Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 $59,650,000 Net income.... 8,160,000 Cash dividends declared 1,000,000 Stock dividends declared 2,600,000 Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2.
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- 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.Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at the end of the year. Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable?Rockwell Inc. reported the following results for the year ended June 30, 20Y5:Retained earnings, July 1, 20Y4 $3,900,000Net income 714,000Cash dividends declared 100,000Stock dividends declared 50,000Prepare a retained earnings statement for the fiscal year ended June 30, 20Y5.
- Selected current year-end financial statements of Genesis Corporation follow. All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $48,900; total assets, $189,400; common stock, $90,000; and retained earnings, $33,748. Compute the following: total asset turnover, return on total assets, and return on equity. Round to one decimal place.Noric Cruises Inc. reported the following results for the year ended October 31, 20Y9:Retained earnings, November 1, 20Y8 $12,400,000Net income 2,350,000Cash dividends declared 175,000Stock dividends declared 300,000Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.Income Statement Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $13,600; cost of goods sold, $8,300; operating expenses, $3,200; and income tax expense, $630. Assume shareholders owned 500 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year. GOLDFINGER CORPORATION Income Statement For the Year Ended December 31, Current Year Sales revenue
- The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.40 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Retained earnings, January 1 $3,712,000.00 $3,262,000.00 3 Net income 630,000.00 560,000.00 4 Total $4,342,000.00 $3,822,000.00 5 Dividends: 6 On preferred stock $10,000.00 $10,000.00 7 On common stock 100,000.00 100,000.00 8 Total dividends $110,000.00 $110,000.00 9 Retained earnings, December 31 $4,232,000.00 $3,712,000.00 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,860,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,440,000.00 4 Gross profit $4,860,000.00…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 %The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.80 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Retained earnings, January 1 $3,716,000.00 $3,266,000.00 3 Net income 630,000.00 560,000.00 4 Total $4,346,000.00 $3,826,000.00 5 Dividends: 6 On preferred stock $10,000.00 $10,000.00 7 On common stock 100,000.00 100,000.00 8 Total dividends $110,000.00 $110,000.00 9 Retained earnings, December 31 $4,236,000.00 $3,716,000.00 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,860,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,440,000.00 4 Gross profit…
- The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 62 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Retained earnings, January 1 $1,808,800 $1,544,500 Net income 414,400 316,300 Total $2,223,200 $1,860,800 Dividends: On preferred stock $13,300 $13,300 On common stock 38,700 38,700 Total dividends $52,000 $52,000 Retained earnings, December 31 $2,171,200 $1,808,800 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $2,413,380 $2,223,550 Cost of goods sold 825,630 759,580 Gross profit $1,587,750 $1,463,970 Selling expenses $541,940 $662,800 Administrative expenses 461,660 389,260 Total operating expenses $1,003,600 $1,052,060 Income from…The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Retained earnings, January 1 $3,704,000.00 $3,264,000.00 3 Net income 600,000.00 550,000.00 4 Total $4,304,000.00 $3,814,000.00 5 Dividends: 6 On preferred stock $10,000.00 $10,000.00 7 On common stock 100,000.00 100,000.00 8 Total dividends $110,000.00 $110,000.00 9 Retained earnings, December 31 $4,194,000.00 $3,704,000.00 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit…The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Retained earnings, January 1 $3,704,000.00 $3,264,000.00 3 Net income 600,000.00 550,000.00 4 Total $4,304,000.00 $3,814,000.00 5 Dividends: 6 On preferred stock $10,000.00 $10,000.00 7 On common stock 100,000.00 100,000.00 8 Total dividends $110,000.00 $110,000.00 9 Retained earnings, December 31 $4,194,000.00 $3,704,000.00 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit…
