Acct5301 P1

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Required information Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 (The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 442,035 $ 338,635 212,324 126, 311 $ 235,000 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes 266, 105 150,400 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 84,600 31,020 46,732 29,800 76,532 49,779 19,505 50,525 34,075 Income tax expense 10, 205 6,917 Net income $ 39,574 $ 27,158 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 55,578 $ 37, 199 $ 49,726 Long-term investments Plant assets, net 900 4,570 56,095 104,820 $ 160,398 95,143 Total assets $ 133, 242 $ 110,391 Liabilities and Equity Current liabilities $ 19,853 $ 23,418 68,000 8,500…

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view Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

Garnet Company, Inc. Comparative Statements of Financial Position As of the year ended December 31, 2022 Assets Cash 2022 2021 P 94,190.00 P Accounts receivable Inventory Prepaid expenses 55,400.00 131,000.00 62,700.00 70,400.00 154,000.00 34,152.00 19,860.00 Total current assets 314,742.00 306,960.00 Land 157,500.00 157,500.00 Equipment 225,750.00 192,500.00 Accumulated depreciation - Equipment 75,125.00 48,125.00 Buildings 275,000.00 275,000.00 Accumulated depreciation - Buildings 82,550.00 68,750.00 Total 815,317.00 P 815,085.00 Liabilities and Equity Accounts payable Long-term notes payable Ordinary shares, P5 par value Share Premium Accumulated Profits and Losses Treasury shares Total 41,800.00 47,250.00 270,000.00 360,000.00 ? 150,000.00 ? 56,415.00 ? 250,500.00 ? 49,080.00 ? 815,085.00 Sales for 2022 were P503,950 and cost of goods sold was 60% of sales. Furthermore, depreciation for the year was P48,400 and other expenses was P73,100. During the year, equipment costing P19,000…

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Orlando Medical’s common-size income statement for 2018 would report cost ofgoods sold asa. 82.4%.b. $35,147 million.c. up by 20.1%.d. 137.9%.

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Calculate the following ratios a. Gross profit ration  b.Net Profit ratio c. Current Ratio d. Liquid ratio.

How to calculate Net Operating Asset from this balance sheet for fiscal year-end 2015 .

! Required information Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 $ 279,900 179, 136 Sales Cost of goods sold $ 526,492 316,948 2020 $ 403,336 252,892 Gross profit 209,544 150,444 100,764 Selling expenses 74,762 55,660 36,947 Administrative expenses 47,384 35,494 23,232 Total expenses 122,146 91,154 60,179 Income before taxes 87,398 59,290 40,585 Income tax expense 16,256 12,155 8,239 Net income $ 71,142 $ 47,135 $ 32,346 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Current liabilities Total assets Liabilities and Equity Common stock Other paid-in capital Retained earnings 8,750 66,994 2021 2020 $ 60,926 0 109,735 $ 40,778 1,000 99,989 $ 170,661 $ 141,767 $…

Comprehensive Problem Happy Hearts Company provided the following statements of financial position at year-end and other financial data relating to activities during the current year 2021 2020 200,000 1,040,000 600,000 1,100,000 150,000 1,200,000 110,000 300,000 3,400,000 (900,000) Cash and cash equivalents Accounts receivable, net of allowance Trade notes payable Inventory Prepaid expenses Investment in equity securities, at cost Property, plant and equipment Accumulated depreciation 200,000 1,360,000 120,000 500,000 2,000,000 (600,000) Patent 80.000 4.900.000 Total 5.960.000 Accounts payable Trade notes payable Accrued expenses 880,000 60,000 100,000 400,000 3,000,000 530,000 990,000 840,000 240,000 330,000 Notes payable (short-term debt) Share capital, P100 par Share premium Retained earnings Treasury shares, at cost 2,400,000 400,000 790,000 (100,000) 4.900.000 Total 5.960.000 The statement of retained earnings for the year ended December 31, 2021 showed the following Retained…

MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets $84,650 25,000 60, 000 $26,800 32,000 54,100 Cash Accounts receivable ed Inventory Current liabilities Accounts payable Income taxes payable 25,700 2,200 30,400 2,e5e MOSS COMPANY Income Statement For Year Ended December 31, 2019 ces Sales $ 515,000 331,6ее 183,400 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes $ 36,000 121,500 157, 500 25,900 7,700 $ 18,200 Income taxes expense Net income *........... ....... l

IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation Equipment Total assets Notes payable (long term) Total liabilities. Equity Common stock, $5 par value Retained earnings. Total liabilities and. equity Liabilities and Equity) Accounts payable Wages payable Income taxes payable. Total current liabilities 39,200 Sales Cost of goods sold. Gross profit $ 105,100 71,000 67,800 4,800 248,700 128,000 (29,000) $ 347,700 Cash flows from operating activities $ 29,000 6,400 3,800 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense: Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Cash flows from investing activities 228,000 46,500 $ 347,700 Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end…

Current Attempt in Progress   XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets:       Liabilities and Equity:          Cash and marketable securities   $27,476      Accounts payable and accruals   $154,860      Accounts receivable   $143,519      Short-term notes payable   $21,255      Inventory   $212,379      Total current liabilities   $176,115      Total current assets   $383,374      Long term debt   $155,510      Net plant and equipment   $602,704      Total liabilities   $331,625      Goodwill and other assets   $42,422      Common stock   $312,719              Retained earnings   $384,156         Total assets   $1,028,500         Total liabilities and equity   $1,028,500   In addition, it was reported that the firm had a net income of:   $158,402 and net sales of:   $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…

Current Assets Cash A/R Inventory Total Net Plant & Equip Total Assets Tomson Corporation 2013 and 2014 Statement of Financial Position Assets 2013 $ 8,436 21,530 38.760 $ 68,726 $ 226.706 $295,432 2014 $ 10,157 23,406 42.650 $ 76,213 Current Liabilities A/P Notes Payable Total 1. The current ratio for each year 2. The quick ratio for each year Long-term Debt Owner's Equity Common Stock & Paid-in Surplus Retained Earnings $248,306 Total Total Liabilities & $324,519 Owners Equity Liabilities 3. The cash ratio for each year 4. The NWC to total assets ratio for each year 2013 5. The debt-equity ratio and the equity multiplier for each year 6. The total debt ratio and the long-term debt ratio for each year Round all answers to 2 decimal places. $ 43,050 18.384 $61.434 $ 25.000 $ 40,000 168.998 $ 208,998 $ 295,432 2014 1. Prepare: The 2014 combined common-size, common-base year statement of financial position for Tomson. Round your intermediate calculations to 2 decimal places…

Cash Accounts receivable Inventory Plant and equipment Total assets Assets a. Current ratio b. Quick ratio rporation is given below. Sales for the year were $3,240,000, with 75 percent of sales s BRYAN CORPORATION Balance Sheet Dec. 31, 20XX $50,000 440,000 450,000 510,000 $1,450,000 C. Debt-to-total-assets ratio. d. Asset turnover e. Average collection period Liabilities and Equity Accounts payable Accrued taxes Bonds payable (long term) Common stock Retained earnings Total liabilities and equity Compute the following ratios: (Use 365 days in a year. Do not round intermediate calculation. Round the final answer places.) 2.38 X X % X days $320,000 75,000 350,000 480,000 225,000 $1,450,000

Financial accounting question

Sales Cost of goods sold Net income Cash flow from operations Cash Marketable securities Accounts receivable Inventories Total current assets Accounts payable Accrued liabilities Total current liabilities 275,161 253, 201 (159,054) (59,225) 341,580 342, 258 21,495 6,525 711,858 29, 308 44,806 74,114 a. Calculate the current and quick ratio at the end of each year. Note: Round your answers to 1 decimal place. b. Assuming a 365-day year for all calculations, compute the following: 1. The collection period each year based on sales. a. Current ratio a. Quick ratio b1. Collection period b2. Inventory turnover (X) b2. Payables period (days) b3. Days' sales in cash b4. Gross margin b4. Profit margin 462,913 345, 284 (403,909) (20,933) 269,372 37,300 35,798 72,506 414,976 23,158 125, 251 148,409 2. The inventory turnover and the payables period each year based on cost of goods sold. 3. The days' sales in cash each year. 4. The gross margin and profit margin each year. Note: Round your answers…

Brief Exercise 12-2 Prepare horizontal analysis (LO12-2) Perform a horizontal analysis providing both the amount and percentage change. (Round Percentage answers to 1 decimal place. Decreases should be indicated by a minus sign.) Cash Accounts receivable. Inventory Long-term assets Total assets Cash Accounts receivable Inventory Long-term assets Total assets Year 2021 2020 $300,000 $ 800,000 500,000 200,000 800,000 700,000 3,400,000 2,300,000 $5,000,000 $4,000,000 Increase (Decrease) Amount

Perform horizontal analysis for the two quotas

Exercise 12-JA Cvaiuate risk ratios (LU12-3) The 2021 income statement of Adrian Express reports sales of $18,957,000, cost of goods sold of $11,971,500, and net income of $1,690,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31. 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory $ 690, 000 1, 580, 000 $ 850, 000 1, 090, 000 1, 490, 000 1, 980, 000 4, 330, 000 $7, 760, 000 Long-term assets 4, 890, 000 Total assets $9, 140, 000 Liabilities and Stockholders' Equity Current liabilities $1,930, 000 2, 390, 000 1,910, 000 2, 910, 000 $1, 750, 000 Long-term liabilities 2, 490, 000 1,910, 000 Common stock Retained earnings 1, 610, 000 Total liabilities and stockholders' equity $9, 140, 000 $7, 760, 000 Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio 25 days 60 days 2 to 1 Debt to equity ratio 50% Required: 1. Calculate…

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Selected ratios formulars Unilever 2021 BOPP 2021 ROCE PBIT / net assets * 100 (32,424/39,406 *100 = - 82% 102,154 / 192,758 *100 =53% Net Assets Turnover Revenue / Net Assets 526,912 / 39,406 = 13 times 214,174 / 192,758 = 1 time Gross Profit Margin Gross profit / revenue *100 97,046 / 526,912 *100 18.4% 115,462 / 214,174 * 100 54% Net Profit Before Tax PBT / revenue * 100 (35,005) / 526,912* 100 = -6.6% 104,778 / 214,174* 100 =48.9% Current Ratio Current assets / current liabilities 214,665/341,171 = 0.5 139,104 / 30,368 = 4.5 Quick Ratio Current assets – inventory / current liabilities 214,665-91,627 /341,171 = 0.4 139,104 -13,248/ 30,368 = 4.1 Inventory Days Inventory / cost of sales * 365 days  91,627/ 429,866 *365 = 77 days 13,248 / 101,397 *365 = 47 days Receivable Days Receivables / cost of sales * 365 days 24,515 / 429,866 *365 =20 days 92,860 / 101,397 *365 =334 days Payable Days…

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities. 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 43,558 32,628 112,283 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 S % $ 57,843 0 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021…

Q no 3: Financial Statement analysis: Ratio analysis Data for Lozano Chip Company and its industry averages follow. Calculate the indicated ratios for Lozano. Lozano Chip Company: Balance Sheet as of December 31, 2016 (Thousands of Dollars) Cash Receivables Inventories Total current assets Net fixed assets Total assets $ 225,000 1,575,000 1.125,000 $2,925.000 1,350,000 $4,275,000 Sales Cost of goods sold Selling, general, and administrative expenses Earnings before interest and taxes (EBIT) Accounts payable Notes payable Other current liabilities Interest expense Earnings before taxes (EBT) Federal and state income taxes (40%) Net income Total current liabilities Long-term debt Common equity Total liabilities and equity $ 601.866 326.634 525.000 Lozano Chip Company: Income Statement for Year Ended December 31, 2016 (Thousands of Dollars) $1.453,500 1,068.750 1.752.750 $4.275,000 $7,500.000 6,375.000 825,000 $ 300.000 111.631 $ 188,369 75.348 $ 113,021 Based on this information, compute…

S/380 Ratio Calculations Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue $900 410 Long-term liabilities Stockholder's equity - common 1,030 Total liabilities and stockholder's equity $2,340 Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Income Statement Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income before income taxes $330 470 460 120 1,380 Income tax expense Net Income 10 420 530 $2,340 2022 $3,800 955 2,400 25 3,380 420 126 $294 2021 $360 400 390 160 1,310 10 380 510 $2,210 $790 380 1,040 $2,210 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2021 current ratio. Use whole numbers rounded to 2 decimal…

E14-23 (similar to) Question Help Trainer Exercise Equipment, Inc. reported the following financial statements for 2018, E (Click the icon to view the income statement.) F (Click the icon to view the comparative balance sheet.) Read the requirements. Requirement 1. Compute the amount of Trainer Exercise's acquisition of plant assets Trainer Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal, The acquisitions of plant assets amounts to

What are the firm's current ratios for 2018 and 2019? Income Statements ($ in millions) Balance Sheets ($ in millions) 2018 2019 Assets 2018 2019 $1,265 | Cash $780 Short-Term investments Sales Revenue $1,180 $35 $20 $660 $20 $5 Less: Cost of goods sold Less: Operating Expenses Less: Depreciation Earnings before interest and taxes Less: Interest paid $75 $92 | Accounts rec. 190 235 $40 $50 Inventory 250 300 $405 $343 Total Current Assets $495 $560 $170 $150 | Net fixed assets 990 1,105 Taxable Income $235 $193 Less: Taxes (40%) $77 Total assets $116 Liabilities and Owner's Equity $94 $1,485 1,665 Net income $141 Dividends (45%) Additions to Retained Earnings $63 $52 2018 2019 $64 Accounts payable Аccruals $78 $125 $100 $10 $10 Notes payable 35 40 Total Current Liabilities $170 $150 Long-term debt 598 790 Total Liabilities $768 $940 Common stock 554 498 Retained earnings Total Equity Total liab.& equity 163 $227 717 $725 $1,485 $1,665