how to solve for net income with what I have, thank you.
Q: Are a lease liability and a right-of-use asset required to be recognised by a lessee at lease…
A: Accounting for leases For leases it is important for the initial recognition of leases with the…
Q: The following data are accumulated by Lone Peak Inc. in evaluating two competing capital investment…
A: Formula: Average rate of return = Average annual income / Initial cost of the investment where,…
Q: Find Break-even point If sales is 20% above breakeven volume. find profit. Draw P/V graph for Sales…
A: Answer:
Q: 11. Jan Stephanie Corporation filed its income tax return for calendar year 2022 and paid on time…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Roberto is single and has taxable income of $530,000 in 2019. As a 25 percent partner in a…
A: Deductions are the expense that can be subtracted from taxable income that results in a reduction in…
Q: GG Merchandise has two producing and two service departments labeled P1, P2, S1 and S2,…
A:
Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…
A: Lets understand the basics. In FIFO basis company assumes that, goods comes first in the inventory…
Q: 4.1)Evaluate the significance of financing and investment consideration in risk
A: Investment Risk: In the context of investments, investment risk may be described as the possibility…
Q: 1. During 2018, Axel Corporation purchases machinery (5-year property) for $120,000 and decides not…
A: Depreciation: The word "depreciation" refers to an accounting procedure that is used to spread the…
Q: Trend Report, Non-Value-Added Costs Sanford, Inc., has developed value-added standards for four…
A: Horizontal analysis is a technique for examining a company's financial records throughout time. It's…
Q: 1. What is the Income before Taxes and Interest? 2. What is the room expense? 3. What is the Room…
A: In accounting, Earnings before interest and tax (EBIT) is the company's net profit margin that…
Q: BIGBANG Company generated a total of P310,000,000 Sales in its operation for 2022. It financial…
A: The sales revenue is revenue earned by the business for various costs incurred during the period.…
Q: Allowing only the treasurer to sign checks is an example of segregation of duties. establishment of…
A: Internal Control procedures in the banking company are used to ensure the safety of the assets of…
Q: Wheeler LLC purchased two assets during the current year (a full 12-month tax year). On November 16…
A: In this question, we will calculate the maximum depreciation expense by using MACRS Table.
Q: Determine the dollar sales for June given the following seasonal sales distribution: Month %…
A: Seasonal Sales: Seasonal sales relate to any time of the retail fiscal calendar year during which a…
Q: In 2021, Bratten Fitness Company made the following cash purchases: The exclusive right to…
A: Purchasing of Assets: Buy of part or all of an entity's assets that are utilized in the course of…
Q: Determine the breakeven sUggested retail price for a manufacturer's new consumer product (CP). The…
A: Any sum of cash or rate of return on investment that an asset must be sold for to recoup the…
Q: Ten $9,000 bonds redeemable at par bearing 7% coupons payable semi-annually are sold eight years…
A: Lets understand the basics. When bond is issued for more than the face value of bond then it is…
Q: Cameron Corporation purchase land for $434,000. Later in the year, the company sold a different…
A: Cash Flow Statement (Indirect Method) Cash Flow from Operating Activities Amount (In $) Amount…
Q: Which of the following is not a characteristic of a lean accounting system? Multiple Cholce Costs in…
A: lean accounting is the collection of principal and the process that provides the numerical feedback…
Q: MC47 On January 1, P2,500,000 for life of 5 years. expected that s. would total P5,0
A: As per accounting statement assets shall be valued at lower of cost or realizable value ( sales…
Q: Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the…
A: Tax is the mandatory contribution by the taxpayer to the government. The tax is paid as a percentage…
Q: Illustration 2. Business Combination Achieved in Stages and without transfer of consideration On…
A: In this question, we get the information about the acquisition of WALANAY Inc. According to the…
Q: ohnson Corporation is preparing a flexible budget and desires to separate its lectricity expense,…
A: GIVEN Machine hours Electricity Expense January 3,500 P31, 500 February 2, 000 P20,000 March…
Q: Bremer Company made the following exchanges of assets during 2019: Jan. 1 Acquired a more advanced…
A: The journal is prepared to record day to day financial transactions of the business. The assets and…
Q: In order for passive income to be subject to final tax under section 24 (B) of the NIRC, the income…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Penny is paid a gross wage of $2,846 on a monthly basis. She is single and is entitled to 2…
A: Exhibit 9-3
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the ful…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: 3. Using the format demonstrated in your textbook - Prepare the following budgets (be sure to…
A: Here Student asked for Multi sub part question we will solve for first three sub part question for…
Q: The wholesale cost of a desk is $490. The original markup was 67% based on selling price. Find the…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: What are the tax advantages and disadvantages of converting a C Corporation into an LLC?
A: GIVEN the tax advantages and disadvantages of converting a C Corporation into an LLC
Q: 2. The Converting Department of Soft N' Dry Towel & Tissue Company had 920 units in WIP at the…
A: In the given question, Soft N' Dry Towel & Tissue Company consists 920 units in WIP (75%…
Q: Winner Company has two products with cost and selling price as follows:…
A: Solution Concept Under lower of cost or NRV method , The inventory is valued at lower of the cost or…
Q: Morgan and Company has planned a cash budget for the third quarter of 2004. The cash balance on July…
A: A cash budget is a document produced to help a business manage their cash flow. A cash budget is…
Q: Operating profits move in the same direction as sales when variable costing is used if selling…
A: Introduction:- Variable costing varies in respective of units production Which is used for making…
Q: P5-1A Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to…
A: Journal entries using a perpetual inventory system.
Q: 1-a. Costs per equivalent unit. (Round your answers to 4 decimal places.) 1-b. Cost of goods…
A: In the given question, the details of Alvis Construction Supply Company are available. The details…
Q: Accounting Discuss the main types of auditing according to its objectives with giving examples for…
A: Audit is an independent examination of financial information of an entity weather profit-oriented or…
Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment…
A:
Q: llustration 1. Share-for-share exchanges On January 1, 2022, Frank Co. and Richard, Inc. combined.…
A: 1. Goodwill (gain on bargain purchase) on the business combination
Q: 1. Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…
A: Formula: Gross profit = Net sales - cost of goods sold
Q: Use the following trial balance to prepare a multiple step income statement: Account title Debit…
A: Income Statement is a summary of all revenues, gains and all expenses and losses incurred during the…
Q: Question 2 Cicero Supplies Ltd uses a system of perpetual inventory. Regarding the migration of one…
A: FIFO METHOD (First In First Out) Date Particulars Receipts Issue Balance Qty…
Q: Bettinghaus Corporation began business on January 2, 2019, with five employees. Its sick leave and…
A: The financial statements which covers a period of less than one year is known as interim financial…
Q: Cameron Corporation purchase land for $434,000. Later in the year, the company sold a different…
A: Introduction: statement of cash flows: All cash in and out flows are shown in cash flow statements.…
Q: 23. The Blue Plate Co. is operating at 50% capacity producing 100,000 units of ceramic plates a…
A: This is a question that requires anaysis of relevant cost of two different alternative that are…
Q: Which of the following should be included as part of outstanding checks in preparing bank…
A: An outstanding check is something that has been issued but has not been cashed-deposited by the bank…
Q: ivalent units to be assigned costs are as follows: Direct Materials Conversion ory in process,…
A: Cost of units completed and transferred out of Production Cost of units completed and transferred…
Q: B) Intern Co acquired 16 million ordinary shares in Vallay for RM 56 million. The issued share…
A: GIVEN DATA Intern Co acquired 16 million ordinary shares in Vallay for RM 56 million. The issued…
I'm not sure how to solve for net income with what I have, thank you.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Measures of liquidity, solvency and profitability The comparative financial statements of Stargel Inc. are as follows. The market price of common stock was 119.70 on December 31, 20Y2. Stargel Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Retained earnings, January 1............. 5,375,000 4,545,000 Net income............................. 900,000 925.000 Total................................ 6,275,000 5,470,000 Dividends: Preferred stock dividends............. 45,000 45,000 Common stock dividends............. 50,000 50,000 Total dividends.................... 95,000 95,000 Retained earnings, December 31......... 6,180,000 5,375,000 Stargel Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales..................... 10,000,000 9,400,000 Cost of goods sold......... 5,350,000 4,950,000 Gross profit............... 4,650,000 4,450,000 Selling expenses.......... 2,000,000 1,880,000 Administrative expenses....... 1,500,000 1,410,000 Total operating expenses 3,500,000 3,290,000 Income from operations. 1,150.000 1,160,000 Other revenue............ 150,000 140,000 1,300,000 1,300,000 Other expense (interest).. 170,000 150,000 Income before income tax.. 1,130,000 1,150,000 Income tax expense....... 230,000 225,000 Net income............... 900,000 925,000 Stargel Inc. Comparative Balance Sheet December 31,20Y2 and 20Y1 20Y2 20Y1 Assets Current assets: Cash.......................................................... 500,000 400,000 Marketable securities........................................... 1,010,000 1,000,000 Accounts receivable (net)....................................... 740,000 510,000 Inventories.................................................... 1,190,000 950,000 Prepaid expenses.............................................. 250,000 229,000 Total current assets.......................................... 3,690,000 3,089,000 Long term investments............................................ 2,350,000 2,300,000 Property, plant, and equipment (net)............................... 3,740,000 3,366,000 Total assets....................................................... 9,780.000 8,755,000 Liabilities Current liabilities.................................................. 900,000 880,000 Long term liabilities: Mortgage note payable, 10%.................................... 200,000 0 Bonds payable, 10%............................................ 1,500,000 1,500,000 Total long term liabilities.................................... 1,700,000 1,500,000 Total liabilities.................................................... 2,600,000 2,380,000 Stockholders' Equity Preferred 0, 90 stock. 10 par...................................... 500,000 500,000 Common stock, 5 par............................................. 500,000 500,000 Retained earnings................................................. 6,180,000 5,375,000 Total stockholders' equity.......................................... 7,180,000 6,375,000 Total liabilities and stockholders' equity............................. 9,780,000 8,755,000 Instructions Determine the following measures for 20Y2, rounding to one decimal place including percentages, except for per-share amounts: 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days sales in receivables 6. Inventory turnover 7. Number of days sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders equity- 14. Return on common stockholders equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yieldCurrent position analysis The following items are reported on a company's balance sheet: Cash 210,000 Marketable securities 120,000 Accounts receivable (net) 110,000 Inventory 160,000 Accounts payable 200,000 Determine (A) the current ratio and (U) the quick ratio. (Round lo one decimal place.)Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was 82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Retained earnings, January 1........... 3,704,000 3,264,000 Net income.................... 600,000 550,000 Total....................... 4,304,000 3,814,000 Dividends: On preferred stock.............. 10,000 10,000 On common stock............ 100,000 100,000 Total dividends............... 110,000 110,000 Retained earnings, December 31..... 4,194,000 3,704,000 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales..................... 10,850,000 10,000,000 Cost of goods sold......... 6,000,000 5,450,000 Gross profit............... 4,850,000 4,550,00 Selling expenses.......... 2,170,000 2,000,000 Administrative expenses... 1,627,500 1.500,000 Total operating expenses .. 3,797,500 3,500,000 Income from operations ... 1,052,500 1,050,000 Other revenue............ 99,500 20,000 1,152,000 1,070,000 Other expense (interest)... 132,000 120,000 Income before income tax . 1,020,000 950,000 Income tax expense....... 420,000 400.000 Net income............... 600,000 550,000 Marshall Inc. Comparative Balance Sheet December 31,20Y2 and 20Y1 20Y2 20Y1 Assets Current assets: Cash.......................................................... 1,050,000 950,000 Marketable securities........................................... 301,000 420,000 Accounts receivable (net)....................................... 585,000 500,000 Inventories.................................................... 420,000 380,000 Prepaid expenses.............................................. 108,000 20,000 Total current assets.......................................... 2,464,000 2,270,000 Long-term investments............................................ 800.000 800,000 Property, plant, and equipment (net)............................... 5,760,000 5,184,000 Total assets....................................................... 9,024,000 8,254,000 Liabilities Current liabilities.................................................. 880,000 800,000 Long-term liabilities: Mortgage note payable, 6%.............. 200,000 0 Bonds payable, 4%............................................. 3,000,000 3,000,000 Total long-term liabilities.................................... 3,200,000 3,000,000 Total liabilities.................................................... 4,080,000 3,800,000 Stockholders' Equity Preferred 4% stock, 5 par......................................... 250,000 250,000 Common stock, 5 par............................................. 500,000 500,000 Retained earnings................................................. 4,194,000 3,704,000 Total stockholders' equity.......................................... 4,944.000 4,454,000 Total liabilities and stockholders' equity............................. 9,024.000 8,254,000 Instructions Determine the following measures for 20Y2, rounding to one decimal place, including percentages, except for per-share amounts: 1. Working capital 2. Current ratio 3 Quick ratio 4. Accounts receivable turnover 5. Number of days sales in receivables 6. Inventory turnover 7. Number of days sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders equity 14. Return on common stockholders equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yield
- Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was 82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31,20Y2 and 20Y1 20Y2 20Y1 Retained earnings, January 1 3,704,000 3,264,000 Net income 600,000 550,000 Total 4,304,000 3,814,000 Dividends: On preferred stock 10,000 10,000 On common stock 100,000 100,000 Total dividends 110,000 110,000 Retained earnings, December 31 4,194,000 3,704,000 Sales 10,850,000 10,000,000 Cost of goods sold 6,000,000 5,450,000 Gross profit 4,850,000 4,550,000 Selling expenses 2,170,000 2,000,000 Administrative expenses 1,627,500 1,500,000 Total operating expenses 3,797,500 3,500,000 Income from operations 1,052,500 1,050,000 Other income 99,500 20,000 1,152,000 1,070,000 Other expense (interest) 132,000 120,000 Income before income tax 1,020,000 950,000 Income tax expense 420,000 400,000 Net income 600,000 550,000 Marshall Inc. Comparative Balance Sheet December 31,20Y2 and 20Y1 20Y2 20Y1 Assets Current assets: Cash 1,050,000 950,000 Marketable securities 301,000 420,000 Accounts receivable (net) 585,000 500,000 Inventories 420,000 380,000 Prepaid expenses 108,000 20,000 Total current assets 2,464,000 2,270,000 Long-term investments 800,000 800,000 Property, plant, and equipment (net) 5,760,000 5,184,000 Total assets 9,024,000 8,254,000 Liabilities Current liabilities 880,000 800,000 Long-term liabilities: Mortgage note payable. 6% 200,000 0 Bonds payable. 4%, 3,000,000 3,000,000 Total long term liabilities 3,200,000 3,000,000 Total liabilities 4,080,000 3,800,000 Stockholders' Equity Preferred 4% stock, 5 par 250,000 250,000 Common stock. 5 par 500,000 500,000 Retained earnings 4,194,000 3,704,000 Total stockholders' equity 4,944,000 4,454,000 Total liabilities and stockholders' equity 9,024,000 8,254,000 Instructions Determine the following measures for 20Y2 (round to one decimal place, including percentages, except for per-share amounts): 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables 6. Inventory turnover 7. Number of days' sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders' equity 14. Return on common stockholders' equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yielda. (1) Current year working capital. 1,090,000 Current position analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash 391,000 300,000 Marketable securities 515,000 354,000 Accounts and notes receivable (net) 634,000 426,000 Inventories 368,000 222,000 Prepaid expenses 182,000 138,000 Total current assets 2,090,000 1,440,000 Current liabilities: Accounts and notes payable (short-term) 725,000 600,000 Accrued liabilities 275,000 300,000 Total current liabilities 1,000,000 900,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. b. What conclusions can be drawn from these data as to the companys ability to meet its currently maturing debts?