INCOME STATEMENT OF QUICK BURGER CORP., 2016 (Figures in $ millions) $ 27,587 17,589 1,422 $ 8,576 Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income 537 8,039 2,814 $ 5,225 Таxes Net income BALANCE SHEET OF QUICK BURGER CORP., 2016 (Figures in $ millions) 2015 Liabilities and Shareholders' Equity Assets 2016 2016 2015 Current liabilities 2,356 Debt due for repayment 1,355 Accounts payable Current assets Cash and marketable securities Receivables 2,356 1,395 427 Total current liabilities 3,423 3,423 3,163 3,590 Inventories 142 137 Other current assets 1,109 5,002 636 Total current assets Fixed assets 4,484 Property, plant, and equipment Intangible assets (goodwill) Other long-term assets 24,697 2,824 3,003 Long-term debt 22,855 other long-term liabillities Total liabilities Total shareholders' equity 13,653 3,077 20,153 15,373 12,154 2,977 18,721 14,410 2,673 3,119 Total assets 35,526 33,131 Total liabilities and shareholders' equity 35,526 33,131 In 2016 Quick Burger had capital expenditures of $3,069.

INCOME STATEMENT OF QUICK BURGER CORP., 2016 (Figures in $ millions) $ 27,587 17,589 1,422 $ 8,576 Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income 537 8,039 2,814 $ 5,225 Таxes Net income BALANCE SHEET OF QUICK BURGER CORP., 2016 (Figures in $ millions) 2015 Liabilities and Shareholders' Equity Assets 2016 2016 2015 Current liabilities 2,356 Debt due for repayment 1,355 Accounts payable Current assets Cash and marketable securities Receivables 2,356 1,395 427 Total current liabilities 3,423 3,423 3,163 3,590 Inventories 142 137 Other current assets 1,109 5,002 636 Total current assets Fixed assets 4,484 Property, plant, and equipment Intangible assets (goodwill) Other long-term assets 24,697 2,824 3,003 Long-term debt 22,855 other long-term liabillities Total liabilities Total shareholders' equity 13,653 3,077 20,153 15,373 12,154 2,977 18,721 14,410 2,673 3,119 Total assets 35,526 33,131 Total liabilities and shareholders' equity 35,526 33,131 In 2016 Quick Burger had capital expenditures of $3,069.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 18E

See similar textbooks

Similar questions

Profitability ratios The following selected data were taken from the financial statements of Robinson Inc. for December 31, 2016, 2015 and 2014: December31 2016 2015 2014 Total assets......................................... 4,800,000 4,400,000 4,000,000 Notes payable (8% interest)........................... 2,250,000 2,250,000 2,250,000 Common stock...................................... 250,000 250,000 250,000 Preferred 4% stock, 100 par (no change during year)........................... 500,000 500,000 500,000 Retained earnings................................... 1,574,000 1,222,000 750,000 The 2016 net income was 372,000, and the 2015 net income was 492,000. No dividends on common stock were declared between 2014 and 2016. a. Determine the rate earned on total assets, the rate earned on stockholders equity, and the rate earned on common Stockholders equity for the years 2015 and 2016. Round to one decimal place. b. What conclusions can be drawn from these data as to the companys profitability?
Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at the end of the year. Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable?
The following balance sheet and income statement pertain toGoode Corp., using the following assumptions complete a forecasted2016 income statement: Assumptions for 2016: Revenue growth rate 32% COGS 64% of sales Operating expenses 23% of sales Interest expense 10% of beginning long-term debt Tax rate 35% Goode Corp. Consolidated Statement ofIncome (Thousands except per share amounts) 2015 Net Revenues $345,871 Cost of Revenue (226,546) SG&A (83,009) Operating Income 36,316 Interest Expense (484) Income Before Income Taxes 35,832 Income taxes (12,541) Net Income $23,291 Goode Corp Consolidated Balance Sheet (Thousands) 2015 Current Assets Cash and Equivalents 7,905 Merchandise inventory 6,308 Accounts receivable 6,614 PPE (including intangibles), net 39,458 Total…
Selected balance sheet and income statement information for Home Depot follows. $ millions Jan. 31, 2016 Feb. 01, 2015 Operating assets $40,683 $38,573 Nonoperating assets 2,266 1,773 Total assets 42,949 40,346 Operating liabilities 15,043 13,552 Nonoperating liabilities 21,275 17,157 Total liabilities 36,318 30,709 Sales 89,234 Net operating profit before tax (NOPBT) 12,124 Nonoperting expense before tax 803 Tax expense 4,001 Net income 7,320 Round answers to two decimal places (ex: 0.12345 = 12.35%). a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 37%.Answer% b. Disaggregate RNOA into components of profitability and productivity and show that the product of the two components equals RNOA. Assume a statutory tax rate of 37%.NOPM Answer%NOAT Answer
Use the information below to answer the questions below. Luther Corporation Consolidated Income Statement Year ended December 31 (in $ millions) 2015 2014 Total sales 610.1 578.3 Cost of sales (500.2) (481.9) Gross profit 109.9 96.4 Selling, general, and administrative expenses (40.5) (39.0) Research and development (24.6) (22.8) Depreciation and amortization (3.6) (3.3) Operating income 41.2 31.3 Other income --- --- Earnings before interest and taxes (EBIT) 41.2 31.3 Interest income (expense) (25.1) (15.8) Pretax income 16.1 15.5 Taxes (5.5) (5.3) Net income 10.6 10.2 Price per share $16 $15 Shares outstanding (millions) 10.2 8.0 Stock options outstanding (millions) 0.3 0.2 Shareholders' Equity 126.6 63.6 Total Liabilities…
The following table shows an abbreviated income statement and balance sheet for McDonald's Corporation for 2012. INCOME STATEMENT OF MCDONALD’S CORP., 2012 (Figures in $ millions) Net sales 27,570 Costs 17,572 Depreciation 1,405 Earnings before interest and taxes (EBIT) 8,593 Interest expense 520 Pretax income 8,073 Taxes 2,620 Net income 5,453 BALANCE SHEET OF MCDONALD’S CORP., 2012 (Figures in $ millions) Assets 2012 2011 Liabilities and Shareholders' equity 2012 2011 Current assets Current liabilities Cash and marketable securities 2,339 2,339 Debt due for repayment — 376 Receivables 1,378 1,338 Accounts payable 3,406 3,146 Inventories 125 120 Total current liabilities 3,406 3,522 Other current assets…
Balance Sheet at End of Year- figures in millions Assets 2015 2016 Liability & Shareholder Equity 2015 2016 Current Assets $90 $140 $50 $60 Net fixes Asst. $800 $900 $600 $750 ___________________________________________________________ Income Statement 2016 Revenue $1,950 Cost Goods $1,030 Depreciation $350 Interest expense $240 What are the taxes paid in 2016? Assume the firm pay taxes equal to 35% of taxable income. What is cash provided by operations during 2016? Net fixed assets increased form 800 to 900 during 2016, what was the gross investment in fixed assets in 2016?
At May 31, 2016, FedEx Corporation reported the following amounts (in millions) in its financial statements: 2016 2015 Total Assets $ 13,200 $ 12,300 Total Liabilities 8,316 7,503 Interest Expense 300 300 Income Tax Expense 480 290 Net Income 1,080 1,000 Required: 1.Compute the debt-to-assets ratio and times interest earned ratio for 2016 and 2015. (Round your answers to 2 decimal places.)
(Comprehensive Income) C. Reither Co. reports the following information for 2017: sales revenue $700,000, cost of goods sold $500,000, operating expenses $80,000, and an unrealized holding loss on available-for-sale securities for 2017 of $60,000. It declared and paid a cash dividend of $10,000 in 2017. C. Reither Co. has January 1, 2017, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2017. InstructionsPrepare a statement of stockholders’ equity.
Nash Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses for 2017 were cost of goods sold $1,462,200, administrative expenses $221,900, selling expenses $295,900, and interest expense $49,500. Nash’s tax rate is 30%. The corporation had 104,500 shares of common stock authorized and 70,380 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) NASH CORPORATIONIncome Statementchoose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 select an opening name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses…
The following amounts were taken from the financial statements of Concord Corporation: 2017 2016 Total assets $818000 $1020000 Net sales 726000 655000 Gross profit 376000 332000 Net income 118000 130000 Weighted average number of 90200 80000 common shares outstanding Market price of common stock $42 $36 The return on assets for 2017 is 12%. 13%. 14%. 6%.
Comparative balance sheets for Hamilton Company are presented below. Hamilton Company Comparative Balance Sheet Decemebr 31 Assets 2017 2016 Cash 78000 12000 Accoutns Receivable 93000 76000 Inventory 180000 189000 Land 75000 100000 Equipemnt 250000 210000 Accu Dep - Equipment (66,000) (42,000) Total 610000 545000 Liability and Equity Accounts Payable 34000 47000 Bonds Payable 150000 200000 Common Stock ($1 Par ) 214000 164000 Retained Earnings 212000 134000 Total 610000 545000 Additional information: 1. Net income for 2017 was $134000 2. Cash dividends of $65,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.…