Financial Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134727066
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 1, Problem 1.25AE
LO 3,4
(Learning Objectives 3, 4: Apply the
Total revenue………… | $ 25.7 | Investment assets(long term)….….. | $ 79.4 |
Receivables………….. | 0.5 | Property and equipment, net……… | 1.6 |
Current liabilities……. | 2.9 | Other expenses……. | 7.6 |
Common stock………. | 39.2 | 2.6 | |
Interest expense……… | 1.5 | Retained earnings, ending…… | ? |
Salary and other employee expenses… | 13.7 | Cash……… | 57.2 |
Long-term liabilities……. | 102.6 | Other assets(long-term)…… | 9.3 |
Requirement
- 1. Construct the balance sheet of Jill Carlson Really Company at January 31, 2018. Use the accounting equation to compute ending retained earnings
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
(Learning Objective 7: Calculate return on assets) Handley Grocery Corporationreported the following information in its comparative financial statements for the fiscal yearended January 31, 2018:January 31,2018January 31,2017Net sales....................................Net earnings..............................Average total assets...................$50,000$ 2,200$40,000$48,350$ 2,100$39,300Requirements1. Compute the net profit margin ratio for the years ended January 31, 2018, and 2017. Did itimprove or worsen in 2018?2. Compute asset turnover for the years ended January 31, 2018, and 2017. Did it improve orworsen in 2018?3. Compute return on assets for the years ended January 31, 2018, and 2017. Did it improveor worsen in 2018? Which component—net profit margin ratio or asset turnover—wasmostly responsible for the change in the company’s return on assets?
(Learning Objective 7: Calculate return on assets) Hometown Supply Companyreported the following information in its comparative financial statements for the fiscal yearended January 31, 2018:January 31,2018January 31,2017Net sales....................................Net earnings..............................Average total assets...................$84,000$ 4,200$70,000$82,600$ 4,050$69,450Requirements1. Compute the net profit margin ratio for the years ended January 31, 2018, and 2017. Did itimprove or worsen in 2018?2. Compute asset turnover for the years ended January 31, 2018, and 2017. Did it improve orworsen in 2018?3. Compute return on assets for the years ended January 31, 2018, and 2017. Did it improveor worsen in 2018? Which component—net profit margin ratio or asset turnover—wasmostly responsible for the change in the company’s return on assets?
E1-25A. (Learning Objectives 3, 4: Apply the accounting equation; construct a balancesheet) The following are the assets and liabilities of Jill Carlson Realty Company, as ofJanuary 31, 2018. Also included are revenue, expense, and selected stockholders’ equity figuresfor the year ended on that date (amounts in millions):Total revenue .......................................Receivables...........................................Current liabilities .................................Common stock.....................................Interest expense....................................Salary and other employee expenses.....Long-term liabilities .............................$ 25.70.52.939.21.513.7102.6Investment assets (long-term) ......Property and equipment, net .......Other expenses............................Retained earnings, beginning.......Retained earnings, ending ...........Cash............................................Other assets (long-term)..............$…
Chapter 1 Solutions
Financial Accounting, Student Value Edition (12th Edition)
Ch. 1 - Financial statements can be used by which of the...Ch. 1 - Prob. 2QCCh. 1 - Hoot Enterprises buys a warehouse for 590,000 to...Ch. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - The accounting equation can be expressed as a....Ch. 1 - Prob. 7QCCh. 1 - Alliance Corporation holds cash of 8,000 and owes...Ch. 1 - During the year, ChemClean Corporation has 280,000...Ch. 1 - Prob. 10QC
Ch. 1 - Dynasty Company has current assets of 50,000 and...Ch. 1 - Which financial statement would show how well a...Ch. 1 - On which financial statement would the ending...Ch. 1 - What item flows from the income statement to the...Ch. 1 - What item flows from the income statement to the...Ch. 1 - Prob. 16QCCh. 1 - LO 5 (Learning Objective 5: Identify ethical...Ch. 1 - Prob. 1.1SCh. 1 - Prob. 1.2SCh. 1 - Prob. 1.3SCh. 1 - LO 3 (Learning Objective 3: Apply the accounting...Ch. 1 - LO 3 (Learning Objective 3: Apply the accounting...Ch. 1 - LO 3 (Learning Objective 3: Identify assets,...Ch. 1 - LO 3 (Learning Objective 3: Accounting equation)...Ch. 1 - LO 4 (Learning Objective 4: Identify income...Ch. 1 - LO 4 (Learning Objective 4: Identify appropriate...Ch. 1 - LO 4 (Learning Objective 4: Explain aspects of...Ch. 1 - Prob. 1.11SCh. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - (Learning Objective 4: Construct a statement of...Ch. 1 - (Learning Objective 4: Construct a balance sheet)...Ch. 1 - LO 4 (Learning Objective 4: Solve for retained...Ch. 1 - Prob. 1.16SCh. 1 - Prob. 1.17SCh. 1 - Prob. 1.18SCh. 1 - LO 1.2, 3, 4. 5 (Learning Objectives 1, 2, 3, 4,...Ch. 1 - Group A LO 3, 4 (Learning Objectives 3, 4: Apply...Ch. 1 - Which company appears to have the strongest...Ch. 1 - LO 3, 4 (Learning Objectives 3, 4: Apply the...Ch. 1 - LO 4 (Learning Objective 4: Identify financial...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Apply the...Ch. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - Prob. 1.29AECh. 1 - Prob. 1.30AECh. 1 - Prob. 1.31AECh. 1 - Prob. 1.32BECh. 1 - Which company appears to have the strongest...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Apply the...Ch. 1 - LO 4 (Learning Objective 4: Identify financial...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - (Learning Objectives 3, 4: Apply the accounting...Ch. 1 - Prob. 1.38BECh. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - LO 4 (Learning Objective 4: Construct a statement...Ch. 1 - Prob. 1.42BECh. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - An organizations investors and creditors will...Ch. 1 - Prob. 1.45QCh. 1 - Prob. 1.46QCh. 1 - Assets are usually reported at their a. appraised...Ch. 1 - Prob. 1.48QCh. 1 - Prob. 1.49QCh. 1 - Prob. 1.50QCh. 1 - Prob. 1.51QCh. 1 - All of the following are current assets except a....Ch. 1 - Prob. 1.53QCh. 1 - Prob. 1.54QCh. 1 - Prob. 1.55QCh. 1 - Prob. 1.56QCh. 1 - Net income appears on which financial...Ch. 1 - Cash paid to purchase a building appears on the...Ch. 1 - The stockholders equity of Kowalski Company at the...Ch. 1 - Prob. 1.60QCh. 1 - Which of the following factors should influence...Ch. 1 - LO 3, 4 (Learning Objectives 3, 4: Apply the...Ch. 1 - Prob. 1.63APCh. 1 - LO 2, 3, 4 (Learning Objectives 2, 3, 4: Apply...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Evaluate...Ch. 1 - LO 3, 4 (Learning Objectives 3,4: Evaluate...Ch. 1 - LO 4 (Learning Objective 4: Construct financial...Ch. 1 - Group B LO 3, 4 (Learning Objectives 3, 4: Apply...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Apply the...Ch. 1 - Prob. 1.70BPCh. 1 - LO 3,4 (Learning Objectives 3, 4: Evaluate...Ch. 1 - LO 3, 4 (Learning Objectives 3,4: Evaluate...Ch. 1 - Prob. 1.73BPCh. 1 - Prob. 1.74SCCh. 1 - Decision Cases LO 1, 4 (Learning Objectives 1, 4:...Ch. 1 - LO 3, 4 (Learning Objectives 3, 4: Evaluate...Ch. 1 - Prob. 1.77EIC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- E3-39B. (Learning Objective 6: Analyze and evaluate liquidity and debt-paying ability) BurnesConsulting Company reported these ratios at December 31, 2018 (dollar amounts in millions):Current ratio = $20 = 2.00 $10 $60 Debt ratio = = 0.50 $30Burnes Consulting completed these transactions during 2019:a. Purchased equipment on account, $4b. Paid long-term debt, $7c. Collected cash from customers in advance, $5d. Accrued interest expense, $6e. Made cash sales, $8Determine whether each transaction improved or hurt the company’s current ratio and debt ratio.arrow_forwardE12-24B Vertical analysis (Learning Objective 2) 15-20 min. Simpson Painting, Inc., requested that you perform a vertical analysis of its balance sheet to determine the component percentages of its assets, liabilities, and stockholders' equity. Round to the nearest tenth of a percent. P. Donnelly, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 Revenue Expenses: Cost of Goods Sold Selling and General Expenses Interest Expense Income Tax Expense Total Expenses Net Income 2018 $500,000 $245,000 111,000 10,000 54,700 420,700 $ 79,300 2017 $439,500 $236,000 103,500 6,500 44,400 390,400 $ 49,100arrow_forwardPractice work. How do I calculate for d, e, f, please?arrow_forward
- P1-65A. (Learning Objectives 3, 4: Evaluate business operations; construct and analyzean income statement, a statement of retained earnings, and a balance sheet) The assetsand liabilities of Oak Hill Garden Supply, Inc., as of December 31, 2018, and revenues andexpenses for the year ended on that date are as follows:Equipment........................... $110,000Interest expense................... 10,300Interest payable ................... 2,700Accounts payable ................ 26,000Salary expense..................... 108,400Building............................... 406,000Cash.................................... 44,000Common stock.................... 13,800Land................................... $ 25,000Note payable...................... 99,600Property tax expense .......... 7,400Rent expense ...................... 41,200Accounts receivable............ 84,900Service revenue................... 452,600Supplies.............................. 6,300Utilities expense .................…arrow_forward6d photo, thank you.arrow_forward...arrow_forward
- Please SHOw your workarrow_forwardFind the Return on Stockholders equity Find the Return on common stockholders equity look at the pictures, then answer the questions, thanks in adarrow_forwardThe following information relates to Basic Lid. for the year ended 31" December 2021: Net working capital RO. 1.200.000 Fixed assets to proprietor's fund ratio 0.75 Working capital turnover ratio 5 timeg Return on Equity 15% Current liabilities RO. 400.000 Long term Debts 0 You are required to calculate: Proprietor's funds Fixed Assets Current assets Net profit ratio Current ratioarrow_forward
- kk.arrow_forwardHar Please give me correct answer with explanationarrow_forwardE6-17. Liquidity Analyses. [Learning Objective B] Use the following excerpt of Dragonfly Corporation's asset balances to compute Dragonfly's working capital and current ratio for 2023 and 2022. Comment on Dragonfly's liquidity and changes in liquidity from 2022 to 2023. Dragonfly's current liabilities are $89,754 million and $82,271 million in 2023 and 2022, respectively. Assets (dollars in millions) Current assets Cash and cash equivalents Marketable securities Accounts receivable trade-net Inventories Prepaid expenses and other receivables Total current assets Property, plant, and equipment-net Other assets Total assets 2023 $ 13,420 7623 22,120 47415 1,312 91,890 67045 3,773 $162,708 $ 19,355 2,394 20,872 45,630 1,264 89,515 65.762 3,770 $159.047arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License