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- To assist in approaching the bank about the loan, Paul has asked you to compute the following ratios for both this year and last year.
- The amount of
working capital - The
current ratio - The acid-test ratio
- The average collection period (The accounts receivable at the beginning of last year totaled $250,000)
- The average sales period (The inventory at the beginning of last year totaled $500,000)
- The operating cycle
- The total asset turnover. (The total assets at the beginning of last year were $2,420,000)
- The debt-to-equity ratio
- The times interest earned ratio
- The equity multiplier (The total
stockholder’s equity at the beginning of last year totaled $1,420,000)
2. For both this year and last year
A. Present the balance sheet in common-size format
B. Present the income statement in common-size format down through net income
Could you please help me answer Question 10, 2A, and 2B?
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- Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Sin Comparative Income Statements For Years Ended December 31 2021 $ 420,027 252,856 167,171 59,644 37,802 97,446 69,725 12,969 $ 56,756 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net. Total assets Liabilities and Equity Current liabaties Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 321,775 202,718 KORBIN COMPANY Comparative Balance Sheets December 31 2021 119,057 44,405 28,316 72,721 46,336 9,499 $ 36,837 $ 55,286 0 102,674 $ 157,960 2020 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as answers to 2 decimal places.) 111.77 % 0.00 $ 37,003 700…Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Total assets Total stockholders' equity Current liabilities Target Corporation Income Statement Data for Year $65,357 45,583 15,101 707 (94) 1,384 $ 2,488 $18,424 26,109 Balance Sheet Data (End of Year) $44,533 $11,327 17,859 15,347 Walmart Inc. $44,533 $408,214 304,657 79,607 10,512 2,065 (411) 7,139 $ 14,335 $48,331 122,375 $170,706 $55,561 44,089 71,056 $170,706 Beginning-of-Year Balances $44,106 13,712 $163,429 65,682 55,390Calculate the common-sized percentage 2023. for Gross Margin in
- Ross Company Comparative Income Statements Sales revenue Cost of goods sold Gross profit on sales Operating expenses Selling expenses Administrative expenses Total Income before income taxes Income tax expense Net income $ Current Year Prior Year (Decrease) 0 $ 0 0 0 0 0 0 0 0$ Increase Percent 0$ 0 0 0 0 0 0 0 0 $ 0 0 0 0 0 0 0 0 0 Change 0 0 a 0 0 0 0 0 0KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Common stock Other paid-in capital Retained earnings 2021 2020 2019 $ 483,981 $ 370,769 $257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 33,964 43,558 32,628 21,356 112,283 83,794 55,320 80,341 37,308 14,943 7,574 $ 65,398 $ 41,856 $ 29,734 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses December 31 2021 Total expenses Income before taxes Income tax expense Net income $ 57,843 0 14.19 52,649 10,793 $ 20,253 $ 19 708 66,000 48,000 8,250 8,250 5,333 39,574 65,490 41,423 Total liabilities and equity $ 163,630 $ 135,926 $ 112,615 % $ 38,714 900 105,787 96,312 $ 163,630…KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Common stock Other paid-in capital Retained earnings 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 Assets Current assets Long-term investments Plant assets, net Total assets 136,443 51,166 32,628 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 68,725 43,558 112,283 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 23,890 $ 20,253 $ 19,708 66,000 66,000 48,000 8,250 8,250 5,333 65,490 41,423 39,574 Total liabilities and equity $ 163,630 $ 135,926 $ 112,615 2020 $57,843 $ 51,752 0 4,660…
- Common size Net sales Cost of sales Gross profit Selling, general and administrative expenses Other (income) expense, net Operating profit Interest expense, net. Income before income taxes Provision for income taxes Net income including interests Less: Net income attributable to interests Net income attributable to Dawning Company 2011 100.00 100.00 40.86 42.69 57.31 59.14 34.41 34.79 (0.05) 22.95 2010 0.31 22.64 7.38 15.26 0.38 22.04 2009 2008 2007 2006 7.18 14.86 100.00 100.00 41.23 41.20 58.77 58.80 0.72 1.93 22.42 23.59 34.46 34.84 35.70 3.61 20.35 0.75 0.50 23.08 19.60 100.00 100.00 40.41 41.08 59.59 58.92 7.44 6.31 15.64 13.29 4.04 19.84 1.25 18.59 35.21 5.49 18.22 Required: analyse and interpret the Common-Size Income statement on the company performance for the period 2006 to 2011 1.39 16.83 5.50 5.30 13.08 11.53 0.74 0.71 0.69 0.52 0.49 0.47 14.53 14.15 14.95 12.77 12.60 11.06Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings COMPARATIVE BALANCE SHEETS 12/31/25 Sales revenue $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $8400000 $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000ces Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 7,500 shares outstanding) Retained earnings Total liabilities and stockholders' equity Return on assets Total asset turnover Net profit margin % Year 2 % $ 220,000 119,500 100,500 59,000 41,500 11,000 $ 30,500 $7,000 15,500 43,000 49,500 $ 115,000 $ 17,500 46,500 37,500 Year 11 $ 174,500 103,000 71,500 54,500 17,000 5,500 $ 11,500 2. Compute return on assets, total asset turnover, and the net profit margin for Year 2. Note: Round your answers to 2 decimal places. $ 8,500 19,500 38,400 41,000 $ 107,400 $ 18,500 46,500 37,500 4,900 13,500 $ 115,000 $ 107,400
- Sales Costs Taxable Income Taxes Net Income Retained Earnings Dividends Lizard & Co. Balance Sheet ($ in millions) Assets Current Assets Cash Accounts Receiv. Inventory Total Current Net Fixed Assets Net PP&E Total Assets Year 1 420 360 60 20 40 40 10 Year 1 20 52 120 192 160 352 Year 2 525 450 75 25 50 50 12.5 Year 2 Current Liabilities 25 Accounts Payable 65 Notes Payable 150 Total 240 Long Term Debt 440 Growth Rate +25% 200 Owners Equity Common Stock Retained Earnings Total Total Liabilities/Equity Year 1 30 40 70 80 112 90 202 352 Year 2 30 40 70 80 112 90+50 252 402Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash COMPARATIVE BALANCE SHEETS Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 12/31/25 $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000