Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN: 9781285190907
Author: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher: Cengage Learning
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Chapter 2, Problem 1BIC
To determine
Identify the adjustment to net income for
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A
Comparison of Firm Performance
1
2 2013 Financials
3
Net operating revenues
4 Cost of goods sold
5 Gross profit
6 Selling, general, and administrative expense
7 Other costs
8 Operating income
9
Interest expense
10 Other income (loss) - net
11 Income before income taxes
12 Income taxes
13 Net income
14 Assets
15 Cash and cash equivalents
16 Net receivables
17 Inventories
18 Prepaid expenses and other
19 Total current assets
20 Property, plant and equipment
21 Goodwill
22 Other assets
23 Total assets
24 Liabilities and Stockholder Equity
25 Accounts payable
26 Short-term debt
27 Total current liability
28 Long-term debt
29 Other liabilities
30 Total liabilities
31 Stockholder equity
32
B
Walmart
469,162
352,488
116,674
88,873
27,801
2,251
187
25,737
7,981
17,756
7,781
6,768
43,803
1,588
59,940
116,681
20,497
5,987
203,105
59,099
12,719
71,818
41,417
113,235
89,870
C
Macy's
27,931
16,725
11,206
8,440
88
2,678
388
(134)
2,156
767
1,389
1,836
371
5,308
361
7,876
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3,743
1,176
20,991…
What is the average tax rate for 2018 please explain briefly. I prefer with an excel spreadsheet showing the equations
Thank you,
Use the following information to answer this question.
Windswept, Incorporated
2022 Income Statement
(in millions)
Net sales
Cost of goods sold
Depreciation
Earnings before interest and taxes
Interest paid
Taxable income
Taxes
Net income
$ 9,710
7,990
475
$ 1,245
114
$ 1,131
396
$ 735
Windswept, Incorporated
2021 and 2022 Balance Sheets
(in millions)
2021
2022
2021
Total assets
What is the days' sales in receivables for 2022?
Cash
Accounts receivable
Inventory
Total
$ 3,290 $ 3,025
3,530 4,050
Net fixed assets
$ 6,820 $ 7,075
$ 270
$ 300
Accounts payable
$ 1,550
1,080
1,940 1,745
980
Long-term debt
Common stock
Retained earnings
Total liabilities & equity
$ 6,820 $ 7,075
1,160
3,460
650
2022
$ 1,785
1,330
3,060
900
Chapter 2 Solutions
Financial Reporting, Financial Statement Analysis and Valuation
Ch. 2 - Prob. 1QECh. 2 - Asset Valuation and Income Recognition. Asset...Ch. 2 - Trade-Offs among Acceptable Accounting...Ch. 2 - Income Flows versus Cash Flows. The text states,...Ch. 2 - Prob. 5QECh. 2 - Prob. 6QECh. 2 - Prob. 7QECh. 2 - Prob. 8QECh. 2 - Computation of Income Tax Expense. A firms income...Ch. 2 - Computation of Income Tax Expense. A firms income...
Ch. 2 - Costs to Be Included in Historical Cost Valuation....Ch. 2 - Effect of Valuation Method for Nonmonetary Asset...Ch. 2 - Prob. 13PCCh. 2 - Prob. 14PCCh. 2 - Prob. 15PCCh. 2 - Deferred Tax Assets. Components of the deferred...Ch. 2 - Interpreting Income Tax Disclosures. The financial...Ch. 2 - Interpreting Income Tax Disclosures. Prepaid Legal...Ch. 2 - Interpreting Income Tax Disclosures. The financial...Ch. 2 - Analyzing Transactions. Using the analytical...Ch. 2 - Prob. 21PCCh. 2 - Starbucks The financial statements of Starbucks...Ch. 2 - Prob. 1BICCh. 2 - Prob. 1CICCh. 2 - Prob. 1DICCh. 2 - Prob. 1EICCh. 2 - Prob. 1FICCh. 2 - Starbucks The financial statements of Starbucks...
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