13pintsSkippedeBookPrintReferencesMcGrawHill20621_131512.jpgF1!1QLOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2017 and 2018Gross salesSales returns and allowances.Net salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearchMiscellaneousTotal operating expensesIncome before interest and taxesInterest expenseIncome before taxesProvision for taxesNet incomeCurrent assets:Cash2Accounts receivableMerchandise inventoryPrepaid expensesTotal current assetsPlant and equipment:Building (net1AD20220621_131440.jpg20F2F3WLOGIC COMPANYComparative Balance SheetDecember 31, 2017 and 2018.Assets#3EA$4< PrevD20220621_102824.jpgF4R%20172018$19,400 $15,300800100$18,600 $15,20011,9008,900$ 6,700 $ 6,300$740740 $ 6202,5002,200590520400320$ 4,230$3,660$ 2,470 $ 2,640600520$ 1,870 $ 2,120748848$ 1,122 $ 1,27220182017$12,100 $9,30016,70012,7008,70014,20024,200 10,200$61,700 $46,40014 60011 200www13 of 20 wwwwww5F5MacBook AirF6TA6C&Y7Next >80F7H* 008UDIIFBJ 13ointsSkippedeBookCPrintReferencesMcGrawHill!1F1QA20182017$12,100 $ 9,300Accounts receivableMerchandise inventoryPrepaid expenses16,700 12,7008,700 14,20024,200 10,200$61,700 $46,400Total current assetsPlant and equipment:Building (net)Land$14,600 $11,20013,7009,200Total plant and equipment$28,300 $20,400Total assets$90,000 $66,800Current liabilities:Accounts payableSalaries payable$13,200 $ 7,2007,2005,200Total current liabilities$20,400 $12,400Long-term liabilities:Mortgage note payable22,400 20,700Total liabilities.$42,800 $33,100Stockholders' EquityCommon stock$21,100 $21,10026,100 12,600Retained earningsTotal stockholders' equity$47,200 $33,700$90,000 $66,800Total liabilities and stockholders' equityCalculate the return on equity (after tax) ratio. (Round your answers to the nearest hundredth.)20182017Return on equity13 of 20< PrevNext >MacBook AirFBF2Current assets:Cash@2WSLOGIC COMPANYComparative Balance SheetDecember 31, 2017 and 2018Assets#3Liabilities20F3E$4DF4R%5FF5TA6G‒‒‒&onY7F7H*8UFBJ6)9

Return on Equity: It is a measure of the profitability of a company and it is estimated by dividing…

Answered: Calculate the return on equity (after…

Calculate the return on equity (after tax) ratio. (Round your answers to the nearest hundredth.) 2018 2017 Return on equity

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter12: Corporate Valuation And Financial Planning

Section: Chapter Questions

Problem 12SP

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LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
#31 For the year ended December 31, 2020, LIVERPOOL Company reported the following amounts: Net income is 7.50% of net sales. On the other hand, gross profit is 40% of the net sales. Determine the amount of operating expenses. Determine the amount of COGS (Cost of Goods Sold). Determine the amount of goods available for sale. Determine the amount of Inventory, 12/31/20
How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…
Use the following Income Statement and Balance Sheet Information for 2018 to answer the question below. This is a Retail Company. All numbers are in Millions. Income Statement Total Sales213.8 Cost of Sales151.3 Gross Profit213.8-151.3 Selling and Administrative Expenses22.3 Research and Development 7.7 Depreciation and Amortization4.5 Other Income2.4 EBIT213.8-151.3-22.3-7.7-4.5+2.4 Interest Expense5.8 Pretax Income213.8-151.3-22.3-7.7-4.5+2.4-5.8 Taxes( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.30 Net Income( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.70 Balance Sheet Assets Liabilities Cash65.8Accounts Payable43.3Accounts Receivable54.4Notes Payable/Short term debt1.6Inventories4.4 Total Current Assets65.8+54.4+4.4Total Current Liabilities43.3+1.6 Net property, plant and equipment103.4Long-term debt80.0Total long-term assets103.4Total long-term debt liabilities80.0 Total Liabilities43.3+1.6+80.0 Stockholders' Equity (Total Equity)65.8+ 54.4+4.4+103.4-43.3-1.6-80.0Total…
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
60. Following are the account balances from connery company’s statement of comprehensive income:Inventory, jan. 1, 2017 $34,000Purchases 50,000Purchase returns 5,000Purchase discounts 4,000Freight-in 6,000Inventory, December 31,2017 15,000Freight-out 8,000Given this information, the cost of goods during 2017 isa. 51,000b. 56,000c. 46,000d. 66,000 61. Following are the account balances from connery company’s statement of comprehensive income:Inventory, jan. 1, 2017 $25,000Purchases 35,000Purchase returns 2,000Purchase discounts 4,000Freight-in 5,000Inventory, December 31,2017 10,000Freight-out 6,000Given this information, the cost of merchandise available for sale during 2017 isa. 69,000b. 61,000c. 65,000d. 59,000
(The given is in the photo.) Required: 1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020
1. In the statement of financial statement restated to current cost, what amount should be reported as inventory on December 31? a. 1080000 b. 2880000 c.975000 d. 870000 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210000 b. 135000 c. 560000 d. 0 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2320000 b. 2880000 c. 2600000 d. 2375000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? a. 225000 b. 135000 c. 350000 d. 505000
"Keeper Corporation’s income statement for the year ended June 30, 2014, and its comparative balance sheets for June 30, 2014 and 2013 follow.Keeper CorporationIncome StatementFor the Year ended June 30, 2014Sales$234,000Cost of goods sold156,000Gross margin$78,000Operating expenses45,000Operating income$33,000Interest expense2,800Income before income taxes$30,200Income taxes expense12,300Net income$17,900Keeper CorporationComparative Balance SheetsJune 30, 2014 and 201320142013AssetsCash$69,900$12,500Accounts receivable (net)21,00026,000Inventory43,40048,400Prepaid expenses3,2002,600Furniture55,00060,000Accumulated depreciation—furniture(9,000)(5,000)Total assets$183,500$144,500Liabilities and Stockholders’ equityAccounts payable$13,000$14,000Income taxes payable1,2001,800Notes payable (long-term)37,00035,000Common stock, $10 par value115,00090,000Retained earnings17,3003,700Total liabilities and stockholders’ equity$183,500$144,500Keeper issued a $22,000 note payable for purchase of…
The comparative statements of Osborne Company are presented here: [{HtmlTableOSBORNE COMPANYIncome StatementsFor the Years Ended December 312014 2013Net sales $1,895,999 $1,755,959Cost of goods sold 1,063,999 1,011,459Gross profit 832,000 744,500Selling and administrative expenses 505,459 484,459Income from operations 326,541 260,041Other expenses and losses Interest expense 23,583 21,583Income before income taxes 302,958 238,458Income tax expense 93,583 74,583Net income $209,375 $163,875\\OSBORNE COMPANYBalance SheetsDecember 31Assets 2014 2013Current assets Cash $60,100 $64,200Debt investments (short-term) 74,000 50,000Accounts receivable 123,259 108,259Inventory 127,583 117,083Total current assets 384,942 339,542Plant assets (net) 663,905 535,205Total assets $1,048,847 $874,747Liabilities and Stockholders' Equity Current liabilities Accounts payable $165,459 $150,859Income taxes payable 45,083 43,583Total current liabilities 210,542 194,442Bonds payable 234,905 214,905Total…