Question

Data from the financial statements of Dils Brothers Co. and J. Cox, Inc. are presented below (in millions):

	Dils Brothers Co.	J. Cox, Inc.
Total liabilities, 2016	$73,044	$54,196
Total liabilities, 2015	72,208	60,092
Total assets, 2016	92,372	65,744
Total assets, 2015	93,028	70,416
Revenue, 2016	322,932	163,404
Net income, 2016	2,600	4,415

To the nearest hundredth of a percent, what is the 2016 return on sales ratio for Dils Brothers Co.?

Select one:

A. 0.81%

B. 0.38%

C. 0.30%

D. Not enough information provided

On October 1, 2016, A. Kushner entered into a lease agreement to rent out its old warehouse space it was no longer using. This agreement calls for Kushner to receive $12,000 per month from the lessee, due and payable at the end of the 4-month lease term. At December 31, 2017, none of the rental payments from the lessee had yet been received.

If Kushner makes the appropriate adjusting entry, how much will be reported on the December 31, 2016 balance sheet as rent receivable?

Select one:

A. $16,000

B. $36,000

C. $ 8,000

D. $32,000

In which of the following would an opinion regarding the fair presentation of financial statements appear?

Select one:

A. Form 10-K

B. Notes to the Financial Statements

C. Auditors report

D. Management Discussion and Analysis

Determine Sales Revenue for Backstone Company with the following data.

Cost of Goods Sold	$2,240,000
Operating Expenses	560,000
Sales Discounts	40,000
Sales Returns and Allowances	260,000
Net Income	680,000

Select one:

A. $3,260,000

B. $3,700,000

C. $3,180,000

D. $3,780,000

Answer 1

Question 1:-

The return on Sales ratio for Dils Brother Co. can be calculated as follows:-

Return on sales = Net Income/Sales(Revenue)

Return on Sales = $2,600/$322,932

Return on Sales = 0.81%(Rounded)

Based on the above calculation, the correct answer is Option A - 0.81%.

Option B, Option C are incorrect based on the above explanation.

Option E is incorrect as we have enough information to calculate the answer.

Kindly note that i have answered the first question per the Chegg answering guidelines. Request you to post the remaining question separately so that we can answer them as well. All the best and please let me know if you have any questions via the comments section .