Homework Help is Here – Start Your Trial Now!
Business
Accounting
The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 55 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 $3,112,575    $2,638,225    Net income 700,800   540,300   Dividends:           On preferred stock (11,200)   (11,200)     On common stock (54,750)   (54,750)   Retained earnings, December 31 $3,747,425    $3,112,575    Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1       20Y2     20Y1 Sales $3,863,160   $3,559,340   Cost of merchandise sold 1,516,210   1,394,910   Gross profit $2,346,950   $2,164,430   Selling expenses $731,580   $918,970   Administrative expenses 623,190   539,710   Total operating expenses $1,354,770   $1,458,680   Income from operations $992,180   $705,750   Other revenue and expense:             Other revenue 52,220   45,050       Other expense (interest) (248,000)   (136,800)   Income before income tax expense $796,400   $614,000   Income tax expense 95,600   73,700   Net income $700,800   $540,300   Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1        20Y2      20Y1 Assets   Current assets:       Cash $698,750   $697,040     Marketable securities 1,057,560   1,155,090     Accounts receivable (net) 737,300   693,500     Inventories 554,800   423,400     Prepaid expenses 132,198   139,410       Total current assets $3,180,608   $3,108,440   Long-term investments 2,310,757   1,125,115   Property, plant, and equipment (net) 3,720,000   3,348,000   Total assets $9,211,365   $7,581,555   Liabilities Current liabilities $993,940   $1,388,980   Long-term liabilities:       Mortgage note payable, 8% $1,390,000   $0     Bonds payable, 8% 1,710,000   1,710,000       Total long-term liabilities $3,100,000   $1,710,000   Total liabilities $4,093,940   $3,098,980   Stockholders' Equity     Preferred $0.70 stock, $40 par $640,000   $640,000   Common stock, $10 par 730,000   730,000   Retained earnings 3,747,425   3,112,575   Total stockholders' equity $5,117,425   $4,482,575   Total liabilities and stockholders' equity $9,211,365   $7,581,555   Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.   ***SEE ATTACHED PHOTO FOR QUESTIONS ASKED ABOUT THE INFORMATION ABOVE. I AM NEEDING NUMBERS 7,8,9 PLEASE***

The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 55 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 $3,112,575    $2,638,225    Net income 700,800   540,300   Dividends:           On preferred stock (11,200)   (11,200)     On common stock (54,750)   (54,750)   Retained earnings, December 31 $3,747,425    $3,112,575    Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1       20Y2     20Y1 Sales $3,863,160   $3,559,340   Cost of merchandise sold 1,516,210   1,394,910   Gross profit $2,346,950   $2,164,430   Selling expenses $731,580   $918,970   Administrative expenses 623,190   539,710   Total operating expenses $1,354,770   $1,458,680   Income from operations $992,180   $705,750   Other revenue and expense:             Other revenue 52,220   45,050       Other expense (interest) (248,000)   (136,800)   Income before income tax expense $796,400   $614,000   Income tax expense 95,600   73,700   Net income $700,800   $540,300   Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1        20Y2      20Y1 Assets   Current assets:       Cash $698,750   $697,040     Marketable securities 1,057,560   1,155,090     Accounts receivable (net) 737,300   693,500     Inventories 554,800   423,400     Prepaid expenses 132,198   139,410       Total current assets $3,180,608   $3,108,440   Long-term investments 2,310,757   1,125,115   Property, plant, and equipment (net) 3,720,000   3,348,000   Total assets $9,211,365   $7,581,555   Liabilities Current liabilities $993,940   $1,388,980   Long-term liabilities:       Mortgage note payable, 8% $1,390,000   $0     Bonds payable, 8% 1,710,000   1,710,000       Total long-term liabilities $3,100,000   $1,710,000   Total liabilities $4,093,940   $3,098,980   Stockholders' Equity     Preferred $0.70 stock, $40 par $640,000   $640,000   Common stock, $10 par 730,000   730,000   Retained earnings 3,747,425   3,112,575   Total stockholders' equity $5,117,425   $4,482,575   Total liabilities and stockholders' equity $9,211,365   $7,581,555   Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.   ***SEE ATTACHED PHOTO FOR QUESTIONS ASKED ABOUT THE INFORMATION ABOVE. I AM NEEDING NUMBERS 7,8,9 PLEASE***

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 55 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 $3,112,575    $2,638,225   
Net income 700,800   540,300  
Dividends:        
  On preferred stock (11,200)   (11,200)  
  On common stock (54,750)   (54,750)  
Retained earnings, December 31 $3,747,425    $3,112,575   



Marshall Inc.
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
      20Y2     20Y1
Sales $3,863,160   $3,559,340  
Cost of merchandise sold 1,516,210   1,394,910  
Gross profit $2,346,950   $2,164,430  
Selling expenses $731,580   $918,970  
Administrative expenses 623,190   539,710  
Total operating expenses $1,354,770   $1,458,680  
Income from operations $992,180   $705,750  
Other revenue and expense:        
    Other revenue 52,220   45,050  
    Other expense (interest) (248,000)   (136,800)  
Income before income tax expense $796,400   $614,000  
Income tax expense 95,600   73,700  
Net income $700,800   $540,300  



Marshall Inc.
Comparative Balance Sheet
December 31, 20Y2 and 20Y1
       20Y2      20Y1
Assets  
Current assets:    
  Cash $698,750   $697,040  
  Marketable securities 1,057,560   1,155,090  
  Accounts receivable (net) 737,300   693,500  
  Inventories 554,800   423,400  
  Prepaid expenses 132,198   139,410  
    Total current assets $3,180,608   $3,108,440  
Long-term investments 2,310,757   1,125,115  
Property, plant, and equipment (net) 3,720,000   3,348,000  
Total assets $9,211,365   $7,581,555  
Liabilities
Current liabilities $993,940   $1,388,980  
Long-term liabilities:    
  Mortgage note payable, 8% $1,390,000   $0  
  Bonds payable, 8% 1,710,000   1,710,000  
    Total long-term liabilities $3,100,000   $1,710,000  
Total liabilities $4,093,940   $3,098,980  
Stockholders' Equity    
Preferred $0.70 stock, $40 par $640,000   $640,000  
Common stock, $10 par 730,000   730,000  
Retained earnings 3,747,425   3,112,575  
Total stockholders' equity $5,117,425   $4,482,575  
Total liabilities and stockholders' equity $9,211,365   $7,581,555  

Required:

Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.

 

***SEE ATTACHED PHOTO FOR QUESTIONS ASKED ABOUT THE INFORMATION ABOVE. I AM NEEDING NUMBERS 7,8,9 PLEASE***

< Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, whic required. Assume 365 days a year. 1. Working capital 2. Current ratio Quick ratio Accounts receivable turnover Number of days' sales in receivables Inventory turnover 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 3. 4. 5. 6. 7. 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 Check My Work DOG 20 O @ _____ M 0 W $ 100000 days days % % % % DELL
Transcribed Image Text:< Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, whic required. Assume 365 days a year. 1. Working capital 2. Current ratio Quick ratio Accounts receivable turnover Number of days' sales in receivables Inventory turnover 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 3. 4. 5. 6. 7. 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 Check My Work DOG 20 O @ _____ M 0 W $ 100000 days days % % % % DELL
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Earning per share and Dilutive securities
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS