Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 11DQ
To determine
To identify the net income of Company G for the year ended on December 31, 2017. To identify if the net earnings equal to the change in cash and cash equivalents.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Use Google’s December 31, 2017, financial statements, in Appendix A near the end of the text, to answer the following. a). Identify the amounts (in $ millions) of its 2017 (1) assets, (2) liabilities, and (3) equity. b). Using amounts from part a, verify that Assets = Liabilities + Equity.
17-8i Nike, Inc., Problem
Financial Statement Analysis
The financial statements for Nike, Inc., are presented in Appendix C at the end of the text. Use the following additional information (in millions):
Accounts receivable at May 31, 2016
$ 3,241
Inventories at May 31, 2016
4,838
Total assets at May 31, 2016
21,379
Stockholders’ equity at May 31, 2016
12,258
Instructions
Determine the following measures for the fiscal years ended May 31, 2018, and May 31, 2017. Round ratios and percentages to one decimal place.
Accounts receivable turnover
Number of days’ sales in receivables
Inventory turnover
Number of days’ sales in inventory
Ratio of liabilities to stockholders’ equity
Asset turnover
Return on total assets.
Return on common stockholders’ equity
Price-earnings ratio, assuming that the market price was $72.12 per share on May 29, 2018, and $53.06 per share on May 30, 2017
What conclusions can be drawn from these…
17-8i Nike, Inc., Problem
Financial Statement Analysis
The financial statements for Nike, Inc., are presented in Appendix C at the end of the text. Use the following additional information (in millions):
Accounts receivable at May 31, 2016
$ 3,241
Inventories at May 31, 2016
4,838
Total assets at May 31, 2016
21,379
Stockholders’ equity at May 31, 2016
12,258
Instructions
Determine the following measures for the fiscal years ended May 31, 2018, and May 31, 2017. Round ratios and percentages to one decimal place.
Working capital
Current ratio
Quick ratio
Accounts receivable turnover
Number of days’ sales in receivables
Inventory turnover
Number of days’ sales in inventory
Ratio of liabilities to stockholders’ equity
Asset turnover
Return on total assets.
Return on common stockholders’ equity
Price-earnings ratio, assuming that the market price was $72.12 per share on May 29, 2018, and $53.06 per share on May 30, 2017…
Chapter 8 Solutions
Principles of Financial Accounting.
Ch. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Prob. 3MCQCh. 8 - Prob. 4MCQCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQ
Ch. 8 - Which of the following assetsinventory, building,...Ch. 8 - What is a petty cash receipt? Who should sign it?Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 1QSCh. 8 - COSO internal control components C1 COSO lists...Ch. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Prob. 7QSCh. 8 - Prob. 8QSCh. 8 - Prob. 9QSCh. 8 - Prob. 10QSCh. 8 - Prob. 11QSCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 1APCh. 8 - Prob. 2APCh. 8 - Prob. 3APCh. 8 - Prob. 4APCh. 8 - Prob. 5APCh. 8 - Prob. 1BPCh. 8 - Prob. 2BPCh. 8 - Prob. 3BPCh. 8 - Prob. 4BPCh. 8 - Prob. 8SPCh. 8 - Prob. 1AACh. 8 - Prob. 2AACh. 8 - Prob. 3AACh. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - Prob. 4BTNCh. 8 - Review the opening feature of this chapter that...Ch. 8 - Prob. 6BTN
Knowledge Booster
Similar questions
- Requirement 1. For 2017 and 2018, compute the five ration that measure how a business is investing its money and whether it is using its assets officiently Round sach sabio to ho decimal places Assume all sales are on credt.arrow_forwardAttached is the financial information for Apple Inc. Please answer questions 1 through 3 please. 1. What is Apple's current ratio in 2022? a. 1.08 b. 1.17 c. 1.29 d. 1.36 2. What is Apple's cash flow ratio in 2021? a. 0.54 b. 0.66 c. 0.77 d. 0.83 3. What are Apple's purchases in 2021? a. $175.19 billion b. $167.31 billion c. $170.09 billion d. $215.5 billionarrow_forward6. What is the largest investing cash flow and the largest financing cash flow reported by the company for theyear ended January 30, 2016?arrow_forward
- Problem no 19, (Ref. 3) The following are the financial statements of Bagmati Bitumin Limited. Bagmati Bitumin Limited Balance Sheet as of December 31, 2016 and 2017 Assets 2016 2017 Liabilities and Equity 2016 2017 Cash Accounts receivable Inventory Rs 650 2,382 4,408 Rs 710 2,106 4,982 Accounts payable Notes payable Other Rs 987 640 90 Rs 1215 718 230 Total current assets Rs 7,440 Rs 7,798 Total current liabilities Long–term debt Rs 1,717 4,318 Rs 2,163 4,190 Fixed assets Rs 13,992 Rs 18,584 Total debt Rs 6,035 Rs 6,353 Owners’ equity (1,250 shares outstanding) Rs 15,397 Rs 20,029 Total assets Rs 21,432 Rs 26,382 Total liabilities and equity Rs 21,432 Rs 26,382 Bagmati Bitumin Limited Income Statement for the Year Ended December 31, 2017 Sales Cost of goods sold Depreciation Rs 28,000 11,600 2,140 Earnings before interest and taxes Interest paid Rs 14,260 980 Taxable income…arrow_forwardAnalyzing Starbuckss Income Statement and Cash Flow Statement Disclosures Review Starbuckss financial statements and notes in Appendix A. Required: (Note: You do not need to make any calculations.) 1. Does the company use a multiple-step or a single-step format on its income statement? Explain. 2. What was the net earnings attributable to Starbucks for 2017? What was the basic earnings per common share for 2017? 3. What was the amount of the income taxes related to income before income taxes for 2017? 4. What was the amount of general and administrative expenses in 2017? 5. What amount of depreciation and amortization expense is reported separately on the income statement for 2017? How much depreciation and amortization expense is added back to net income on the 2017 statement of cash flows? What item on the income statement includes the majority of the difference? 6. What amount of dividends on common stock was paid and declared in 2017? If these amounts differ, where is the difference on the balance sheet? 7. Are Starbuckss revenues seasonal? If so, in which two quarters did Starbucks generate the most revenues in 2016 and 2017? 8. Did Starbucks use the direct or indirect method to determine the net cash provided by operating activities in 2017? What was the amount? 9. What was the net cash used in investing activities in 2017? 10. What cash was used for financing activities in 2017?arrow_forwardFinancial statements Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the balances after each transaction for August follow: Instructions 1. Prepare an income statement for the month ended August 31, 2016. 2. Prepare a retained earnings statement for the month ended August 31, 2016. 3. Prepare a balance sheet as of August 31, 2016. 4. (Optional) Prepare a statement of cash flows for the month ending August 31, 2016.arrow_forward
- Exercise 1-51 Relationships Among the Financial Statements Zachary Corporations December 31, 2018 balance sheet included the following amounts: Required: Calculate the amount of cash and retained earnings at the end of 2019.arrow_forwardhttps://massygroup.com/wp-content/uploads/2022/11/MASSY-DIGITAL-ANNUALREPORT-2022 (answer the following questions) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.arrow_forwardThe net realizable value of the company’s accounts receivable on December 31, 2016, should be A. P1,518,887 C. P1,528,150 B. P1,612,650 D. P1,603,358arrow_forward
- a. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding accounts receivable as of December31, 2017? c. How much is the ForEx gain or (Loss) on March 2, 2018? d. How much is the Net ForEx gain or loss?arrow_forwardQUESTION 4 The following information relates to Beethoven Ltd for the year ended 30th June 2022: BEETHOVEN LTD Statement of Financial Performance as at 30 June 2022 2022 2021 $ $ Assets Current Assets Cash at bank 67,710 59,666 Accounts receivable 252,760 283,290 Inventory 1,107,600 951,400 Prepaid expenses 113,600 35,500 Total current assets 1,541,670 1,329,856 Non-current assets Equipment 1,263,800 823,600 Accumulated depreciation – equipment (238,560) (143,136) Total non-current assets 1,025,240 680,464 Total Assets 2,566,910 2,010,320 Liabilities Current Liabilities Accounts payable 348,916 391,940 Accrued…arrow_forward4c. Prepare the statement of retained earnings (cash dividends during 2019 were $26,000) for 2019. BUG-OFF EXTERMINATORS Statement of Retained Earnings For Year Ended December 31, 2019 0 $0arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningFinancial & Managerial AccountingAccountingISBN:9781285866307Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning