complete a Trial Balance, Income Statement, Statement of
Retained Earnings, Balance Sheet, and calculate all of...
complete a Trial Balance, Income Statement, Statement of
Retained Earnings, Balance Sheet, and calculate all of the
ratios.
Accounts Receivable
16,250
Accumulated depreciation: Office equipment
25,000
Cash
25,300
Land
58,500
Merchandise inventory
25,250
Office equipment
41,000
Office supplies
4,410
Prepaid rent
1,800
Cost of Goods Sold
112,575
Depreciation expense: office equipment
2,750
Income tax expense
9,000
Insurance expense
1,900
Office supplies expense
520
Rent expense
5,700...
Income
Statement
Balance Sheet
Sales
$20,000,000
Assets:
Cost of Goods Sold
8,000,000
Cash
$5,000,000
12,000,000
Marketable...
Income
Statement
Balance Sheet
Sales
$20,000,000
Assets:
Cost of Goods Sold
8,000,000
Cash
$5,000,000
12,000,000
Marketable Securities
12,500,000
Selling and Administrative
1,600,000
Accounts Receivable, net
2,500,000
Depreciation
3,000,000
Inventory
30,000,000
EBIT
7,400,000
Prepaid Expenses
5,000,000
Interest
2,000,000
Plant & Equipment
30,000,000
5,400,000
Taxes (40%)
2,160,000
Total Assets
85,000,000
3,240,000
Common Stock Div.
600,000
Liabilities and Equity:
$2,640,000
Accounts Payable
$20,000,000
Notes Payable
5,000,000
Shares outstanding of common
stock = 1,000,000
Accrued Expenses
5,000,000
Market price of common stock =
$18...
Following are partially completed financial statements (income
statement, statement of retained earnings, and balance sheet)
for...
Following are partially completed financial statements (income
statement, statement of retained earnings, and balance sheet)
for
Loving
Corporation. Complete the financial statements. All amounts are
in millions.
Loving Corporation
Income Statement
Year Ended December 31, 2018
(millions)
Net sales
$186
Expenses
106
Net income (loss)
$ a
Loving Corporation
Statement of Retained Earnings
Year Ended December 31, 2018
(millions)
Beginning retained earnings
$72
Net income
b
Cash dividends declared
(9)
Ending retained earnings
$ c
Loving Corporation
Balance Sheet
December...
Refine Assumptions for Dividend and Retained Earnings
Forecast
Following are the income statement and balance sheet...
Refine Assumptions for Dividend and Retained Earnings
Forecast
Following are the income statement and balance sheet for Medtronic
PLC.
Consolidated Statement of Income ($ millions)
For Fiscal Year Ended
April 26, 2019
Net sales
$30,557
Costs and expenses
Cost of products sold
9,155
Research and development expenses
2,330
Selling, general, and administrative expense
10,418
Amortization of intangible assets
1,764
Restructuring charges, net
198
Certain litigation charges, net
166
Other operating expense, net
258
Operating profit (loss)
6,268
Other nonoperating income,...
income statement
Sales
205,000
cost of goods sold
-97,000
salaries expense
-24,000
depreciation expense
-16,000...
income statement
Sales
205,000
cost of goods sold
-97,000
salaries expense
-24,000
depreciation expense
-16,000
interest expense
-2,400
loss on equipment disposal
-2,500
net income
63,100
Statement of Retained Earnings
Beginning Balance - Retained Earnings
6,000
Plus - Net Income
63,100
Less - Dividends
(41,500)
Ending Balance - Retained Earnings
27,600
Balance sheets
2018
2019
change
Assets:
Cash
13,000
64,600
51,600
Accounts Receivable
25,000
19,000
(6,000)
Inventory
19,000
13,000
(6,000)
prepaid expenses
0
0
0
Equipment
60,000
41,000
(19,000)...
(Evaluating profitability) Last year, Stevens Inc. had sales
of $396,000, with a cost of goods sold...
(Evaluating profitability) Last year, Stevens Inc. had sales
of $396,000, with a cost of goods sold of 115,000.
The firm's operating expenses were $126,000, and its increase
in retained earnings was $50,000.
There are currently 21,000 common stock shares outstanding and
the firm pays a$1.56 dividend per share.
a. Assuming the firm's earnings are taxed at 34 percent,
construct the firm's income statement.
b. Compute the firm's operating profit margin.
c. What was the times interest earned?
a. Assuming the...