Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Question
Chapter 2, Problem 37PA
1.
To determine
Compute the total revenues of Incorporation SL during the year ended December 31, 2011.
2.
To determine
Determine the amount of the dividends declared during the year ended December 31, 2011.
3.
To determine
Compute the contributed capital of Incorporation SL as of December 31, 2011.
4.
To determine
Determine the total assets of Incorporation SL as on December 31, 2011.
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Required:
1. Calculate the total current assets at December 31, 2021.
2. Calculate the total liabilities and stockholders' equity at December 31, 2021.
3. Calculate the earnings from operations (operating income) for the year ended December 31,
2021.
4. Calculate the net income (or loss) for the year ended December 31, 2021.
5.
What was the average income tax rate for the company for 2021?
6. If 48,000 of dividends had been declared and paid during the year, what was the January 1,
2021, balance of retained earnings?
Assume that all balance sheet items reflect account balances at December 31, 2021 of ABC Ind, and that
all income statement items reflect activities that occurred during the year then ended.
Accounts receivable
Depreciation expense
Land
Cost of goods sold
Retained earnings
Cash
Equipment
Supplies
Accounts payable
Service revenue
Interest expense
Common stock
Income tax expense
Accumulated depreciation
Long-term debt
Supplies expense
Merchandise inventory
Net sales
99,000…
. The following are the amounts of Care Corporation’s assets and liabilities at May 31, 2010 and its revenue and expenses for the year ended on that date, listed in alphabetical order. Care Corporation had share capital of P50,000 and accumulated profits of P87,390 on June 1, the beginning of the fiscal year. During the year, the corporation paid cash dividends of P25,000.
Accounts payable P 48,320
Accounts receivable 68,840
Advertising expense 14,600
Cash 40,150
Insurance expense 12,000
Land 150,000
Miscellaneous expense 3,140
Notes payable 22,000
Prepaid insurance 2,000
Rent…
Please consider the following financial numbers for Carridine Company and then prepare answers to the required questions.
Carridine Company reported a net income of $1.903 million on revenues of $55.618 million for the year 2019. Interest expense totaled $0.459 million and preferred dividends totaled $13.5 million. The average total assets for the year were $17,5 million. The income tax rate is 21%. Average preferred shareholders’ equity totaled $250 million, and average common shareholders’ equity totaled $7.5 million.
Compute the rate of return on assets (ROA) and disaggregate ROA into profit margin and assets turnover components.
Compute the rate of return on common stock equity (ROCE) and disaggregate ROCE into profit margin, assets turnover, and capital leverage ratio components.
Calculate the amount of net income to common shareholders.
Chapter 2 Solutions
Financial Accounting
Ch. 2 - Prob. 1YTCh. 2 - Prob. 2YTCh. 2 - Is prepaid insurance an expense or an asset?...Ch. 2 - Prob. 4YTCh. 2 - Give an example of the matching principle from the...Ch. 2 - What is the difference between cash basis and...Ch. 2 - Prob. 7YTCh. 2 - What is GAAP? What is IFRS?Ch. 2 - Prob. 2QCh. 2 - Prob. 3Q
Ch. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - What are the four basic financial statements?Ch. 2 - Which financial statement pertains to a single...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - What does recognize revenue mean in accounting?Ch. 2 - Prob. 14QCh. 2 - What is an accrual? What is a deferral?Ch. 2 - Must a company collect the money from a sale...Ch. 2 - What is the cost of goods sold?Ch. 2 - Explain the difference between cash basis...Ch. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQCh. 2 - Prob. 8MCQCh. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Elements of the financial statements. (LO 3). For...Ch. 2 - Prob. 2SEACh. 2 - Prob. 3SEACh. 2 - Prob. 4SEACh. 2 - Prob. 5SEACh. 2 - Prob. 6SEACh. 2 - Cash versus credit sales. (LO 3, 4). Company A had...Ch. 2 - Prob. 8SEACh. 2 - Prob. 9SEACh. 2 - Prob. 10SEACh. 2 - Prob. 11SEBCh. 2 - Prob. 12SEBCh. 2 - Prob. 13SEBCh. 2 - Prob. 14SEBCh. 2 - Prob. 15SEBCh. 2 - Prob. 16SEBCh. 2 - Prob. 17SEBCh. 2 - Prob. 18SEBCh. 2 - Prob. 19SEBCh. 2 - Prob. 20SEBCh. 2 - Prob. 21EACh. 2 - Prob. 22EACh. 2 - Prob. 23EACh. 2 - Balance sheet and income statement transactions....Ch. 2 - Prob. 25EACh. 2 - Prob. 26EACh. 2 - Prob. 27EACh. 2 - Prob. 28EACh. 2 - Elements of the financial statements. (LO 3). The...Ch. 2 - Prob. 30EBCh. 2 - Elements of the financial statements. (LO 3)....Ch. 2 - Prob. 32EBCh. 2 - Prob. 33EBCh. 2 - Prob. 34EBCh. 2 - Prob. 35EBCh. 2 - Current ratio. (LO 5). The following data was...Ch. 2 - Prob. 37PACh. 2 - Prob. 38PACh. 2 - Prob. 39PACh. 2 - Prob. 40PACh. 2 - Prob. 41PACh. 2 - Prob. 42PBCh. 2 - Prob. 43PBCh. 2 - Prob. 44PBCh. 2 - Prob. 45PBCh. 2 - Prob. 46PBCh. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSA
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