Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 29E
To determine
Determine comprehensive income for Corporation V, for the year ended December 31, 2016.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The balance sheet of Huan Corporation reported net fixed assets of $332,000 at the end of 2018. The fixed- asset turnover ratio for 2018 was 4.0, and sales for the year totaled $1,540,000. Net fixed assets at the end of 2017 were:
A. $491,000. B. $385,000. C. $438,000 D. $408,000
The 2017 Annual Report of Tootsie Roll Industries contains the following information.
(in millions)
Â
December 31, 2017
Â
December 31, 2016
Total assets
Â
Â
$930.9
Â
Â
Â
$920.1
Â
Total liabilities
Â
Â
197.1
Â
Â
Â
208.6
Â
Net sales
Â
Â
515.7
Â
Â
Â
517.4
Â
Net income
Â
Â
80.7
Â
Â
Â
67.2
Â
Compute the following ratios for Tootsie Roll for 2017.
(a)
Â
Asset turnover (Round answer to 3 decimal places, e.g. 0.851 times.)
Â
enter the asset turnover rounded to 4 decimal places
times
(b)
Â
Return on assets (Round answer to 2 decimal places, e.g. 4.87%.)
Â
enter the return on assets in percentages rounded to 2 decimal places
%
(c)
Â
Profit margin on sales (Round answer to 2 decimal places, e.g. 4.87%.)
Â
enter the profit margin on sales in percentages rounded to 3 decimal places
%
The following data were included in a recent Mango, Inc. annual report ($ in millions):
Â
In millions
2014
2015
2016
2017
Net sales
$
20,715
$
25,006
$
33,379
$
36,337
Net property, plant, and equipment
Â
1,288
Â
1,833
Â
2,947
Â
2,465
Â
Required:
1. Compute Mango’s fixed asset turnover ratio for 2015, 2016, and 2017. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
Can you check why my answer is wrong?
2015 = 11.34
2016 = 13.48
2017 = 8.69
Chapter 15 Solutions
Financial Accounting
Ch. 15.MJ - Prob. 1DQCh. 15.MJ - What is the difference between classifying an...Ch. 15.MJ - If a functional expense classification is used for...Ch. 15.MJ - Prob. 4DQCh. 15.MJ - What are two main differences in inventory...Ch. 15.MJ - Prob. 6DQCh. 15.MJ - Prob. 7DQCh. 15.MJ - Prob. 8DQCh. 15.MJ - Prob. 9DQCh. 15.MJ - How is treasury stock reported under IFRS? How...
Ch. 15.MJ - IFRS Activity 1
Unilever Group is a global company...Ch. 15.MJ - IFRS Activity 2 The following is a recent...Ch. 15.MJ - Prob. 3IFRSCh. 15 - Why might a business invest cash in temporary...Ch. 15 - What causes a gain or loss on the sale of a bond...Ch. 15 - When is the equity method the appropriate...Ch. 15 - Prob. 4DQCh. 15 - Prob. 5DQCh. 15 - Prob. 6DQCh. 15 - Prob. 7DQCh. 15 - Prob. 8DQCh. 15 - Prob. 9DQCh. 15 - Prob. 10DQCh. 15 - Prob. 1PEACh. 15 - Prob. 1PEBCh. 15 - On February 10, 15,000 shares of Sting Company are...Ch. 15 - Prob. 2PEBCh. 15 - Prob. 3PEACh. 15 - Prob. 3PEBCh. 15 - Prob. 4PEACh. 15 - Prob. 4PEBCh. 15 - Prob. 5PEACh. 15 - On January 1, 2016, Valuation Allowance for...Ch. 15 - Prob. 6PEACh. 15 - Prob. 6PEBCh. 15 - Parilo Company acquired 170,000 of Makofske Co.,...Ch. 15 - Prob. 2ECh. 15 - Prob. 3ECh. 15 - Prob. 4ECh. 15 - Prob. 5ECh. 15 - On March 4, Breen Corporation acquired 7,500...Ch. 15 - Prob. 7ECh. 15 - Prob. 8ECh. 15 - Seamus Industries Inc. buys and sells investments...Ch. 15 - Prob. 10ECh. 15 - Prob. 11ECh. 15 - Prob. 12ECh. 15 - Prob. 13ECh. 15 - JED Capital Inc. makes investments in trading...Ch. 15 - Prob. 15ECh. 15 - Prob. 16ECh. 15 - Prob. 17ECh. 15 - Prob. 18ECh. 15 - Prob. 19ECh. 15 - The investments of Steelers Inc. include a single...Ch. 15 - Prob. 21ECh. 15 - Storm, Inc. purchased the following...Ch. 15 - Prob. 23ECh. 15 - Prob. 24ECh. 15 - Prob. 25ECh. 15 - Prob. 26ECh. 15 - Prob. 27ECh. 15 - Prob. 28ECh. 15 - Prob. 29ECh. 15 - Prob. 1PACh. 15 - Prob. 2PACh. 15 - Prob. 3PACh. 15 - OBrien Industries Inc. is a book publisher. The...Ch. 15 - Prob. 1PBCh. 15 - Prob. 2PBCh. 15 - Prob. 3PBCh. 15 - Prob. 4PBCh. 15 - Selected transactions completed by Equinox...Ch. 15 - On July 16, 1998, Wyatt Corp. purchased 40 acres...Ch. 15 - International Financial Reporting Standard No. 16...Ch. 15 - Prob. 3CPCh. 15 - Berkshire Hathaway, the investment holding company...Ch. 15 - Prob. 5CP
Knowledge Booster
Similar questions
- DIRECTION: Use the problem in solving the following requirementsInspiration Company had trading and nontrading investments held throughout 2014 and 2015. The nontrading investments are measured at fair value through other comprehensive income. The investments had a cost of P3,000,000 for trading and P3,000,000 for nontrading. The investments had the following fair value at year-end: December 31, 2014 December 31, 2015Trading 4,000,000 3,800,000Nontrading 3,200,000 3,700,000Prepare all journal entries for 2014 and 2015arrow_forwardThe trial balance for Blue Bell Company for the year ended December 31, 2019 included the following accounts: Sales revenue = $320,000 Cost of goods sold = $195,000 Selling and administrative expenses = $110,000 Interest income = $88,000 Other expenses = $70,000 Gain on derivatives = $43,650 Gain on investment securities = $26,700 The gains on derivatives and investment securities are unrealized and classified as other comprehensive income Each component of other comprehensive income should be calculated net of tax Blue Bell's income tax rate on all items is 30% Calculate the following amounts for the company’s 2019 statement of comprehensive income (round all answers to the nearest dollar amount): 1. Gross profit = 2. Net income = 3. Gain on derivatives =arrow_forwardSuppose in its 2017 annual report that McDonald's Corporation reports beginning total assets of $29.90 billion, ending total assets of $32.25 billion, net sales of $22.60 billion, and net income of $4.80 billion. (a) Compute McDonald's return on assets. (Round return on assets to 2 decimal places, e.g. 5.12%.) McDonald's return on assets % (b) Compute McDonald's asset turnover. (Round asset turnover to 2 decimal places, e.g. 5.12.) McDonald's asset turnover timesarrow_forward
- The balance sheets of Davidson Corporation reported net fixed assets of $348,000 at the end of 2021. The fixed-asset turnover ratio for 2021 was 3.0, and sales for the year totaled $1,476,000. Net fixed assets at the end of 2020 were:arrow_forwardDuring 2020, Metlock, Inc. reported net sales of $2,850,900 and net income of $1,550,000. Its balance sheet reported average total assets of $1,290,000.Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)arrow_forwardIn its 2017 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $7,837 million, end-of-the-year total assets of $7,726 million, total sales of $7,890 million, and net income of $887 million.      Compute Campbell’s asset turnover. (Round answer to 4 decimal places, e.g. 4.8726.) Asset turnover  enter asset turnover in times rounded to 4 decimal places   times   LINK TO TEXT    Compute Campbell’s profit margin on sales. (Round answer to 2 decimal places, e.g. 4.87%.) Profit margin on sales  enter profit margin on sales in percentages rounded to 4 decimal places   %   LINK TO TEXT    Compute Campbell’s return on assets using (1) asset turnover and profit margin and (2) net income. (Round answers to 2 decimal places, e.g. 4.87%.)     Return on assets  (1)  Asset…arrow_forward
- The 2025 Annual Report of Marigold International contains the following information: (in millions) Total assets Total liabilities Net sales Net income (b) June 29, 2025 (c) $1.552 1.091 2,733 150 June 27, 2024 $1.376 1.147 2.845 Compute the following ratios for Marigold International for 2025: 136 Asset turnover ratio. (Round answer to 3 decimal places, e.g. 0.851 times.) Rate of return on assets. (Round answer to 2 decimal places, e.g. 4.87.) Profit margin on sales. (Round answer to 2 decimal places, e.g. 4.87.)arrow_forwardCrypt Inc. carries the following marketable equity financial assets on its books at December 31, 2018 and 2019. All financial assets were purchased during 2018 and there were no beginning balances in any market adjustment accounts. 1.Compute the unrealized gain or loss that will presented in the income statement of 2018. 2. Compute the unrealized gain or loss that will presented in the income statement of 2019 3. Compute the unrealized gain or loss that will presented in the other comprehensive income of 2018 4. Compute the unrealized gain or loss that will presented in the other comprehensive income of 2019. 5.Compute the amount of unrealized gain or loss that will be presented in the Stockholders equity for 2020.arrow_forwardFinancial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)  2018 2017 Sales $ 1,800.0 $ 1,500.0 Operating costs excluding depreciation and amortization  1,395.0  1,275.0 EBITDA $ 405.0 $ 225.0 Depreciation and amortization  43.0  39.0 Earnings before interest and taxes (EBIT) $ 362.0 $ 186.0   Interest  40.0  33.0 Earnings before taxes (EBT) $ 322.0 $ 153.0   Taxes (40%)  128.8  61.2 Net income $ 193.2  $ 91.8  Common dividends $ 174.0  $ 73.0  Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)  2018 2017 Assets Cash and equivalents $ 23.0 $ 18.0 Accounts receivable  248.0  225.0 Inventories  396.0  360.0   Total current assets $ 667.0 $ 603.0 Net plant and equipment  429.0  390.0 Total assets $ 1,096.0 $ 993.0 Liabilities and Equity Accounts…arrow_forward
- Minton Corp.'s income statement for the year ended Dec 31,2014 is as follows: Depreciation and amortization : 1,225 Earnings before net Interest and taxes : 2,759 Interest expense (net of Interest Capitalized 103 and Interest income 109) Equity in income (loss) of affiliates : 18 : (300) Earnings before income taxes : 2,477 Income taxes : (130) Net earnings : 2,347 Based on Standard and Poor's Adjusted Key Industrial Financial Ratios averages, what rating will you assign for Minton Corp.? A) BBB to A В) ВВ C)B D)CCCarrow_forwardFinancial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)   2018 Sales $ 1,625.0 $ 2017 1,300.0 Operating costs excluding depreciation and amortization  1,300.0  1,105.0 EBITDA $ 325.0 $ 195.0 Depreciation and amortization  39.0  31.0 Earnings before interest and taxes (EBIT) $ 286.0 $ 164.0   Interest  36.0  29.0 Earnings before taxes (EBT) $ 250.0 $ 135.0   Taxes (40%)  100.0  54.0 Net income $ 150.0  $ 81.0  Common dividends $ 135.0  $ 65.0  Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)   2018 Assets Cash and equivalents $ 23.0 $ 2017 18.0  Accounts receivable  164.0  143.0 Inventories  343.0  312.0   Total current assets $ 530.0 $ 473.0 Net plant and equipment  390.0  312.0 Total assets $ 920.0 $ 785.0 Liabilities and Equity…arrow_forward7 For the year ended December 31, 2019, WQA Company reported opening retained earnings of P1,850,000 and cumulative unrealized gains recorded as reserves of P25,000. These gains are from an investment with an original cost of P100,000 and a fair value of P125,000. The company policy is to value all investments at fair value with unrealized gains and losses included in reserves. The company’s accounting policy is that when an investment is sold, the reserve amount is transferred to retained earnings. During 2020, one-half of the investment was sold. The remaining investment increased in value to P70,000. A second investment was bought for P150,000 and its fair value had increased to P165,000 by the end of 2020. What is the reserve balance at December 31, 2020? Group of answer choices P27,500 P60,000 P45,000 P35,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education