CONSOLIDATED BALANCE SHEETSGENERAL MILLS, INC. AND SUBSIDIARIESIn Millions, Except Par ValueMay 29, 2016May 28, 2017ASSETSCurrent assets:Cash and cash equivalents$763.71,360.8$766.1Receivables1,430.1Inventories1,483.61,413.7Prepaid expenses and other current assets381.6399.0Total current assets4,061.43,937.2Land, buildings, and equipment3,687.73,743.68,741.2Goodwill8,747.2Other intangible assets4,530.44,538.6Other assets785.9751.7Total assets$ 21,812.6$ 21,712.3LIABILITIES AND EQUITYCurrent liabilities:Accounts payable$ 2,119.82,046.5Current portion of long-term debtNotes payable604.71,103.41,234.1269.8Other current liabilities1,372.21,595.05,014.7Total current liabilities5,330.8Long-term debt7,642.97,057.7Deferred income taxes1,719.41,399.6Other liabilities1,523.12,087.6Total liabilities16,216.215,559.6Redeemable interest910.9845.6Stockholders' equity:Common stock, 754.6 shares issued, $0.10 par valueAdditional paid-in capitalRetained earnings75.575.51,120.91,177.013,138.912,616.5(7,762.9)(2,244.5)(6,326.6)(2,612.2)Common stock in treasury, at cost, shares of 177.7 and 157.8Accumulated other comprehensive lossTotal stockholders' equity4,327.94,930.2Noncontrolling interestsTotal equityTotal liabilities and equity357.6376.95,307.14,685.5$ 21,712.3$21,812.6See accompanying notes to consolidated financial statements. Fiscal Year2015 (a)In Millions, Except Per Share Data, Percentages and Ratios2017201620142013CONSOLIDATED STATEMENTS OF EARNINGSOperating data:$ 17,630.3$ 17,774.1$15,619.8$ 16,563.117,909.6Net salesGross margin b)Selling, general, and administrative expensesOperating profitTotal segment operating profit (eDivestitures loss (gain)Net earnings attributable to General MillsAdvertising and media expenseResearch and development expense5,563.85,829.55,949.26,369.86,423.93,328.02,801.33,118.93,474.33,552.3GENERAL MILLS, INC. AND SUBSIDIARIES2,566.42,707.42,077.32,957.42,851.82,952.62,999.53,035.03,153.93,222.9(148.2)(65.5)13.5Fiscal Year1,657.51,697.41,221.31,824.41,855.2In Millions, Except per Share Data201720162015754.4623.8823.1869.5895.0$ 17,630.3Net sales$ 15,619.8$ 16,563.1243.6218.2222.1229.4237.9Cost of sales10,056.010,733.611,681.1Average shares outstanding:Selling, general, and administrative expensesDivestitures loss (gain)Restructuring, impairment, and other exit costsOperating profit3,118.93,328.02,801.3Diluted598.0611.9618.8645.7665.6(148.2)13.5Earnings per share:182.6151.4543.9$$Diluted2.772.771.972.832.792,566.42,707.42,077.3Diluted, excluding certain items affecting comparability $Operating ratios:Gross margin as a percentage of net sales$3.082.92$2.86$2.822.72$Interest, net295.1303.8315.4Earnings before income taxes and after-tax earnings from joint ventures2,271.32,403.61,761.935.6%33.7%35.2%35.6%36.1%655.2586.8Income taxes755.2Selling, general, and administrative expenses as aAfter-tax earnings from joint venturesNet earnings, including earnings attributable to redeemable and noncontrolling interestsNet earnings attributable to redeemable and noncontrolling interests85.088.484.3percentage of net salesOperating profit as a percentage of net salesAdjusted operating profit19.4%17.9%18.8%18.9%20.0%1,701.11,736.81,259.416.3%11.8%16.4%16.5%16.0%43.639.438.1$ 1,697.4$ 1,657.5Net earnings attribut able to General Mills1,221.3as a percentage of net sales (b) (c)Total segment operating profit18.1%16.8%15.9%16.2%16.3%Earnings per share basicEarnings per share dilutedDividends per share$2.822.832.02$2.772.771.97$as a percentage of net salesEffective income tax rate18.9%18.1%17.2%17.6%18.1%$1.921.781.67$$28.8%31.4%33.3%33.3%29.2%See accompanying notes to consolidated financial statements.Return on average total capital12.7%12.9%9.1%12.5%13.4%Adjusted return on average total capital b)e)11.6%11.3%11.2%11.6%12.0%Balance sheet data:$ 3,687.7Land, buildings, and equipmentTotal assets$3,743.6$3,941.93,878.13,783.321,812.623,044.721,712.321,832.022,505.76,396.6Long-term debt, excluding current portion7,642.97,057.77,575.35,901.8CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMETotal debt (b)9,481.78,430.99,191.58,758.97,944.8Cash flow data:$ 2,313.3$2,542.8712.4$2,926.0613.9$ 2,629.8$ 2,541.0Net cash provided by operating activitiesCapital expendituresFree cash flow (b) (e)GENERAL MILLS, INC. AND SUBSIDIARIES729.3684.4663.51,628.91,900.51,830.41,877.52,312.1Fixed charge coverage ratio ()Operating cash flow to debt ratio (b)7.267.405.548.047.62Fiscal Year24.4%31.2%27.7%29.0%36.8%2016In Millions20172015Share data:$ 1,701.1$ 1,259.41,736.8Net earnings, including earnings attributable to redeemable and noncontrolling interestsOther comprehensive income (loss), net of tax:Foreign currency translationNet actuarial income (loss)Low stock price$$55.9154.1248.8646.8637.55High stock priceClosing stock price72.6465.3657.1454.4050.93(957.9)(358.4)(108.7)(325.9)6.357.3262.8756.1553.8148.98197.9Cash dividends per common share1.921.781.671.551.32Other fair value changes:Number of full- and part-time employees38,00039,00042,00043,00041,000Securities0.80.10.8Hedge derivativesReclassification to earnings:Hedge derivatives53.316.04.1(25.7)(9.5)4.9Amortization of losses and prior service costsOther comprehensive income (loss), net of taxTotal comprehensive incomeComprehensive income (loss) attributable to redeemable122.5128.6105.1(299.4)(1,201.4)355.12,056.21,437.458.0(192.9)and noncontrolling interestsComprehensive income attributable to General Mills31.041.5$ 2,025.21,395.9250.9See accompanying notes to consolidated financial statements.

Question
Asked Oct 10, 2019

I need assistance calculating ratios with the attached income statement and balance sheet:

 

  Fiscal 2017 Fiscal 2016
Gross margin, as reported 35.6% 35.2%
     Mark-to-market effects (0.1) (0.4)
     Restructuring costs 0.3 0.5
     Project-related costs 0.3 0.3
Adjusted gross margin 36.1% 35.6%

 

 

Calculate the following financial ratios for 2016 and 2017

4. Reutrn on assets (2015, total assets = $21,932.0 million)

5. Return on common stockholders' equity  (2015, total stockholders' equity = $4996.7 million)

6. Current ratio

CONSOLIDATED BALANCE SHEETS
GENERAL MILLS, INC. AND SUBSIDIARIES
In Millions, Except Par Value
May 29, 2016
May 28, 2017
ASSETS
Current assets:
Cash and cash equivalents
$
763.7
1,360.8
$
766.1
Receivables
1,430.1
Inventories
1,483.6
1,413.7
Prepaid expenses and other current assets
381.6
399.0
Total current assets
4,061.4
3,937.2
Land, buildings, and equipment
3,687.7
3,743.6
8,741.2
Goodwill
8,747.2
Other intangible assets
4,530.4
4,538.6
Other assets
785.9
751.7
Total assets
$ 21,812.6
$ 21,712.3
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 2,119.8
2,046.5
Current portion of long-term debt
Notes payable
604.7
1,103.4
1,234.1
269.8
Other current liabilities
1,372.2
1,595.0
5,014.7
Total current liabilities
5,330.8
Long-term debt
7,642.9
7,057.7
Deferred income taxes
1,719.4
1,399.6
Other liabilities
1,523.1
2,087.6
Total liabilities
16,216.2
15,559.6
Redeemable interest
910.9
845.6
Stockholders' equity:
Common stock, 754.6 shares issued, $0.10 par value
Additional paid-in capital
Retained earnings
75.5
75.5
1,120.9
1,177.0
13,138.9
12,616.5
(7,762.9)
(2,244.5)
(6,326.6)
(2,612.2)
Common stock in treasury, at cost, shares of 177.7 and 157.8
Accumulated other comprehensive loss
Total stockholders' equity
4,327.9
4,930.2
Noncontrolling interests
Total equity
Total liabilities and equity
357.6
376.9
5,307.1
4,685.5
$ 21,712.3
$21,812.6
See accompanying notes to consolidated financial statements.
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CONSOLIDATED BALANCE SHEETS GENERAL MILLS, INC. AND SUBSIDIARIES In Millions, Except Par Value May 29, 2016 May 28, 2017 ASSETS Current assets: Cash and cash equivalents $ 763.7 1,360.8 $ 766.1 Receivables 1,430.1 Inventories 1,483.6 1,413.7 Prepaid expenses and other current assets 381.6 399.0 Total current assets 4,061.4 3,937.2 Land, buildings, and equipment 3,687.7 3,743.6 8,741.2 Goodwill 8,747.2 Other intangible assets 4,530.4 4,538.6 Other assets 785.9 751.7 Total assets $ 21,812.6 $ 21,712.3 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,119.8 2,046.5 Current portion of long-term debt Notes payable 604.7 1,103.4 1,234.1 269.8 Other current liabilities 1,372.2 1,595.0 5,014.7 Total current liabilities 5,330.8 Long-term debt 7,642.9 7,057.7 Deferred income taxes 1,719.4 1,399.6 Other liabilities 1,523.1 2,087.6 Total liabilities 16,216.2 15,559.6 Redeemable interest 910.9 845.6 Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings 75.5 75.5 1,120.9 1,177.0 13,138.9 12,616.5 (7,762.9) (2,244.5) (6,326.6) (2,612.2) Common stock in treasury, at cost, shares of 177.7 and 157.8 Accumulated other comprehensive loss Total stockholders' equity 4,327.9 4,930.2 Noncontrolling interests Total equity Total liabilities and equity 357.6 376.9 5,307.1 4,685.5 $ 21,712.3 $21,812.6 See accompanying notes to consolidated financial statements.

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Fiscal Year
2015 (a)
In Millions, Except Per Share Data, Percentages and Ratios
2017
2016
2014
2013
CONSOLIDATED STATEMENTS OF EARNINGS
Operating data:
$ 17,630.3
$ 17,774.1
$15,619.8
$ 16,563.1
17,909.6
Net sales
Gross margin b)
Selling, general, and administrative expenses
Operating profit
Total segment operating profit (e
Divestitures loss (gain)
Net earnings attributable to General Mills
Advertising and media expense
Research and development expense
5,563.8
5,829.5
5,949.2
6,369.8
6,423.9
3,328.0
2,801.3
3,118.9
3,474.3
3,552.3
GENERAL MILLS, INC. AND SUBSIDIARIES
2,566.4
2,707.4
2,077.3
2,957.4
2,851.8
2,952.6
2,999.5
3,035.0
3,153.9
3,222.9
(148.2)
(65.5)
13.5
Fiscal Year
1,657.5
1,697.4
1,221.3
1,824.4
1,855.2
In Millions, Except per Share Data
2017
2016
2015
754.4
623.8
823.1
869.5
895.0
$ 17,630.3
Net sales
$ 15,619.8
$ 16,563.1
243.6
218.2
222.1
229.4
237.9
Cost of sales
10,056.0
10,733.6
11,681.1
Average shares outstanding:
Selling, general, and administrative expenses
Divestitures loss (gain)
Restructuring, impairment, and other exit costs
Operating profit
3,118.9
3,328.0
2,801.3
Diluted
598.0
611.9
618.8
645.7
665.6
(148.2)
13.5
Earnings per share:
182.6
151.4
543.9
$
$
Diluted
2.77
2.77
1.97
2.83
2.79
2,566.4
2,707.4
2,077.3
Diluted, excluding certain items affecting comparability $
Operating ratios:
Gross margin as a percentage of net sales
$
3.08
2.92
$
2.86
$
2.82
2.72
$
Interest, net
295.1
303.8
315.4
Earnings before income taxes and after-tax earnings from joint ventures
2,271.3
2,403.6
1,761.9
35.6%
33.7%
35.2%
35.6%
36.1%
655.2
586.8
Income taxes
755.2
Selling, general, and administrative expenses as a
After-tax earnings from joint ventures
Net earnings, including earnings attributable to redeemable and noncontrolling interests
Net earnings attributable to redeemable and noncontrolling interests
85.0
88.4
84.3
percentage of net sales
Operating profit as a percentage of net sales
Adjusted operating profit
19.4%
17.9%
18.8%
18.9%
20.0%
1,701.1
1,736.8
1,259.4
16.3%
11.8%
16.4%
16.5%
16.0%
43.6
39.4
38.1
$ 1,697.4
$ 1,657.5
Net earnings attribut able to General Mills
1,221.3
as a percentage of net sales (b) (c)
Total segment operating profit
18.1%
16.8%
15.9%
16.2%
16.3%
Earnings per share basic
Earnings per share diluted
Dividends per share
$
2.82
2.83
2.02
$
2.77
2.77
1.97
$
as a percentage of net sales
Effective income tax rate
18.9%
18.1%
17.2%
17.6%
18.1%
$
1.92
1.78
1.67
$
$
28.8%
31.4%
33.3%
33.3%
29.2%
See accompanying notes to consolidated financial statements.
Return on average total capital
12.7%
12.9%
9.1%
12.5%
13.4%
Adjusted return on average total capital b)e)
11.6%
11.3%
11.2%
11.6%
12.0%
Balance sheet data:
$ 3,687.7
Land, buildings, and equipment
Total assets
$3,743.6
$
3,941.9
3,878.1
3,783.3
21,812.6
23,044.7
21,712.3
21,832.0
22,505.7
6,396.6
Long-term debt, excluding current portion
7,642.9
7,057.7
7,575.3
5,901.8
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Total debt (b)
9,481.7
8,430.9
9,191.5
8,758.9
7,944.8
Cash flow data:
$ 2,313.3
$
2,542.8
712.4
$
2,926.0
613.9
$ 2,629.8
$ 2,541.0
Net cash provided by operating activities
Capital expenditures
Free cash flow (b) (e)
GENERAL MILLS, INC. AND SUBSIDIARIES
729.3
684.4
663.5
1,628.9
1,900.5
1,830.4
1,877.5
2,312.1
Fixed charge coverage ratio ()
Operating cash flow to debt ratio (b)
7.26
7.40
5.54
8.04
7.62
Fiscal Year
24.4%
31.2%
27.7%
29.0%
36.8%
2016
In Millions
2017
2015
Share data:
$ 1,701.1
$ 1,259.4
1,736.8
Net earnings, including earnings attributable to redeemable and noncontrolling interests
Other comprehensive income (loss), net of tax:
Foreign currency translation
Net actuarial income (loss)
Low stock price
$
$
55.91
54.12
48.86
46.86
37.55
High stock price
Closing stock price
72.64
65.36
57.14
54.40
50.93
(957.9)
(358.4)
(108.7)
(325.9)
6.3
57.32
62.87
56.15
53.81
48.98
197.9
Cash dividends per common share
1.92
1.78
1.67
1.55
1.32
Other fair value changes:
Number of full- and part-time employees
38,000
39,000
42,000
43,000
41,000
Securities
0.8
0.1
0.8
Hedge derivatives
Reclassification to earnings:
Hedge derivatives
53.3
16.0
4.1
(25.7)
(9.5)
4.9
Amortization of losses and prior service costs
Other comprehensive income (loss), net of tax
Total comprehensive income
Comprehensive income (loss) attributable to redeemable
122.5
128.6
105.1
(299.4)
(1,201.4)
355.1
2,056.2
1,437.4
58.0
(192.9)
and noncontrolling interests
Comprehensive income attributable to General Mills
31.0
41.5
$ 2,025.2
1,395.9
250.9
See accompanying notes to consolidated financial statements.
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Fiscal Year 2015 (a) In Millions, Except Per Share Data, Percentages and Ratios 2017 2016 2014 2013 CONSOLIDATED STATEMENTS OF EARNINGS Operating data: $ 17,630.3 $ 17,774.1 $15,619.8 $ 16,563.1 17,909.6 Net sales Gross margin b) Selling, general, and administrative expenses Operating profit Total segment operating profit (e Divestitures loss (gain) Net earnings attributable to General Mills Advertising and media expense Research and development expense 5,563.8 5,829.5 5,949.2 6,369.8 6,423.9 3,328.0 2,801.3 3,118.9 3,474.3 3,552.3 GENERAL MILLS, INC. AND SUBSIDIARIES 2,566.4 2,707.4 2,077.3 2,957.4 2,851.8 2,952.6 2,999.5 3,035.0 3,153.9 3,222.9 (148.2) (65.5) 13.5 Fiscal Year 1,657.5 1,697.4 1,221.3 1,824.4 1,855.2 In Millions, Except per Share Data 2017 2016 2015 754.4 623.8 823.1 869.5 895.0 $ 17,630.3 Net sales $ 15,619.8 $ 16,563.1 243.6 218.2 222.1 229.4 237.9 Cost of sales 10,056.0 10,733.6 11,681.1 Average shares outstanding: Selling, general, and administrative expenses Divestitures loss (gain) Restructuring, impairment, and other exit costs Operating profit 3,118.9 3,328.0 2,801.3 Diluted 598.0 611.9 618.8 645.7 665.6 (148.2) 13.5 Earnings per share: 182.6 151.4 543.9 $ $ Diluted 2.77 2.77 1.97 2.83 2.79 2,566.4 2,707.4 2,077.3 Diluted, excluding certain items affecting comparability $ Operating ratios: Gross margin as a percentage of net sales $ 3.08 2.92 $ 2.86 $ 2.82 2.72 $ Interest, net 295.1 303.8 315.4 Earnings before income taxes and after-tax earnings from joint ventures 2,271.3 2,403.6 1,761.9 35.6% 33.7% 35.2% 35.6% 36.1% 655.2 586.8 Income taxes 755.2 Selling, general, and administrative expenses as a After-tax earnings from joint ventures Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests 85.0 88.4 84.3 percentage of net sales Operating profit as a percentage of net sales Adjusted operating profit 19.4% 17.9% 18.8% 18.9% 20.0% 1,701.1 1,736.8 1,259.4 16.3% 11.8% 16.4% 16.5% 16.0% 43.6 39.4 38.1 $ 1,697.4 $ 1,657.5 Net earnings attribut able to General Mills 1,221.3 as a percentage of net sales (b) (c) Total segment operating profit 18.1% 16.8% 15.9% 16.2% 16.3% Earnings per share basic Earnings per share diluted Dividends per share $ 2.82 2.83 2.02 $ 2.77 2.77 1.97 $ as a percentage of net sales Effective income tax rate 18.9% 18.1% 17.2% 17.6% 18.1% $ 1.92 1.78 1.67 $ $ 28.8% 31.4% 33.3% 33.3% 29.2% See accompanying notes to consolidated financial statements. Return on average total capital 12.7% 12.9% 9.1% 12.5% 13.4% Adjusted return on average total capital b)e) 11.6% 11.3% 11.2% 11.6% 12.0% Balance sheet data: $ 3,687.7 Land, buildings, and equipment Total assets $3,743.6 $ 3,941.9 3,878.1 3,783.3 21,812.6 23,044.7 21,712.3 21,832.0 22,505.7 6,396.6 Long-term debt, excluding current portion 7,642.9 7,057.7 7,575.3 5,901.8 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Total debt (b) 9,481.7 8,430.9 9,191.5 8,758.9 7,944.8 Cash flow data: $ 2,313.3 $ 2,542.8 712.4 $ 2,926.0 613.9 $ 2,629.8 $ 2,541.0 Net cash provided by operating activities Capital expenditures Free cash flow (b) (e) GENERAL MILLS, INC. AND SUBSIDIARIES 729.3 684.4 663.5 1,628.9 1,900.5 1,830.4 1,877.5 2,312.1 Fixed charge coverage ratio () Operating cash flow to debt ratio (b) 7.26 7.40 5.54 8.04 7.62 Fiscal Year 24.4% 31.2% 27.7% 29.0% 36.8% 2016 In Millions 2017 2015 Share data: $ 1,701.1 $ 1,259.4 1,736.8 Net earnings, including earnings attributable to redeemable and noncontrolling interests Other comprehensive income (loss), net of tax: Foreign currency translation Net actuarial income (loss) Low stock price $ $ 55.91 54.12 48.86 46.86 37.55 High stock price Closing stock price 72.64 65.36 57.14 54.40 50.93 (957.9) (358.4) (108.7) (325.9) 6.3 57.32 62.87 56.15 53.81 48.98 197.9 Cash dividends per common share 1.92 1.78 1.67 1.55 1.32 Other fair value changes: Number of full- and part-time employees 38,000 39,000 42,000 43,000 41,000 Securities 0.8 0.1 0.8 Hedge derivatives Reclassification to earnings: Hedge derivatives 53.3 16.0 4.1 (25.7) (9.5) 4.9 Amortization of losses and prior service costs Other comprehensive income (loss), net of tax Total comprehensive income Comprehensive income (loss) attributable to redeemable 122.5 128.6 105.1 (299.4) (1,201.4) 355.1 2,056.2 1,437.4 58.0 (192.9) and noncontrolling interests Comprehensive income attributable to General Mills 31.0 41.5 $ 2,025.2 1,395.9 250.9 See accompanying notes to consolidated financial statements.

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Expert Answer

Step 1

In the above equation, the return on assets has been calculated by dividing net income to the total value of the assets and resulting figure multiplied by 100 and hence, the ROA for 2016 is 7.81%.

on assets for the year 2016 and 2017 by using the equation given
Compute the percentage of return
below:
Net income
Return on assets (2010)Total value of assets
-x 100
Net earnings attributable to general mills
-x 100
Total value of assets
$1697.4x100
$21,712.3
= S0.078 x100
= 7.81%
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on assets for the year 2016 and 2017 by using the equation given Compute the percentage of return below: Net income Return on assets (2010)Total value of assets -x 100 Net earnings attributable to general mills -x 100 Total value of assets $1697.4x100 $21,712.3 = S0.078 x100 = 7.81%

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Step 2

In the above equation, the return on assets has been calculated by dividing net income to the total value of the assets and resulting figure multiplied by 100 and hence, the ROA for 2017 is 7.59%.

Net income
Return on assets (2017)-Total value of assets
-x100
Net earnings attributable to general mills
-x100
Total value of assets
$1657.5100
$21,812.6
$0.075x100
= 7.59%
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Net income Return on assets (2017)-Total value of assets -x100 Net earnings attributable to general mills -x100 Total value of assets $1657.5100 $21,812.6 $0.075x100 = 7.59%

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Step 3

Return on common stockholder’s equity has been calculated for the year 2016 and 2017 by using the equation given above:

In the above equation, the ROI has...

Return on equity (2016) = Net income for equity holders
x100
Stockholder equity
Net earnings
-x 100
Stockholder equity
$1657.5
x100
$4327.9
$0.382 x100
=38.29%
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Return on equity (2016) = Net income for equity holders x100 Stockholder equity Net earnings -x 100 Stockholder equity $1657.5 x100 $4327.9 $0.382 x100 =38.29%

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A: Cost of Goods Manufactured is a costing statement that represents the cost incurred to manufacture a...

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Q: Accounts receivable turnover and days’ sales in receivables Financial statement data for years endin...

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Q: I need some guidance with the following question. We do not need to complete form 1040 or any schedu...

A: Taxable income is calculated on income from salary, bonus, long term & short-term capital gains,...

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Q: How would I solve this?

A: Record journal entries for Pet sitter\'s Inc as shown below:

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A: In the Perpetual inventory system, inventory balance is updated every time for every sale or purchas...

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Q: Adjusting Entry from Bank Reconciliation Pyramid Corporation is assessed a $40 fee as the result of ...

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Q: Edgerron Company is able to produce two products, G and B, with the same machine in its factory. The...

A: 1 and 2 parts of the table is shown below:

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Q: Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledg...

A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,...