 5,247 8,103 224 $13, 574 $707 4,038 331 5,076 8, 308 222 $13, 606 $1,507 1,200 24 112 $1,251 1,180 26 130 134 127 All current portion paid Liabilities...
Using the income statement and balance sheets shown above, create an appropriate cash flow statement including...
Using the income statement and balance sheets shown
above, create an appropriate cash flow statement including the
required disclosures. Thank you.
(Dollars in Millions) 2017 2016 $1,074 3,795 378 5,247 8,103 224 $13, 574 $707 4,038 331 5,076 8, 308 222 $13, 606 $1,507 1,200 24 112 $1,251 1,180 26 130 Assets Current assets: Cash and cash equivalents Merchandise inventories Prepaid expenses Total current assets Property and equipment, net Other assets Total assets Liabilities and Shareholders Equity Current liabilities: Accounts...
please show work and be clear and neat 6. The advantage of the dividend discount model...
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6. The advantage of the dividend discount model is that: A) It is simple B) Dividends are easily observable C) Capital gains can be earned instead of dividends D) Firms publish their dividend policies E) All of the above 7. Assume that Bank of America Corp. reported a net loss of $584 million for the fiscal quarter. That day, Bank of America's stock price climbed from $16.23 per share to $16.37. This...
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1. A list of assets, liabilities and equity can be found on which of the following? A) Balance Sheet B) Income Statement C) Statement of Assets and Liabilities D) Statement of Cash Flows E) Statement of Stockholders' Equity 2. A company's net cash flow will equal its net income A) Almost always B) Rarely C) Occasionally D) Only when the company has no investing cash flow for the period E)...
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14. In 2016, Nordstrom, Inc. reported the following (in millions): Current Assets Current Llabilities Long-term Liabilities $3,959 Equity $870 $3,242 $3.020 What amount did Nordstrom report as total assets? A) $ 4,616 million B) $ 3,950 million C) $ 7,307 million D) $13,170 million E) None of the above 15. In its fiscal 2016 annual report, Nike, Inc. reported cash of $3,138 million at year end. The statement of cash flows reports...
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18. The fiscal year-end 2016 financial statements for Walt Disney Co. report revenues of $55,632 million, net operating profit after tax of $9,954 million, net operating assets of $58,603 million, The fiscal year- Walt Disney's 2016 net operating profit margin is: A) 16.9% B) 12.5% C) 17.9% D) 11,7% E) There is not enough information to calculate the ratio. end 2015 balance sheet reports net operating assets of $59,079 million. 19. The...
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5. The Goodyear Tire & Rubber Company's December 31, 2016 financial statements reported the following (in millions) Sales $15,158 Cost of sales $10,972 Other expenses (excluding cost of sales) $2,902 What did Goodyear report for net income for the year ending December 31, 2016? A) $29,032 million B) $ 1,284 million C) $ 4,186 million D) $13,874 million E) $ 8,070 million 6. The Goodyear Tire & Rubber Company's December 31, 2016,...
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on-refundable membership fees from customers. 29. Costco Wholesale Core Alholesale Corporation collects annual non-refundable membership fees When should Costco recognize revenue for these membership fees 2 Immediately when cash is received because the fees are nonrefundable B) Evenly over the membership year C) Evenly over the current fiscal year the membership year when Costco has discharged its obligation to the customer D) At the end of the membership year when Costco has...
please show work as necessary and be neat
al 2017 income statement and balance sheet of Mullen, Inc. provided below Roer to the fiscal 20 MULLEN, INC. Balance Sheet 2012 As of December 31, Assets: Cash and cash equivalents Accounts receivable Inventory Current Assets 2016 $ 454,000 595,241 518,543 1,567,784 $ 374,585 419,546 548,521 1,342,652 Property, plant and equipment Less: Accumulated depreciation Property, plant and equipment-net Intangible assets 1,085,741 (388,139) 697 602 748,545 924,652 (297,504) 627,148 698.545 Total assets $3,013,931...
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Use the following information to answer Questions 22-26 Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31, 2017 Dec. 31, 2017 Current Assets Cash and cash equivalents Marketable securities Accounts receivable (net) Dec 31, 2016 $ 576,843 $ 305,088 166,106 187,064 289,100 391,135 258,387 Inventories 424,493 Prepaid expenses Other current assets 55,369 25,509 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment...
Using the income statement and balance sheets shown above, create an appropriate cash flow statement including the required disclosures. Thank you. (Dollars in Millions) 2017 2016 Assets Current assets: Cagh and cash equivalents Merchandise inventories Prepaid expenses Total current assets Property and equipment, net Other assets Total assets $1,074 3,795 378 5,247 8,103 224 $13, 574 $707 4,038 331 5,076 8, 308 222 $13, 606 $1,507 1,200 24 112 $1,251 1,180 26 130 134 127 All current portion paid Liabilities...
Using the income statement and balance sheets shown
above, create an appropriate cash flow statement including the
required disclosures. Thank you.
(Dollars in Millions) 2017 2016 $1,074 3,795 378 5,247 8,103 224 $13, 574 $707 4,038 331 5,076 8, 308 222 $13, 606 $1,507 1,200 24 112 $1,251 1,180 26 130 Assets Current assets: Cash and cash equivalents Merchandise inventories Prepaid expenses Total current assets Property and equipment, net Other assets Total assets Liabilities and Shareholders Equity Current liabilities: Accounts...
please show work and be clear and neat
6. The advantage of the dividend discount model is that: A) It is simple B) Dividends are easily observable C) Capital gains can be earned instead of dividends D) Firms publish their dividend policies E) All of the above 7. Assume that Bank of America Corp. reported a net loss of $584 million for the fiscal quarter. That day, Bank of America's stock price climbed from $16.23 per share to $16.37. This...
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