Fitz Company reports the following information. Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 412,000 Accounts receivable decrease 47,000 Inventory decrease 7,300 Prepaid expenses increase 6,200 Accounts payable decrease Salaries payable increase $ 123,200 50,500 5,800 9,000 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities 2$

Fitz Company reports the following information. Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $ 412,000 Accounts receivable decrease 47,000 Inventory decrease 7,300 Prepaid expenses increase 6,200 Accounts payable decrease Salaries payable increase $ 123,200 50,500 5,800 9,000 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities 2$

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 52CE: Asset Efficiency Ratios Selected financial statement numbers for Rutherford Company follow....

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Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign.
The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Result
Question Content Area Income Statement An analysis of the transactions of Rutherford Company for the year ended December 31, yields the following information: sales revenue, $149, 700; insurance expense, S4, 300; interest income, 58, 500; cost of goods sold, $64, 800; salaries expense, $22, 500; income taxes expense, $2, 400; and loss on disposal of property, plant, and equipment, $1, 200. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Required: Prepare a single - step income statement. Rutherford Company Income Statement For the year ending December 31 Revenues and gains: Sfill in the blank 3 fill in the blank 5 Total revenues Sfill in the blank 6 Expenses and losses: Sfill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 fill in the blank 16 Total expenses and losses fill in the blank 17 Sfill in the blank 19
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…
Analyze, Forecast, and Interpret Income Statement and Balance SheetFollowing are the income statement and balance sheet of ADP Inc. DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues $8,505.1 Operating expenses 4,287.5 Systems development and programming costs 381.8 Depreciation and amortization 182.6 Total cost of revenues 4,851.9 Selling, general, and administrative expenses 1,838.5 Interest expense 77.9 Total expenses 6,768.3 Other (income) expense, net (66.7) Earnings before income taxes 1,803.5 Provision for income taxes 427.7 Net earnings $1,375.8 DATA PROCESSING INC. Balance Sheet $ millions June 30, 2019 Current assets Cash and cash equivalents $1,169.5 Accounts receivable, net 1,463.6 Other current assets 311.8 Total current assets before funds held for clients 2,944.9 Funds half for clients 17,660.5 Total current assets 20,605.4 Long-term receivables,…
The Income Statement and additional data of Crawford Properties, Inc., follows:CRAWFORD PROPERTIES Inc.Income StatementFor Year Ended June 30, 20X6Revenues:Sales revenue $237,000Expenses:Cost of goods sold $103,000Salary expense 58,000Depreciation expense 29,000Income taxes expense 9,000 199,000Net Income $38,000Additional data:a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and$15,000 by signing a note payable.b) Proceeds from sale of land total $24,000c) Proceeds from issuance of common stock total $30,000d) Payment of long-term note payable is $15,000e) Payment of dividends is $11,000f) From the balance sheet30/6/X 6 30/6/X 5Current Assets:Cash & cash equivalents $27,000 $20,000Accounts receivable 43,000 58,000Inventories 92,000 85,000Current Liabilities:Accounts payable $35,000 $22,000Accrued liabilities 13,000 21,000Required:Prepare Crawford Properties, Inc.’s statement of cash flows for the year endedJune 30, 20X6, using the indirect…
Analyze Home Depot The Home Depot (HD) reported the following data (in millions) in its recent financial statements: a. Determine the asset turnover ratio for Home Depot for Year 2 and Year 1. Round to two decimal places. b. What conclusions can be drawn from these ratios concerning the change in the ability of Home Depot to effectively use its assets to generate sales?
Asset Efficiency Ratios Selected financial statement numbers for Rutherford Company follow. Required: 1. Using this information, calculate Rutherfords receivable turnover ratio (rounded to two decimal places.) 2. Using this information, calculate Rutherfords asset turnover ratio (rounded to two decimal places) and also convert the ratio into days (rounded to the nearest whole day).
The Home Depot reported the following data (in millions) in its recent financial statements: a. Determine the asset turnover for The Home Depot for Year 2 and Year 1. Round to two decimal places. b. What conclusions can be drawn concerning the trend in the ability of The Home Depot to effectively use its assets to generate sales?
Compare Dollar Tree and Dollar General The asset turnover ratios for two recent years for Dollar Tree, Inc. (DLTR) are shown in the Analysis for Decision Making section of this chapter. Using your results from MAD 5-2, compare and interpret the asset turnover ratios for Dollar Tree and Dollar General (DG).
Do the calculations in excel, attach excel screenshots and explain the steps and formulas used for solving the problem. Following are the particulars available
Selected current year company information follows: Net income. Net sales Total liabilities, beginning-year Total liabilities, end-of-year Total stockholders' equity, beginning-year Total stockholders' equity, end-of-year The total asset turnover is: (Do not round Intermediate calculations.) $ 16,753 720,855 91,932 111, 201 206,935 133,851