National Company's net income last year was P65,000 and its interest expense was P15,000. Total assets at the beginning of the year were P630,000 and total assets at the end of the year were P650,000. The company's income tax rate was 25%. The company's return on total assets (based on adjusted net income) for the year was closest to?

Q: Abacus Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: The gross profit is the excess of net sales over the cost of goods sold. Operating profit can be…

Q: . Great Products, Inc. reported the following on the company’s income statement in two recent years:…

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A: Times Interest Earned is the ratio that depicts how many times the organization can cover its…

Q: For the year ended December 31, Southern Supply had net sales of $3,875,000, costs and other…

A: Since multiple questions are posted, as per guidelines only the first question is answered…

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A: The income statement is one of the essential parts of the financial statement used for reporting the…

Q: How much Net Income did the company earn during the year

A: The income generated by a business in the course of normal operations, after deducting the direct…

Q: The Johnson's Company had net income (after tax) = 500,000 USD, Johnson's Company's income statement…

A: Times interest earned ratio is a ratio calculated to determine how many times the earnings available…

Q: In recent year Palestine Corporation had a net income of $12,500, interest expense of $2,500, and a…

A: Given: Net income = $12,500 Interest expense = $2,500 Times interest earned = 9

Q: Company XYZ, Inc. reported a total sales revenue of P15,000,000 of which 20% pertains to the cost of…

A: Interest Coverage Ratio (ICR) is defined as the debt and profitability ratio used to determine how…

Q: Averill Products Inc. reported the following on the company's income statement in two recent years:…

A: a. Calculate the time interest earned ratio for the current year and the prior year

Q: Kline Corporation had net income of P2 million in 2006. Using the 2006 financial elements as the…

A: Net income for 2007 = Net income in 2006(1 - Percentage decrease in net income in 2007) Net income…

Q: Bryon Inc recently reported $6million of net income. Its EBIT was $13.2 million, and its tax rate…

A: The mathematical equation of the concept used is:

Q: A company reported a sale revenue for $700,000. The gross profit margin is 60% and the selling…

A: Definition: Net income: Net income is the excess amount of revenue that arises after deducting all…

Q: ACME Corp’s balance sheet reported that it had $650,000 in liabilities and $275,000 in equity. On…

A: Return on  Assets: Return on assets (ROA), also known as return on total assets, is a measurement of…

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A: Formula used: Earnings after Tax = [ Gross profit - Interest expense - Depreciation expense ] x [ 1…

Q: Iacouva Company reported the following on the company's income statement for two recent years:…

A: a. Calculate the times interest earned ratio for the current year and the previous year

Q: National Company's net income last year was P65,000 and its interest expense was P15,000. Total…

A: Return on Total Asset (ROA) reflects the how well the company is earning from its Total Assets.The…

Q: The Company reported post-tax profit of P491,400 for the year ended December 31, 2020.Cost of goods…

A: Profit before tax = post-tax profit / (1 - tax rate) = P491,400 / (1 - 0.30) = P702,000

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A: Lets understand the basics. Return on asset is a ratio which indicates that how much profitability…

Q: During 2020, Jacks Inc. had sales revenue $1,328,000, gross profit $728,000, operating expenses…

A: The Dividend is paid to the shareholders from the net income after tax.

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A: Net income: It refers to the excess of a company's sales revenue over its operating expenses and…

Q: Last year, Emmy Company had a net income of P170,000, income tax expense of P37,000, and interest…

A: Times-interest earned ratio refers to the ratio which measures the ability of the company in meeting…

Q: XYZ Co has disclosed the following financial information for the period ending 12/31/19: sales of…

A: Sales = $1,522,982 Cost of goods sold = $825,220, Depreciation expenses = $101,083 Interest expenses…

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A: Step 1 Journal is the Part of Book Keeping.

Q: The balance sheet of Hidden Valley Farms reports total assets of $450,000 and $550,000 at the…

A: Return on assets =Net earnings / Average total assets Where, Average total assets = (total assets,…

Q: Čardinal Industries had the following operating results for 2018: Sales = $34,621; Cost of goods…

A: a) Calculate the net income as shown below: Resultant table Hence, the net income is $1,132.50.

Q: Determine the number of times interest charges were earned for current Year and prior Year. Round to…

A: Times-Interest-Earned ratio:   It is the ratio that quantify a business ability to pay interest…

Q: The following information relates to Sustagoon Ltd. Profit before tax for the year ended 30 June…

A: Income Statement: Profit and loss statements are financial statements that reflect the revenue and…

Q: During the year, Proffitts, Inc., had revenue of $67,000 and expenses of $29,000. During the year,…

A: Net income is calculated after deducting the total expenses from the Net revenue. where, Total…

Q: SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: Relationship between Operating Expense and Gross Profit Cost of sales = Net sales - Gross profit We…

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A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue,…

A: The income statement shows the income earned during the year by the company.

Q: Laflamme Inc. had the following operating results for 2018: sales $30,660, cost of goods sold =…

A:

Q: Sandhill Corporation had revenues of $858,030 in 2017. It also had expenses (excluding depreciation)…

A: NI is earnings that are left i.e. profits after meeting out all the operational as well as…

Q: Sprout Company reported the following on the company's income statement in two recent years:…

A: Time interest earned = (Income before interest and taxes/interest expense)

Q: At the end of the year, Wrinkle Free Laundry (WFL) had $150,000 in total assets. (a)If WFL’s total…

A: Given: Total assets = $150,000 Total asset turnover ratio = 2 Return on asset = 6%

Q: The following information is available for Tamarisk Corp. for the year ended December 31, 2022.…

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Q: The Malia Corporation had sales in 2019 of $65 million, total assets of $42 million, and total…

A: Sales = 65 million Total Assets = 42 million Total Liabilities = 20 million Interest on debt = 6%…

Q: Chou Company has a net income of $52,000, assets at the beginning of the year are $259,000 and…

A: Return on assets indicates profitability rate on the bases of assets. It can be calculated by…

Q: Meldy Corporation had the following items of income and expenses during the year: Gross receipts…

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…

Q: Company C recorded the following the past year: revenues = $250,000; expenses = $40,000;…

A:

Q: In a recent year Ley Corporation had net income of $150,000, interest expense of $30,000, and a…

A: Net income: The net income of the business is determined by subtracting the total expenses from the…

Q: The company recorded a net loss of P245,000 for the year just ended. Total operating expenses was…

A: Formula: Net Profit = Gross Sales – Sales Discounts – Cost of Sales – Operating Expenses

Q: Pop Evil, Inc.'s net income for the most recent year was $22,817. The tax rate was 21 percent. The…

A: Earnings before taxes = Net income / (1 - tax rate) = $22,817 / (1-0.21) = $28,882.28 Earnings…