Exam Review S15

financial statement below represents the performance of Yovela & Co in 2023. Yovela and Co Income statement for the year ended 31 December 2023 $ Sales revenue 187,000 Cost of goods sold (105,000) Gross profit 82,000 Interest income 1, 050 Selling, General & Administrative Exp. (49,300) Interest Expense (1,950) Profit before tax 31,800 Tax Exp. (8,427) Profit after tax 23, 373 Statement of financial position as at 31 December 2023 ASSETS $ $ Non- Current Assets Delivery van 44, 500 Current Assets Inventories 26,000 Trade receivables 21, 600 Cash at bank 20,855 Prepaid expenses (325) 68,455 Total Assets 112,955 EQUITY AND LIABILITIES Current Liabilities Trade payables 18,000 Tax payable 2,350 20, 350 Non- Current Liabilities Non- current debt 35, 650 Total Liabilities 56, 000 Equity 56, 955 Total equity and liabilities 112, 955 Required: As an analyst, you are required to prepare a condensed financial statement as part of your process of evaluating the business of Yovela $ Co. Useful…

Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars)   2020   2019 Sales $ 12,000   $ 11,000 Operating costs excluding depreciation   10,522     9,674 Depreciation and amortization   410     370     Earnings before interest and taxes $ 1,068   $ 956 Less interest   180     100     Pre-tax income $ 888   $ 856 Taxes (25%)   222     214 Net income available to common stockholders $ 666   $ 642 Common dividends $ 203   $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)   2020   2019 Assets Cash $ 650   $ 600 Short-term investments   210     200 Accounts receivable   2,750     2,500 Inventories   1,950     1,800     Total current assets $ 5,560   $ 5,100 Net plant and equipment   3,850     3,500 Total assets $ 9,410   $ 8,600   Liabilities and Equity Accounts payable $ 1,300   $ 1,200 Accruals   650     600 Notes…

EASSY Manufacturing Company presents the following: Statement of Comprehensive Income December 31, 2018 Sales 480,000 Cost of sales 336,000 Gross profit Operating expenses 144,000 57,600 Income before taxes 86,400 Income tax (30%) 12,960 Net income 73,440 Statement of Financial Position December 31, 2018 Current assets P 420,000 500,000 920,000 Non-current assets Total assets Current liabilities 90,000 Non-current liabilities 250,000 Ordinary shares Retained earnings Total liabilities and shareholders' equity 490,000 90,000 P 920,000 Additional information: 1. Dividends payout is 60%. 2. Only current assets and current liabilities are directly related to sales. 3. The business expects a 30% increase in sales next year. 4. The business is expecting to retain 40% of the earning next year. Expected increase in assets Spontaneous increase in current liabilities. Expected increase in retained earnings Additional funds needed

EASSY Manufacturing Company presents the following: Statement of Comprehensive Income December 31, 2018 Sales 480,000 Cost of sales 336,000 Gross profit Operating expenses 144,000 57,600 Income before taxes 86,400 Income tax (30%) 12,960 73,440 Net income P Statement of Financial Position December 31, 2018 Current assets 420,000 Non-current assets 500,000 Total assets 920,000 Current liabilities 90,000 Non-current liabilities 250,000 490,000 Ordinary shares Retained earnings Total liabilities and shareholders' equity 90,000 P 920,000 Additional information: 1. Dividends payout is 60%. 2. Only current assets and current liabilities are directly related to sales. 3. The business expects a 30% increase in sales next year. 4. The business is expecting to retain 40% of the earning next year. Expected increase in assets Your answer Spontaneous increase in current liabilities. Your answer

Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155,500 131,200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46,200 $39,700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 7,900 10,000 Long-term loans payable 59.800 68,600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500

Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars)   2020   2019 Sales $ 12,000   $ 11,000 Operating costs excluding depreciation   10,522     9,674 Depreciation and amortization   410     370     Earnings before interest and taxes $ 1,068   $ 956 Less interest   180     100     Pre-tax income $ 888   $ 856 Taxes (25%)   222     214 Net income available to common stockholders $ 666   $ 642 Common dividends $ 203   $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)   2020   2019 Assets Cash $ 650   $ 600 Short-term investments   210     200 Accounts receivable   2,750     2,500 Inventories   1,950     1,800     Total current assets $ 5,560   $ 5,100 Net plant and equipment   3,850     3,500 Total assets $ 9,410   $ 8,600   Liabilities and Equity Accounts payable $ 1,300   $ 1,200 Accruals   650     600 Notes…

SUNLAND COMPANYIncome StatementsFor the Years Ended December 31     2022   2021 Net sales   $2,178,400   $2,030,000 Cost of goods sold   1,207,000   1,187,080 Gross profit   971,400   842,920 Selling and administrative expenses   590,000   565,220 Income from operations   381,400   277,700 Other expenses and losses            Interest expense   25,960   23,600 Income before income taxes   355,440   254,100 Income tax expense   106,632   76,230 Net income   $ 248,808   $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets   2022   2021 Current assets            Cash   $ 70,918   $ 75,756    Debt investments (short-term)   87,320   59,000    Accounts receivable   139,004   121,304    Inventory   148,680   136,290      Total current assets   445,922   392,350 Plant assets (net)   765,820   613,954 Total assets   $1,211,742…

The following information was taken from the financial statements of Sunland Company:     2021     2020   Gross profit on sales   $678,600         $760,000       Income before income taxes   205,400         225,000       Net income   260,000         225,000       Net income as a percentage of net sales   10%     9%   what are the net sales for 2021 and 2020

Partial Income Statement of ABC Corp. In 2021 Sales revenue $350,200 Cost of goods sold $142,000 Fixed costs $43,000 Selling, general, and administrative expenses $27,800 Depreciation $45,800 Interest expense $0 Tax rate 40% The Net Income for ABC Corp. in 2021 is $___________ (round to the nearest dollar amount)

The following information is available for Sunland Corporation for the year ended December 31, 2022: sales revenue $840,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $466,000, other expenses and losses $30,500, and preferred stock dividends $40,950. The company's tax rate was 20%, and it had 70,000 common shares outstanding during the entire year. (a) Your Answer Correct Answer Your answer is partially correct. Prepare a corporate income statement. (List other revenues before other expenses.)

The income statement of Tavis Corporation and selected additional data are presented below: Tavis Corporation Income Statement for the Year Ended December 31, 2020                                                                              Net sales                                                  $220,000 Cost of goods sold                                  __109,000 Gross profit                                                111,000 Selling and general expenses                       _98,000 Income from operations                                13,000 Interest expense                                          __2,500 Income before income tax                             10,500 Income tax expense                                    __3,000 Net income                                                 $ 7,500   Additional data: Total assets                                              $214,000 Common stockholders’ equity                   $116,000 Preferred dividends…

The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020   $”M” Revenue 1276.50 Cost of sales (907.00)   369.50 Distribution costs (62.50) Administrative expenses (132.00)   175.00 Interest received   12.50 Interest paid  (37.50)   150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March   2020 2019   $”M” $”M” ASSETS:     Non- current assets:     Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments   12.5 Current assets:     Inventories 75 51 Receivables 195 157.5 Short-term investment 25   Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities:     Equity:     Share capital      (10 million ordinary shares of $ 10 per value)  100 75 Share premium  80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:     Loan 85 25…

Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 42,000 Advertising Expense 12,000 Depreciation Expense-Plant Assets 28,000 Total Operating Expenses Income From Operations Other Income (Expenses) Dividend Revenue Interest Expense Total Other Income (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income 10,800 -3,100 229,000 104,000 125,000 82,000 43,000 7,700 50,700 8,000 42,700 Additional data follow: a) Collections from customers are $13,000 more than sales. b) Dividend revenue, interest expense, and income tax expense equal their cash amounts. c) Payments to suppliers are the sum of cost of goods sold plus advertising expense. d) Payments to employees are $1,700 more than salaries expense. e) Cash payment for the acquisition of plant assets is $108,000.

Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021: Income Statement Items for 2021:                 Net sales P3,600,000                                Cost of goods sold 1,100,000 Operating expenses including depreciation 840,000Depreciation expense 60,000Interest expense 100,000Income tax expense ?   Other information for 2021: Payment of bank loan 300,000 Dividends paid to stockholders P250,000   Balance Sheet Items: December 31, 2021                                                          December 31, 2020Cash and cash equivalents 2,000,000                         P1,750,000Accounts receivable 670,000                                          410,000Inventory 430,000                                                             220,000Supplies 18,000                                                                  12,000Accounts payable 520,000                                               380,000Accrued liabilities 72,000…

Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars)   2021 2020 Sales $ 2,500.0 $ 2,000.0 Operating costs excluding depreciation and amortization   1,938.0   1,700.0 EBITDA $ 562.0 $ 300.0 Depreciation and amortization   62.0   54.0 Earnings before interest and taxes (EBIT) $ 500.0 $ 246.0   Interest   55.0   44.0 Earnings before taxes (EBT) $ 445.0 $ 202.0   Taxes (25%)   178.0   80.8 Net income $ 267.0 $ 121.2 Common dividends $ 240.3 $ 97.0 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars)   2021 2020 Assets Cash and equivalents $ 36.0 $ 30.0 Accounts receivable   375.0   300.0 Inventories   468.0   360.0   Total current assets $ 879.0 $ 690.0 Net plant and equipment   621.0   540.0 Total assets $ 1,500.0 $ 1,230.0 Liabilities and Equity Accounts payable $ 250.0 $ 200.0 Accruals   75.0…

Sunrise Bakery Inc. Income Statement Year Ended October 31, 2022   Sales revenue                                                                          $462,500 Cost of goods sold                                                                   231,250 Gross profit                                                                              231,250 Operating expenses                Salaries and wages expense                            $92,500           Depreciation expense                                         3,900           Other operating expenses                                 35,987             132,387 Income from operations                                                             98,863 Other expenses                       Interest expense                                                                               413 Income before income tax                                                          98,450 Income tax expense…

Below are extracts from the financial statements of Charlton Ltd: Statement of profit or loss for the year ended 31 December 2020 Revenue 214,550 Cost of sales (182,000) Gross profit 32,550 Investment income 4,760 Loss on disposal (40) (6,300) (3,500) Distribution costs Administrative expenses Profit from operations 27,470 Finance costs (2,800) Profit before tax 24,670 (2,100) 22,570 Income tax expense Profit for the period Statements of financial position 31 December 2020 31 December 2019 Assets Non-current assets Property, plant and equipment 15,920 5,950 Investments 17,500 17,500 33,420 23,450 31 December 2020 31 December 2019 Assets Non-current assets Property, plant and equipment 15,920 5,950 Investments 17,500 17,500 33,420 23,450 Current assets Inventories 7,000 13,650 Trade and other receivables 13,300 8,400 Cash and cash equivalents 2,870 1,120 23,170 23,170 Total assets 56,590 46,620 Equity and liabilities Capital and reserves Share capital 7,000 6,300 Share premium Retained…

INCOME STATEMENT, 2019 Sales       $ 230,000   Costs         165,000   EBIT       $ 65,000   Interest expense         13,000   Taxable income       $ 52,000   Taxes (at 21%)         10,920   Net income       $ 41,080   Dividends $ 16,432         Addition to retained earnings $ 24,648              BALANCE SHEET, YEAR-END, 2019   Assets         Liabilities       Current assets         Current liabilities       Cash $ 6,000     Accounts payable $ 13,000   Accounts receivable   11,000     Total current liabilities $ 13,000   Inventories   23,000     Long-term debt   130,000   Total current assets $ 40,000     Stockholders’ equity       Net plant and equipment   170,000     Common stock plus additional paid-in capital   15,000             Retained earnings   52,000   Total assets $ 210,000     Total liabilities plus stockholders' equity $ 210,000        Sales and costs are projected to grow at 20% a year for at least the next 4 years. Both…

The following information was taken from the financial statements of Sunland Company:     2021     2020   Gross profit on sales   $678,600         $760,000       Income before income taxes   205,400         225,000       Net income   260,000         225,000       Net income as a percentage of net sales   10%     9% What are the net sales for 2021 and 2020? can you help me solve?

Lanfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023   2024 2023 Net Sales Revenue $459,000 $428,000 Cost of Goods Sold 234,000 212,000 Gross Profit 225,000 216,000 Operating Expenses 134,000 132,000 Income From Operations 91,000 84,000 Interest Expense 13,000 16,000 Income Before Income Tax 78,000 68,000 Income Tax Expense 24,000 26,000 Net Income $54,000 $42,000       Lanfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023   2024 2023 2022* Assets       Current Assets:       Cash $98,000 $97,000   Accounts Receivables, Net 114,000 115,000 $104,000 Merchandise Inventory 146,000 158,000 202,000 Prepaid Expenses 13,000 6,000   Total Current Assets 371,000 376,000   Property, Plant, and Equipment, Net 211,000 180,000   Total Assets $582,000…

The following are the financial statement Quick Ltd. for the year ended 31st December 2020:     Quick Ltd. Income statement For year ended 31st December 2020   $”000” Revenue 1276.50 Cost of sales (907.00)   369.50 Distribution costs (62.50) Administrative expenses (132.00)   175.00 Interest received   12.50 Interest paid  (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00       Quick Ltd. Statement of financial position as at 31 December   2020 2019   $”000” $”000d” ASSETS:     Non- current assets:     Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments   12.5 Current assets:     Inventories 75 51 Receivables 195 157.5 Short-term investment 25   Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities:     Equity:     Share capital   100 75 Share premium  80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:     Loan 85 25…

Financial statement analysis The financial statements of Zach Industries for the year ended December 31, 2019, follow . a. Use the financial statements to complete the following table E. Assume the industry averages given in the table are applicable for both 2018 and 2019. b. Analyze Zach Industries' financial condition as it is related to (1) liquidity, (2) activity, (3) debt, (4) profitability, and (5) market. Summarize the company's overall financial condition. ..... a. The current ratio is 1.04. (Round to two decimal places.) The quick ratio is .38. (Round to two decimal places.) The inventory turnover is 2.32. (Round to two decimal places.) The average collection period is 56.1 days. (Round to one decimal place.) The debt ratio is 61.7 %. (Round to one decimal place.) The times interest earned ratio is |. (Round to one decimal place.)

Financial Information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2020 $2,500.0 2,125.0 $375.0 75.0 $300.0 55.0 $ 245.0 98.0 $147.0 $152.1 $117.6 Common dividends Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2020 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization Earnings before interest and taxes (EBIT) Interest Earnings before taxes (EBT) Taxes (25%) Net Income Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets 2021: $ b. What was the 2021 free cash flow? 2021 $2,875.0 2,444.0 $ 431.0 86.0 $345.0 63.3 $281.7 112.7 $ 169.0 $ -Select- 2021 46.0 450.0 540.0 $1,036.0 863.0 $1,899.0 Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities $601.5 Long-term bonds 575.0 Total liabilities $1,176.5 661.5 Common…

Atlantic Corporation reported the following financial statements: E (Click the icon to view the financial statements.) The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX. O A. $1.90 Financial Statements O B. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities 24 7.087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 24 25,200 $ 22,471 Clear Al All parts showing Total…

Wayman Corporation reports the following amounts in its December 31, 2024, income statement.   Sales revenue $320,000 Income tax expense $40,000 Interest expense 10,000 Cost of goods sold 120,000 Salaries expense 30,000 Advertising expense 20,000 Utilities expense 40,000

The information provided below was extracted from the accounting records of Harmony Limited on 31 December 2020: Harmony Limited Extract of Statement of Comprehensive Income for the year ended 31 December 2020 R Sales 6 600 000 Cost of sales (3 900 000) Gross profit 2 700 000 Operating expenses (1 710 000) Selling and administrative expenses 1 260 000 Depreciation 450 000 Operating profit 990 000 Interest expense (270 000) Profit before tax 720 000 Company tax (240 000) Profit after tax 480 000 Extract of Statement of Changes in Equity for the year ended 31 December 2020 Retained earnings R Balance on 01 January 2020 1 500 000 Profit after tax 480 000 Dividends paid and proposed in 2020 (180 000) Balance on 31 December 2020 1 800 000 Balances extracted from the Statement of Financial Position as at 31 December: 2020 2019 R R Plant and equipment 3 750 000 3 000 000 Investments 210 000 240 000 Inventories 1 290 000 1 230 000 Accounts receivable 1 140 000 1 050 000 Cash and cash…

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):   2024 2023 Sales revenue $ 5,300,000 $ 4,400,000 Cost of goods sold 3,040,000 2,180,000 Administrative expense 980,000 855,000 Selling expense 540,000 482,000 Interest revenue 168,000 158,000 Interest expense 236,000 236,000 Loss on sale of assets of discontinued component 120,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:   1/1/2024–9/30/2024 2023 Sales revenue $ 580,000 $ 680,000 Cost of goods sold (380,000) (428,000) Administrative expense (68,000) (58,000) Selling expense (38,000) (38,000) Operating income before taxes…

The following information is available for Bramble Corporation for the year ended December 31, 2020: cost of goods sold $225,000, sales revenue $477,000, other revenues and gains $51,000, and operating expenses $73,000.Assuming a corporate tax rate of 25%, prepare an income statement for the company.                                                                                  $                                                                $

Here are the comparative condensed income statements of Bramble Corporation. Bramble CorporationCondensed Income StatementsFor the Years Ended December 31     2022   2021 Net sales   $755,000     $631,000   Cost of goods sold   588,900     512,372   Gross profit   166,100     118,628   Operating expenses   104,190     58,683   Net income   $ 61,910     $ 59,945

What is companies net income? The following information is given to you relating to the operations of PrincehallCorporation: The income tax rate is 40%.   Net sales $11,862 Cost of sales 8,321 Gross margin ? Selling, general, and administrative expenses $ 2,743 Depreciation, amortization, and asset write-offs   278 Total operating expenses: ? Income from operations : ? Interest expense 91 Interest and other income    11 Earnings before income taxes: ? Income taxes ? Net earnings: ?   Determine the nest income of the company.

Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545

The fiscal year-end 2018 financial statements for Same Old Grind Co. report net operating profit after tax of $9,954 million, net operating assets of $58,603 million. The fiscal year-end 2017 balance sheet reports net operating assets of $59,079 million. Same Old Grind Co. 2018 net operating profit margin is 17.9% Same Old Grind Co. 2018 revenues are: A) $85,077 million B) $79,632 million C) $55,609 million D) $58,899 million

The following are the financial statement Kin Ltd. for the year ended 31 March 2020:   Kin Ltd. Income statement For the year ended 31 March 2020   $”M” Revenue 1276.50 Cost of sales (907.00)   369.50 Distribution costs (62.50) Administrative expenses (132.00)   175.00 Interest received   12.50 Interest paid  (37.50)   150.00 Tax (70.00) Profit after tax 80.00       Kin Ltd. Statement of financial position as at 31 March   2020 2019   $”M” $”M” ASSETS:     Non- current assets:     Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments   12.5 Current assets:     Inventories 75 51 Receivables 195 157.5 Short-term investment 25   Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities:     Equity:     Share capital      (10 million ordinary shares of $ 10 per value)  100 75 Share premium  80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…