Homework Help Question & Answers

Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent...

Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent annual reports of tProblem 12-17 (Part Level Submission) Poston, Inc., and Victor Enterprises are competitors in the toy industry. Last year theSelected account information in $ millions) from Target Corporations 2015 annual report follows. While the company has authoPippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cos2015 $25,800 127,000 80,700 10,000 243,500 576,000 $819,500 2014 $20,500 94,300 56,000 4,600 175,400 540,300 $715,700 PippinPrepare common-size financial statements for the three years. (Round percentage answers to 1 decimal places, e.g. 32.7. ListAssets 2016 2015 2014 Liabilities & Stockholders EquityStockholders Equity

Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent annual reports of two companies. Cost of goods sold Average inventory Company A $27,303.1 $2,758.1 Company B $26,558.0 $4,949.5 (1) Calculate each company's inventory turnover. (Round answers to 1 decimal place, e.g. 2.5.) Company A Company B Inventory turnover times times Click if you would like to Show Work for this question: Open Show Work
Problem 12-17 (Part Level Submission) Poston, Inc., and Victor Enterprises are competitors in the toy industry. Last year the companies' operations were identical, the only difference between them being that Poston uses the last-in, first-out inventory costing method and Victor uses the first-in, first-out method. Inventory prices increased during the year. The two companies reported the following amounts in their financial statements. Poston, Inc. Sales revenue Cost of goods sold Average inventory $17,000,000 $10,000,000 $1,000,000 Victor Enterprises $17,000,000 $9,500,000 $1,250,000 v (a) Calculate inventory turnover for each company. (Round answers to 1 decimal place, e.g. 50.1.) Poston, Inc. Victor Enterprises Inventory turnover times times Click if you would like to Show Work for this question: Open Show Work
Selected account information in $ millions) from Target Corporation's 2015 annual report follows. While the company has authorized the issuance of 5 million shares of preferred stock, none have been issued. Income from continuing operations Total assets Total common shareholders' equity 2015 $3,321 $40,262 $12,957 2014 $2,449 $41,172 $13,997 x Your answer is incorrect. Try again. Calculate Target Corporation's return on assets for 2015. (Round answers to 1 decimal place, e.g. 50.1%.) Return on assets LINK TO TEXT LINK TO VIDEO * Your answer is incorrect. Try again. Calculate Target Corporation's return on common stockholders' equity for 2015. (Round answers to 1 decimal place, e.g. 50.1%.) Return on common stockholder's equity
Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900 157,800 63,120 $94,680
2015 $25,800 127,000 80,700 10,000 243,500 576,000 $819,500 2014 $20,500 94,300 56,000 4,600 175,400 540,300 $715,700 Pippin Piping Co. Comparative Balance Sheets As of December 31 Assets 2016 Cash $32,000 Accounts receivable (net) 126,860 Inventory 60,000 Prepaid expenses 11,000 Total current assets 229,860 Property & equipment (net) 668,900 Total Assets $898,760 Liabilities and Stockholders' Equity Accounts payable $53,120 Accrued expenses 11,000 Total current liabilities 64,120 Long-term debt 170,000 Total liabilities 234,120 Stockholders' Equity Common stock, $0.50 par value 6,000 Additional paid-in capital 99,000 Retained earnings 559,640 Total stockholders' equity 664,640 Total Liabilities and Stockholders' Equity $898,760 $81,200 12,240 93,440 160,000 253,440 $79,100 41,700 120,800 150,000 270,800 6,000 99,000 461,060 566,060 $819,500 5,000 62,000 377,900 444,900 $715,700
Prepare common-size financial statements for the three years. (Round percentage answers to 1 decimal places, e.g. 32.7. List Assets in order of liquidity. Do not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the number, e.g. -45.) Income Statement 2016 2015 2014
Assets 2016 2015 2014 Liabilities & Stockholders' Equity
Stockholders' Equity
0 0
Next > < Previous
ReportAnswer #1
Company A Company B
Cost of goods sold=(A) $ 27,303.10 $     26,558.00
Average Inventory=(B) $    2,758.10 $       4,949.50
Inventory Turnover=Cost of goods sold/Average Inventory
Inventory Turnover=(A)/(B) 9.9 Times 5.4 Times
Target Corporation
2015 2014
Income from Continuing operation=(A) $    3,321.00 $   2,449.00
Total Assets $ 40,262.00 $ 41,172.00
Total common stockholder's equity $ 12,957.00 $ 13,997.00
Average total Assets=(Beginning Assets+Ending Assets)/2
Average total Assets=($41172+$40262)/2=(B) $ 40,717.00
Return on Total Assets=Income from Continuing operation/Average total assets 8.2%
Return on Stockholder's Equity=Income from continuing operation/Average Stockholder's equity
Income from Continuing operation=(A) $    3,321.00
Average Stockholder's Equity=(Beginning Stockholder's equity+Ending Stockholder's Equity)/2=($13997+$12957)/2=(B) $ 13,477.00
Return on Stockholder's Equity=(A)/(B) 24.6%
Know the answer?
Add Answer of:
Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Problem 12-17 (Part Level Submission) Poston, Inc., and Victor Enterprises are competitors in the toy industry. Last ye...

    Problem 12-17 (Part Level Submission) Poston, Inc., and Victor Enterprises are competitors in the toy industry. Last year the companies' operations were identical, the only difference between therm being that Poston uses the last-in, first-out inventory costing method and Victor uses the first-in, first-out method. Inventory prices increased during the year. The two companies reported the following amounts in their financial statements. Victor Enterprises Poston, Inc. Sales revenue $17,000,000 $17,000,000 Cost of goods sold $10,000,000 $9,500,000 $1,000,000 $1,250,000 Average inventory...

  • Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative...

    Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900...

  • Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative...

    Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900...

  • Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative...

    Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900...

  • Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative...

    Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900...

  • Case Question 12-22 Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow Pippin...

    Case Question 12-22 Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow Pippin Piping Co. 2016 2015 2014 Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Other revenue Interest expense $576,600 $523,000 $484,200 291,000 259,200 234,300 285,600 263,800 249,900 106,200 104,600 104,100 179,400 159,200 145,800 22,500 15,900 23,900 11,200 10.500 11,900 Income before income tax 190,700 164,600 157,800 Income tax expense (40%) 76,280 65,840 63,120 $114,420 $98,760 $94,680 Net income Pippin Piping Co....

  • Case Question 12-22 Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow Pippin...

    Case Question 12-22 Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow Pippin Piping Co. 2016 2015 2014 Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Other revenue Interest expense $576,600 $523,000 $484,200 291,000 259,200 234,300 285,600 263,800 249,900 106,200 104,600 104,100 179,400 159,200 145,800 22,500 15,900 23,900 11,200 10.500 11,900 Income before income tax 190,700 164,600 157,800 Income tax expense (40%) 76,280 65,840 63,120 $114,420 $98,760 $94,680 Net income Pippin Piping Co....

  • Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative...

    Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900...

  • Selected account information (in $ millions) from Target Corporation's 2015 annual report follows. While the company...

    Selected account information (in $ millions) from Target Corporation's 2015 annual report follows. While the company has authorized the issuance of 5 million shares of preferred stock, none have been issued. 2015 2014 Income from continuing operations $3,321 $2,449 Total assets $40,262 $41,172 $12,957 $13,997 Total common shareholders' equity Calculate Target Corporation's return on assets for 2015. (Round answers to 1 decimal place, e.g. 50.1%.) Return on assets e Textbook and Media Calculate Target Corporation's return on common stockholders' equity...

  • Pippin Piping Co. For the Years Eaded December 31 2016 2015 2014 Sales revenue Cost of...

    Pippin Piping Co. For the Years Eaded December 31 2016 2015 2014 Sales revenue Cost of goods sold Gross margin $576,600 $523,000 $484,200 291,000 259,200 234,300 285,600 263,800 249,900 106,200 104,600 104,100 179,400 159,200 145,800 15,900 23,900 11,200 10,500 11,900 Income before income tax 190,700 164,600 157.800 Income tax expense (4096) 76,280 65,840 63,120 $114,420 $98,760 $94,680 Operating income Other revenue Interest expense Net income Pippin Piping Co. Comparative Balance Sheets As of December 31 2014 $32,000 $25,800 $20,500 126,860...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
Share Your Knowledge

Post an Article
Post an Answer
Post a Question with Answer

Self-promotion: Authors have the chance of a link back to their own personal blogs or social media profile pages.