Additional Information: Market Value of Stock is P 120 per share.COMPUTE THE FOLLOWING RATIOS FOR THE YEAR 20201. Current Ratio2. Acid Test Ratio16. Gross Profit ratio17. Operating Ratio18. Rate of return on Assets19. Rate of return on Sales3. Receivable Turnover4. Average Collection Period of Receivables5. Finished Goods Turnover6. Number of days in Finished Goods Inventory7. Work in Process Inventory Turnover8. Number of days to Process Inventory9. Raw Materials Inventory Turnover10. Number of days usage in Inventory11. Accounts Payable Turnover12. Average payment cycle13. Number of days in the Operating Cycle14. Current Asset turnover20. Rate of Return on Owner's Equity„21. Rate of Return on Common Equity22. Dividends per share23. Earnings per share24. Dividend Payout25. Dividend Yield26. Price/earnings ratio27. Capitalization rate28. Debt Ratio29. Equity ratio30. Debt/Equity ratio15. Asset Turnover AssignmentCOMPARATIVE STATEMENTSSikat Manufacturing CorporationIncome StatementFor the year ended Dec. 31, 2020 and 20201920202019P 5,150,000-150,0005,000,0003,200,0001,800,000Sales4,250,000na 250.0004,000,0002.600,0001,400,000Less: Sales Returns and AllowancesNet SalesLess: Cost of SalesGross ProfitLess: Operating ExpensesSelling ExpensesGeneral and Administrative ExpensesTotal Operating ExpensesOperating IncomeLess: Interest expenseNet Income before taxLess: Income tax.(32% )Net Income720,000780,0001,500,000300,00060,000240,00076,800P 163.200600,000600,0001,200,000200,00040,000160,00051,200P 108,800Sikat Manufacturing CorporationBalance SheetDec. 31, 2020 and 201920202019ASSETSP 225,000150,000240,000260,000120,000150,00070,000550,000P1.765.000 P 1,520,000CashP140.000125,000180,000160,000145,000170,00080,000520,000Marketable SecuritiesAccounts ReceivableInventories: Finished GoodsWork-in-ProcessRaw MaterialsPrepaid ExpensesMachinery and Equipment.netTOTAL ASSETSLIABILITIES & STOCKHOLDERS' EQUITYAccounts Payable12% Bonds Payable, due in 2010Common Stock, par 100Additional Paid-in CapitalRetained EarningsTOTAL LIAB. & STOCKHOLDERS' EQUITY150,000400,000800,000300,000115,000P1,765,000 P 1,520,000100,000300,000750,000250,000120,000

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COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020.and 202019 2020 2019 P 5,150,000 150,000 5,000,000 3,200,000 1,800,000 4,250,000 ma 250,000 4,000,000 2,600,000 1,400,000 Sales Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less Interest expense Net Income before tax Less: Income tax (32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS Cash Marketable Securities P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 P 1,520,000 Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials Prepaid Expenses Machinery and Equipment.net TOTAL ASSETS

COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020.and 202019 2020 2019 P 5,150,000 150,000 5,000,000 3,200,000 1,800,000 4,250,000 ma 250,000 4,000,000 2,600,000 1,400,000 Sales Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less Interest expense Net Income before tax Less: Income tax (32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS Cash Marketable Securities P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 P 1,520,000 Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials Prepaid Expenses Machinery and Equipment.net TOTAL ASSETS

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $20,600 $16,200 Sales returns and allowances 800 100 Net sales $19,800 11,600 $ 8,200 $16,100 8,600 $ 7,500 Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense 860 680 3,400 2,800 710 580 520 380 sa $5,490 $ 2,710 $ 4,440 $ 3,060 720 580 Income before taxes $ 1,990 $2,480 992 Provision for taxes 796 Net income $ 1,194 $ 1,488 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) $12,800 17,300 9,300 24,800 $64, 200 $ 48, 700 $ 9,800 13,300 14,800 10,800 $15,300 14,300 $11, 800 9,800 Land acer Σ %24 %24
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Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545
Halal Berhad’s comparative financial statements for the years ending 31 December 2020, and 2019, are as follows. Halal Berhad’s common stock market price was RM35 on 31 December 2020 and RM40 on 31 December 2019. Halal Berhad Statement of Profit or Loss and Other Comprehensive Income For the years ended 31 December 2020 and 2019 2020 (RM’000) 2019 (RM’000) Sales 1,200 1,000 Cost of goods sold 500 475 Gross Profit 700 525 Selling expenses 240 200 Administrative expenses 180 150 Total operating expenses 420 350 Income from operations 280 175 Other income 166 225 446 400 Other expense (interest) 66 60 Income before income tax 380 340 Income tax expense 80 60 Net income 300 280 Halal Berhad Statement of Financial Position As at 31 December…
Sales Allowances Fitz-Chivalry Corporation reports the following information on its 2019 income statement. $ millions Gross sales 2017 2018 2019 $27,694 $30,738 $36,714 Allowance for sales returns Net sales 1,940 2,156 2,185 $25,754 $28,582 $34,529 Required Analysis of financial statements from prior years shows that the company consistently estimates the allowance for sales returns at about 7% of gross sales. What adjustment, if any, would we make to the 2019 income statement? Assume the company's combined federal and state tax rate is 24%. Hint: For adjustments to the income statement, we assume the normal 7% for the ratio of Allowance for sales returns to Gross sales for each year. Determine the 2019 adjusted allowance for sales return. (Round answer to nearest whole number.) $ millions Adjusted (total) allowance for sales returns $ 2019 0 Using the adjusted (total) allowance for sales returns computed above, determine the 2019 adjustments for the following income statement items.…
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GIVE THE COMPARATIVE INCOME STATEMENT VERTICAL ANALYSIS FROM THE FOLLOWING INCOME STATEMENT BELOW JOLLIBEE INCOME STATEMENT ITEM 2016 2017 2018 2019 2020 Sales/Revenue 113.81B 133.61B 161.17B 179.63B 129.31B Sales Growth - 17.40% 20.62% 11.45% -28.01% Cost of Goods Sold (COGS) incl. D&A - - 132.96B 150.88B 115.39B COGS Growth - - - 13.47% -23.52% COGS excluding D&A 89.27B 105.39B 121.08B 137.38B 100.82B Depreciation & Amortization Expense 4B 4.75B 11.89B 13.5B 14.57B Depreciation 3.93B 4.66B 11.73B 13.34B 14.32B Amortization of Intangibles 68.99M 78.95M 151.82M 145.42M 245.23M Gross Income 20.54B 23.48B 28.21B 28.75B 13.92B Gross Income Growth - 14.30% 20.12% 1.93% -51.57% Gross Profit Margin - - - - 10.77% SG&A Expense - - 17.64B 20.21B 20.42B SGA Growth - - - 14.57% 1.02%…
Operating data for Blue Spruce Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $822,500 528,300 124,000 74,700 38,700 56,800 2021 $643,500 414,600 79,000 53,000 27,900 69,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)
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