FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- In a common-sized income statement, each item is expressed as a True O False percentage of net income.arrow_forwardam. 62.arrow_forwardThe cumulative balance of other comprehensive income is reported in (Enter 1, 2, 3, or 4 that represents the correct answer): statement of retained earnings income statement assets section of the balance sheet stockholders’ equity section of the balance sheetarrow_forward
- Vertical Analysis of Balance Sheet Balance sheet data for a company for the years ended December 31, 20Y2 and 20Y1, are shown below. 20Y2 20Υ1 Current assets $ 752,000 $ 602,000 Property, plant, and equipment 6,248,000 5,397,000 Intangible assets 1,000,000 1,001,000 Current liabilities 504,000 427,000 Long-term liabilities 1,504,000 1,197,000 Common stock 1,248,000 1,253,000 Retained earnings 4,744,000 4,123,000 | Prepare a comparative balance sheet for 20Y2 and 20Y1, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. Round your answers to one decimal place. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Assets Current assets $752,000 % $602,000 % Property, plant, and equipment 6,248,000 5,397,000 Intangible assets 1,000,000 1,001,000arrow_forwardpurchase on account on effect on current ratioarrow_forwardIs the balance column for profit and loss (capital equity) a CR or DR?arrow_forward
- Which of the following expenses is usually listed last on the income statement? a. Advertising expense b. Income tax expense c. Salaries and benefits expense d. Cost of salesarrow_forwardList five ratios that are automatically provided by the vertical analysis of income statements.arrow_forwardThe following selected information is for H55 Corporation: Total assets Total shareholders' equity Sales Cost of goods sold Net income. H55 had no preferred shares. ype here to search 2021 $357,000 $285,000 136.000 503.000 378.759 2020 32.695 97,500 394,000 276.982 29.944 2019 $267,000 48,500 297.000 181,000 20,400arrow_forward
- 12. Which two ratios multiplied by each other equal Return on Total Assets? (A) Profit Margin (B) Return on Equity (C) Current Ratio (D) Price Earnings Ratio (E) Total Asset Turnoverarrow_forwardExpress the following comparative income statements in common-size percents. Using the commonsize percentages, which item is most responsible for the decline in net income?arrow_forwardHh1.arrow_forward
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