Calculate the earnings per share for Incorporation RCF during the year.

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Answer 1

Question

Chapter 4, Problem 44AP

1.

To determine

Calculate the earnings per share for Incorporation RCF during the year.

2.

To determine

Identify whether the earnings per share has increased or decreased during the year 2016.

3.

To determine

Calculate the gross profit percentage for Incorporation RCF during the year.

4.

To determine

Identify whether the gross profit percentage has increased or decreased during the year 2016.

5.

To determine

Calculate the net income percentage for Incorporation RCF during the year.

6.

To determine

Identify whether the net income percentage has increased or decreased during the year 2018.

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(Learning Objective 7: Evaluate liquidity using the quick [acid-test] ratio and days’sales in receivables) Northern Products reported the following amounts in its 2019 financialstatements. The 2018 amounts are given for comparison.2019 2018Current assets:Cash............................................ $ 9,500Short-term investments................ 7,000Accounts receivable..................... $70,100Less: Allowance foruncollectibles.......................$86,500(7,500) (5,500) 64,600Inventory..................................... 190,000Prepaid insurance ........................ 2,200Total current assets..................... 273,300Total current liabilities.................... 106,000Net sales (all on account) ................$ 9,50010,50079,000189,0002,200290,20099,0001,077,000 734,000Requirements1. Compute Northern’s quick (acid-test) ratio at the end of 2019. Round to two decimalplaces. How does the quick ratio compare with the industry average of 0.92?2. Compare days’ sales…

(Learning Objective 7: Calculate return on assets) Handley Grocery Corporationreported the following information in its comparative financial statements for the fiscal yearended January 31, 2018:January 31,2018January 31,2017Net sales....................................Net earnings..............................Average total assets...................$50,000$ 2,200$40,000$48,350$ 2,100$39,300Requirements1. Compute the net profit margin ratio for the years ended January 31, 2018, and 2017. Did itimprove or worsen in 2018?2. Compute asset turnover for the years ended January 31, 2018, and 2017. Did it improve orworsen in 2018?3. Compute return on assets for the years ended January 31, 2018, and 2017. Did it improveor worsen in 2018? Which component—net profit margin ratio or asset turnover—wasmostly responsible for the change in the company’s return on assets?

(Learning Objective 7: Calculate return on assets) Hometown Supply Companyreported the following information in its comparative financial statements for the fiscal yearended January 31, 2018:January 31,2018January 31,2017Net sales....................................Net earnings..............................Average total assets...................$84,000$ 4,200$70,000$82,600$ 4,050$69,450Requirements1. Compute the net profit margin ratio for the years ended January 31, 2018, and 2017. Did itimprove or worsen in 2018?2. Compute asset turnover for the years ended January 31, 2018, and 2017. Did it improve orworsen in 2018?3. Compute return on assets for the years ended January 31, 2018, and 2017. Did it improveor worsen in 2018? Which component—net profit margin ratio or asset turnover—wasmostly responsible for the change in the company’s return on assets?

Answer 2

Question

Chapter 4, Problem 44AP

1.

To determine

Calculate the earnings per share for Incorporation RCF during the year.

2.

To determine

Identify whether the earnings per share has increased or decreased during the year 2016.

3.

To determine

Calculate the gross profit percentage for Incorporation RCF during the year.

4.

To determine

Identify whether the gross profit percentage has increased or decreased during the year 2016.

5.

To determine

Calculate the net income percentage for Incorporation RCF during the year.

6.

To determine

Identify whether the net income percentage has increased or decreased during the year 2018.

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Answer 3

Question

Chapter 4, Problem 44AP

1.

To determine

Calculate the earnings per share for Incorporation RCF during the year.

2.

To determine

Identify whether the earnings per share has increased or decreased during the year 2016.

3.

To determine

Calculate the gross profit percentage for Incorporation RCF during the year.

4.

To determine

Identify whether the gross profit percentage has increased or decreased during the year 2016.

5.

To determine

Calculate the net income percentage for Incorporation RCF during the year.

6.

To determine

Identify whether the net income percentage has increased or decreased during the year 2018.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 44AP

1.

To determine

Calculate the earnings per share for Incorporation RCF during the year.

2.

To determine

Identify whether the earnings per share has increased or decreased during the year 2016.

3.

To determine

Calculate the gross profit percentage for Incorporation RCF during the year.

4.

To determine

Identify whether the gross profit percentage has increased or decreased during the year 2016.

5.

To determine

Calculate the net income percentage for Incorporation RCF during the year.

6.

To determine

Identify whether the net income percentage has increased or decreased during the year 2018.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 44AP

1.

To determine

Calculate the earnings per share for Incorporation RCF during the year.

2.

To determine

Identify whether the earnings per share has increased or decreased during the year 2016.

3.

To determine

Calculate the gross profit percentage for Incorporation RCF during the year.

4.

To determine

Identify whether the gross profit percentage has increased or decreased during the year 2016.

5.

To determine

Calculate the net income percentage for Incorporation RCF during the year.

6.

To determine

Identify whether the net income percentage has increased or decreased during the year 2018.

Answer 6

Chapter 4, Problem 44AP

1.

To determine

Calculate the earnings per share for Incorporation RCF during the year.

Answer 7

Chapter 4, Problem 44AP

1.

To determine

Calculate the earnings per share for Incorporation RCF during the year.

Answer 8

2.

To determine

Identify whether the earnings per share has increased or decreased during the year 2016.

Answer 9

2.

To determine

Identify whether the earnings per share has increased or decreased during the year 2016.

Answer 10

3.

To determine

Calculate the gross profit percentage for Incorporation RCF during the year.

Answer 11

3.

To determine

Calculate the gross profit percentage for Incorporation RCF during the year.

Answer 12

4.

To determine

Identify whether the gross profit percentage has increased or decreased during the year 2016.

Answer 13

4.

To determine

Identify whether the gross profit percentage has increased or decreased during the year 2016.

Answer 14

5.

To determine

Calculate the net income percentage for Incorporation RCF during the year.

Answer 15

5.

To determine

Calculate the net income percentage for Incorporation RCF during the year.

Answer 16

6.

To determine

Identify whether the net income percentage has increased or decreased during the year 2018.

Answer 17

6.

To determine

Identify whether the net income percentage has increased or decreased during the year 2018.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 4 - Prob. 1DQ Ch. 4 - What are some reasons why a merchandiser might...Ch. 4 - Why do businesses use subsidiary ledgers?Ch. 4 - Prob. 4DQ Ch. 4 - How many accounts are involved in recording the...Ch. 4 - Prob. 6DQ Ch. 4 - Prob. 7DQ Ch. 4 - Prob. 8DQ Ch. 4 - What is the difference between a single-step and...Ch. 4 - Prob. 10DQ

Calculate the earnings per share for Incorporation RCF during the year.

Solution Summary: The author explains how to calculate the earnings per share for Incorporation RCF during the year.

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Calculate the earnings per share for Incorporation RCF during the year.

Identify whether the earnings per share has increased or decreased during the year 2016.

Calculate the gross profit percentage for Incorporation RCF during the year.

Identify whether the gross profit percentage has increased or decreased during the year 2016.

Calculate the net income percentage for Incorporation RCF during the year.

Identify whether the net income percentage has increased or decreased during the year 2018.

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Chapter 4 Solutions