AssetsCashWARNER COMPANYComparative Balance SheetsDecember 31Accounts receivableInventoryProperty, plant, and equipmentAccumulated depreciationTotalLiabilities and Stockholders' EquityAccounts payableIncome taxes payableBonds payableCommon stockRetained earningsTotalSales revenueCost of goods soldGross profit2022$35,00020,00028,00060,000(32,000)$111,000$19,0007,00017,00018,00050,000$111,000WARNER COMPANYIncome StatementFor the Year Ended December 31, 2022$242,000175,00067,0002021$20,00014,00020,00078,000(24,000)$108,000$ 15,0008,00033,00014,00038,000$108,000 Selling expensesAdministrative expensesOperating expensesIncome from operationsInterest expenseIncome before income taxesIncome tax expenseNet incomeAdditional data:1.2.3.4.5.(a)$18,0006,00024,00043,0003,00040,0008,000$32,000Depreciation expense was $17,500.Dividends declared and paid were $20,000.During the year, equipment was sold for $8,500 cash. This equipment originally cost $18,000 and had accumulateddepreciation of $9,500 at the time of sale.Bonds were redeemed at their carrying value.Common stock was issued at par for cash.Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Cash flow statement provided information about the cash inflows and cash outflows of the company.…

Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total WARNER COMPANY Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit 2022 $35,000 20,000 28,000 60,000 (32,000) $111,000 $19,000 7,000 17,000 18,000 50,000 $111,000 WARNER COMPANY Income Statement For the Year Ended December 31, 2022 $242,000 175,000 67,000 2021 $20,000 14,000 20,000 78,000 (24,000) $108,000 $ 15,000 8,000 33,000 14,000 38,000 $108,000

Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total WARNER COMPANY Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit 2022 $35,000 20,000 28,000 60,000 (32,000) $111,000 $19,000 7,000 17,000 18,000 50,000 $111,000 WARNER COMPANY Income Statement For the Year Ended December 31, 2022 $242,000 175,000 67,000 2021 $20,000 14,000 20,000 78,000 (24,000) $108,000 $ 15,000 8,000 33,000 14,000 38,000 $108,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.10P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

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Current Asset Current Liabilities COGS Inventory Total Liabilities Total Assets Net Sales Operating Income Gross Profit EBIT EBT Cash Flow Operation Retained Earning Owner's Equity 2018 80,073,836 26,882,064 51,678,144 14,854,944 80,133,248 124,776,768 160,099,728 75,249,200 108,421,584 56,436,900 45,149,520 49,716,192 28,967,893 44,643,520 2017 54,919,520 13,083,840 35,379,840 9,575,808 64,875,200 100,945,824 98,157,888 32,775,808 62,778,048 24,581,856 19,665,485 26,781,248 29,361,440 36,070,624
Calculate the common-sized percentage 2023. for Gross Margin in
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KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Common stock Other paid-in capital Retained earnings 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 Assets Current assets Long-term investments Plant assets, net Total assets 136,443 51,166 32,628 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 68,725 43,558 112,283 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 23,890 $ 20,253 $ 19,708 66,000 66,000 48,000 8,250 8,250 5,333 65,490 41,423 39,574 Total liabilities and equity $ 163,630 $ 135,926 $ 112,615 2020 $57,843 $ 51,752 0 4,660…
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ces Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 7,500 shares outstanding) Retained earnings Total liabilities and stockholders' equity Return on assets Total asset turnover Net profit margin % Year 2 % $ 220,000 119,500 100,500 59,000 41,500 11,000 $ 30,500 $7,000 15,500 43,000 49,500 $ 115,000 $ 17,500 46,500 37,500 Year 11 $ 174,500 103,000 71,500 54,500 17,000 5,500 $ 11,500 2. Compute return on assets, total asset turnover, and the net profit margin for Year 2. Note: Round your answers to 2 decimal places. $ 8,500 19,500 38,400 41,000 $ 107,400 $ 18,500 46,500 37,500 4,900 13,500 $ 115,000 $ 107,400
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