Question
Comparative balance sheets for Softech Canvas Goods for 2021 and 2020 are shown below. Softech pays...
Comparative balance sheets for Softech Canvas Goods for 2021 and
2020 are shown below. Softech pays no dividends and instead
reinvests all earnings for future growth.
| Comparative Balance Sheets | ||||||
| ($ in thousands) | ||||||
| December 31 | ||||||
| 2021 | 2020 | |||||
| Assets: | ||||||
| Cash | $ | 86 | $ | 64 | ||
| Accounts receivable | 160 | 180 | ||||
| Short-term investments | 74 | 64 | ||||
| Inventory | 320 | 212 | ||||
| Property, plant, and equipment (net) | 840 | 730 | ||||
| $ | 1,480 | $ | 1,250 | |||
| Liabilities and Shareholders’ Equity: | ||||||
| Current liabilities | $ | 360 | $ | 270 | ||
| Bonds payable | 220 | 220 | ||||
| Paid-in capital | 580 | 580 | ||||
| Retained earnings | 320 | 180 | ||||
| $ | 1,480 | $ | 1,250 | |||
Required:
1. Determine the return on shareholders’ equity
for 2021. (Round your answer to 2 decimal
places.)
Homework Answers
Answer #1
Return on shareholders equity =
140/830*100= 16.87%
Not the answer you're looking for?
Similar Questions
Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...
Comparative balance sheets for 2021 and 2020, a statement of
income for 2021, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2021 and 2020 ($ in millions)
2021
2020
Assets
Cash
$
37
$
122
Accounts receivable
210
145
Prepaid insurance
11
9
Inventory
270
188
Buildings and equipment
426
363
Less: Accumulated depreciation
(132
)
(253
)
$
822
$
574
Liabilities
Accounts payable
$
100
$...
Balance sheets for Johannesson&Johannesson for 2021 and 2020 are presented below. Johannesson&Johannesson reinvests all earnings for...
Balance sheets for Johannesson&Johannesson for 2021 and 2020
are presented below. Johannesson&Johannesson reinvests all
earnings for future growth (and hence pays no dividends).
Balance Sheets
($ in thousands)
December 31
2021
2020
Assets:
Cash
$
65
$
50
Accounts receivable
125
145
Short-term investments
60
50
Inventory
250
170
Property, plant, and equipment (net)
700
625
$
1,200
$
1,040
Liabilities and Shareholders’ Equity:
Current liabilities
$
290
$
235
Bonds payable
185
185
Paid-in capital
475
475
Retained earnings...
Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...
Comparative balance sheets for 2021 and 2020, a statement of
income for 2021, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2021 and 2020 ($ in millions)
2021
2020
Assets
Cash
$
31
$
150
Accounts receivable
255
239
Prepaid insurance
6
2
Inventory
215
100
Buildings and equipment
492
357
Less: Accumulated depreciation
(126
)
(247
)
$
873
$
601
Liabilities
Accounts payable
$
85
$...
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are...
The comparative balance sheets for 2021 and 2020 and the
statement of income for 2021 are given below for Dux Company.
Additional information from Dux's accounting records is provided
also.
DUX COMPANY
Comparative Balance Sheets
December 31, 2021 and 2020
($ in thousands)
2021
2020
Assets
Cash
$
33
$
20
Accounts receivable
48
50
Less: Allowance for uncollectible accounts
(4
)
(3
)
Dividends receivable
3
2
Inventory
55
50
Long-term investment
15
10
Land
70
40
Buildings and...
Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES...
Presented below are the 2021 income statement and comparative
balance sheets for Santana Industries.
SANTANA INDUSTRIES
Income Statement
For the Year Ended December 31, 2021
($ in thousands)
Sales revenue
$
16,850
Service revenue
6,000
Total revenue
$
22,850
Operating expenses:
Cost of goods sold
8,500
Selling expense
3,700
General and administrative expense
2,800
Total operating expenses
15,000
Operating income
7,850
Interest expense
280
Income before income taxes
7,570
Income tax expense
2,900
Net income
$
4,670
Balance Sheet Information...
3. Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises....
3.
Presented below is the 2021 income statement and comparative
balance sheet information for Tiger Enterprises.
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2021
($ in thousands)
Sales revenue
$
13,500
Operating expenses:
Cost of goods sold
$
4,700
Depreciation expense
370
Insurance expense
750
General and administrative expense
3,100
Total operating expenses
8,920
Income before income taxes
4,580
Income tax expense
(1,832
)
Net income
$
2,748
Balance Sheet Information ($ in thousands)
Dec. 31,2021
Dec....
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc.
at December 31, 2020 and 2019. Sales for the year ended December
31, 2020, totaled $660,000.
HAMES INC.
Balance Sheets
December 31, 2020 and 2019
2020
2019
Assets
Cash
$
25,000
$
19,000
Accounts receivable
78,000
72,000
Merchandise inventory
103,000
99,000
Total current assets
$
206,000
$
190,000
Land
50,000
40,000
Plant and equipment
125,000
110,000
Less: Accumulated depreciation
(65,000
)
(60,000
)
Total assets
$
316,000
$
280,000
Liabilities...
The comparative balance sheets of Ayayai Corporation at the beginning and end of the year 2020...
The comparative balance sheets of Ayayai Corporation at the
beginning and end of the year 2020 appear below. AYAYAI CORPORATION
BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash
$21,380 $14,480 $6,900 Inc. Accounts receivable 107,380 89,480
17,900 Inc. Equipment 40,380 23,480 16,900 Inc. Less: Accumulated
Depreciation-Equipment (17,000 ) (11,000 ) 6,000 Inc. Total
$152,140 $116,440 Liabilities and Stockholders’ Equity Accounts
payable $21,380 $16,480 4,900 Inc. Common stock 101,380 81,480
19,900 Inc. Retained earnings 29,380 18,480 10,900 Inc....
The comparative balance sheets of Metlock Inc. at the beginning and the end of the year...
The comparative balance sheets of Metlock Inc. at the beginning
and the end of the year 2020 are as follows.
METLOCK INC.
BALANCE SHEETS
Dec. 31,
2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 47,720
$ 15,720
$32,000
Inc.
Accounts receivable
95,830
90,110
5,720
Inc.
Equipment
43,830
24,110
19,720
Inc.
Less: Accumulated Depreciation-Equipment
21,830
11,000
10,830
Inc.
Total
$165,550
$118,940
Liabilities and Stockholders’ Equity
Accounts payable
$ 24,830
$ 17,110
7,720
Inc.
Common stock
102,720
82,110
20,610
Inc.
Retained earnings...
Exercise 12-7 Shown below are comparative balance sheets for Mitch Company. Mitch Company Comparative Balance Sheets...
Exercise 12-7 Shown below are comparative balance sheets for
Mitch Company. Mitch Company Comparative Balance Sheets December 31
Assets 2017 2016 Cash $ 68,000 $ 22,000 Accounts receivable 88,000
76,000 Inventory 167,000 189,000 Land 80,000 100,000 Equipment
260,000 200,000 Accumulated depreciation—equipment (66,000 )
(32,000 ) Total $597,000 $555,000 Liabilities and Stockholders’
Equity Accounts payable $ 39,000 $ 43,000 Bonds payable 150,000
200,000 Common stock ($1 par) 216,000 174,000 Retained earnings
192,000 138,000 Total $597,000 $555,000 Additional information: 1.
Net income...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 31 minutes ago
asked 35 minutes ago
asked 39 minutes ago
asked 45 minutes ago
asked 50 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago