please answer with complete and correct working "Soft Touch Company was started several years ago by two golf instructors. The company's comparative balance sheets and incomestatement are presented below, along with additional information.Balance Sheet at December 31CashAccounts ReceivableEquipmentAccumulated Depreciation-EquipmentTotal AssetsAccounts PayableSalaries and Wages PayableNotes Payable (long-term)Common StockRetained EarningsTotal Liabilities and Stockholders' EquityIncome StatementService RevenueSalaries and Wages ExpenseDepreciation ExpenseIncome Tax ExpenseNet IncomeAdditional Data:a. Bought new golf clubs using cash, $1,100.b. Borrowed $1,700 cash from the bank during the year.Current Year Previous Year$ 13,0802,00012,100(2,670)$24,510$ 1,2008802,70011,0008,730$24,510$ 73,20066,5004701,700$ 4,530$7,2583,20011,000(2,200)$ 19,250$ 1,7001,3501,00011,0004,200$ 19,250c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liabilityaccounts relating to income tax, assume that Income Tax Expense was fully paid in cash.Required:1. Prepare the statement of cash flows for the current year ended December 31 dsing the direct method. TIP: Remember to excludedepreciation expense when converting to the cash basis. (Amounts to be deducted should be indicated with a minus sign.) SOFT TOUCH COMPANYStatement of Cash FlowsFor the Year Ended December 31Cash Flows from Operating Activities:Cash Flows from Investing Activities:Cash Flows from Financing Activities:$0000

Solution The cash flow statement is a financial statement used to calculate the inflow and out…

- Prepare the statement of cash flows for the current year ended December 31 dsing the direct method. TIP: Remember to exclude lepreciation expense when converting to the cash basis. (Amounts to be deducted should be indicated with a minus sign.)

- Prepare the statement of cash flows for the current year ended December 31 dsing the direct method. TIP: Remember to exclude lepreciation expense when converting to the cash basis. (Amounts to be deducted should be indicated with a minus sign.)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 3SEA: ANALY SIS OF PROFITABILITY Based on the financial statement data in Exercise 24-1A, compute the...

See similar textbooks

Similar questions

Complete the common-size and common-base year financial statements [Income Statement (IS) and Balance Sheet (BS)] or Brady Corp. Include spark lines to easily show the trends. Write a brief analysis in the Excel worksheet of the main trends that you notice. Perform the 3 step DuPont Return on Equity (ROE) analysis for Brady Corp. using cell references. Write a brief analysis from the DuPont analysis on Excel worksheet.
I uploaded pictures for problem 17-4B. I am trying to figure out the 1. Working Capital 2. Current Ratio 3. Quick Ratio 8. Ratio of Fixed Assets to long-term Liabilities 9. Ratio of Liabilities to Stockholders Equity 10. Times interest earned 11. Asset Turnover 13. Return on Stockholders Equity 14. Return on Common Stockhholders Equity 15. Earnings per share on Common stock 16. Price Earnings Ratio 17. Dividends per share of Common Stock
Presented below is the comparative balance sheet for Pearl Company Pearl Company Comparative Balance Sheet As of December 31 Assets Accounts receivable net Short-terminants Inventories Prepaid expenses Plant & ment Accumulated depreciation Liabies and Stockholdersity Accounts payable Accrued Bonds payable Common stock Retiredning (a) Cash Your answer is partially correct Accounts receivable (net) Assets Short-term investments Investories Prepaid expenses Plant and equipment Accumulated depreciation Total Accrued operes Bonds payable (h) Prepare a comparative balance sheet of Pearl Company showing the percent each item is of the total asets or total liabilities and stockholders' equity Round percentages to 2 decimal places.eg 2.25%) Common stock Retained earnings Total Cash Liabilities and Stockholders Equity Accounts payable Assets Account receivable Inet Investments Inventories Prepaid expenses Plant and equipment Accumulated depreciation Total Accuedes Bonds payable Common stock…
Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. 2. 3. 4 5. 6. 7. 8. 9. 10. 11. 12. Common Stock. Discount on Bonds Payable. Treasury Stock (at cost). Notes Payable (short-term). Raw Materials. Equity Investments (long-term). Unearned Rent Revenue. Work in Process. Copyrights. Buildings. Notes Receivable (short-term). Cash. Current Assets Cash 13. Less 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. Prepare a classified balance sheet in good form. (No monetary amounts are necessary.) (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.) Salaries and Wages Payable. Accumulated Depreciation-Buildings. Restricted Cash for Plant Expansion.. Land Held for Future Plant Site. Allowance for Doubtful Accounts. Retained Earnings. Paid-in Capital in Excess…
ANALY SIS OF PROFITABILITY Based on the financial statement data in Exercise 24-1A, compute the following profitability measures for 20-2 (round all calculations to two decimal places): (a) Profit margin ratio (b) Return on assets (c) Return on common stockholders equity (d) Earnings per share of common stock
Instructions Using the financial statements and additional information, compute the following ratios for the El Camino Company for 2021. Show all computations. Computations 1. Current ratio 2. Return on common stockholders' equity 3. Price-earnings ratio 4. Inventory turnover 5. Accounts receivable turnover 6. Times interest earned 7. Profit margin 8. Days in inventory 9. Payout ratio 10. Return on assets
Consider the following information: Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments Total Assets Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable Total Liabilities. Gil's Fish and Tackle, Incorporated Dalance Sheet At December 31, 2021 Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Operating Expenses Operating Income Other Expenses Interest Expense Sales Revenue Operating Expenses Salaries and Wages Expense Operating and Administrative Expenses Depreciation Expense Net Income Gil's Fish and Tackle, Incorporated Income Statement For the year ending December 31, 2021 Income Before Income Tax Expense Income Tax Expense Debt-to-Assets Ratio Times Interest Earned $ 22,200 169,100 68,300 102,800 30,000 $ 392,400 % $ 49,200 68,800 100,000 218,000 100,000 74,400 174,400 $ 392,400 $ 2,765,000 1,850,500 286,700…
Use the relevant items from the list below to prepare the balance sheet for Company ODC as at 31 December 2011. Item Account payable Account receivable Accrual Building General expenses Depreciation expenses Sales revenue Long-term loans Inventory Equipments Cost of goods sold Machin Paid-up capital above par Notes payable Retained earnings Ordinary shares (at par) Preference shares Marketable securities Accumulated depreciation Land Cash O Value at 31 December 2011 (RM '000) 2,200 4,500 550 2,250 3,200 450 3,600 4,200 3,750 2,350 25,000 4,200 3,600 4,750 2,100 900 1,000 750 2,650 2,000 2,150
Solve and perform the different financial ratios using the financial statements of XYZ Company for the year 2021. 1. Current Ratio 2. Quick Ratio 3. Receivables Turnover 4. Inventory Turnover 5. Debt Ratio 6. Equity Ratio 7. Times Interest Earned 8. Gross Profit Margin 9. Operating Profit Margin 10. Net Profit Margin
Calculate the financial indicators of the firm Merck for the year 2018 and fill in the spaces marked in the table. Company Name: Year 2018 Chemicals and Allied Products Industry Ratios ………….. Solvency or Debt Ratios Merck J&J 2018 Debt ratio …. …. 0.47 Debt-to-equity ratio …. …. 0.38 Interest coverage ratio …. …. -9.43 Liquidity Ratios Current ratio …. …. 3.47 Quick ratio …. …. 2.12 Cash ratio …. …. 2.24 Profitability Ratios Profit margin …. …. -93.4% ROE (Return on equity), after tax …. …. -248.5 ROA (Return on assets) …. …. -146.5 Gross margin …. …. 55.3% Operating margin (Return on sales) …. …. -42.9% Activity or Efficiency Ratios Asset turnover …. …. 1.08 Receivables turnover (days) …. …. 16 Inventory turnover (days)…
Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities. Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit 2821 $ 62,700 27,000 56,600 3,500 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 1. Cash paid for inventory 2. Cash paid for operating expenses 149,800 70,500 (10,900) $ 209,400 $ 9,900 5,900 1,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 16,800 20,700 37,500…
Calculate the financial indicators of the firms J&J for the year 2018 and fill in the spaces marked in the table. Company Name: Year 2018 Chemicals and Allied Products Industry Ratios ………….. Solvency or Debt Ratios Merck J&J 2018 Debt ratio …. …. 0.47 Debt-to-equity ratio …. …. 0.38 Interest coverage ratio …. …. -9.43 Liquidity Ratios Current ratio …. …. 3.47 Quick ratio …. …. 2.12 Cash ratio …. …. 2.24 Profitability Ratios Profit margin …. …. -93.4% ROE (Return on equity), after tax …. …. -248.5 ROA (Return on assets) …. …. -146.5 Gross margin …. …. 55.3% Operating margin (Return on sales) …. …. -42.9% Activity or Efficiency Ratios Asset turnover …. …. 1.08 Receivables turnover (days) …. …. 16 Inventory turnover (days)…