FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,150 Receivables 1,780 1,330 Inventory 1,620 1,890 Plant assets 1,930 1,700 Accumulated depreciation (1,200 ) (1,180 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,230 $6,310 Accounts payable $1,210 $920 Accrued liabilities 210 240 Bonds payable 1,370 1,530 Common stock 1,860 1,670 Retained earnings 2,580 1,950 $7,230 $6,310 WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,970 Cost of goods sold 4,680 Gross margin 2,290 Selling and administrative expenses 940 Income from…arrow_forwardThe balance sheets of Davidson Corporation reported net fixed assets of $348,000 at the end of 2021. The fixed-asset turnover ratio for 2021 was 3.0, and sales for the year totaled $1,476,000. Net fixed assets at the end of 2020 were:arrow_forward10. Doric Co. reported the following items on its 2025 financial statements: View the items. Determine Doric Co.'s rate of return on total assets for 2025. Select the formula, then enter the amounts to compute the rate of return on total assets for 2025. (Round your answer to the nearest percent, X%.) + + ÷ Items = Rate of return on total assets % Total Assets, December 31, 2025 32,000 Total Assets, December 31, 2024 6,000 For Year Ended December 31, 2025: Interest Expense 600 Net Income 900 Print Done - ☑arrow_forward
- QueensLand Ltd. had the following operating results for 2021: sales = $20,200; cost of goods sold = $8,200; depreciation expense = $1,200; interest expense = $1,400; dividends paid = $600. At the beginning of the year, net fixed assets were $9,100, current assets were $3,200, and current liabilities were $1,800. At the end of the year, net fixed assets were $9,700, current assets were $3,850, and current liabilities were $2,100. The tax rate for 2021 was 34%. What was the OCF for the year 2021? a. $9,600 b. $7,604 c. $6,204 d. $8,804arrow_forwardSelected current year company information follows: Net income. Net sales Total liabilities, beginning-year Total liabilities, end-of-year Total stockholders' equity, beginning-year Total stockholders' equity, end-of-year The total asset turnover is: (Do not round Intermediate calculations.) $ 16,753 720,855 91,932 111, 201 206,935 133,851arrow_forwardJones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?arrow_forward
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- Some recent financial statements for Smolira Golf, Incorporated, follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes SMOLIRA GOLF, INCORPORATED 2022 Income Statement Net income Dividends Retained earnings 2021 Short-term solvency ratios a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios d. Total asset turnover e. Inventory turnover f. Receivables turnover Long-term solvency ratios g. Total debt ratio h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio k. Cash coverage ratio Profitability ratios I. Profit margin m. Return on assets n. Return on equity $3,061 4,742 12,578 $ 20,381 SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other $ 52,746 $ 73,127 2021 $ 188,370 126, 703 5,283 $ 56,384…arrow_forwardCash Accounts receivable (net) Other current assets December 31 Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings 2022 $ 29,100 50,000 90,100 54,500 500,500 $724,200 $85,000 144,900 342,000 152,300 $724,200 2021 $ 17,400 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income Lily Corporation Income Statements For the Years Ended December 31 2022 $737,000 $599,100 39,900 697,100 424,400 44,700 95,700 272,700 182,077 70,600 370,700 $599,100 $80,500 84,200 311,000 $ 90,623 123,400 $ 17,800 47,500 2021 2020 358,200 $531,000 63,500 44,000 $69,100 $605,400 31,000 299,000 574,400 370,500 113,400 $531,000 203,900 146,460 $ 57,440 49,500arrow_forwardThe Oscar Meyer Corporation earned $33 million in 2019 on sales of $450.5 million. The company's balance sheet also listed current assets of $27 million, and fixed assets of $378 million. What is the firms Return on Assets (ROA)? a. 0.211 b. 0.201 O c. -0.029 d. -0.049 e. 0.081arrow_forward
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