ABC Trading Inc. started the year with total assets of P60,000 and total liabilities of P40,000. During the year, the business recorded P100,000 in car repair revenues, P55,000 in expenses. The net income reported by ABC Trading, Inc. for the year was: a. Php90,000 b. Php45,000 c. Php20,000 d. Php35,000

ABC Trading Inc. started the year with total assets of P60,000 and total liabilities of P40,000. During the year, the business recorded P100,000 in car repair revenues, P55,000 in expenses. The net income reported by ABC Trading, Inc. for the year was: a. Php90,000 b. Php45,000 c. Php20,000 d. Php35,000

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter2: Analysis Of Financial Statements

Section: Chapter Questions

Problem 8PROB

See similar textbooks

Similar questions

Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
Salem’s Accessory Shop started the year with total assets of $210,000 and total liabilities of $120,000. During the year the business recorded $330,000 in revenues, $165,000 in expenses, and dividends of $60,000. The net income reported by Salem’s Accessory Shop for the year was $120,000. $150,000. $195,000. $165,000.
At the start of the year, Rahman Marketing had total assets of RM450,000 1 and owner's equity of RM192,000. During the year, assets increased by RM72,000 whereas liabilities decreased by RM84,000. Owner's equity the end of the year was
At the end of the first month of operations for FDNACCT, the business had earned P140,500 of revenues and incurred P71,500 of expenses. It also showed the following: Liabilities: P25,000 Assets: P118,000 How much is the owner’s initial investment?
During the current year, the owners of A & J Industrial Supply Company invested $100,000 and withdrew $48,000. In the same time period, the company had revenues of $200,000 and expenses of $75,000. What is A & J's net income? a. $125,000 b. $177,000 c. $52,000 d. $275,000
Waterway Industries started the year with total assets of $225000 and total liabilities of $135000. During the year the business recorded $330000 in revenues, $161000 in expenses, and dividends of $74000. The net income reported by Waterway Industries for the year was
The balance sheet of ATLF, Inc. reports total assets of $950,000 and $1,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $100,000 and $800,000, respectively. What is ATLF's profit margin? Select one: a. 8% b. 15% c. 10% d. 80% e. 12.5%
Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the com-pany’s revenues for the year were $125,000 and its year-end cash balance was $35,000, what was Wexler’s net income for the year?
Vaughn Manufacturing started the year with total assets of $304000 and total liabilities of $244000. During the year the business recorded $628000 in revenues, $335000 in expenses, and dividends of $61000. The net income reported by Vaughn Manufacturing for the year was $232000. $173000. $293000. $563000.
solution star industries has published its annual account. it indicates that during the year the year the firm had sales of $3,500,000, cost of goodssold totaled $2,300,000, operating expenses of $420,000, and depreciation expenses 0f $240,000. the firm is in 30% tax bracket. determine the firm's operating cash flow?