please answer At June 30AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsIKIBAN INCORPORATEDComparative Balance SheetsEquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equityForSalesCost of goods soldGross profitOther gains (losses)Gain on sale of equipmentIncome before taxesIncome taxes expenseNet income2021Choose Numerator:$ 103,30075,50070,8005,100254,700131,000(30,500)$ 355,20011$ 32,0006,7004,10042,80037,00079,800Operating expenses (excluding depreciation)Depreciation expense234,00041,400$ 355,200IKIBAN INCORPORATEDIncome StatementYear Ended June 30, 20212020=$ 51,00058,00097,0006,800=212,800122,000(12,500)$ 322,300=$ 40,50016,4005,200Additional Informationa. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash.b. The only changes affecting retained earnings are net income and cash dividends paid.c. New equipment is acquired for $64,600 cash.62,10067,000129,100d. Received cash for the sale of equipment that had cost $55,600, yielding a $2,700 gain.e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.f. All purchases and sales of inventory are on credit.167,00026,200$ 322,300(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021.Cash Flow on Total Assets RatioChoose Denominator:$ 713,000418,000295,00074,00065,600155,4002,700158, 10044,590$ 113,510Cash Flow on Total Assets RatioCash flow on total assets ratio0

Cash flow on Total assets Ratio = Cash flow from Operating Activities/Average Total assets

(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Choose Denominator: =Cash Flow on Total Assets Ratio Cash flow on total assets ratio

(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Choose Denominator: =Cash Flow on Total Assets Ratio Cash flow on total assets ratio

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year 3,106.00 5,972.00 6,919.00 8,940.00 5,691.00 6,099.00 20,212.00 13,343.00 ??? ??? 2,850 18,751.00 500 2,850 22,826.00 500 965.00 1,016.00 1,259.00 1,123.00 3,086.00 6,750.00 16,982.00 22,296.00 75,731.00 73,844.00 4,053.00 6,596.00 19,950 20,000 35,937.00 34,762.00 46,360 45,530.00 350 920 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places.
O Accounts payable Accounts receivable Accruals Category Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Not fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year 3,153.00 5,992.00 6,936.00 9,031.00 5,792.00 6,116.00 20,429.00 13,896.00 ??? Category 222 2,850 22,561.00 500 952.00 4,008.00 46,360 350 What is the firm's cash flow from financing? 1,259.00 1,120.00 3,060.00 6,658.00 16,820.00 22,100.00 75,431.00 74,071.00 6,567.00 19,950 20,000 35,524.00 34,531.00 45,432.00 2,850 Submit 18,594.00 500 1,019.00 920 Answer format: Number: Round to: 0 decimal places
Use the following information to complete the Financial Statements a. Average collection period of 55 days Total equity is $2,250,000 C. Return on Equity of 12% d. Total assets turnover of 1.248 е. Gross profit margin of 40% f. Curren ratio of 3.5 g. Long term liabilities are $1,514,422.5 h. Initial inventory was $1,000,000 and the inventory turnover is 3 times i. The debt ratio (liabilities to assets) is 48% Income Statement Sales Cost of goods sold Gross profit Expenses and taxes Net profit b.
Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
Use the following financial statements and additional information. Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable. Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $ 352,100 $ 26,000 7,000 4,700 37,700 33,000 70,700 240,000 41,400 $ 352,100 $ 66,000 74,000 195,200 136,000 (12,000) $319,200 $ 772,000…
ASSETS Cash Accounts Receivable Inventory Plant and equipment Accumulated Depreciation TOTAL ASSETS LIABILITIES Accounts Payable Accrued Expenses Long Term Notes Payable TOTAL LIABILITIES EQUITIES Common Stock, No Par Retained Earnings TOTAL EQUITIES TOTAL LIABILITIES & EQUITIES COMPUTE THE 1. Current Ratio for 2020 & 2021 2. Quick Ratio for 2020 & 2021 2021 45,000.00 212,500.00 155,000.00 1,885,000.00 (480,000.00) 1,817,500.00 55,000.00 112,500.00 250,000.00 417,500.00 1,000,000.00 400,000.00 1,400,000.00 1,817,500.00 2020 50,000.00 207,500.00 140,000.00 1,662,500.00 (375,000.00) 1,685,000.00 47,500.00 110,000.00 237,500.00 395,000.00 1,000,000.00 290,000.00 1,290,000.00 1,685,000.00
E9-6 Current Position Analysis Obj. 3 .................. The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8: Cash Temporary investments Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Accounts payable Accrued liabilities Total current liabilities ▸ Details Dec. 31, 20Y9 $ 75,000 125,000 250,000 425,000 25,000 $ 900,000 $ 350,000 25,000 $ 375,000 Dec. 31, 2018 $ 50,000 75,000 200,000 305,000 20,000 $ 650,000 $ 230,000 20,000 $ 250,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. b. What conclusions can be drawn from these data?
Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings
Scanned with CamScanner Scanned with CamScanner Balance Sheets as at 31 December Non current asse Current assets ess depreciation Accounts reco Total assets Accounts pavable oan hotes Net awetse entory at 1 January 2018 was E50,000. Required: 2018 and 2019 Cn Net promt capons for and signi of any changes in the ratios shown by your calaton Scanned with CamScanner given below. Income Statements for the years ending 31 December 2018 2019 £00 £000 £000 E000 Sales Less Cost of sales Gross profit 200 (150) 50 280 (210) 70 Less Administration expenses 38 46 Loan note interest 4 (50) (38) 12 Net profit 20
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Compared to the ROE in 2020, the ROE in 2021 has Improved / 6.65% Improved / 3.43% Worsened / -6.65% Worsened / -3.43% Stayed the same / 0% by
Revenue Cost of goods sold Interest expense Income tax expense Net income Current assets (ending balance) Long-term assets (ending balance) Total assets (ending balance) Current liabilities (ending balance) Long-term liabilities (ending balance) Total liabilities (ending balance) Preferred dividends Total stockholders' equity (ending balance) Total outstanding shares Market price of shares Average inventory Average assets (excluding long-term investments) Average total assets Average total stockholders' equity Question 6 2021 2020 2019 2018 2017 10,901,977.24 7,508,199.16 5,727,216.00 3,941,696.00 3,011,800.00 2,061,536.40 1,374,357.60 1,025,640.00 683,760.00 518,000.00 1,052,060.00 891,576.00 768,600.00 610,000.00 500,000.00 1,225,572.00 845,222.00 640,320.00 441,600.00 320,000.00 5,571,720.00 3,714,480.00 2,772,000.00 1,848,000.00 1,400,000.00 11,751,396.40 9,039,535.60 68,480,133.20 5,035,392.00 4,060,800.00 6,091,200.00 17,627,094.60 13,559,303.40 102,720,199.80 7,553,088.00…