Titus Corporation and Vane Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. Titus Corp. Vane Corp. $366,740 Net income $257,430 Sales 1,437,210 1,299,350 Total assets (average) 3,413,490 3,369,790 Plant assets (average) 2,555,240 1,803,380 0 Intangible assets (goodwill) 447,740 For each company, calculate these values: 1) Return on assets. 2) Profit margin. 3) Asset turnover.

Cullumber Mart and Ivanhoe Shop are two companies of roughly the same size both running a chain of convenience stores. Each company depreciates its plant assets using the straight-line method. An investigation of their financial statements reveals the following information: Net income? Sales revenue Total assets (average) Plant assets (average) A. Return on assets Cullumber Mart B. Asset turnover. $166,656 1,139,200 5,555,200 2,112,000 For each company, calculate: (Round answers to 2 decimal places, e.g. 52.75) Cullumber Mart Ivanhoe Shop $169,360 1,408,000 7,027,200 2,432,000 Ivanhoe Shop

Carla Vista Mart and Sandhill Shop are two companies of roughly the same size both running a chain of convenience stores. Each company depreciates its plant assets using the straight-line method. An investigation of their financial statements reveals the following information: Net income Sales revenue Total assets (average) Plant assets (average) A. Return on assets Carla Vista Mart B. Asset turnover $124,992 854,400 4,166,400 1,584,000 Sandhill Shop Carla Vista Mart $126,490 For each company, calculate: (Round answers to 2 decimal places, e.g. 52.75.) 1,056,000 5,270,400 1,824,000 % Sandhill Shop %

Flounder Corporation and Concord Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the information shown below. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (1) (2) (3) (a) For each company, calculate these values: (Round return on assets and profit margin to 1 decimal place, e.g. 6.2% and asset turnover to 2 decimal places, e.g. 17.54.) Return on assets Profit margin Asset turnover eTextbook and Media Flounder Corp. $271,250 1,937,500 3,875,000 Save for Later 2,460,000 391,100 Concord Corp. $329,130 2,194,200 3,657,000 1,879,000 Flounder Corp. % % 0 times Concord Corp. % se % times Attempts: 0 of 6 used Submit Answer

Required Information [The following information applies to the questions displayed below] In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Item Prepare the December 31 year-end income statement. Note: Loss amounts should be Indicated with a minus sign. Net sales Expenses: Total operating expenses Discontinued segment: Other unusual and/or infrequent gains (losses) Debit $ 1,990,000 292,000 312,000 RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31…

Sarasota Corporation and Marigold Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (a) (1) (2) (3) Return on assets Profit margin Asset turnover Sarasota Corp. $ 237,540 Save for Later 1,187,700 3,210,000 2,430,000 387,100 For each company, calculate these values: (Round answers to 2 decimal places, e.g. 6.25% or 17.54.) Marigold Corp. $316,050 Sarasota Corp. 1,264,200 3,010,000 1,828,000 do % do % 0 times Marigold Corp. % do % times Attempts: 0 of 3 used Submit Answer

In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows.      Item Debit Credit 1. Net sales   $ 4,700,000 2. Gain on state's condemnation of company property   373,000 3. Cost of goods sold $ 2,399,000   4. Income tax expense 352,000   5. Depreciation expense 376,000   6. Gain on sale of wholesale business segment, net of tax   1,256,000 7. Loss from operating wholesale business segment, net of tax 720,000   8. Loss of assets from meteor strike 1,037,000       Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.)

Joni Marin Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs   $24,400 Trademarks   16,900 Discount on bonds payable   37,400 Deposits with advertising agency for ads to promote goodwill of company   12,400 Excess of cost over fair value of net identifiable assets of acquired subsidiary   77,400 Cost of equipment acquired for research and development projects;        the equipment has an alternative future use   87,400 Costs of developing a secret formula for a product that is expected        to be marketed for at least 20 years   83,800 (a)On the basis of this information, compute the total amount to be reported by Marin for intangible assets on its balance sheet at year-end. Total amount reported for intangible assets __________

The financial statements of Harry Ltd and its subsidiary Olivia Ltd have been extracted from their financial records at 30 June 2023 and are presented below. Harry Ltd $ Olivia Ltd $ Sales 839 250 725 000 Cost of goods sold (580 000) (297 500) Gross profit 259 250 427 500 Dividends received 116 250 - Management fee revenue 33 125 Gain on sale of plant 43 750 Less Expenses Administration (38 500) (48 375) Depreciation (30 625) (71 000) Management fee - (33 125) Other expenses (126 375) (96 250) Profit before tax 256 875 178 750 Tax expense (76 875) (52 750) Profit after tax 180 000 126 000 Retained earnings 1 July 2022 399 250 299 000 579 250 425 000 Dividends paid (171 750) (116 250) Retained earnings 30 June 2023 407 500 308 750   Statement of financial position Harry Ltd $ Olivia Ltd $ Shareholders’ equity Retained earnings 407 500 308 750 Share capital 437 500 250 000 Current liabilities Accounts payable 57 875 Tax payable 100 000 31 250 Non-current liabilities Loans 236 000 145 000…

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