Connect Access Card for Financial Accounting
9th Edition
ISBN: 9781259738678
Author: Robert Libby, Patricia Libby, Frank Hodge Ch
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 1.2E
Matching Financial Statement Items to Financial Statement Categories
According to its annual report, P&G’s billion-dollar brands include Pampers, Tide, Ariel, Always, Pantene, Bounty, Charmin, Downy, Olay, Crest, Vicks, Gillette, Duracell, and others. The following are items taken from its recent
| ____ (1) |
____ (9) Income taxes |
| ____ (2) Cash and cash equivalents | ____ (10) Accounts payable |
| ____ (3) Net safes | ____ (11) Trademarks and other intangible assets |
| ____ (4) Debt due within one year | ____ (12) Property, plant, and equipment |
| ____ (5) Taxes payable | ____ (13) Long-term debt |
| ____ (6) |
____ (14) Inventories |
| ____ (7) Cost of products sold | ____ (15) Interest expense |
| ____ (8) Selling, general, and administrative expense |
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Prepare the common-size financial statement for the entities below and provide a reasoned
explanation of the benefits relative to ratios when used to compare performance and establish
trends.
Income Statements for year ending 31 December 2022
Timber Co. ltd
$.000
Biscuit Co. Ltd.
$'000
35,119
30,990
12.693
11.088
22,426
13,158
Net revenue
Cost of goods sold
Gross profit
Selling & administrative expenses
Other operating expenses
Operating income
Interest income
Other income (net of expenses)
Profits before tax
Income tax expense
Profits after taxes
819
8,449
833
6,447
14,193
2.384
11,809
19,902
11,358
313
8,231
355
988
8,864
2,040
6,824
Using the below Income Statement Create a Common-Size income statement.
Walmart Inc.'s Consolidated Statement of Income
As of January 31,
(Amounts in millions)
(Amounts in millions, except per share data)
2019
2018
2017
Revenues:
Net sales
$ 510,329
$ 495,761
$ 481,317
Membership and other income
4,076
4,582
4,556
Total revenues
514,405
500,343
485,873
Costs and expenses:
Cost of sales
385,301
373,396
361,256
Operating, selling, general and administrative expenses
107,147
106,510
101,853
Operating income
21,957
20,437
22,764
Interest:
Debt
1,975
1,978
2,044
Capital lease and financing obligations
371
352
323
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(217)
(152)
(100)
Interest, net
2,129
2,178…
Here are comparative financial statement data for Lily Company and Maria Company, two competitors. All data are as of December 31, 2022, and December 31, 2021.
Net sales
Cost of goods sold
Operating expenses
Interest expense
Income tax expense
Current assets
Plant assets (net)
Current liabilities
Long-term liabilities
Common stock, $10 par
Retained earnings
Lily Company
2022
$1,836,000
1,050,192
268,056
9,180
53,244
329,500
522,000
64,000
109,000
496,000
182,500
2021
$311.800
497,000
74,400
90,000
496,000
148,400
Maria Company
2022
$561,000
296,208
79,101
3,927
6,732
82,600
138.600
35,800
28,600
120,000
36,800
2021
$78,600
124,800
29.200
25,200
120,000
29,000
Chapter 1 Solutions
Connect Access Card for Financial Accounting
Ch. 1 - Define accounting.Ch. 1 - Briefly distinguish financial accounting from...Ch. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Complete the following: Name of Statement...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the income statement,...Ch. 1 - Explain why the income statement and the statement...Ch. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Explain the equation for the income statement....Ch. 1 - Explain the equation for the balance sheet. Define...Ch. 1 - Explain the equation for the statement of cash...Ch. 1 - Explain the equation for retained earnings....Ch. 1 - The financial statements discussed in this chapter...Ch. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - (Supplement A) Briefly differentiate between a...Ch. 1 - Prob. 20QCh. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Which of the following regarding retained earnings...Ch. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Which of the following is true regarding the...Ch. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Matching Elements with Financial Statements M1-1...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Prob. 1.3MECh. 1 - Prob. 1.1ECh. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Preparing a Balance Sheet Honda Motor Corporation...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Prob. 1.6ECh. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Prob. 1.8ECh. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing a Statement of Stockholders Equity...Ch. 1 - Focus on Cash Flows: Matching Cash Flow Statement...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Student's Business and Preparing an...Ch. 1 - Comparing Income with Cash Flow (Challenging)...Ch. 1 - Evaluating Data to Support a Loan Application...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Students Business and Preparing an...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.1CONCh. 1 - Finding Financial Information LO1-1 Refer to the...Ch. 1 - Prob. 1.2CPCh. 1 - Comparing Companies within an Industry Refer to...Ch. 1 - Using Financial Reports: Identifying and...Ch. 1 - Prob. 1.5CPCh. 1 - Prob. 1.6CPCh. 1 - Prob. 1.7CP
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