Use the following information for Ingersoll, Incorporated. Assume the tax rate is 23percent.SalesDepreciation2020 2021$15,073 $15,0361,731 1,806Cost of goods sold4,3294,777Other expenses981859Interest830961Cash6,1726,676Accounts receivable8,1109,637Short-term notes payable1,2401,217Long-term debt20,53024,811Net fixed assets51,042 54,483Accounts payable4,496 4,854Inventory14,402 15,3581,3001,688DividendsPrepare a balance sheet for this company for 2020 and 2021. (Do not roundintermediate calculations.)INGERSOLL, INCORPORATEDBalance Sheet as of December 31Current assetsAssets20202021

The balance sheet offers a snapshot of a company's financial position at a specific point in time by…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
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.
Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
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.
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.
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent): 2020 2021 Sales $ 18,049 $ 18,858 Depreciation 2,406 2,514 Cost of goods sold 5,840 6,761 Other expenses 1,364 1,193 Interest 1,125 1,340 Cash 8,691 9,337 Accounts receivable 11,518 13,572 Short-term notes payable 1,704 1,671 Long-term debt 29,150 35,304 Net fixed assets 72,838 77,700 Accounts payable 6,287 6,730 Inventory 20,475 21,892 Dividends 2,129 2,344 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000
Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 11,750 Cost of goods sold 7,750 Depreciation 475 Earnings before interest and taxes $ 3,525 Interest paid 92 Taxable income $ 3,433 Taxes 721 Net income $ 2,712 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 250 Accounts payable $ 1,660 $ 1,595 Accounts received 1,030 930 Long-term debt 1,030 1,350 Inventory 1,880 1,675 Common stock 3,280 3,000 Total $ 3,130 $ 2,855 Retained earnings 610 860 Net fixed assets 3,450 3,950 Total assets $ 6,580 $ 6,805 Total liabilities & equity $ 6,580 $ 6,805 What is the fixed asset turnover for 2021?
Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,400 Cost of goods sold 7,650 Depreciation 440 Earnings before interest and taxes $ 1,310 Interest paid 88 Taxable income $ 1,222 Taxes 257 Net income $ 965    Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 255 Accounts payable $ 1,490 $ 1,595 Accounts received 990 890 Long-term debt 1,010 1,335 Inventory 1,660 1,655 Common stock 3,240 2,970 Total $ 2,870 $ 2,800 Retained earnings 530 780 Net fixed assets 3,400 3,880 Total assets $ 6,270 $ 6,680 Total liabilities & equity $ 6,270 $ 6,680 What is the return on equity for 2021?
Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,250 Cost of goods sold 7,550 Depreciation 330 Earnings before interest and taxes $ 1,370 Interest paid 82 Taxable income $ 1,288 Taxes 270 Net income $ 1,018    Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 200 $ 215 Accounts payable $ 1,380 $ 1,587 Accounts received 950 850 Long-term debt 1,000 1,178 Inventory 1,620 1,580 Common stock 3,200 2,950 Total $ 2,770 $ 2,645 Retained earnings 510 760 Net fixed assets 3,320 3,830 Total assets $ 6,090 $ 6,475 Total liabilities & equity $ 6,090 $ 6,475 Windswept, Incorporated, has 350 million shares of stock outstanding. Its price-earnings ratio for 2021 is 12. What is the market price per share of stock?
The following is the income statement belongs to Excel Star LLC for the year ending 31 December 2020: Excel Star LLC Income Statement for the year ending 31December 2020 Net Sales OMR 25000 Cost of Goods Sold 7000       Gross Profit 18000 Operating Expenses 8000              Operating Income 10000 Other Income:    Interest Income ____4000 Profit Before Tax OMR 14000 If the company pays an income tax expense on its profit at 30%, determine the amount of tax payable Select one: a. 10000 OMR b. 9800 OMR c. 4200 OMR d. 18200 OMR

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