A company had comparative balance sheets and income statement for the year 2010 as follows:Balance SheetsJan. 1, 2010$ 120Cash.Accounts receivableInventory.Prepaid insurance.Total current assets..Plant and equipment..Accumulated depreciation.Total assets..Dec 31, 2010$ 1701902402062016020040520$ 400(120)$ 500(140)280360S 800$ 980Accounts payable.Income taxes payable..Total current liabilities.Long-term debt.Capital stock.Retained earnings.Total liabilities and equity.$ 27040310120$ 30050350150220260S 980170200S 800Income Statement for Year 2010Sales .Expenses:Cost of goods sold..Depreciation ..Insurance.Loss (gain) on sale of equipment..Other expenses..Income before taxes..Income taxes..$1,000$ 6005030(20)15081019080$ 110Net income.The cost of equipment sold during 2010 (on which a gain of $20 was recognized) was $50.6) Cash provided by operating activities during the year 2010 amounted to:A) $170B) $150C) $130D) $120E) $100

Cash Flow Statement:- It is a statement showing inflow and outflow of cash during the period of…

A company had comparative balance sheets and income statement for the year 2010 as follows: Balance Sheets Dec 31, 2010 Jan. 1, 2010 $ 120 160 200 40 520 $ 170 190 240 20 620 Cash. Accounts receivable . Inventory .. Prepaid insurance. Total current assets.. Plant and equipment. Accumulated depreciation.. Total assets.. $ 400 (120) 280 S 800 $ 500 360 S 980 (140) $ 270 40 310 $ 300 50 350 Accounts payable. Income taxes payable. Total current liabilities. Long-term debt. Capital stock. Retained earnings. Total liabilities and equity. 150 220 260 S 980 120 170 200 S 800 Income Statement for Year 2010 Sales. Expenses: Cost of goods sold. Depreciation. Insurance. Loss (gain) on sale of equipment.. Other expenses.. Income before taxes. Income taxes. Net income. $1,000 $ 600 50 30 (20) 150 810 190 80 $ 110 The cost of equipment sold during 2010 (on which a gain of $20 was recognized) was $50. 6) Cash provided by operating activities during the year 2010 amounted to: A) $170 B) $150 C) $130 D) $120 E) $100

A company had comparative balance sheets and income statement for the year 2010 as follows: Balance Sheets Dec 31, 2010 Jan. 1, 2010 $ 120 160 200 40 520 $ 170 190 240 20 620 Cash. Accounts receivable . Inventory .. Prepaid insurance. Total current assets.. Plant and equipment. Accumulated depreciation.. Total assets.. $ 400 (120) 280 S 800 $ 500 360 S 980 (140) $ 270 40 310 $ 300 50 350 Accounts payable. Income taxes payable. Total current liabilities. Long-term debt. Capital stock. Retained earnings. Total liabilities and equity. 150 220 260 S 980 120 170 200 S 800 Income Statement for Year 2010 Sales. Expenses: Cost of goods sold. Depreciation. Insurance. Loss (gain) on sale of equipment.. Other expenses.. Income before taxes. Income taxes. Net income. $1,000 $ 600 50 30 (20) 150 810 190 80 $ 110 The cost of equipment sold during 2010 (on which a gain of $20 was recognized) was $50. 6) Cash provided by operating activities during the year 2010 amounted to: A) $170 B) $150 C) $130 D) $120 E) $100

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

Using the information below calculate the ROC of the company Years Revenue ($M) Net Income ($M) 2012 221.8 2.9 2013 473.8 20.2 2014 627.7 36.4 2015 947.8 45.0 2016 1,015.5 50.3 2017 1,046.2 64.9 2018 1,293.2 90.4 Years Total Assets ($M) Fixed Assets ($M) Current Assets ($M) Total Equity ($M) Retained Earnings ($M) 2012 430 286 144 293 12.8 2013 956 501 455 558 33.0 2014 922 668 324 620 69.4 2015 1103 796 307 665 114.4 2016 1120 835 285 729 164.7 2017 1294 738 556 805 229.6 2018 2053 703 1350 934 320
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 %
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?
Return on Total Assets A company reports the following income statement and balance. sheet information for the current year: Net income Interest expense Average total assets $471,500 83,200 6,450,000 Determine the return on total assets. If required, round the answer to one decimal place. %
The following information is taken Aiello Corporation's fiscal 2016 annual report. Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087 Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year? a. $1,003,881 b. $1,004,635 c. $1,003,127 d. $1,247,301
The following data are available for Sea Containers Ltd.. Compute return on assets as a percentage (round to 2 decimal places) : Net income 11 Interest Expense 0 Begin Total Assets 1250 End Total Assets 1810 Begin Equity End Equity 710 570 Sales 8010
Comparative income statements and balance sheets for F&N are shown below ($ millions): Year 2 Year 1 Income Statement $19,889 6,204 Net sales. $20,092 6,044 Cost of goods Gross profit. Selling, general, and administrative expense Depreciation and amortization expense Interest expense (revenue) 14,048 7,893 803 (308) 13,685 9,221 773 292 3,399 1,222 Income before tax 5,660 1,691 Income tax expense. Net income $ 3,969 $ 2,177 Outstanding shares 3,491 3,481
=HCS/380 Ratio Calculations Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Long-term liabilities Stockholder's equity - common 1,030 Total liabilities and stockholder's equity $2,340 Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income Statement Income before income taxes Income tax expense Net Income $330 470 460 120 1,380 10 420 530 $2,340 $900 410 2022 $3,800 955 2,400 25 3,380 420 126 $294 2021 $360 400 390 160 1,310 10 380 510 $2,210 $790 380 1,040 $2,210 2021 $3,460 890 2,330 20 3,240 220 66 $154 - Academic Resources Calculate the 2021 Inventory Turnover ratio. Use…
Comparitive balance sheet of Hillard Co. as of Dec 31, 2020 and 2021 is as under: Assets 2020 2021 Liabilities Cash Accounts Receivable Inventory Fixed Assets Investments Sales Cost of Goods Sold Gross profit 16,425 12,300 Salaries expenses Depreciation expense Income tax expense Admin. Expenses Net profit 16,100 163,000 13,500 221,325 28,025 10,600 Income statement for the year 2021 is as under: 18,400 206,300 9,200 272,525 829,400 614,450 214,950 12,900 11,600 1,150 164,400 24,900 Accounts Payable Salaries Payable Income tax payable Loans Payable Retained earnings Please prepare the cash flow statement using the indirect method. 2020 26,900 2,400 1,600 106,250 84,175 221,325 2021 33,450 3,100 2,050 113,250 120,675 272,525
The Butler-Huron Company's balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Cash and marketable securities Accounts receivable* Inventories** Other current assets Total current assets Plant and equipment (net) Other assets Total assets $82 820 1,507 22 $2,431 3,967 6,460 $6,460 Liabilities and Equity Accounts payable****** Accrued liabilities (salaries and benefits) Other current liabilities Total current liabilities Long-term debt and other liabilities Earnings before taxes Taxes Earnings after taxes (net income) Common stock Retained earnings Net sales Cost of sales Selling, general, and administrative expenses Other expenses Total expenses Total stockholders' equity Total liabilities and equity **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same as ending accounts payable. Income Statement (in Millions of Dollars) *Assume that all sales are…
PE.17-09B - Return on total assets A company reports the following income statement and balance sheet information for the current year: Net income Interest expense Average total assets $410,000 90,000 5,000,000 Determine the return on total assets. I %
Presented below is selected financial data for Teague Industries for the current year: Current assets: Current liabilities Cash and cash equivalents $3503 Accounts payable $5385 Short-term investments 1555 Other current liabilities 2892 Receivables, net 1811 Total current liabilities 8277 Merchandise inventories 6205 Noncurrent liabilities 5196 Other current assets 1975 Shareholders' Equity 6250 Total current assets 15,049 Total liabilities and shareholders' equity $19,723 Noncurrent assets 4674 Total assets $19,723 Revenues $50,826 Costs and Expenses 45,963 Operating Income 4,863 Other income/expense (including interest expense of $60) (36) Income before income tax 4827 Income tax expense (1449) Net income $3378 Previous Years' Financial Data Total Assets $17,020 Shareholders' Equity 4000 The financial leverage for Teague Industries is ________. (Round your answer to two decimal places, X.XX.)