General Mills reported
the following information in its 2015 financial statements ($ in
millions):
2015
2014...
General Mills reported
the following information in its 2015 financial statements ($ in
millions):
2015
2014
Balance
Sheets:
Accounts
receivable, net
$
1,386.7
$
1,483.6
2015 Income
statement:
Sales
revenue
$
17,630.3
A note disclosed that the allowance for uncollectible accounts had
a balance of $25.3 million and $21.0 million at the end of 2015 and
2014, respectively. Bad debt expense for 2015 was $19.8
million.
Required:
Determine the amount of cash collected from customers during 2015.
(All sales are...
Great Lakes Manufacturing, Inc., reported the following at
December 31, 2014 and December 31, 2015:
Stockholders'...
Great Lakes Manufacturing, Inc., reported the following at
December 31, 2014 and December 31, 2015:
Stockholders' Equity
-Preferred stock, cumulative, $0.50 par, 10%, 90,000 shares issues
$45,00
-Common stock, $0.10 par, 9,090,000 shares issued 909,000
Great Lakes Manufacturing has paid all preferred dividends
through 2011.
Requirement:
1. Compute the total amounts of dividends to both preferred and
common stockholders for 2014 and 2015 if total dividends are
$90,000 in 2014 and $108,000 in 2015.
Begin with 2014. Compute the total...
J. Bartley Pools Inc. reported the following in its financial
statements for the quarter ended March...
J. Bartley Pools Inc. reported the following in its financial
statements for the quarter ended March 31, 2014.
December
31, 2013
March
31, 2014
Common shares (no par value; 55,000 shares
outstanding)
$
55,000
$
55,000
Contributed surplus
32,500
32,500
Retained earnings
22,500
22,500
Total shareholders' equity
$
110,000
$
110,000
During the quarter ended March 31, 2014, Bartley reported Net
Income of $8,250 and declared and paid cash dividends totalling
$8,250.
Required:
1. Calculate earnings per share (EPS) and...
Freeman, Inc., reported the following financial statements for
the last two years.
2014 Income Statement
Sales...
Freeman, Inc., reported the following financial statements for
the last two years.
2014 Income Statement
Sales
$
565,210
Cost of goods sold
274,020
Selling & administrative
124,732
Depreciation
54,575
EBIT
$
111,883
Interest
19,297
EBT
$
92,586
Taxes
48,145
Net income
$
44,441
Dividends
$
9,700
Addition to retained earnings
$
34,741
FREEMAN, INC.
Balance Sheet as of December 31, 2013
Cash
$
13,330
Accounts payable
$
24,010
Accounts receivable
18,993
Inventory
13,795
Current assets
$
46,118
Long-term debt...
The comparative financial statements prepared at December 31,
2015, for Prince Company showed the following summarized...
The comparative financial statements prepared at December 31,
2015, for Prince Company showed the following summarized data:
2015
2014
Income
statement:
Sales revenue
$
190,600
*
$
168,300
Cost of goods
sold
112,700
101,300
Gross profit
77,900
67,000
Operating expenses
and interest expense
56,700
53,700
Pretax income
21,200
13,300
Income tax
7,800
3,900
Net income
$
13,400
$
9,400
Balance sheet:
Cash
$
4,600
$
5,700
Accounts receivable
(net)
14,500
17,300
Inventory
40,900
32,400
Operational...
Use the following financial statements for Lake of Egypt Marina,
Inc.
LAKE OF EGYPT MARINA, INC...
Use the following financial statements for Lake of Egypt Marina,
Inc.
LAKE OF EGYPT MARINA, INC
Balance Sheet as of December 31, 2015 and 2014
(in millions of dollars)
2015 2014
2015
2014
Assets
Liabilities and Equity
Current assets:
Current liabilities:
Cash and marketable securities $
45 $ 36
Accrued wages and taxes
$ ...
Use the following financial statements for Lake of Egypt Marina,
Inc.
LAKE OF
EGYPT MARINA, INC...
Use the following financial statements for Lake of Egypt Marina,
Inc.
LAKE OF
EGYPT MARINA, INC
Balance Sheet as of December 31, 2015 and 2014
(in millions of dollars)
2015
2014
2015
2014
Assets
Liabilities and Equity
Current
assets:
Current
liabilities:
Cash and marketable securities
$
44
$
42
Accrued wages and taxes
$
28
$
30
Accounts receivable
36
36
Accounts payable
32
36
Inventory
153
63
Notes payable
36
42
Total
$
233
$
141
Total
$
96...
Use the following financial statements for Lake of Egypt Marina,
Inc.
LAKE OF
EGYPT MARINA, INC...
Use the following financial statements for Lake of Egypt Marina,
Inc.
LAKE OF
EGYPT MARINA, INC
Balance Sheet as of December 31, 2015 and 2014
(in millions of dollars)
2015
2014
2015
2014
Assets
Liabilities and Equity
Current
assets:
Current
liabilities:
Cash and marketable securities
$
44
$
42
Accrued wages and taxes
$
28
$
30
Accounts receivable
36
36
Accounts payable
32
36
Inventory
153
63
Notes payable
36
42
Total
$
233
$
141
Total
$
96...
Problem 13-23A Ratio analysis LO 13-2, 13-3, 13-4, 13-5
The following financial
statements apply to Robin...
Problem 13-23A Ratio analysis LO 13-2, 13-3, 13-4, 13-5
The following financial
statements apply to Robin Company.
2015
2014
Revenues
Net sales
$
210,100
$
176,300
Other revenues
9,000
6,300
Total revenues
219,100
182,600
Expenses
Cost of goods sold
125,900
102,800
Selling expenses
20,300
18,300
General and
administrative expenses
10,400
9,400
Interest expense
1,800
1,800
Income tax expense
19,200
16,300
Total expenses
177,600
148,600
Earnings from
continuing operations
before extraordinary items
41,500
34,000
Extraordinary gain
(net of $1,800 tax)
2,100...