Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4.9EX
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2018, are as follows:
| Retained Earnings | |||
| Apr. 30 | 31,200 | May 1 (2017) | 475,500 |
| 30 | 5,000 | ||
| Dividends | |||
| Sept. 30 | 1,250 | Apr. 30 | 5,000 |
| Dec. 31 | 1,250 | ||
| March 31 | 1,250 | ||
| June 30 | 1,250 | ||
| income Summary | |||
| Apr. 30 | 197,000 | Apr. 30 | 165,800 |
| 30 | 31,200 | ||
Prepare a retained earnings statement for the year.
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Students have asked these similar questions
Perform a liquidity and profitability analysis on your company utilizing the ratios listed below.
Quick Ratio, Receivable Turnover, Days sales uncollected, inventory turnover, Days inventory on hand, payable turnover, days payable, asset turnover, return on assets, and return on equity.
statement of operations
12 Months Ended
Jul. 31, 2020
Jul. 31, 2019
Revenues:
Revenues
$ 1,497,826,000
$ 1,684,392,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other
493,055,000
468,868,000
Operating expense - equipment lease expense
33,017,000
Equipment lease expense, preadoption
33,073,000
Depreciation and amortization expense
80,481,000
78,846,000
General and administrative expense
45,752,000
59,994,000
Non-cash employee stock ownership plan compensation charge
2,871,000
5,693,000
Asset impairments
0
0
Loss on asset sales and disposals
7,924,000
10,968,000
Operating income
148,670,000
113,028,000
Interest expense…
Return on Total Assets
A company reports the following income statement and balance.
sheet information for the current year:
Net income
Interest expense
Average total assets
$471,500
83,200
6,450,000
Determine the return on total assets. If required, round the answer
to one decimal place.
%
PERFORM A LIQUIDITY AND PROFITABILITY ANALYSIS ON THE FOLLOWING COMPANY UTILIZING THE FOLLOWING RATIOS:
INVENTORY TURNOVER
DAYS INVENTORY ON HAND
statement of operations
12 Months Ended
Jul. 31, 2020
Jul. 31, 2019
Revenues:
Revenues
$ 1,497,826,000
$ 1,684,392,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other
493,055,000
468,868,000
Operating expense - equipment lease expense
33,017,000
Equipment lease expense, preadoption
33,073,000
Depreciation and amortization expense
80,481,000
78,846,000
General and administrative expense
45,752,000
59,994,000
Non-cash employee stock ownership plan compensation charge
2,871,000
5,693,000
Asset impairments
0
0
Loss on asset sales and disposals
7,924,000
10,968,000
Operating income
148,670,000
113,028,000
Interest expense
(192,962,000)
(177,619,000)
Loss on extinguishment of debt
(37,399,000)
Other income (expense), net
(460,000)
369,000
Loss before income taxes…
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
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