Consider the following income
statement for the Heir Jordan Corporation:
HEIR JORDAN CORPORATION
Income Statement...
Consider the following income
statement for the Heir Jordan Corporation:
HEIR JORDAN CORPORATION
Income Statement
Sales
$
43,200
Costs
34,000
Taxable income
$
9,200
Taxes (35%)
3,220
Net income
$
5,980
Dividends
$
2,700
Addition to retained
earnings
3,280
The balance sheet for the Heir Jordan Corporation follows. Based
on this information and the income statement, supply the missing
information using the percentage of sales approach. Assume that
accounts payable vary with sales, whereas notes payable do not....
Consider the following income statement for the Heir Jordan
Corporation:
HEIR JORDAN CORPORATION
Income Statement
Sales...
Consider the following income statement for the Heir Jordan
Corporation:
HEIR JORDAN CORPORATION
Income Statement
Sales
$
45,900
Costs
35,400
Taxable income
$
10,500
Taxes (22%)
2,310
Net income
$
8,190
Dividends
$
2,510
Addition to retained
earnings
5,680
HEIR JORDAN CORPORATION
Balance Sheet
Assets
Liabilities and Owners’ Equity
Current assets
Current liabilities
Cash
$
2,300
Accounts payable
$
4,000
Accounts receivable
5,200
Notes payable
8,100
Inventory
8,000
Total
$
12,100
Total
$
15,500
Long-term debt
$
21,000
Owners’ equity...
Just Dew It Corporation reports the following balance sheet
information.
Prepare the common-size balance sheet...
Just Dew It Corporation reports the following balance sheet
information.
Prepare the common-size balance sheet for Just Dew It. (Do not
round intermediate calculations. Enter your answers as a percent
rounded to 2 decimal places, e.g., 32.16.)
Assets
Current assets
Cash $ 8,250 %
Accounts receivable 34,500
%
Inventory 58,500 %
Total $ 101,250
%
Fixed assets
Net plant and equipment $
273,750 %
Total assets $ 375,000 %
Liabilities and Owners’ Equity
Current liabilities
Accounts payable $...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
8,250
$
12,240
Accounts payable
$
43,500
$
48,240
Accounts receivable
34,500
40,560
Notes payable
29,625
32,160
Inventory
58,500
86,160
Total
$
101,250
$
138,960
Total
$
73,125
$
80,400
Long-term debt
$
45,000
$
36,000
Owners’ equity
Common stock and...
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...
Income Statement, Retained Earnings Statement, and Balance
Sheet
The following financial data were adapted from a...
Income Statement, Retained Earnings Statement, and Balance
Sheet
The following financial data were adapted from a recent annual
report of Target Corporation for the year ending
January 31.
In millions
Accounts payable
$13,714
Cash
1,588
Common stock
5,724
Cost of goods sold
95,720
Debt and other borrowings
34,966
Income tax expense
3,054
Interest expense
1,732
Inventories
15,836
Other assets
5,684
Other expenses
5,154
Other liabilities
12,938
Property, plant, and equipment
58,298
Sales
136,932
Selling, general, and administrative expenses
28,212
Instructions:...
Just Dew It Corporation reports
the following balance sheet information for 2014 and 2015.
JUST DEW...
Just Dew It Corporation reports
the following balance sheet information for 2014 and 2015.
JUST DEW IT CORPORATION
2014 and 2015 Balance Sheets
Assets
Liabilities and Owners’ Equity
2014
2015
2014
2015
Current assets
Current
liabilities
Cash
$
4,000
$
11,280
Accounts payable
$
39,040
$
48,720
Accounts receivable
14,880
20,400
Notes payable
12,960
17,280
Inventory
61,920
90,480
Total
$
80,800
$
122,160
Total
$
52,000
$
66,000
Long-term debt
$
48,000
$
36,000
Owners’ equity
Common stock and paid-in...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
14,200
$
18,260
Accounts payable
$
58,400
$
61,820
Accounts receivable
19,000
23,100
Notes payable
23,400
25,080
Inventory
51,800
54,780
Total
$
85,000
$
96,140
Total
$
81,800
$
86,900
Long-term debt
$
32,000
$
22,000
Owners’ equity
Common stock and...
Just Dew It Corporation reports the following balance sheet
information for 2014 and 2015.
JUST...
Just Dew It Corporation reports the following balance sheet
information for 2014 and 2015.
JUST DEW IT CORPORATION
2014 and 2015 Balance Sheets
Assets Liabilities and Owners’ Equity
2014 2015 2014 2015
Current assets Current liabilities
Cash $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750
Accounts receivable 15,800 31,000 Notes payable 20,600
26,500
Inventory 53,400 64,250
Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250
Long-term debt $ 46,000 $ 40,000
Owners’ equity
Common stock and...