QUESTION 6 (Points 30) 6. Comparative balance sheets report average total assets for the year of...
QUESTION 6 (Points 30)
6. Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share).
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Sparks INC |
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Net Sales ...... $4,395,253 Costs and expenses: ...... Costs of goods sold ...... (2,821,455) Operating expenses ...... (1,004,396) Interest revenue ...... 15,797 Earnings before income tax ...... $585,199 Income tax expense ...... (204,820) Net earnings ...... $380,379 Earnings per share ...... $1.70 |
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6.1. Prepare an income statement for the year in a multiple-step format.
Compute the following:
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6.2. Gross profit rate,
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6.3. Net income as a percentage of net sales,
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6.4. Return on assets, and
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6.5. Return on equity for the year.
(Round computations to the nearest one-tenth of 1 percent.)
6.6. Explain why interest revenue is not included in the company's gross profit computation.
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QUESTION 6 (Points 30)
6. Comparative balance sheets report average total assets for
the year of...
Below are the comparative balance sheets for 2016 and 2017 as well as the income statement...
Below are the comparative balance sheets for 2016 and 2017 as well as the income statement for 2017 for Dynamite Sales company. 2017 2016 Income statement Sales revenue $845,000 Cost of goods sold 520,000 Gross profit 325,000 Operating expenses 110,000 Pretax income 215,000 Income tax 47,300 Net income $167,700 Balance sheet Cash $7,200 $5,620 Accounts receivable (net) 39,400 36,000 Merchandise inventory 14,000 18,000 Prepaid-expenses 500 400 Fixed assets (net) 210,000 180,000 $271,100 $240,020 Accounts payable $19,000 $18,000 Income taxes payable...
What is the Average Total Assets, Average Total Inventory, Preferred Dividends, and Average Common Stockholders Equity...
What is the Average Total Assets, Average Total Inventory,
Preferred Dividends, and Average Common Stockholders Equity ??
please show how with steps
Selected current year-end financial statements of Cabot
Corporation follow. (All sales were on credit; selected balance
sheet amounts at December 31 of the prior year were
inventory, $49,900; total assets, $229,400; common stock, $89,000;
and retained earnings, $33,215.)
Required:
Compute the following: (1) current ratio, (2) acid-test ratio, (3)
days' sales uncollected, (4) inventory turnover, (5) days' sales...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash at Bank Accounts Receivable Prepaid Insurance Inventory 52 45 10 6 58 46 250 170 Non-Current Assets Machinery less Accum. Depr Machinery Investments Total Assets 90 160 60 110 50 20 476 361 42 58 Current Liabilities Accounts Payable Wages Payable Income Tax Payable 3 8 10 5 Non-Current Liabilities Loan 130 100 185 171 Total Liabilities Net Assets 291 190 Shareholders' Equity Share...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are pre...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
Question 2 Claret Corporation's comparative balance sheets and an income statement are as follows: Claret Corporation...
Question 2 Claret Corporation's comparative balance sheets and an income statement are as follows: Claret Corporation Balance Sheet 31 December 2015 31 December 2014 $ $ Cash 15,600 15,600 Accounts receivable 46,800 37,700 Inventory 32,500 36,400 Equipment (net) 57,200 66,300 152,100 156,000 Accounts payable 26,000 28,600 Dividends payable 7,800 14,300 Long-term note payable 14,300 14,300 Capital stocks @$5 par 72,800 72,800 Retained earnings 31,200 36,400 152,100 156,000 All sales were made on Account. Cash dividends declared during the year totaled...
The comparative balance sheets of Waterways Corporation's trrigation Installation Division for the years 2019 and 2020...
The comparative balance sheets of Waterways Corporation's trrigation Installation Division for the years 2019 and 2020 and the income statements for the year 2019 and 2020 are presented below. Additional information: 85% of the sales for Waterways were credit sales. There are 5,000 shares outstanding for both years. This is a private corporation whose shares are not available to the public. WATERWAYS CORPORATION-INSTALLATION DIVISION Balance Sheets December 31 Assets 2020 2019 Current assets Cash $839,900 $752,800 Accounts receivable 684,400 545,200...
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 960,00...
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 960,000 $ 1,200,000 Marketable securities 0 300,000 Accounts receivable, net 2,700,000 1,800,000 Inventory 3,600,000 2,000,000 Prepaid expenses 260,000 200,000 Total current assets 7,520,000 5,500,000 Plant and equipment, net 9,520,000 9,050,000 Total assets $ 17,040,000 $ 14,550,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,010,000 $ 2,980,000 Note payable, 10% 3,660,000 3,060,000 Total liabilities 7,670,000 6,040,000 Stockholders' equity: Common stock, $75 par value 7,500,000 7,500,000 Retained...
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 960,000 $...
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 960,000 $ 1,200,000 Marketable securities 0 300,000 Accounts receivable, net 2,700,000 1,800,000 Inventory 3,600,000 2,000,000 Prepaid expenses 260,000 200,000 Total current assets 7,520,000 5,500,000 Plant and equipment, net 9,520,000 9,050,000 Total assets $ 17,040,000 $ 14,550,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,010,000 $ 2,980,000 Note payable, 10% 3,660,000 3,060,000 Total liabilities 7,670,000 6,040,000 Stockholders' equity: Common stock, $75 par value 7,500,000 7,500,000 Retained...
$1,000,000 3 Requested loan amount HEDRICK COMPANY Comparative Balance Sheet This Year Last Year 9 Assets 10 Current assets: 11 Cash 12 Marketable securities 13 Accounts receivable, net 14 Inv...
$1,000,000 3 Requested loan amount HEDRICK COMPANY Comparative Balance Sheet This Year Last Year 9 Assets 10 Current assets: 11 Cash 12 Marketable securities 13 Accounts receivable, net 14 Inventory 15 Prepaid expenses $320,000 $420,000 100,000 600,000 1,300,000 800,000 60,000 2,600,0001,980,000 3,100,000 2,980,000 5700,000 4960,000 80,000 16 Total current assets 17 Plant and equipment, net 18 Total assets 19 20 Liabilities and Stockholders' Equity 21 Liabilities: 22 Current liabilities 23į Bonds payable, 10% 24 Total liabilities 25 Stockholders' equity 26...
Last Year Sabin Electronics Comparative Balance Sheet This Year Assets Current assets: Cash $ 150, Bee...
Last Year Sabin Electronics Comparative Balance Sheet This Year Assets Current assets: Cash $ 150, Bee Marketable securities Accounts receivable, net 737, Bee Inventory 1,145, Bee Prepaid expenses 38, Total current assets 2,eze, eee Plant and equipment, net 2,388,888 Total assets $ 4,378,8ee Liabilities and Stockholders Equity Liabilities: Current liabilities $ 900,0 Bonds payable, 12% 9ee, see Total liabilities 1,800,eee Stockholders' equity: Common stock, $20 par 890,000 Retained earnings 1,688,888 Total stockholders' equity 2,570,8ee Total liabilities and stockholders' equity $...
What is the Average Total Assets, Average Total Inventory,
Preferred Dividends, and Average Common Stockholders Equity ??
please show how with steps
Selected current year-end financial statements of Cabot
Corporation follow. (All sales were on credit; selected balance
sheet amounts at December 31 of the prior year were
inventory, $49,900; total assets, $229,400; common stock, $89,000;
and retained earnings, $33,215.)
Required:
Compute the following: (1) current ratio, (2) acid-test ratio, (3)
days' sales uncollected, (4) inventory turnover, (5) days' sales...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash at Bank Accounts Receivable Prepaid Insurance Inventory 52 45 10 6 58 46 250 170 Non-Current Assets Machinery less Accum. Depr Machinery Investments Total Assets 90 160 60 110 50 20 476 361 42 58 Current Liabilities Accounts Payable Wages Payable Income Tax Payable 3 8 10 5 Non-Current Liabilities Loan 130 100 185 171 Total Liabilities Net Assets 291 190 Shareholders' Equity Share...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
The comparative balance sheets of Waterways Corporation's trrigation Installation Division for the years 2019 and 2020 and the income statements for the year 2019 and 2020 are presented below. Additional information: 85% of the sales for Waterways were credit sales. There are 5,000 shares outstanding for both years. This is a private corporation whose shares are not available to the public. WATERWAYS CORPORATION-INSTALLATION DIVISION Balance Sheets December 31 Assets 2020 2019 Current assets Cash $839,900 $752,800 Accounts receivable 684,400 545,200...
$1,000,000 3 Requested loan amount HEDRICK COMPANY Comparative Balance Sheet This Year Last Year 9 Assets 10 Current assets: 11 Cash 12 Marketable securities 13 Accounts receivable, net 14 Inventory 15 Prepaid expenses $320,000 $420,000 100,000 600,000 1,300,000 800,000 60,000 2,600,0001,980,000 3,100,000 2,980,000 5700,000 4960,000 80,000 16 Total current assets 17 Plant and equipment, net 18 Total assets 19 20 Liabilities and Stockholders' Equity 21 Liabilities: 22 Current liabilities 23į Bonds payable, 10% 24 Total liabilities 25 Stockholders' equity 26...
Last Year Sabin Electronics Comparative Balance Sheet This Year Assets Current assets: Cash $ 150, Bee Marketable securities Accounts receivable, net 737, Bee Inventory 1,145, Bee Prepaid expenses 38, Total current assets 2,eze, eee Plant and equipment, net 2,388,888 Total assets $ 4,378,8ee Liabilities and Stockholders Equity Liabilities: Current liabilities $ 900,0 Bonds payable, 12% 9ee, see Total liabilities 1,800,eee Stockholders' equity: Common stock, $20 par 890,000 Retained earnings 1,688,888 Total stockholders' equity 2,570,8ee Total liabilities and stockholders' equity $...
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