These items are taken from the financial statements of Bridgeport Corp. at December 31, 2018. Buildings $ 95,220 Accounts receivable 11,340 Prepaid insurance 4,212 Cash 10,656 Equipment 74,160 Land 55,080 Office expense 522 Income tax expense 180 Depreciation expense 4,770 Interest expense 2,340 Common shares 55,800 Retained earnings (January 1, 2018) 36,000 Accumulated depreciation—building 41,040 Accounts payable 7,560 Income taxes payable 990 Bank loan payable (due July 1, 2020) 84,240 Accumulated depreciation—equipment 16,848 Interest payable 3,240 Sales 12,762 Calculate the net income for the year

These items are taken from the financial statements of Bridgeport Corp. at December 31, 2018. Buildings $ 95,220 Accounts receivable 11,340 Prepaid insurance 4,212 Cash 10,656 Equipment 74,160 Land 55,080 Office expense 522 Income tax expense 180 Depreciation expense 4,770 Interest expense 2,340 Common shares 55,800 Retained earnings (January 1, 2018) 36,000 Accumulated depreciation—building 41,040 Accounts payable 7,560 Income taxes payable 990 Bank loan payable (due July 1, 2020) 84,240 Accumulated depreciation—equipment 16,848 Interest payable 3,240 Sales 12,762 Calculate the net income for the year

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Buildings		$ 95,220
Accounts receivable		11,340
Prepaid insurance		4,212
Cash		10,656
Equipment		74,160
Land		55,080
Office expense		522
Income tax expense		180
Depreciation expense		4,770
Interest expense		2,340
Common shares		55,800
Retained earnings (January 1, 2018)		36,000
Accumulated depreciation—building		41,040
Accounts payable		7,560
Income taxes payable		990
Bank loan payable (due July 1, 2020)		84,240
Accumulated depreciation—equipment		16,848
Interest payable		3,240
Sales		12,762

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Torche CorporationBalance SheetAs of January 24, 2022(amounts in thousands) Cash 14,700 Accounts Payable 2,400 Accounts Receivable 4,800 Debt 3,700 Inventory 3,800 Other Liabilities 5,000 Property Plant & Equipment 15,800 Total Liabilities 11,100 Other Assets 900 Paid-In Capital 6,000 Retained Earnings 22,900 Total Equity 28,900 Total Assets 40,000 Total Liabilities & Equity 40,000 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Sell product for $35,000 in cash with historical cost of $28,000Jan 26. Sell, deliver, and receive payment of $20,000 for serviceJan 27. Consume good or service and pay expense of $3,000 What is the final amount in Total Liabilities & Equity?
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