An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below: Caraba's Company Income Statement For the Year Ended December 31, 2020 Sales $553,000 Investment income 26,000 Gain on sale of investments 3,500 $582,500 Less: Selling & administrative expenses $221,600 Depreciation expense 15,000 Interest expense 3,900 Income taxes expense 6,500 247,000 Net Income $335,500 Comparative Balance Sheets December 31 2020 2019 Cash $209,000 $49,900 Accounts receivable 160,300 63,700 Investments 117,000 126,100 Equipment (net) 146,200 80,400 Land 312,000 276,300

Prepare a 2020 income statement for Crane Corporation based on the following information: Cost of goods sold Operating expenses Other expenses and losses Sales revenue Tax rate Sales Revenue $460,000 Cost of Goods Sold 104,000 32,500 725,000 30% CRANE CORPORATION Income Statement For the Year Ended December 31, 2020 725000 460,000 i

The 2024 Income statement of Adrian Express reports sales of $18,957,000, cost of goods sold of $11,971,500, and net Income of $1,690,000. Balance sheet Information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and stockholders' Equity Current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four ratios are as follows: 25 days 60 days 2 to 1 35% ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 Req 1 Req 2 and 3 Complete this question by entering your answers in the tabs below. Ratios 2024 Average collection period Average days in inventory Current ratio Debt to equity ratio $ 690,000 1,580,000 1,980,000 4,890,000 $ 9,140,000 Average collection period Average days in inventory Current ratio Debt to equity ratio Required: 1. Calculate the four ratios listed above for Adrian Express In 2024 assuming all…

The 2021 income statement of Adrian Express reports sales of $18,957,000, cost of goods sold of $11,971,500, and net income of $1,690,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets. Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Average collection period Average days in inventory Current ratio Debt to equity ratio Industry averages for the following four risk ratios are as follows: Risk Ratios Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days. 2 to 1 50% 2021 $ 690,000 1,580,000 1,980,000 4,890,000 $9, 140,000 365.0 days days to 1 % 2020 $ 850,000 1,090,000 1,490,000 4,330,000 $7,760,000 Required: 1. Calculate the four risk ratios listed above for Adrian Express in…

Carla Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue       $843,000 Operating expenses (excluding depreciation)   $622,000     Depreciation expense   60,000     Loss on sale of equipment   26,000   708,000 Income before income taxes       135,000 Income tax expense       40,000 Net income       $95,000 Carla’s balance sheet contained the following comparative data at December 31.     2020   2019 Accounts receivable   $36,000   $55,000 Accounts payable   43,000   33,000 Income taxes payable   4,200   8,200 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the indirect method.

Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019     2020   2019 Cash   $1,790     $1,150   Receivables   1,780     1,330   Inventory   1,620     1,890   Plant assets   1,930     1,700   Accumulated depreciation   (1,200 )   (1,180 ) Long-term investments (held-to-maturity)   1,310     1,420       $7,230     $6,310                 Accounts payable   $1,210     $920   Accrued liabilities   210     240   Bonds payable   1,370     1,530   Common stock   1,860     1,670   Retained earnings   2,580     1,950       $7,230     $6,310     WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue   $6,970 Cost of goods sold   4,680 Gross margin   2,290 Selling and administrative expenses   940 Income from…

Here are the comparative condensed income statements of Cheyenne Corporation. CHEYENNE CORPORATIONCondensed Income StatementsFor the Years Ended December 31               2022   2021 Net sales   $588,000   $490,000 Cost of goods sold   474,516   416,010 Gross profit   113,484   73,990 Operating expenses   80,556   44,100 Net income   $ 32,928   $ 29,890 (a)Prepare a horizontal analysis of the income statement data for Cheyenne Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CHEYENNE CORPORATIONCondensed Income Statementschoose the accounting period                                                                      Increase or (Decrease) During 2022   2022   2021   Amount   Percentage Net sales $588,000   $490,000   $enter a dollar amount    enter…

Partial income statements for Sherwood Company summarized for a four-year period show the following: 2018 2019 2020 2021 $ 2,900,000 1,508,000 $ 3,300,000 1,683,000 $ 3,400,000 1,802,000 $ 1,598,000 $ 3,900,000 2,028,000 $ 1,872,000 Net Sales Cost of Goods Sold Gross Profit $ 1,392,000 $ 1,617,000 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $23,600. The inventory balance on December 31, 2020, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. 2-b. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Restate the partial income statements to reflect the correct amounts, after fixing the inventory…

Selected financial statement information for 2018, 2019, and 2023 for End Run Corporation is presented below (amounts in millions of dollars): Accounts receivable Current assets Property, plant, and equipment (net) Total assets Current liabilities Long-term debt Sales Cost of goods sold Selling and administrative expenses Income from continuing operations Cash flow from operations Depreciation expense 2020 A. 2020 SAI B. 2020 LVGI C. 2020 TATA D. 2020 Y E. 2020 earnings manipulation probability 10508 30945 11284 68787 29417 8776 101573 92207 3931 946 4837 518 2019 3905 7438 10744 31289 6595 7223 47860 32090 3315 1063 1127 550 2018 2985 5743 10493 26213 6048 7223 33906 27772 2582 739 1863 550 For 2019 and 2020, compute the following amounts relative to Beneish's eight-factor earnings manipulation model:

The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2019. INCOME STATEMENT OF QUICK BURGER CORP., 2019 (Figures in $ millions) $ 27,583 17,585 1,418 Net sales Costs Depreciation Earnings before interest and taxes Interest expense (ЕBIT) $ 8,580 533 Pretax income 8,047 Federal taxes (@ 21%) 1,690 Net income $ 6,357 BALANCE SHEET OF QUICK BURGER CORP., 2019 (Figures in $ millions) Assets 2019 2018 Liabilities and Shareholders Equity 2019 2018 Current assets Current liabilities $ 2,352 1,351 Debt due for repayment Accounts payable Cash and marketable securities $ 2,352 $ $ 3,419 $ 3,419 415 3,159 $ 3,574 Receivables 1,391 Inventories 138 133 Total current liabilities 1,105 $ 4,986 Other current assets 632 Total current assets $ 4,468 Long-term debt Other long-term liabilities $12,150 2,973 $18,697 14,406 Fixed assets $13,649 Property, plant, and equipment Intangible assets (goodwill) Other long-term assets 3,073 $20,141 15,357…