Twin Rivers Casino,
Inc. reported the following December 31 amounts in its financial
statements:
2018
2017...
Twin Rivers Casino,
Inc. reported the following December 31 amounts in its financial
statements:
2018
2017
Sales revenue
$250.0
$210.0
Gross profit
75.0
68.0
Net income
28.0
21.0
Total assets
90.0
80.0
Total stockholders’
equity
40.0
36.0
Requirements:
Compute the following for the 2018 ratios:
A. Gross profit percentage
B. Net profit margin
C. Total asset turnover
D. Return on assets
At December 31, 2020, Sheffield Company reported the following
as plant assets.
Land
$ 4,110,000
Buildings...
At December 31, 2020, Sheffield Company reported the following
as plant assets.
Land
$ 4,110,000
Buildings
$28,650,000
Less: Accumulated depreciation—buildings
13,680,000
14,970,000
Equipment
47,920,000
Less: Accumulated depreciation—equipment
4,730,000
43,190,000
Total plant assets
$62,270,000
During 2021, the following selected cash transactions
occurred.
April 1
Purchased land for $2,150,000.
May 1
Sold equipment that cost $870,000 when purchased on January 1,
2017. The equipment was sold for $522,000.
June 1
Sold land purchased on June 1, 2011 for $1,420,000. The land
cost...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts receivable 50,000 30,000
Inventory 50,000 70,000
Property, plant and equipment (net) 160,000 200,000
Total assets $300,000 $400,000
Liabilities and stockholders equity
Accounts payable $20,000 $30,000
Short term notes payable 40,000 90,000
Bonds payable 80,000 160,000
Common stock 60,000 45,000
Retained earnings 100,000 75,000
Total liabilities and stockholders equity $300,000 $400,000
Income statement (for the year ended December 31, 2007)
Net sales $360,000
Cost...
Question 2
Selected financial statement data for Mure Company are presented
below.
December 31, 2017
December...
Question 2
Selected financial statement data for Mure Company are presented
below.
December 31, 2017
December 31, 2016
Cash
$ 40,000
$30,000
Short-term investments
20,000
18,000
Accounts receivable (net)
100,000
90,000
Inventory
80,000
60,000
Total current liabilities
100,000
90,000
During 2017, net sales were $950,000, and cost of goods sold was
$770,000.
Compute the current ratio at December 31, 2017.
(Round answer to 1 decimal place, e.g.
2.1:1)
Current ratio
:1
LINK TO TEXT
Compute the acid-test ratio at December...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
Hopewell Corporation
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash
125,000
Accounts Payable...
Hopewell Corporation
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash
125,000
Accounts Payable
24,000
Accounts Receivable
36,000
Debt
37,000
Inventory
52,000
Other Liabilities
30,000
Property Plant & Equipment, Gross
226,000
Total Liabilities
91,000
Accumulated Depreciation
59,000
Paid-In Capital
56,000
Property Plant & Equipment, Net
167,000
Retained Earnings
239,000
Other Assets
6,000
Total Equity
295,000
Total Assets
386,000
Total Liabilities & Equity
386,000
Hopewell Corporation
Statement of Cash Flows
January 1 to March 31, 2020
(amounts in thousands)...
The following amounts were reported on the December 31, 2019,
balance sheet:
Cash: $ 16,000...
The following amounts were reported on the December 31, 2019,
balance sheet:
Cash: $ 16,000
Accounts receivable: 44,000
Common stock: 80,000
Wages payable: 10,000
Retained earnings: 160,000
Land: 40,000
Accounts payable: 30,000
Bonds payable: 240,000
Merchandise inventory: 60,000
Buildings and equipment, net of accumulated depreciation:
360,000
Required:
a) Calculate working capital at December 31,
2019.
b) Calculate the current ratio at December
31, 2019.
c) Calculate the...
Axel Company reports the following amounts at December 31, 2021:
Land held for speculation $177,000 Vehicles...
Axel Company reports the following amounts at December 31, 2021:
Land held for speculation $177,000 Vehicles 519,000 Equipment
737,000 Accumulated depreciation 362,000 What amount will be
reported as net property, plant and equipment on Axel's December
31, 2021 balance sheet?
At December 31, 2016, Ozuna Inc. had the following deferred tax
balances:
Deferred
tax liability –...
At December 31, 2016, Ozuna Inc. had the following deferred tax
balances:
Deferred
tax liability –
noncurrent $100,000
Deferred
tax asset –
noncurrent 80,000
Valuation
allowance 20,000
These deferred tax balances relate to two
items. First, Ozuna has recorded excess tax deductions
related to its plant assets. At December 313, 2016, plant assets
had a book value of $1,000,000 and a tax basis of
$500,000. Second, Ozuna had a NOL carryforward of
$400,000 at December 31, 2016. Ozuna determined the
appropriate tax rate for recording deferred...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts Receivable
80,000
70,000
Merchandise Inventory
60,000
65,000
Property And Equipment
110,000
60,000
Less: Accumulated Depreciation
(30,000)
(15,000)
Total Assets
$270,000
$252,000
Liabilities:
Accounts Payable
$10,000
$12,000
Salaries and Wages Payable
2,000
1,000
Bonds Payable, Long-Term
50,000
60,000
Stockholders’ Equity:
Common Stock
100,000
80,000
Retained Earnings
108,000
99,000
Total Liabilities and Stockholders’ Equity
$270,000
$252,000
Income Statement
Sales
$200,000
Cost of Goods Sold
110,000
Depreciation...