The following information was available for the year ended December 31, 2013: Earnings before interest and taxes (operating income) $ 60,000 Net income $ 35,000 Interest expense 10,000 Total assets at year-end 200,000 Income tax expense 15,000 Total liabilities at year-end 120,000 Calculate the debt ratio at December 31, 2013.
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- The following is a partial listing of accounts for XYZ, Inc., for the year ended December 31, 2020. Required: Prepare multiple step income statement for the year of 2020. Finished Goods Current Maturities of Long-Term Debt Accumulated Depreciation Accounts Receivable $ 38,872 2,515 19,960 Sales Revenue 6,273 127,260 Treasury Stock 251 Prepaid Expenses 2,199 Deferred Taxes (long-term liability) 8,506 Interest Expense 2,410 Allowance for Doubtful Accounts 915 Retained Earnings 18,951 Raw Materials 9,576 Accounts Payable 19,021 Cash and Cash Equivalents 8,527 Sales Salaries Expense 872 Cost of Goods Sold 82,471 Investment in Unconsolidated 3,559 Subsidiaries Income Taxes Payable 8,356 Work In Process 1,984 Additional Paid-In Capital 9,614 Equipment 41,905 Long-Term Debt 15,258 Rent Income 2,468 Common Stock 3,895 Notes Payable (short-term) 6,156 Income Tax Expense 2,461Suppose the Crane Ltd's 2020 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities NT$3,536.0 31,408.0 3,016.0 16,640.0 Compute the following values. Interest expense Income taxes Net income NT$520.0 (a) Debt to assets ratio. (Round to O decimal places, e.g. 62%.) 1,976.0 4,590.0 (b) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) % timesMMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,195; cost of goods sold, $1,430; selling expense, $210; general and administrative expense, $200; interest expense, $35; and gain on sale of investments, $100. Income tax expense has not yet been recorded. The income tax rate is 25%.
- What do the following data, taken from a comparative balance sheet, indicate about the company’s ability to borrow additional long-term debt in thecurrent year as compared to the preceding year? Current Year Preceding YearFixed assets (net) $1,260,000 $1,360,000Total long-term liabilities 300,000 400,000Use the below information to answer the following question. Sales Cost of goods sold Depreciation Income Statement For the Year Taxable income Taxes Earnings before interest $4,500 and taxes Interest paid Net income Dividends $900 Balance Sheet End-of-Year Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Long-term debt Common stock ($1 par value) Retained earnings O O O O Total Liab. & Equity 33 percent 40 percent 50 percent $28,400 60 percent 21,200 2,700 67 percent 850 $3,650 1,400 $2,250 $550 2,450 4,700 $7,700 What was the retention ratio? 16,900 $24,600 $ 2,700 9,800 8,000 4,100 $24,600Income Statement Bullseye, Incorporated's 2018 income statement lists the following income and expenses: EBIT = $906,500, Interest expense = $85,000, and Net income = $579,000. What is the 2008 Taxes reported on the income statement?
- For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data. Income before income taxes $423.000Glendale Ltd. reported the following selected data at December 31, 2021 and 2020: 2021 2020 Total assets $515,000 $529,000 Total liabilities 309,000 302,000 Interest expense 13,000 12,000 Income tax expense 25,500 22,500 Profit 85,000 75,000 Calculate Glendale Ltd.'s (a) debt to total assets and (b) interest coverage ratios for each of the years 2021 and 2020 and comment on any trends.K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
- The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?Computing NOPAT, NOPM and RNOA Selected information from the financial statements of GoPro, Inc. is provided below: ($ thousands) Revenue Operating income Net interest expense and other nonoperating expense Net income Operating assets Operating liabilities 2014 $ 121,573 2013 $ 64,157 Assume a statutory tax rate of 35%. a. Compute GoPro's net operating profit after taxes (NOPAT) for 2014 and 2013. Round answers to the nearest whole number. 2014 2013 2014 2013 $1,392,450 $984,725 b. Compute GoPro's net operating profit margin (NOPM) for each year. Round answers to one decimal place. (Ex: 0.2345 = 23.5%) 8.7% 6.5 % 187,035 98,703 6,032 7,357 125,888 60,758 815,643 439,716 276,487 254,227 33.6% c. Compute GoPro's return on net operating assets (RNOA) for 2014. Round answers to one decimal place. (Ex: 0.2345 = 23.5%) 2014The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous Year Accounts payable $67,712 $52,900 Long-term debt 30,966 39,700 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a as positive numbers. Amount of Change Increase/Decrease Percentage Accounts payable Long-term debt