Paulsen Corp acquired 70% of the voting common stock of Shipley Stores at book value equal to fair value several years ago. Paulsen manufactures home furnishings which are sold at a standard markup to department stores, as well as to its own outlet shop, Shipley Outlet Stores. Separate incomes of Paulsen and Shipley for 2013 are follows: Paulsen Shipley Sales $ 800,000 $ 500,000 Cost of Sales $ 500,000 $ 300,000 Gross Profit $ 300,000 $ 200,000 Intercompany sales from Paulsen to Shipley for 2012 and 2013 are summarized as follows: Selling Price Unsold at year-end $375,000 40% 50% Cost Intercompany sales 2012 $ 300,000 Intercompany sales 2013 $ 200,000 $250,000

Paulsen Corp acquired 70% of the voting common stock of Shipley Stores at book value equal to fair value several years ago. Paulsen manufactures home furnishings which are sold at a standard markup to department stores, as well as to its own outlet shop, Shipley Outlet Stores. Separate incomes of Paulsen and Shipley for 2013 are follows: Paulsen Shipley Sales $ 800,000 $ 500,000 Cost of Sales $ 500,000 $ 300,000 Gross Profit $ 300,000 $ 200,000 Intercompany sales from Paulsen to Shipley for 2012 and 2013 are summarized as follows: Selling Price Unsold at year-end $375,000 40% 50% Cost Intercompany sales 2012 $ 300,000 Intercompany sales 2013 $ 200,000 $250,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.13P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

See similar textbooks

Similar questions

Q34 From the following extract of income statement for the year ended 31-12-2017 of Al- Ata Bakery LLC is as follows: The Gross profit as per HCA & CPP( already given) is OMR 300,000 and OMR 333,333. The Interest on debentures is OMR 4,000; Depreciation of Plant & machinery is OMR 10,000. The opening price index is 100; closing index is 200 and Average index is 150. You are required to compute only the net profit or net loss for the year ended 31-12-2017, after adjusting for price level changes only under CPP method. a. Net Profit OMR 315,000 b. Net Loss OMR 315,000 c. None of these options d. Net Profit OMR 286,000
Multiple Choice MC.05-51 In 2014, Dallas Company had sales of $600,000; cost of sales of $430,000; interest expense of $12,000; and a gain on the sale of a component of $52,000; For its income statement, Dallas uses the single-step format and the all-inclusive concept. What was Dallas's reported pretax income from continuing operations? *$158,000 *$170,000 *$118,000 *$150,000
The following is the statement of comprehensive income of Green Limited: Green Limited Statement of Comprehensive Income for the Year Ended 31st December 2018 GH₵ GH₵ Sales 86,000 Less: Cost of goods sold Opening stock 16,500 Purchases 48,000 64,500 Less closing stock (24,000) (40,500) Gross profit 45,500 Less operating expenses Administrative expenses (9,000) Depreciation (4,000) Selling & distribution expenses (10,000) (23,000) Profit before interest and tax 22,500 Interest (5,000) Profit before tax 17,500 Corporate tax 6,000 Profit after interest & tax 11,500 Green Limited Statement of Financial Position as at 31st December 2018 31/1/2018 31/12/017 Non-current assets Plant & machinery 20,000 15,000 Motor vehicles 8,000…
Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
QUESTION 1 Below are extracts from the financial statements of Mars Ltd. Statement of Profit / Loss and other comprehensive income for the year ended 31 March 2018 N$ 000 Sales 30 650 Cost of sales (26 000) Gross Profit 4 650 Distribution costs (900) Administration costs (500) Profit from operations 3 250 Investment income 680 Finance costs (400) Profit before tax 3 530 Income tax expense (300) Profit for the period 3 230 Statement of financial position as at 31 March 2018 2018 N$ 000 2017 N$ 000 Non-current assets 4 780 3 350 PPE 2 280 850 Investments 2 500 2 500 Current assets 3 310 3 310 Inventories 1 000 1 950 Trade and other receivables 1 900 1 200 Cash and cash equivalents 410 160 Total assets 8 090 6 650 Equity and liabilities…
The following transactions for Fortitude Enterprises during the second quarter of 2024: Sales amounted to P5,000,000 and related cost of goods sold was P3,000,000 Selling expenses for the given period was P250,000. Depreciation is usually recorded at annual amount of P1,200,000. Real property taxes for the year in the amount of P600,000 were paid on April 1, 2024. An inventory loss arising from a temporary market decline of P400,000 had occurred on June 30, 2024. Ignoring income taxes, net income for the second quarter ending June 30, 2024 should be?
An entity reported revenue of P50,000,000, excluding intersegment sales of P10,000,000, expenses of P47,000,000 and net income of P3,000,000 for the current year. Expenses included payroll costs of P15,000,000. The combined asset of all segment totaled P45,000,000 1. What is the minimum amount of sales to a major customer? a. 5,000,000 b. 4,000,000 c. 4,500,000 d. 6,000,000 2. What is the minimum amount of external revenue to be disclosed by reportable segments? a. 30,000,000 b. 45,000,000 c. 33,750,000 d. 37,500,000
The following information is provided about PT Caltex: - Revenue from operations IDR 430,000,000 - Loss on the decrease in inventory Rp.12,000,000 - Sales Expense IDR 62,000,000 - Interest expense of IDR 20,000,000 - The tax rate is 30% Then the profit of PT Caltex is.... a. IDR 287,000,000 b. IDR 410,000,000 c. IDR 430,000,000 d. IDR 250,000,000 Do not give answer in image
10. In 2021, Segment X of Special Company had sales of P5,000,000 (represents 30% of the total company’s sales), and had traceable costs of P3,200,000. Special also incurred segments costs of P400,000 that were not traceable to any of the divisions. Segment X incurred impairment loss of P600,000, an amount which is considered material. What amount should be reported as Segment X’s profit for 2021? A. 1,800,000 B. 1,680,000 C. 1,080,000 D. 800,000 E. None of them
Fill in thr blanks on the table below and show the formulas used for each value Dayton, Inc. Annual Income Statement (Values in Millions) Common Size 2019 2018 2019 2018 Sales $ 178,909 $ 187,510 100.0% 100.0% Cost of Sales 111,631 59.5% Gross Operating Profit $ 75,879 40.5% Selling, General & Admin. Expense 12,900 6.9% Other Expenses 33,377 17.8% EBITDA $ 29,602 15.8% Depreciation & Amortization 7,944 4.2% EBIT $ 21,658 11.6% Other Income, Net 3,323 1.8% Earnings Before Interest and Taxes $ 24,981 13.3% Interest Expense 293 0.2% Earnings Before Taxes $ 24,688 13.2% Income Taxes 5,184 0.21 tax rate Net Income Available to Common $ 19,504 10.4% Dividends per share $ 1.15 $ 0.91 EPS…
REVENUE AND EXPENSE DATA FOR SOLDNER, INC ARE AS FOLLOWS; SALES 2014 1,500,000 2013 1,450,000 COGS 930,000 812,000 SELLING EXP 210,000 261,000 ADM EXP 255,000 232,000 INC TAX EXP 52,500 72,500 PREPARE AN INCOME STATEMENT IN COMPARATIVE FORM, STATING EACH ITEM FOR BOTH 2014 AND 2013 AS A PERCENT OF SALES. ROUND TO ONE DECIMAL.
Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 Calculate change in NWC