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- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000Athenian Venues Inc. just reported the following selected portion of its financial statements for the end of 2020. Your assistant has already calculated the 2020 end-of-year net operating working capital (NOWC) from the full set of financial statements (not shown here), which is 13 million. The total net operating capital for 2019 was 50 million. What was the 2020 net investment in operating capital? Athenian Venues Inc.: Selected Balance Sheet Information as of December 31 (Millions of Dollars)Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableOn August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
- The following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising 2020 2019Cash P150,000 P120,000Equity investment at FVPL 260,000 230,000AR, net 360,000 400,000Inventories 705,000 635,000Prepaid Expenses 130,000 128,000Accounts payable 182,000 136,000Other current liabilities 141,000 125,000Bonds Payable 200,000 200,000Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020? 30,000 800,000 Answer not given 140,000 700,000A company has the following items for the fiscal year 2020: Revenue =10 million EBIT = 5 million Net income = 2 million Total Equity = 20 million Total Assets = 40 million Calculate the company’s ROA and ROE
- Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also. ARDUOUS COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in millions) 2021 2020 Assets Cash $ 142 $ 100 Accounts receivable 209 232 Investment revenue receivable 25 23 Inventory 226 219 Prepaid insurance 23 32 Long-term investment 213 144 Land 235 169 Buildings and equipment 437 438 Less: Accumulated depreciation (117 ) (158 ) Patent 53 56 $ 1,446 $ 1,255 Liabilities Accounts payable $ 69 $ 103 Salaries payable 25 37 Interest payable (bonds) 27 23 Income tax payable 31 38 Deferred tax liability 49 27 Notes payable 33 0…Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…
