Year 3 Year 2 Year 1 $ 173,751 $ 214,824 $ 237,025 Interest expense ..... Earnings before taxes 1,356,595 1,459,141 1,155,894
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The following financial data (in thousands) were taken from recent financial statements of Staples, Inc.:
Please see the attachment for details:
1. Determine the times interest earned ratio for Staples in Year 3, Year 2, and Year 1? Round your answers to one decimal place.
2. Evaluate this ratio for Staples.
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- Income statement FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense 2,587 Fuel Expense 4,557 Maintenance and Repairs Expense 1,862 Other Expense (Income) Net 6,084 Provision for Income Taxes 1,192 Purchased Transportation 8,011 Rentals and Landing Fees 2,622 Revenues 45,567 Salaries and Employee Benefits 16,555 A. Prepare an income statement. B. Compare your income statement with the income statement that is available at FedExs Web site (http://investors.feclex.com). Under Annual Report, select Download PDF. What similarities and differences do you see?Financial statements The assets and liabilities of Wilderness Travel Service on April 30, 20Y7, and its revenue and expenses for the year are as follows: Accounts payable 75,000 Accounts receivable 210,000 Cash 156,000 Common stock 35,000 fees earned 875,000 Miscellaneous expense 15,000 Rent expense 75,000 Supplies 9,000 Supplies expense 12,000 Taxes expense 10,000 Utilities expense 38,000 Wages expense 525,000 Common stock was 25,000 and retained earnings was 155,000 as of May 1, 20Y6. During the year, additional common stock of 10,000 was issued for cash, and dividends of 40,000 were paid. Instructions 1. Prepare an income statement for the year ended April 30, 20Y7. 2. Prepare a statement of stockholders equity for the year ended April 30, 20Y7. 3. Prepare a balance sheet as of April 30, 20Y7. 4. What item appears on both the income statement and statement of stockholders equity?Net income and dividends The income statement for the month of February indicates a net income of 17,500. During the same period, 25,500 in cash dividends were paid. Would it be correct to say that the business incurred a net loss of 8,000 during the month? Discuss.
- Problem 3.7 The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2011: sales of $1,272,973, costs of goods sold of $720,878.62, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has a tax rate of 35 percent. What is the company's net income? Set up an income statement to answer the question. (Round answers to 2 decimal places, e.g. 15.25)Problem 2-05A b (Essay) The following are financial statements of Ohara Company. Ohara CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales $2,218,500 Cost of goods sold 1,012,400 Selling and administrative expenses 906,000 Interest expense 78,000 Income tax expense 69,000 Net income $ 153,100 Ohara CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 60,100 Debt investments 84,000 Accounts receivable (net) 169,800 Inventory 145,000 Total current assets 458,900 Plant assets (net) 575,300 Total assets $ 1,034,200 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 160,000 Income taxes payable 35,500 Total current liabilities 195,500 Bonds payable 200,000 Total liabilities 395,500 Stockholders’ equity Common stock 350,000 Retained earnings…Revenues $115,300$Enter a dollar amount. E Expenses Enter a dollar amount.A162,100 Net earnings 37,90081,300 Dividends declared Enter a dollar amount.B20,900 Retained earnings: Beginning of year 293,100293,100 End of year 319,200Enter a dollar amount.F Total assets: Beginning of year 403,500565,800 End of year Enter a dollar amount.C679,850 Total Liabilities: Beginning of year 9,500220,400 End of year 371,000247,900 Common shares: Beginning of year 100,90052,300 End of year 151,350Enter a dollar amount.G Proceeds from common shares issued during the year Enter a dollar amount.DEnter a dollar amount.H
- HOMEWORK CHAPTER 4 4 OUT OF 5 These financial statement items are for Sandhill Company at year-end, July 31, 2020. Salaries and wages payable $2,300 Notes payable (long-term) $1,800 Salaries and wages expense 51,500 Cash 14,300 Utilities expense 23,000 Accounts receivable 10,400 Equipment 29,000 Accumulated depreciation―equipment 6,400 Accounts payable 4,700 Owner’s drawings 3,200 Service revenue 60,800 Depreciation expense 4,300 Rent revenue 8,400 Owner’s Capital (beginning of the year) 51,300 (a1) Prepare an income statement for the year. The owner did not make any new investments during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SANDHILL COMPANYIncome Statementchoose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount…QUESTION 2 The following information has been taken from Sacha's accounts. Income Statement for the year ending 31st December 2019.” “ £ Revenue 1,372,008 Cost of Sales (916,502) Gross Profit 455,506 Selling and distribution expenses (excluding depreciation) (110,000) Administration expenses (excluding depreciation) (86,000) Operating expenses (90,540) Depreciation (84,480) Operating Profit 84,486 Interest receivable 7,428 Interest payable (3,714) Profit for the year 88,200” “Statements of financial position as at 31st December 2018 and 31st December 2019. “ “2018 2019 £…P4.4 (LO 2, 3, 4, 5 ) (Multiple- and Single-Step Statements, Retained Earnings Statement) The following account balances were included in the trial balance of Twain Corporation at June 30, 2020. Sales revenue $1,578,500 Depreciation expense (office furniture and equipment) $7,250 Sales discounts 31,150 Cost of goods sold 896,770 Property tax expense 7,320 Salaries and wages expense (sales) 56,260 Bad debt expense (selling) 4,850 Sales commissions 97,600 Maintenance and repairs expense (administration) 9,130 Travel expense (salespersons) 28,930 Delivery expense 21,400 Office expense 6,000 Entertainment expense 14,820 Sales returns and allowances 62,300 Telephone and Internet expense (sales) 9,030 Dividends received 38,000 Depreciation expense (sales equipment) 4,980 Interest expense 18,000 Maintenance and repairs expense (sales) 6,200 Income tax expense 102,000…
- Question Three The following information relates to Ezekiel Limited for the year ended 30 June 2020. Profit and loss account for the year to 30 June 2020 K K Gross profit 253,000 Administrative expenses 83,600 Loss on sale of vehicle 3,300 Increase in provision for doubtful debts 1,100 Depreciation 38,500 126,500 Net profit 126,500 Taxation 71,500 55,000 Dividends 27,500 Retained profit from the year 27,500 Statement of Financial Position as at 30 June 2020 2019 2020 K K K K Non-Current Assets Motor Vehicle at Cost 150,000 200,000 Less depreciation 75,000 100,000 75,000 100,000 Current Assets Inventory 60,000 50,000 Trade receivables 80,000 100,000 Less: Provision for bad and doubtful debts 4,000 76,000 5,000…Problem 4-23 (Algo) Calculate income from operations and net income LO 6, 7 Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: Gross profit $413,000 General and administrative expenses 82,000 Net cash used by investing activities 106,000 Dividends paid 54,000 Interest expense 63,000 Net sales 747,000 Advertising expense 76,000 Accounts payable 103,000 Income tax expense 80,000 Other selling expenses 43,000 Required:a. Calculate income from operations (operating income) for the year ended December 31, 2019. b. Calculate net income for the year ended December 31, 2019.Question 4 of 4 Current Attempt in Progress Ivanhoe Company provides you with the following balance sheet information as of December 31, 2025. Current assets $9,800 Current liabilities $10,000 Long-term assets 22,310 Long-term liabilities 12,040 Total assets $32,110 Stockholders' equity 10,070 Total liabilities and stockholders' equity $32,110 In addition, Ivanhoe reported net income for 2025 of $13,760, income tax expense of $2,816, and interest expense of $1,170. (a) Compute the current ratio and working capital for lvanhoe for 2025. (Round current ratio to 2 decimal ploces, e.3. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.s. (45).) Current ratio Working capital please answer do not image format
