FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Net working capital increases when: A. a credit customer pays for his or her purchase B. inventory is sold at cost. C. fixed assets are purchased for cash D. inventory is purchased on creditarrow_forwardThe comparative statements of Lily Company are presented here. Net sales Lily Company Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income Assets Current assets Cash Debt investments (short-term) Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Lily Company Balance Sheets December 31 Liabilities and Stockholders' Equity Current liabilities Accounts payable Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 282,200 265,700 547,900 $971,800 $1,815,100 1,011,300 2022 803,800 517,400 286,400 2022 267,600 80,016 $ 187,584 $60,100 68,100 18,800 304,000 161,700 465,700 $852,700 116,200 123,100 367,500 604.300 $971,800 $160,300 2021 $64,600 50,200 102,900 114,500 332,200 520,500 $852,700…arrow_forwardData table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I Xarrow_forward
- Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…arrow_forwardsolve yellow blanks thank you!arrow_forwardShow the computation of Cash-Flow from Assets and how this Cash-Flow is distributed to Debtholders (or Creditors) and Stockholders.arrow_forward
- 4.3 Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 177,000 $ 121,300 Accounts receivable 102,500 84,000 Inventory 620,500 539,000 Total current assets 900,000 744,300 Equipment 370,000 312,000 Accumulated depreciation—Equipment (164,500) (110,500) Total assets $ 1,105,500 $ 945,800 Liabilities and Equity Accounts payable $ 113,000 $ 84,000 Income taxes payable 41,000 31,600 Total current liabilities 154,000 115,600 Equity Common stock, $2 par…arrow_forwardAnswer Using the Pictures 4) Evaluate the information from (i) two liquidity ratios (ii) four debt management ratios (iii) four profitability ratiosarrow_forwardQuiz Q5arrow_forward
- Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land. Interest expense VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 Income tax expense Total expenses Net income. Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable 2025 $3,495,000 2,477,000 1,018,000 952,000 27,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 16,500 7,700 1,003, 200 14,800 2024 $3,021,000 1,947,000 1,074,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 855,000 25,500 7,700 13,500 46,500 948,200 125,800 2025 $199,500 73,500 123,500 13,700 102,000 297,000 297,000 (91,500) $1,014,700 $213,600 8,100 11,700 370,000 297,000…arrow_forwardCurrent assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable Income tax payable Total current liabilities (a1) a. $8,600 Current ratio 12,900 b. Quick ratio 145,000 5,200 $171,700 $53,300 3,600 1,000 $57,900 2024 $30,100 10,300 :1 105,000 $152,300 :1 6,900 $40,400 5,000 1,000 $46,400 $27,100 7,700 100,000 During 2024, credit sales and cost of goods sold were $138,040 and $82,500, respectively. The 2023 and 2022 credit sales were $151,200 and $151,840, respectively, and the cost of goods sold for the same periods were $79,950 and $82,325, respectively. The accounts receivable and inventory balances at the end of 2021 were $6,900 and $85,000, respectively. 5,600 $140,400 Using the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decimal place, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal…arrow_forwardQuestion 6 Kuipers, Inc. 2018 statement of comprehensive income ($ in millions) Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable income Less: Taxes Net income Addition to retained earnings Dividends paid Kuipers, Inc. 2017 and 2018 Statement of financial positions ($ in millions) Cash Accounts rec. Inventory Total Net fixed assets Total assets 2017 $100 350 440 $890 1,556 $2,446 2018 $121 Accounts payable 425 Notes payable 410 Total $956 Long-term debt 1,704 Owner's equity Common stock Retained earnings Total $2,660 Total liabilities 2017 $400 390 $790 500 600 556 1,156 $2,446 2018 $1,384 605 180 599 80 519 156 $363 $254 109 $350 370 $720 550 580 810 1,390 $2,660 If the firm has 180 million shares of stock outstanding, what is the firm's 2018 dividends per share?arrow_forward
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