Fizer, Inc., reported the following financial statements for the last two years. FIZER, INC. 2020 Income Statement Sales 565,280 $ 273,985 Cost of goods sold Selling & administrative Depreciation 124,725 54,568 $ 112,002 19,304 EBIT Interest $ 92,698 48,203 EBT Таxes Net income $ 44,495 $ 10,400 $ 34,095 Dividends Addition to retained earnings FIZER, INC. Balance Sheet as of December 31, 2019 $ 13,400 Accounts payable 18,986 13,802 Cash $ 23,996 Accounts receivable Inventory $ 46,188 Long-term debt 344,434 Owners' equity Current assets 136,000 Net fixed assets 230,626 Total liabilities and owners' Total assets $390,622 $390,622 equity
Q: Cabot Trail Resorts Inc. had the following operating results for 2018: sales $30,420; cost of goods…
A: SOLUTION: a. Net Income: $1449 Sales 30420 Less: cost of goods sold 20060 Gross profit 10360…
Q: KPT Enterprises COMPARITIVE INCOME STATEMENT for years ended 31 December 2020 Revenues and gains…
A: The comparative income statement is described as that statement in which the operating results for a…
Q: Dex Lukes at December 31, 2020, the end of its first year of operations has the following details:…
A: Income from operations = Sales revenue - Cost of goods sold - Selling and administrative expenses
Q: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders,
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The profit or loss section of the statement of comprehensive income of Reek Company for the year…
A: Statement of cash flows is one of the important financial statement of the business, which shows all…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is a financial statement which shows all cash inflows and cash outflows of…
Q: Below are the financial statements of Coco Stationary Statement of Comprehensive Income for the…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: Required: Prepare the necessary closing entries at December 31, 2016.
A:
Q: The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income…
A: Ratio analysis is the technique used to analyze the financial health of the company. Different…
Q: Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa…
A: The Income Statement for the year ended 31st December 2020 are given. Required Prepare Cash Flow…
Q: Cullumber Appliances Corporation has reported its financial results for the year ended December 31,…
A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below:…
A: CFS is the statement prepared for the reporting of cash inflows and outflows during a specific…
Q: The income statement , statement of retained earnings and balance sheet of Somerville Company are as…
A: In order to determine the return on sales, the operating income is required to be divided by the net…
Q: PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and…
A: Working note: (All the $ amounts are in thousands.) Compute cash received from customers as shown…
Q: Ayayai Ltd. had the following 2020 income statement data: Sales $205,600 Cost of goods sold 119,400…
A: The Cash Flow statement shows the flows of cash and cash equivalent during the period under report.…
Q: From the following information, calculate Operating ratios and operating profit ratio and net profit…
A: Gross profit = Sales - Cost of goods sold 2019 = 15,00,000 - 7,50,000 =…
Q: Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $…
A: Workings: Tax rate=TaxesIncome before tax×100=$19.11$91.00×100=21% Interest expense after…
Q: The comparative statements of Oriole Company are presented here. ORIOLE COMPANY Income Statements…
A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales $405,000 Expenses…
A: The Statement of Cash Flows, one of the four required financial statements by GAAP, details the…
Q: Cullumber Appliances Corporation has reported its financial results for the year ended December 31,…
A: Liquid Ratio: These ratios help in finding the liquidity of the company, which means how much the…
Q: are considered very good.) onsidered good for manu- alysis. Changes in Various Ratios Presented…
A: Required:Compute the following ratios:Gross profit percentage, return on assets, return on sales,…
Q: Presented below is the 2021 income statement and comparative balance sheet information for Tiger…
A: Cash flow statement: The cash flow statement, is one of the financial statements. Cash flow…
Q: Calculate the following financial ratios as at 31 December 201 Profitability ratios i. Net Profit…
A: Net profit Margin shows the income of the company left after deducting all expenses as a percentage…
Q: Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales…
A: Ner income = 56000 Add: income tax =…
Q: Nezuko Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 (Expressed in…
A: Times interest earned ratio measures the ability to meet interest payment. Formula: Times interest…
Q: Presented below is information related to Sheffield Corp. for the year 2020. Net sales $1,456,000…
A: An income statement is a report prepared and maintained by the business in order to understand the…
Q: Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE…
A:
Q: Satum Company Income Statement for year ended Dec. 31, 2018 $238,000 153,000 Sales Revenue Cost of…
A: Cash flows statement is one of the financial statement which shows all cash inflows and cash…
Q: The comparative statement of financial position for Cullumber Corporation shows the following…
A: Introduction: Statement of cash flows: All cash in and out flows are recorded in statement of cash…
Q: Ehrlich Company reported the following information for 2021: Sales revenue $2,500,000 Cost of goods…
A: Comprehensive Income Statement: When combined with standard net income, the statement of…
Q: Presented below is information related to Bramble Corp. for the year 2020. Net sales $1,378,000…
A: Income statement which categorized income and expenses into operating and non-operating expenses is…
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: Forecast Best Buy's fiscal 2012 balance sheet using the following relations (assume "no change" for…
A: Best Buy Co. Statement of Balance Sheet for the year ended 31st December 2012
Q: Ramsec Corp at December 31, 2020, the end of its first year of operations has the following details:…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Use the following excerpts from Yardley Company’s financial information. 2018 Income Statement…
A: Cash flow statement is a statement which shows all cash inflows and cash outflows of the business…
Q: Stackhouse Industries had the following operating results for 2020: sales = $54,510; cost of goods…
A: Answer a. Earnings before interest and tax(EBIT) = Sales - Cost of Goods Sold - Depreciation Expense…
Q: Liu Company Combined Statement of Comprehensive Income and Statement of Retained Earnings For the…
A: The question is related to Cash Flow from operating Activites.The financial for the year 2018 are…
Q: Selected data derived from the income statement and balance sheet of National Beverage Co. for a…
A: Cash Flow statement is a financial statement which present the movement of cash during a period . It…
Q: The comparative statements of Waterway Company are presented here. Waterway Company Income…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Following is the income statement for Lowe's Companies Inc. LOWE'S COMPANIES INC. Consolidated…
A: NOPAT is considered as a precise and accurate indicator for the purpose of measuring the…
Q: From the following information, calculate Operating ratios and operating profit ratio and net profit…
A: Operating expenses = Administrative expense + Sales expense + Depreciation 2019 = 1,00,000 +…
Q: COMPARITIVE for years ended 31 December INCOME STATEMENT *Sales revenue *Interest revenue…
A: Note: The amount of Total expenses and losses given in Question is 321,195 but in actually the total…
Q: IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash Accounts receivable, net…
A: Statement of cash flows : It is the financial statement that shows the flow of cash from the…
Q: Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in…
A: a EVA(all figures in million) EVA =Net operation profit after tax ( Nopat) -capital employed*Cost of…
Q: Tamarisk Co. reports the following information for 2020: sales revenue $769,400, cost of goods sold…
A: Stockholder's Equity This is one of the important part in the preparation of final financial…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash…
Q: Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa…
A: The Income Statement and account balances are given for the year ended 31st December 2X20.
Q: Below are Samarahan Jaya Berhad’s income statement, statement of retained earnings and balance sheet…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Viel Company
A:
Q: Presented below is information related to Blossom Company at December 31, 2020, the end of its first…
A: Income from operations or operating income or earnings before income and taxes refers to the total…
Correct answer for d e f
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687Lancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…
- Big Corporation reported the following income statement and balance sheet for the past two years: Big Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $ 100,600,800 $ 92,600,500 Cost of goods sold 66,750,500 60,750,800 Gross profit 33,850,300 31,849,700 Selling expenses 7,150,500 6,240,800 Administrative expenses 4,950,800 4,590,700 Total operating expenses 12,101,300 10,831,500 Income from operations 21,749,000 21,018,200 Interest Expense 425,500 476,300 Other income 148,400 127,200 Income before income tax 21,471,900 20,669,100 Income tax expense 8,588,800 8,267,700 Net income $ 12,883,100 $…Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %The comparative statements of Blossom Company are presented here: Blossom CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,899,640 $1,759,600 Cost of goods sold 1,067,640 1,015,100 Gross profit 832,000 744,500 Selling and administrative expenses 509,100 488,100 Income from operations 322,900 256,400 Other expenses and losses Interest expense 23,500 21,500 Income before income taxes 299,400 234,900 Income tax expense 93,500 74,500 Net income $205,900 $160,400 Blossom CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,900 111,900 Inventory 127,500 117,000 Total current assets 388,500 343,100 Plant assets…
- The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…Prepare a 2020 income statement for Crane Corporation based on the following information: Cost of goods sold Operating expenses Other expenses and losses Sales revenue Tax rate Sales Revenue $460,000 Cost of Goods Sold 104,000 32,500 725,000 30% CRANE CORPORATION Income Statement For the Year Ended December 31, 2020 725000 460,000 iSelected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…
- The comparative statements of Pharoah Company are presented here: Pharoah CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832,000 744,500 Selling and administrative expenses 508,200 487,200 Income from operations 323,800 257,300 Other expenses and losses Interest expense 23,400 21,400 Income before income taxes 300,400 235,900 Income tax expense 93,400 74,400 Net income $207,000 $161,500 Pharoah CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,000 111,000 Inventory 127,400 116,900 Total current assets 387,500 342,100 Plant assets…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…Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…