FINANCIAL+MANG.-W/ACCESS PRACTICE SET
13th Edition
ISBN: 9781337575614
Author: WARREN
Publisher: CENGAGE L
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Chapter 1, Problem 1.18EX
a)
To determine
Statement of
To prepare: Statement of Retained earnings of Company UP for the month ended April 30, 2016.
b)
To determine
To explain: the reason for preparing the statement of Retained earnings before preparing the
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Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data.
(Amounts to be deducted should be indicated by a minus sign.)
Cash dividends declared and paid in current year
Retained earnings at December 31, prior year
Net income in current year
$ 10,400
64,800
37,800
Tidal Company
Statement of Retained Earnings
For Current Year Ended December 31
Retained Earnings Statement
Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows:
Net income for November
$93,500
Cash dividends paid during November
7,000
Retained earnings, November 1, 2018
2,940,000
a. Prepare a retained earnings statement for the month ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.
Healthy Products Company
Retained Earnings Statement
For the Month Ended November 30, 2018
$fill in the blank 0079c8fa300c05b_2
$fill in the blank 0079c8fa300c05b_4
fill in the blank 0079c8fa300c05b_6
fill in the blank 0079c8fa300c05b_8
$fill in the blank 0079c8fa300c05b_10
b. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet?
To arrive at the number of shares outstanding.
To calculate the net income for the year.
To calculate the ending…
Using the fiscal year end 2019 annual report for General Mills, Inc. and the figures from the 2017 annual report as noted below, calculate the financial ratios for 2019 and 2018 indicated using the EXCEL template provided:
Gross profit percentage
Return on sales
Asset turnover
Return on assets
Return on common stockholders’ equity
Current ratio
Quick ratio
Operating-cash-flow-to-current-liabilities ratio
9. Accounts receivable turnover
Total assets 2017 = $21,812.6
Total stockholders’ equity 2017 = $4,327.9
Total current liabilities 2017 = $5,330.8
Accounts receivable 2017 = $1,430.1
Inventory 2017 = $1,483.6
Year-end closing stock price May 2019 = $50.93
Year-end closing stock price May 2018 = $39.37
Chapter 1 Solutions
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
Ch. 1 - Name some users of accounting information.Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - Prob. 9DQCh. 1 - The financial statements are interrelated. What...
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- Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings balance January 1, 2019, $43,500 Net income for year 2019, $55,289 Dividends declared and paid for year 2019, $18,000arrow_forwardFinancial statement data for years ending December 31 for Latchkey Company follows: a. Determine the ratio of sales to assets for 2016 and 2015. b. Does the change in the ratio of sales to assets from 2015 to 2016 indicate a favorable or an unfavorable trend?arrow_forwardFinancial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at the end of the text. Use the following additional information (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2016, and May 31, 2015. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets. k. Return on common stockholders equity l. Price-earnings ratio, assuming that the market price was 54.90 per share on May 29, 2016, and 52.81 per share on May 30, 2015 m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?arrow_forward
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