Chapter 1, Problem 1.3EYCT

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings S 40,730 8,820 14,350 42,000 16,000 20,200 31,475 31,535

Use the information provided below to prepare the Statement of Financial Position of Lynwood Limited as at 31 August 2023. The notes to the financial statements are not required. Show all workings. INFORMATION The following balances were obtained from the accounting records of Lynwood Limited after some of the adjustments and closing transfers were completed on 31 August 2023, the end of the financial year. R Inventory 315 000 Accounts receivable 92 000 Loan: Lindor Bank (19.5%) 200 000 Equipment (Cost) 1 980 000 Accumulated depreciation on equipment? Cash float 13 500 Accounts payable 211 000 Provision for bad debts? Accrued income? Ordinary share capital 1 161 000 Retained income 540 000 Company tax payable 18 000 Bank (DR) 99 000 Accrued expenses? Dividends payable 161 000 The following adjustments must be made: The account of a debtor who owed R2 000 must be written off. The provision for bad debts must be adjusted to 5% of debtors. The rent income account reflected a total of R99…

The following condensed information is reported by World of Stamp Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Required: 1. Calculate the following profitability ratios for 2024: 2. Determine the amount of dividends paid to shareholders in 2024. Required 1 a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity % % % 2024 Complete this question by entering your answers in the tabs below. times % $7,612,000 5,031,532 321,780 Required 1 $1,530,000 2,130,000 $3,660,000 $1,130,000 1,570,000 730,000 230,000 $3,660,000 Required 2 J Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.) Profitability Ratios 2023 Required 2 > $7,700,000 5,200,000 178,000 $1,430,000 1,830,000 $3,260,000…

The following is summary of information presented on the financial statements of a company on December​ 31, 2019.   Account 2019 2018 Current Assets $ 69 comma 000$69,000 $ 53 comma 000$53,000 Accounts Receivable 83 comma 00083,000 80 comma 00080,000 Merchandise Inventory 53 comma 00053,000 41 comma 00041,000 Current Liabilities 77 comma 00077,000 49 comma 00049,000 Longminus−term Liabilities 30 comma 00030,000 52 comma 00052,000 Common Stock 54 comma 00054,000 44 comma 00044,000 Retained Earnings 44 comma 00044,000 29 comma 00029,000       Net Sales Revenue $ 527 comma 000$527,000 $ 508 comma 000$508,000 Cost of Goods Sold 405 comma 000405,000 396 comma 000396,000 Gross Profit $ 122 comma 000$122,000 $ 112 comma 000$112,000 Selling Expenses 45 comma 00045,000 58 comma 00058,000 Net Income Before Income Tax Expense $ 77 comma 000$77,000 $ 54 comma 000$54,000 Income Tax…

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.

Real-world annual report The financial statements for Nike, Inc. (NKE), are presented in Appendix E at the end of the text. The following additional information is available (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2017, and May 31, 2016. 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, assuming interest expense is 82 million for the year ending May 31. 2017, and 33 million for the year ending May 31, 2016. k. k. Return on common stockholders equity l. Price-eamings ratio, assuming that the market price was 52.81 per share on May 31, 2017, and 54.35 per share on May 31, 2016. m. m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?

Financial 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?

Financial Statement Analysis The financial statements for Nike, Inc., are presented in Appendix C at the end of the text. The following additional information (in thousands) is available: Instructions 1. Determine the following measures for the fiscal years ended May 31, 2013 (fiscal 2012), and May 31, 2012 (fiscal 2011), rounding 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. Ratio of sales to assets j. Rate earned on total assets, assuming interest expense is 23 million for the year ending May 31, 2013, and 31 million for the year ending May 31, 2012 k. Rate earned on common stockholders equity l. Price-earnings ratio, assuming that the market price was 61.66 per share on May 31, 2013, and 53.10 per share on May 31, 2012 m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?

The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.