How do I complete the statement of earnings, specifically the expenses, from the tral balance provided CAYUGA LTD.Statement of EarningsFor the Year Ended December 31(In thousands of dollars, except for Earnings per Share)Revenues$ExpensesEarnings before income taxIncome tax expenseNet earningsEarnings per share12927 Account TitlesCashAccounts receivablePrepaid insuranceMachineryAccumulated depreciationAccounts payableWages payableIncome taxes payableContributed capitalRetained earnings (deficit)Revenues (not detailed)Expenses (not detailed)TotalsTrial BalanceAs at December 31(in thousands of dollars)UnadjustedDebit Credit Debit$562791407GA1427119129Adjustments50$ 289 $ 2895151Credit771027AdjustedDebit Credit$562721407$10151 $ 333 $21271027119129333

Income statement represents the net icome or net loss that is calculated by deducting the expenses…

Answered: Statement of Earnings

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 24E

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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?
Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare the income statement for Rule.
Net income and dividends The income statement of a corporation for the month of November indicates a net income of $90,000. During the same period, $100,000 in cash dividends were paid. Would it be correct to say that the business incurred a net loss of $10,000 during the month? Discuss.
Ratio of liabilities to stockholders equity and times interest earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: The income before income tax expense was 480,000 and 420,000 for the current and previous years, respectively. A. Determine the ratio of liabilities to stockholders equity at the end of each year. Round to one decimal place. B. Determine the times interest earned ratio for both years. Round to one decimal place. C. What conclusions can be drawn from these data as to the companys ability to meet its currently maturing debts?
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to two decimal places. 1. Compute the number of common shares. 2. Compute earnings per share.
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Refer to the information for Somerville Company on the previous pages. Also, assume that the price per common share for Somerville is 8.10. Required: Compute the price-earnings ratio. (Note: Round the answer to two decimal places.)
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
Five measures of solvency or profitability The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Income before income tax was 3,000,000, and income taxes were 1,200,000 for the current year. Cash dividends paid on common stock during the current year totaled 1,200,000. The common stock was selling for 32 per share at the end of the year. Determine each of the following: (a) times interest earned ratio, (b) earnings per share on common stock, (c) price-earnings ratio, (d) dividends per share of common stock, and (e) dividend yield. Round ratios and percentages to one decimal place, except for per-share amounts.
Valero Energy, a petroleum company, reported net income of 1,803.8 on revenues of 54,618.6 for Year 4. Interest expense totaled 359.7, and preferred dividends totaled 12.5. Average total assets for Year 4 were 17,527.9. The income tax rate is 35%. Average preferred shareholders equity totaled 204.3, and average common shareholders equity totaled 6,562.3. All amounts are in millions. a. Compute the rate of ROA. Disaggregate ROA into profit margin for ROA and assets turnover components. b. Compute the rate of ROCE. Disaggregate ROCE into profit margin for ROCE, assets turnover, and capital leverage ratio components. c. Calculate the amount of net income to common shareholders derived from the excess return on creditors capital, the excess return on preferred shareholders capital, and the return on common shareholders capital.
Earnings per share Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow: a. Determine the earnings per share for 20Y5 and 20Y6. b. Is the change in the earnings per share from 20Y5 to 20Y6 favorable or unfavorable?

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