The following data come from the financial records of Rundle Corporation for 2018: How many times was interest earned in 2018? Sales $ 845,000 Interest expense 5,800 Income tax expense 28,500 Net income 23,000
Q: These financial statement items are for Wildhorse Co. at year-end, July 31, 2017. Salaries and wages…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: The following data come from the financial records of Rundle Corporation for 2018:…
A:
Q: The formula for determining the rate earned on total assets is Net Income + Interest Expense/Average…
A: Rate earned on total assets = (Net income + Interest expense)/Average total assets
Q: Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation:…
A: Working capital helps to determine the liquidity position of the company, it helps to determine the…
Q: You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $…
A: Income statement represents the net income or net loss calculated by deducting the expenses from the…
Q: Terps Company’s Total Assets on January 1, 2018 were $270,000, and on December 31, 2018, were…
A: Expenses: Expenses are referred to as the cost of doing business. It is the cost incurred by a…
Q: Winter Company earned revenues of $340,000 in cash and $425,000 on account during 2020. Of the…
A: In accrual accounting, revenue earned and expenses incurred shall be included in the income…
Q: These financial statement items are for Crane Corporation at year-end, July 31, 2022. Salaries and…
A: Statement of Retained Earnings: It is also known as the Statement of Changes in equity. It is one of…
Q: You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: First Calculate Profit After Tax which is to be used in Cash Flow Statement Income…
Q: The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000…
A: The net income of the company is the revenue after deducting all the expenses from the revenue. Net…
Q: During 2019, the company reported net income of $4,212 million, interest expense of $167 million and…
A: Earnings before interest and tax (EBIT) = net income + interest expense + income tax expense =…
Q: The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000…
A: Income statement: Income statement is the financial statement which shows the financial performance…
Q: Sage Company's income statement for the year ended December 31, 2020, contained the following…
A: Cash payment for operating expenses=Opening payables+Operating expenses-Closing…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: Revenue is an income and statement item and is used to calculate profit and loss. We have the cost…
Q: The 2021 Income statement of Anderson Medical Supply Company reported net sales of $12 million, cost…
A: Inventory turnover ratio = Cost of goods sold/Average inventory Receivable turnover = Net…
Q: Following is a randon list of accounts with normal balances for the Wiggins Company as of December…
A: Operating income is referred to that part of profit that is calculated by deducting operating…
Q: Presented below is selected information related to Sheridan Company at December 31, 2019. Sheridan…
A: Assets: It is a resource that will generate future benefits and revenue for the company. It…
Q: Tamarisk Company’s income statement for the year ended December 31, 2020, contained the following…
A: The operating activities section of the cash flow statement represents the inflows and outflows of…
Q: The accountant of Whispering Shoe Co. has compiled the following information from the company’s…
A: Income statement means the statement which show the cost of goods sold and selling price and give…
Q: The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,455,000 and the…
A: Long term debt (2018)= $14,55,000 Long term debt(2019) = $16,90,000 So, Increase in Long Term Debt…
Q: Use the following information to answer this question. Bayside, Inc. 2017 Income Statement ($ in…
A: The return on equity (ROE) measure is calculated by dividing net income by shareholders' equity or…
Q: The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017.…
A: (a) S.No. Ratio Formula 2019 2018 1 Return on total equity Net income/Total equity *100…
Q: Several amounts from Kamogelo Company at December 31, 2020, are listed below. Service revenue…
A: Net income of the business can be calculated by deducting all the expenses from the total income of…
Q: many times was interest
A: Times interest earned is a financial measure of how well and entity is able to meet its interest…
Q: Accountants for Putterham, Inc. have assembled the following data for the year ended December 31,…
A: Operating Activities Net Income 68500 Add/ Less- Adjustments from net Income…
Q: The income statement for the year 2020 of Culver Co. contains the following information: Revenues…
A: Formula: Ending owner's equity = Beginning Owners equity - Net loss - Drawings
Q: The following financial information has been collected for Polite Ltd for the month of October 2020.…
A: Net income: It implies to the excess of company's net sales revenue over the expenses incurred by…
Q: In 2018, Martinez Corporation reported net sales of $232,900, cost of goods sold of $139,700,…
A: Given the following information: Year 2018 Net sales: $232,900 Cost of goods sold: $139,700…
Q: Gildan Activewear Inc. reported the following selected financial information (all in U.S. $…
A: The asset turnover ratio assesses a company's assets' ability to create income or sales. Net sales…
Q: Presented below is income statement information of the Schefter Corporation for the year ended…
A: Date Account Titles and Explanation Debit Credit December 31, 2021 Sales revenue…
Q: Prepare an income statement for the year. Crane Corporation did not issue any new stock during the…
A:
Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…
A: Stockholder equity statement is the one where net income and additional capital introduced are added…
Q: 2018 2017 Current Assets Cash $124,700 $26,000 Accounts Receivable 64,500 69,400 Merchandise…
A: SOLUTIONS- CASH FLOWS STATEMENT- IT IS A FINANCIAL STATEMENT THAT SUMMARIZES THE AMOUNT OF CASH AND…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: ANSWER 2018 ( in thousands of dollars) 2019 ( in thousands of dollars) REVENUE…
Q: These financial statement items are for Wildhorse Co. at year-end, July 31, 2017. $ 3,880 Salaries…
A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…
Q: Gildan Activewear Inc. reported the following selected financial information (all in U.S. $…
A: Ratio analysis is the technique used to analyze the financial health of the company. Different…
Q: You are provided with the following information for Sheffield Corp., effective as of its April 30,…
A: An income statement is a part of financial statements which shows all the incomes and expenses…
Q: Winter Company earned revenues of $150,000 in cash and $200,000 on account during 2018. Of the…
A: Net income is calculated using the accrual method of accounting. Under the accrual method of…
Q: Skysong, Inc. had the following transactions involving current assets and current liabilities during…
A: The formula for calculating current ratio:
Q: The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented…
A: Cash flows are part of financial statements where cash flows are used to compute the cash earned and…
Q: The following items and amounts were taken from Blossom Company's 2017 income statement and balance…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Cullumber Company provides you with the following balance sheet information as of December 31, 2017.…
A: A balance sheet is a financial statement that displays a company's assets, liabilities, and equity.…
Q: he following information has been taken from Sacha's accounts.…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: ABC Corporation reported the following income and expenses from business for year 2018: Cash…
A: Advance from customers and prepayments are not considered in calculating taxable income for the…
Q: Need asap please and thank you. Cullumber Company provides you with the following balance sheet…
A: Lets understand the basics. Working capital means a capital which is required to fulfil the day to…
Q: The following are the ledgers of XYZ Company for the year ended December 31, 2017. Net Sales…
A: Net sales = $1,890,540 Cost of goods sold = $1,058,540 Gross profit = Net sales - Cost of goods…
Q: These financial statement items are for Crane Corporation at year-end, July 31, 2022. Salaries and…
A: Financial Statements are prepared by the management for reporting purposes. These are the essential…
Q: Below is the balance sheet for Glucose Control Company as of Dec. 31, 2019. The company reported an…
A: The sum of money invested or held by a company's owner is referred to as equity. The difference…
Q: a. Sales for 2018 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciationand…
A: Solution: Introduction: Since as Per BNED requirements, each question is answered to a maximum of…
The following data come from the financial records of Rundle Corporation for 2018:
How many times was interest earned in 2018?
| Sales | $ | 845,000 | |
| Interest expense | 5,800 | ||
| Income tax expense | 28,500 | ||
| Net income | 23,000 |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- During 2021, Blossom Inc. has the following account balances in Income Statement: Sales 1,630,245 Cost of Sales 646,788 Selling Expense 235,500 Administrative Expense 114,766 Other Expense 57,146 Income Tax Expense 200,400 Other Revenue 65,800 What will be the Net income?The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017. 2019 2018 2017 Net sales $233,000 (124,000) (95,000) $204,000 Cost of sales (110,000) (81,500) Selling and administrative expenses Other income: Interest Other (3,700) (3,050) 1,175 $ 10,625 100 Earnings before tax and extraordinary credit Provision for income tax $ 10,400 (4,800) 5,600 (4,740) Earnings before extraordinary credit Extraordinary credit 5,885 1,510 $ 7,395 $ 5,600 Total assets $202,000 $173,000 17,400 116,800 4,000 280 $161,000 Long-term debt Common equity 24,600 123,000 15,200 112,800 4,000 280 Preferred stock 4,000 Preferred dividends 280 Required: Compute the following ratios for Shawn Co. for 2019 and 2018. 1. Return on total equity Return on common equity Gross profit margin 2. 3. b. Discuss the trend in profitability and identify specific causes for the trend.Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2018 2017 Sales $ 1,800.0 $ 1,500.0 Operating costs excluding depreciation and amortization 1,395.0 1,275.0 EBITDA $ 405.0 $ 225.0 Depreciation and amortization 43.0 39.0 Earnings before interest and taxes (EBIT) $ 362.0 $ 186.0 Interest 40.0 33.0 Earnings before taxes (EBT) $ 322.0 $ 153.0 Taxes (40%) 128.8 61.2 Net income $ 193.2 $ 91.8 Common dividends $ 174.0 $ 73.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2018 2017 Assets Cash and equivalents $ 23.0 $ 18.0 Accounts receivable 248.0 225.0 Inventories 396.0 360.0 Total current assets $ 667.0 $ 603.0 Net plant and equipment 429.0 390.0 Total assets $ 1,096.0 $ 993.0 Liabilities and Equity Accounts…
- The following data come from the financial records of Rundle Corporation for 2018: Sales $ 845,000 Interest expense 5,800 Income tax expense 28,500 Net income 23,000 Required How many times was interest earned in 2018?The following data come from the financial records of Zachary Corporation for 2018: Sales $ 845,000 Interest expense 5,100 Income tax expense 26,000 Net income 28,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.)Income Statement Bullseye, Incorporated's 2018 income statement lists the following income and expenses: EBIT = $906,500, Interest expense = $85,000, and Net income = $579,000. What is the 2008 Taxes reported on the income statement?
- The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017. 2019 $233,000 2018 $204,000 (110,000) (81,500) 2017 Net sales Cost of sales (124,000) (95,000) Selling and administrative expenses Other income: (3,700) (3,050) 1,175 $ 10,625 (4,740) 5,885 1,510 $ 7,395 Interest Other 100 Earnings before tax and extraordinary credit Provision for income tax Earnings before extraordinary credit Extraordinary credit $ 10,400 (4,800) 5,600 $ 5,600 Total assets $202,000 24,600 $173,000 $161,000 Long-term debt Common equity Preferred stock Preferred dividends 17,400 15,200 112,800 123,000 4,000 280 116,800 4,000 4,000 280 280 Required: Compute the following ratios for Shawn Co. for 2019 and 2018. Net profit margin 1. 2. Total asset turnover 3. Return on assets 4. Return on investment Return on total equity Return on common equity Gross profit margin 5. 6. 7. Discuss the trend in profitability and identify specific causes for the trend.Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): 2017 2018 Sales $ 15,573 $ 15,336 Depreciation 1,741 1,816 Cost of goods sold 4,379 4,787 Other expenses 986 864 Interest 835 966 Cash 6,187 6,706 Accounts receivable 8,120 9,667 Short-term notes payable 1,250 1,227 Long-term debt 20,560 24,836 Net fixed assets 51,064 54,513 Accounts payable 4,512 4,884 Inventory 14,419 15,368 Dividends 1,350 1,698 Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.) Prepare an income statement for this company for 2017 and 2018. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.)s The 2021 income statement of Adrian Express reports sales of $22,110,000, cost of goods sold of $12,950,000, and net income of $2,260,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Gross profit ratio Return on assets ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Profit margin Asset turnover Return on equity Profitability Ratios Industry averages for the following profitability ratios are as follows: Gross profit ratio Mes % $ 45% 25% 15% 15.5 times. 35% 2021 2020 980,000 1,950,000 2,490,000 5,180,000 4,480,000 $10,600,000 $8,640,000 $1,000,000 1,310,000 1,850,000 Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) $ 2,228,000 $1,928,000…
- During 2021, Jerry Inc. has the following account balances in Income Statement: Sales P 1,630,245, Cost of Sales P 646,788, Selling Expense P 235,500, Administrative Expense P 114,766, Other Expense P 57,146, Tax Expense P 200,400 and Other Revenue P 65,810. How much is the net income? a. P 414,454b. P 414,455c. P 441,455d. P 441,445K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...Following are the income statement and some additional information for Richmond Corporation for 2021. Richmond Supplies Corporation Income Statement For the Year Ended December 31, 2022 Net sales $10,000 Cost of goods sold (1,500) Gross margin 8,500 Operating expenses $2,000 Depreciation expense 900 (2,900) Income before taxes 5,600 Income taxes (1,600) Net income $4,000 All sales were on credit and accounts receivable increased by $600 in 2022 compared to 2021. Merchandise purchases were on credit with an increase in accounts payable of $400 during the year. Ending inventory was $500 larger than beginning inventory. Income taxes payable increased $300 during the year. All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect…
