iven the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 81,900 Accounts payable $ 136,000 Accounts receivable 188,000 Bonds payable (long term) 89,500 Inventory 51,200 Long-Term Assets Stockholders' Equity Gross fixed assets $ 555,000 Common stock $ 150,000 Less: Accumulated depreciation 151,000 Paid-in capital 70,000 Net fixed assets* 404,000 Retained earnings 279,600 Total assets $ 725,100 Total liabilities and equity $ 725,100 Sales (on credit) $ 1,255,000 Cost of goods sold 816,000 Gross profit $ 439,000 Selling and administrative expense† 266,000 Depreciation expense 55,500 Operating profit $ 117,500 Interest expense 10,000 Earnings before taxes $ 107,500 Tax expense 96,200 Net income $ 11,300 *Use net fixed assets in computing fixed asset turnover. †Includes $11,700 in lease payments. SMITH CORPORATION Current Assets Liabilities Cash $ 39,400 Accounts payable $ 84,000 Marketable securities 10,900 Bonds payable (long term) 233,000 Accounts receivable 72,300 Inventory 76,900 Long-Term Assets Stockholders' Equity Gross fixed assets $ 561,000 Common stock $ 75,000 Less: Accumulated depreciation 259,700 Paid-in capital 30,000 Net fixed assets* 301,300 Retained earnings 78,800 Total assets $ 500,800 Total liabilities and equity $ 500,800 *Use net fixed assets in computing fixed asset turnover. SMITH CORPORATION Sales (on credit) $ 1,790,000 Cost of goods sold 1,270,000 Gross profit $ 520,000 Selling and administrative expense† 315,000 Depreciation expense 51,500 Operating profit $ 153,500 Interest expense 21,900 Earnings before taxes $ 131,600 Tax expense 52,900 Net income $ 78,700 †Includes $11,700 in lease payments. a. Compute the following ratios. (Use a 360-day year. Do not round intermediate calculations. Input your profit margin, return on assets, return on equity, and debt to total assets answers as a percent rounded to 2 decimal places. Round all other answers to 2 decimal places.) Jones Corp Smith Corp Profit margin Return on assets (investments) Return o equity

On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Current assets Items Noncurrent assets Total assets Current liabilities Long-term debt Stockholders' equity Total liabilities and equities Park $ 92,500 114,500 $ 207,000 $ 44,000 64,000 99,000 Strand $ 31,050 49,700 $ 80,750 $ 30,750 0 50,000 $ 207,000 $ 80,750 On January 2, Park borrowed $58,400 and used the proceeds to obtain 80 percent of the outstanding common shares of Strand. The acquisition price was considered proportionate to Strand's total fair value. The $58,400 debt is payable in 10 equal annual principal payments, plus interest, beginning December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60 percent) and to goodwill (40 percent). Required: On a consolidated balance sheet as of January 2, calculate the amounts for each of the following: a. Current assets b. Noncurrent assets c. Current…

Using the following financial information, this firm's total debt to total capital ratio is closest to: Cash $  10,000 Accounts payable $  30,000 Accounts receivables     50,000 Notes payable     20,000 Inventories   150,000 Total current liabilities $  50,000 Total current assets $210,000 Long-term debt     50,000 Net fixed assets     90,000 Common equity   200,000 Total assets $300,000 Total liabilities & equity $300,000   Question 35 options:   8%   17%   67%   26%

The information on the following page was obtained from the records of Breanna Incorporated: $ 10, 200 50,800 128,000 9,500 64,500 Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Net sales Equipment Selling, general, and administrative expenses Common stock (8,200 shares) Accounts payable Retained earnings, 1/1/22 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2022 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year ended December 31, 2022. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2022, and a balance sheet at December 31, 2022, for Breanna Incorporated. Based on the financial statements that you have prepared for part a,…

Marin Company provides you with the following condensed balance sheet information: Assets Current assets       $ 41,700 Equity investments       60,000 Equipment (net)       227,600 Intangibles       55,500    Total assets       $384,800 Liabilities and Stockholders’ Equity Current and long-term liabilities       $96,400 Stockholders’ equity            Common stock ($5 par)   $ 19,700        Paid-in capital in excess of par   107,300        Retained earnings   161,400   288,400      Total liabilities and stockholders’ equity       $384,800 For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders’ equity. (Each situation is independent.)(a) Marin declares and pays a $0.55 per share cash dividend. (1)   Total assets                                                                 $…

Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Blue Corporation Balance Sheets December 31 Net income 2025 $31,000 $21,000 51,000 95,000 60,000 500,000 $86,000 150,000 370,000 $737,000 $612,000 $81,000 325,000 176,000 $737,000 Blue Corporation Income Statements For the Years Ended December 31 Sales revenue Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) 2024 46,000 100.000 2025 75,000 90,000 315,000 $745,000 41,000 704,000 430,000 2023 $19,000 49,000 126,000 114,000 $612,000 $545,000 69,000 2024 50,000 358,000 $545,000 $71,000 55,000 305,000 $605,000 31,000 574,000 355,000 219,000 151,000 274,000 181,000 $93,000 $68,000

The balance sheet for Solomon Corporation follows:   Current assets $ 237,000  Long-term assets (net) 752,000  Total assets $ 989,000  Current liabilities $ 156,000  Long-term liabilities 450,000  Total liabilities 606,000  Common stock and retained earnings 383,000  Total liabilities and stockholders’ equity $ 989,000    Required Compute the Debt-to-assets ratio

Determine the amount of long-term debt for ABC Co. using the following balance sheet information: cash balance of $24,429, accounts payable of $97,423, common stock of $400,517, retained earnings of $500,749, inventory of $207,068, other assets equal to $77,098, net plant and equipment of $706,191, short-term notes payable of $30,000, and accounts receivable of $142,586.

Presented below are the consolidated balance sheets and income statements for Cape Town Enterprises Company, Inc.: Compute long-term debt to total assets, long-term debt to shareholders’ equity, and interest coverage ratio for both years.

The balance sheet and income statement for Cruise Corporation are as follows:                                                                                                                     Balance Sheet as of December 31, 2020                                                                                                                              ASSETS                                                                         LIABILITIES & EQUITY                         Cash & marketable securities $2,000             Accounts payable                    $30,000            Accounts Receivable               35,000             Taxes payable                         9,000            Inventory                                 15,000             Short-term borrowings           12,000            Total current assets                $52,000           Total current liabilities           $51,000            Net P,P & E                              $448,000         Long-term debt…