A company's financial records at the end of the year included the following amounts: $ 71,600 29,600 Cash Accounts Receivable Supplies Accounts Payable Notes Payable Retained Earnings, beginning of year Common Stock Service Revenue Wages Expense Advertising Expense Rent Expense Multiple Choice What is the amount of net income on the Income Statement for the year? O о $14,800 $92,000 $33,400 5,600 11,600 5,800 18,600 56,000 42,600 $24,400 9,600 6,600 11,600

A company's financial records at the end of the year included the following amounts: $ 71,600 29,600 Cash Accounts Receivable Supplies Accounts Payable Notes Payable Retained Earnings, beginning of year Common Stock Service Revenue Wages Expense Advertising Expense Rent Expense Multiple Choice What is the amount of net income on the Income Statement for the year? O о $14,800 $92,000 $33,400 5,600 11,600 5,800 18,600 56,000 42,600 $24,400 9,600 6,600 11,600

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Prepare an income statement.
Ratio of liabilities to stockholders equity and times interest earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: The income before income tax expense was 480,000 and 420,000 for the current and previous years, respectively. A. Determine the ratio of liabilities to stockholders equity at the end of each year. Round to one decimal place. B. Determine the times interest earned ratio for both years. Round to one decimal place. C. What conclusions can be drawn from these data as to the companys ability to meet its currently maturing debts?
Indicate how a company computes the amount of interest and income taxes that it paid during the year.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Return on total assets A company reports the following income statement and balance sheet information for the current year: Net income $485,900 Interest expense 85,750 Average total assets 5,150,000 Determine the return on total assets. If required, round the percentage to one decimal place.
Return on Total Assets A company reports the following income statement and balance. sheet information for the current year: Net income Interest expense Average total assets $471,500 83,200 6,450,000 Determine the return on total assets. If required, round the answer to one decimal place. %
Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $418,290 Interest expense 73,810 Average total assets 3,700,000 Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings. Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 25,693 75,195 91,790 7,868 226,383 $426,929 $ 106,305 81,065 162,500 77,059 For both the current year and one year ago, compute the following ratios: $ 338,555 172,052 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses 9,435 7,215 Exercise 17-10 (Algo) Analyzing efficiency and profitability LO P3 Current Year 1 Year Ago $ 40,894 $ 60,955 86,343 66,412 163,500 163,500 57,244 38,994 $426,929 $ 368,042 $ 309,800 $ 30,032 51,526 68,088 7,729 210,667 $ 368,042 $ 555,008 527,257 $…
The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash Marketable securities Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities. $620,500 718,500 294,000 749,800 386,200 $2,769,000 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has in current assets relative to current liabilities. $411,800 298,200 $710,000 $496,000 558,000 186,000 529,500 338,500 $2,108,000 $434,000 186,000 $620,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an