Answered: If during the year total liabilities…

If during the year total liabilities increased by $60,000 and total stockholders equity increased by $52,500 what are the end of year 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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Five measures of solvency or profitability The balance sheet for Garcon Inc.at the end of the current fiscal year indicated the following: Bonds payable,8% $5,000,000 Preferred $4 stock, $50 par 2,500,000 Common stock,$ 10 par s,000,000 Income before income ta.x was $3,000,000,and income taxes were 51,200,000 for the current year. Cash dividends paid on common stock during the current year totaled $1,200,000.The common stock was selling for $32 per share at the end of the year.Determine each of the following:(A) times interest earned ratio (B) earnings per share on common stock,(C) price earnings ratio, (D) dividends per share of common stock, and (E) dividend yield.(Round ratios and percentages to one decimal place,except for per-share amounts.)
Computing Financial Statement Measures The following pretax amounts are taken from the adjusted trial balance of Mastery Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Balance, retained earnings, December 31, 2019 $ 45,000 Sales revenue 300,000 Cost of goods sold 105,000 Selling expenses 36,000 Administrative expenses 34,000 Gain on sale of investments 10,000 Unrealized holding gain on debt investments, net of tax 4,250 Prior period adjustment, understatement of depreciation from prior period (2019) 20,000 Dividends declared and paid 16,000 Required Compute the following amounts for the year-end financial statements of 2020. Do not use negative signs with any of your answers. Round the per share amount to two decimal places. Item Amount a. Gross profit (2020). b. Operating income (2020). c. Net…
The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $629,337 $589,332 Total investments 60,228 40,363 Total property, plant, and equipment 861,159 681,074 Total current liabilities 102,094 83,445 Total long-term liabilities 323,402 228,617 Preferred 9% stock, $100 par 95,941 95,941 Common stock, $10 par 559,966 559,966 Paid-in capital in excess of par-common stock 66,297 66,297 Retained earnings 403,024 276,503 Using the balance sheets for Kellman Company, if net income is $119,929 and interest expense is $36,940 for Year 2, what is the return on total assets for the year (round percent to two decimal points)? Oa. 10.96% Ob. 7.73% Oc. 9.15% Od. 11.29%
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