The following data come from the financial records of Rundle Corporation for 2018: Sales $ 845,000 Interest expense 5,800 Income tax expense 28,500 Net income 23,000 Required How many times was interest earned in 2018?
Q: The following table shows an abbreviated income statement and balance sheet for Quick Burger…
A: Cashflow means increase (inflow) or decrease (outflow) of cash. It effects the firm’s cash position.…
Q: Graham Holdings Company reports the following account balances as of December 31, 2016, the end of…
A: Net Income = Total revenue - total expenses
Q: The following data come from the financial records of Rundle Corporation for 2018: How many times…
A: Time interest earned ratio measure the ability of the company to meet its obligations of debt. It is…
Q: The 2017 balance sheet of Dream, Inc., showed current assets of $1,200 and current llabilities of…
A: Opening current assets = $1,200 Opening current liabilities = $820 Opening working capital = Current…
Q: Use the following information for questions 1 to 7. The Income Statement for the year 2021 of Mira…
A: Closing Journal Entry: Closing journal entries are passed at the end of the accounting period. In…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: earning per share is calculated by taking the net profit of company and then dividing it by number…
Q: You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $…
A: Income statement represents the net income or net loss calculated by deducting the expenses from the…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: Solution: Introduction: EPS stands for Earning Per share, which is a measure of financial…
Q: Terps Company’s Total Assets on January 1, 2018 were $270,000, and on December 31, 2018, were…
A: Expenses: Expenses are referred to as the cost of doing business. It is the cost incurred by a…
Q: The following information was available for the year ended December 31, 2016: Earnings…
A: Debt Ratio = Total Liabilities/ Total Assets Debt Equity Ratio = Total Liabilities/ Total…
Q: You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: First Calculate Profit After Tax which is to be used in Cash Flow Statement Income…
Q: The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000…
A: The net income of the company is the revenue after deducting all the expenses from the revenue. Net…
Q: During 2019, the company reported net income of $4,212 million, interest expense of $167 million and…
A: Earnings before interest and tax (EBIT) = net income + interest expense + income tax expense =…
Q: The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000…
A: Income statement: Income statement is the financial statement which shows the financial performance…
Q: The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented…
A: Operating activities section of the statement of cash flows is used to represent the cash flow…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: Revenue is an income and statement item and is used to calculate profit and loss. We have the cost…
Q: How much should be reported as net cash
A: Cash from operating activities is a separate section in Cash flow Statement.
Q: You are given the following information about Sheridan Plumbing Company. Revenues in 2017 totaled $…
A: The income statement description seems to be a financial statement that typically illustrates a…
Q: The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,455,000 and the…
A: Long term debt (2018)= $14,55,000 Long term debt(2019) = $16,90,000 So, Increase in Long Term Debt…
Q: Use the following information to answer this question. Bayside, Inc. 2017 Income Statement ($ in…
A: The return on equity (ROE) measure is calculated by dividing net income by shareholders' equity or…
Q: The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017.…
A: (a) S.No. Ratio Formula 2019 2018 1 Return on total equity Net income/Total equity *100…
Q: Several amounts from Kamogelo Company at December 31, 2020, are listed below. Service revenue…
A: Net income of the business can be calculated by deducting all the expenses from the total income of…
Q: many times was interest
A: Times interest earned is a financial measure of how well and entity is able to meet its interest…
Q: The income statement of Price Ltd for the year ended 31 December 2020, reported the following…
A: Revenue=600000 Opening receivable=45000 Closing rec=50000
Q: Gambino Enterprises, Inc. reported the following Items of revenues and éxpenses ended December 31,…
A: Multiple-step income statement is a structure of income statement in which the items are grouped…
Q: operating activities section
A: Cash receipts from customers = Opening Accounts receivable + Revenue from fees - Closing Accounts…
Q: The income statement for the year 2020 of Culver Co. contains the following information: Revenues…
A: Formula: Ending owner's equity = Beginning Owners equity - Net loss - Drawings
Q: Gildan Activewear Inc. reported the following selected financial information (all in U.S. $…
A: The asset turnover ratio assesses a company's assets' ability to create income or sales. Net sales…
Q: Lan & Chen Technologies: Income Statements for Year Ending December 31 (Thousands of Dollars)…
A: "Hello student! Since there are multiple sub-parts posted, we will answer the first three sub-parts.…
Q: During 2021, Blossom Inc. has the following account balances in Income Statement: Sales…
A: Net Income of the business means difference of incomes and expenses of the business. This can be…
Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…
A: Stockholder equity statement is the one where net income and additional capital introduced are added…
Q: The following table shows an abbreviated income statement and balance sheet for Quick Burger…
A: Given information: Tax rate is 21% Capital expenditure is $3,069 Net income is $6,351 Calculation of…
Q: Use the following information for questions 1 to 7. The Income Statement for the year 2021 of Mira…
A: Income Summary: When a company closes its temporary accounts at the end of each accounting period,…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: ANSWER 2018 ( in thousands of dollars) 2019 ( in thousands of dollars) REVENUE…
Q: Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation:…
A: 1.Calculate the net operating capital as follows:
Q: Gildan Activewear Inc. reported the following selected financial information (all in U.S. $…
A: Ratio analysis is the technique used to analyze the financial health of the company. Different…
Q: Calculate Quick Burger’s free cash flow in 2019. (Enter your answer in millions.) If Quick…
A: Free cash flow represents cash available to the company for distribution among stock holders,…
Q: You are provided with the following information for Sheffield Corp., effective as of its April 30,…
A: An income statement is a part of financial statements which shows all the incomes and expenses…
Q: Winter Company earned revenues of $150,000 in cash and $200,000 on account during 2018. Of the…
A: Net income is calculated using the accrual method of accounting. Under the accrual method of…
Q: The cash received for interest during 2020 was
A: Here interest recievable is an asset Interest revenue is recognized as and when it is recievable as…
Q: Cullumber Company provides you with the following balance sheet information as of December 31, 2017.…
A: A balance sheet is a financial statement that displays a company's assets, liabilities, and equity.…
Q: Use the following information to answer this question. Windswept, Inc. 2017 Income Statement…
A: Given: Net income = $1,051 million Number of shares = 520 million Price - earning ratio = 20
Q: he following information has been taken from Sacha's accounts.…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: The following items appeared on the 2021 financial records of ABC Company: Service Income ₱600,000…
A: Income statement: The income statement shows the company's revenues and expenses earned during the…
Q: The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017.…
A: Ratio Analysis: Ratio analysis is a system of analysis or comparison of the ratio of the company…
Q: ABC Corporation reported the following income and expenses from business for year 2018: Cash…
A: Advance from customers and prepayments are not considered in calculating taxable income for the…
Q: Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation:…
A: 1.Calculate the net operating capital as follows:
Q: Northern Systems reported the following financlal data (in millions) In its annual report: 2018 2019…
A: Return on assets ratio = Net income / Average Assets Assets turnover ratio = Sales / Average Assets…
Q: a. Sales for 2018 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciationand…
A: Solution: Introduction: Since as Per BNED requirements, each question is answered to a maximum of…
The following data come from the financial records of Rundle Corporation for 2018:
Sales | $ | 845,000 | |
Interest expense | 5,800 | ||
Income tax expense | 28,500 | ||
Net income | 23,000 | ||
Required
How many times was interest earned in 2018?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
- FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: a.Prepare an income statement. b.Compare your income statement with the income statement that is available at the FedEx Corporation Web site, (http://investors.fedex.com). Click on Annual Report and Download Annual Report. What similarities and differences do you see?Real-world annual report The financial statements for Nike, Inc. (NKE), are presented in Appendix E at the end of the text. The following additional information is available (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2017, and May 31, 2016. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory' h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets, assuming interest expense is 82 million for the year ending May 31. 2017, and 33 million for the year ending May 31, 2016. k. k. Return on common stockholders equity l. Price-eamings ratio, assuming that the market price was 52.81 per share on May 31, 2017, and 54.35 per share on May 31, 2016. m. m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
- The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. Open the file CASHFLOW from the website for this book at cengagebrain.com. First, enter the formulas. Then, complete the worksheet in the manner described next. According to the problem, cash increased from 39,600 to 67,210 during the year. This is a 27,610 increase. To record this increase on the worksheet, move to row 17. Since this is the first account you are analyzing, enter the letter a in column C. Then enter 27610 in column D (a debit since cash increased). This brings the year-end balance (column G) to 67,210, its proper balance. Now move to the bottom part of the statement where you see the categories Operating Activities, Investing Activities, and so on. The credit side of the entry has to be entered here. The proper space for this cash entry is on row 59. Enter the letter a in cell E59 and 27610 in cell F59. Notice the totals at the bottom of the page (row 60) now agree. The next account balance that changed is accounts receivable. It increased by 9,035. To enter this change on the worksheet, enter the letter b in cell C18 and 9035 in cell D18 (again, a debit since accounts receivable increased). This brings the year-end balance in column G to 121,250, its proper balance. The change in accounts receivable balance is an operating activity adjustment (as explained in your textbook). Enter the credit side of this entry in cells E34 and F34, and enter the explanation Increase in accounts receivable in cell A34. Note: Your textbook probably shows Net income as the first item under Operating Activities. We will get to that later. The sequence in which you enter items on this worksheet is not important. All other balance sheet accounts must be analyzed in the same manner, placing appropriate debit or credit entries in the top part of the worksheet to obtain the proper balances in column G, and then entering the second side of the entry in the appropriate row on the bottom part of the worksheet. You should use letter references to identify all entries. Also, you must enter a description of the entry in column A under the appropriate activity category. Although a sequence of analyzing the balance sheet from top to bottom is suggested here, this order is not necessary. As mentioned earlier, your textbook may specify a different sequence. Also, note that some accounts may have both debit and credit adjustments to them. The worksheet is not a substitute for a statement of cash flows, but it does provide you with all the numbers you need to properly prepare one. You will be done with your analysis when: a. The individual account balances at December 31, 2013, as shown on the worksheet (column G) equal those shown in the given problem data. b. The transaction column totals are equal (cells D60 and F60). c. The sum of the operating, investing, and financing activities (cell G59) equals the change in cash (cell D59 or F59). When you are finished, enter your name in cell A1. Save your completed file as CASHFLOW2. Print the worksheet when done. Also print your formulas. Check figure: Total credits at 12/31/2013 (cell G31), 860,460.Financial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at the end of the text. Use the following additional information (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2016, and May 31, 2015. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets. k. Return on common stockholders equity l. Price-earnings ratio, assuming that the market price was 54.90 per share on May 29, 2016, and 52.81 per share on May 30, 2015 m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?
- The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): What is Tootsie Roll’s percent of the cost of sales to sales? Round to one decimal place.Using the January 1 and December 31, 20Y8, data given in Question 10, answer the following question: If Sylvester Consulting paid $18,000 of dividends during 20Y8, what was the amount of net income for 20Y8?