Statement of financial position of Fernandez CoThe following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year.Cash$250,000 Retained Earnings2,850,000Accounts Receivable1,197,000 Dividends50,000Inventory1,790,000 Sales9,350,000Estimated Returns Inventory23,500 Cost of Goods Sold5,840,000Office Supplies14,000 Sales Salaries Expense820,000Prepaid Insurance8,500 Advertising Expense350,000Office Equipment870,000 Depreciation Expense-Store Equipment120,000Accumulated Depreciation-Office Equipment580,000 Miscellaneous Selling Expense58,000Store Equipment2,600,000 Office Salaries Expense550,000Accumulated Depreciation-Store Equipment820,000 Rent Expense104,000Accounts Payable336,000 Depreciation Expense-Office Equipment60,000Customer Refunds Payable39,000 Insurance Expense50,000Salaries Payable43,000 office Supplies Expense26,000Notes Payable (long-term)200,000 Miscellaneous Administrative Expense12,000Common Stock600,000 Interest Expense25,000

Name: Statement of financial position of Fernandez CoThe following selected
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Statement of financial position of Fernandez CoThe following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year.Cash$250,000 Retained Earnings2,850,000Accounts Receivable1,197,000 Dividen

Introduction: Balance sheet: All Assets and liabilities are shown in balance sheet. It tells the net…

Business

Accounting

Statement of financial position of Fernandez Co The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 2,850,000

Statement of financial position of Fernandez Co The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 2,850,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Financial statements 1"he Davidson Corporation's balance sheet and income statement are elven here Davidson Corporation: Balance Sheet as of December 31, (Millions of Dollars) Liabilities and Equity 15 Accounts payable 515 Notes payable 880 51.410 Total current liabilities 2,590 Long-term bonds Total debt Common stock (100 million shares' 260 Retained earnings Common equity 54,000 Total liabilities and equity Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets 1.600 51.860 54.000
Category Prior Year Current Year Accounts payable 3,123.00 5,969.00 Accounts receivable 6,987.00 8,940.00 Accruals 5,642.00 6,108.00 Additional paid in capital 19,885.00 13,325.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,986.00 18,120.00 Current portion long-term debt 500 500 Depreciation expense 1,035.00 988.00 Interest expense 1,290.00 1,167.00 Inventories 3,006.00 6,743.00 Long-term debt 16,856.00 22,001.00 Net fixed assets 75,521.00 74,000.00 Notes payable 4,072.00 6,540.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,244.00 34,874.00 Sales 46,360 45,055.00 Taxes 350 920 What is the firm's cash flow from financing?
Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 28,966 $ 32,863 $ 34,232 Express the balance sheets in common-size percent
min.2
For the year ending December 31. 2022, Sheridan Inc. reports net income S147,000 and cash dividends $88,500. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2022, was $223,500. Balance in retained earnings %24
Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $119,000 during the current year. The comparative balance sheet indicates dividends payable of $32,100 at the beginning of the year and $28,900 at the end of the year. What was the amount of cash payments to stockholders during the year?$
Changes in Various Ratios Presented below is selected information for Turner Company: Sales revenue Cost of goods sold Interest expense Income tax expense Net income Cash flow from operating activities Capital expenditures Accounts receivable (net), December 31 Inventory, December 31 Stockholders' equity, December 31 Total assets, December 31 2019 2018 $950,000 $850,000 575,000 545,000 20,000 20,000 27,000 30,000 65,000 55,000 70,000 60,000 45,000 45,000 126,000 120,000 196,000 160,000 450,000 400,000 750,000 675,000 Required Calculate the following ratios for 2019. The 2018 results are given for comparative purposes. Round answers to one decimal place. Use 365 days in a year. 2018 35.9% 8.3% 6.5% 1. Gross profit percentage 2. Return on assets 3. Return on sales 4. Return on common stockholders' equity (no preferred stock was outstanding) 5. Accounts receivable turnover 6. Average collection period 13.9% 8.0 45.6 days 2019 0 % 0 % 0 % 0 % 0 0 days
5 )
Ratio of liabilities to stockholders equity intrest earned The following data were taken from the financial statements of Hunters Inc.for December 31 of two recent years: The income before income tax was $480,000 and $420,000 for the current and previous years,respectively. a. Determine the ratio of liabilities to stockholders equity at the end of each year.Round to one decimal place. b. Determine the times interest earned ratio for both years.Round to one decimal place. c. What conclusion can be drawn from these data as the company's ability to meet its currently maturing debts?
Identify and Compute NOPATFollowing is the income statement for Lowe’s Companies Inc. LOWE’S COMPANIES INC. Consolidated Statement of Earnings Twelve Months Ended (In millions) Feb. 1, 2019 Net sales $142,618 Cost of sales 96,802 Gross margin 45,816 Expenses Selling, general and administrative 34,826 Depreciation and amortization 2,954 Operating income 8,036 Interest expense, net 1,248 Pretax earnings 6,788 Income tax provision 2,160 Net earnings $4,628 Compute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019, assuming a 22% total statutory tax rate.Note: Round your answer to the nearest whole dollar (millions).
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…
Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. (Amounts to be deducted should be indicated by a minus sign.) Cash dividends declared and paid in current year Retained earnings at December 31, prior year Net income in current year Tidal Company Statement of Retained Earnings For Current Year Ended December 31 $ 8,800 61,600 34,600