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| Correct option is: B. $8,333 | |||
| Workings: | |||
| 2018 | 2017 | 2016 | |
| Net Tangible assets | $ 4,00,000 | $ 4,20,000 | $ 5,00,000 |
| Normal Rate of return | 15% | 15% | 15% |
| Expected profit | $ 60,000 | $ 63,000 | $ 75,000 |
| Average earnings for prior 3 years | $ 70,000 | $ 75,000 | $ 78,000 |
| Expected profit | $ 60,000 | $ 63,000 | $ 75,000 |
| Increase (decrease) Returns | $ 10,000 | $ 12,000 | $ 3,000 |
| Average of Increase (decrease) Returns | = | ($10000 + $12000 + $3000) / 3 | |
| = | $ 8,333 | ||
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20. The books of the Monmouth Corporation show the following: Average earnings for 2018 2017 2016 prior 3 years $70...
20. The books of the Monmouth Corporation show the following: Average earnings for prior 3 years...
20. The books of the Monmouth Corporation show the following: Average earnings for prior 3 years Net tangible assets 2016 $78,000 $50,000 2018 $70,000 $40,000 2017 $75,000 $42,000 If it is expected that 15% would be normal earnings on net tangible assets, then the average excess earnings are A. $7,120 B. $8,333 C. $9,800 D. $10,800 A bueine
(a) Compute earnings per share for 2017 and 2016 for Blossom. (Round answers to 2 decimal...
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Prepare a statement of cash flows based on the following financial statements: Balance Sheet 2017 2018...
Prepare a statement of cash flows based on the following
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Balance Sheet 2017 2018 Assets Current assets Cash $5,000 $6,500 Accounts receivable $31,500 30,000 $42,000 Inventory 40,000 Total $75,000 $80,000 Fixed assets Net plant and equipment $393,750 375,000 $450,000 Total assets $473,750 Liabilities and Owners Equity Current liabilities Accounts payable $50,000 $53,750 Notes payable 25,000 $26,250 Total $75,000 $80,000 Long-term debt Owners' equity $85,000 $89,250 Common stock $60,000 $63,000 Accumulated retained 241,500 230,000 earnings Total $290,000 $304,500 Total...
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Presented here are the comparative balance sheets of Hames, Inc., at December 31, 2017 and 2016....
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Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Net Income Dividends Declared 2014 2015 2016 $ 40,000 $ 125,000 160,000 50,000 50,000 The following information relates to 2017. Income before income tax $ 240,000 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods, 25,000 (before taxes) Dividends declared (of this amount, $25,000 will...
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Prepare a statement of cash flows based on the following
financial statements:
Balance Sheet 2017 2018 Assets Current assets Cash $5,000 $6,500 Accounts receivable $31,500 30,000 $42,000 Inventory 40,000 Total $75,000 $80,000 Fixed assets Net plant and equipment $393,750 375,000 $450,000 Total assets $473,750 Liabilities and Owners Equity Current liabilities Accounts payable $50,000 $53,750 Notes payable 25,000 $26,250 Total $75,000 $80,000 Long-term debt Owners' equity $85,000 $89,250 Common stock $60,000 $63,000 Accumulated retained 241,500 230,000 earnings Total $290,000 $304,500 Total...
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