The 2023 annual report for Pronghorn Industries Inc. contained the following information: Dec. 31, 2022 Dec. 31, 2023 Total assets 561,000 605,000 Total liabilities 65,400 88,900 Net revenue 410,000 530,000 Net income 54,000 32,000 Calculate the rate of return on assets using profit margin for 2023
Q: The bookkeeper for Adams's Country Music Bar left this incomplete balance sheet. Adams's working…
A: Balance Sheet is a financial statement that includes assets, liabilities and stockholder's…
Q: In early January 2024, Flounder Corporation applied for a trade name, incurring legal costs of…
A: Depreciation , amortization , depletion all means the fall in value of assets due to one reason or…
Q: Thyne Incorporated has provided the following data concerning one of the products in its standard…
A: Standard cost per unit is the total budgeted manufacturing cost per unit produced during the…
Q: uld last for eight years and have annual maintenance costs of $260 per year for $370. also last for…
A: In Net present value alternative analysis, the alternative with the lowest NPV is selected. NPV is…
Q: Required information [The following information applies to the questions displayed below.] DLW…
A: Modified Accelerated Cost Recovery System (MACRS):It is a depreciation method that provides greater…
Q: Sales Variable expenses Contribution margin Fixed expenses Net operating income (loss) Total…
A: Lets understand the basics.When management has to choose between whether to continue operation or…
Q: Impairment of Goodwill Instructions Chart of Accounts General Journal Instructions Next Level…
A: Impairment of goodwill When the carrying value of goodwill on financial statements exceeds its fair…
Q: An auditor is going to choose a sample of accounts receivable balances at year end to test and has…
A: Auditing is the examination of the financial reports of the company to ascertain reasonable…
Q: Psaki Inc. manufactures and sells a single product called a Shiner. Operating at capacity, the…
A: Units Per unit Total Variable Incremental Costs:Dircect Materials $ 16.00Direct Labor $…
Q: Required: 1-6. Complete the following table showing the totals. 1-b. Does Beacon Company favor…
A: Sometimes there is a proposal for the introduction of new production technology, which can increase…
Q: Splish Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases…
A: lease is a legal agreement between the lessor and lessee in which the lessor accepts to let out the…
Q: On January 1, 2024, Adams-Meneke Corporation granted 24 million incentive stock options to division…
A: Then referring to an employee of the manager, the term "compensation expense" refers to all…
Q: Garcia Company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest…
A: The discount on bonds issued is amortized and added to the carrying value of the bond. Interest…
Q: d-1. Prepare the closing entries. d-2. Post the entries to the T-accounts. Complete this question by…
A: Journal is a book, used to record the day-to-day transactions of a business entity.Transactions are…
Q: Waterway Corp. is considering the purchase of a piece of equipment that costs $21800. Projected net…
A: Payback period is the length of time in which an investment reaches its break-even point. In other…
Q: E8-3 Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales…
A: Accounts ReceivableThe account that records the amount owed to the debtors of the business…
Q: Presented below is information related to Sunland Company. Beginning inventory Purchases (net) Net…
A: The conventional retail method refers to the valuation technique that is used to determine the value…
Q: 1. Compute a materials price variance for the plates purchased last month and a materials quantity…
A: Materials variance results whenever there is a difference between the actual cost incurred for…
Q: REQUIRED Use the information provided by Empire Traders to prepare the following for March and April…
A: The cash budget is an operational budget. This is one of the most important budgets. It is prepared…
Q: What is the overall tax rate on LAB's income in the first year if LAB is organized as an S…
A: An LLC (Limited Liability Company) is a type of business formation with the inherited…
Q: Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023
A: A balance sheet in which there are shown categories wise each item of assets and liabilities is…
Q: [The following information applies to the questions displayed below.] Cane Company manufactures two…
A: Lets understand the basics.Fixed manufacturing overhead do not change with the change in sales…
Q: Sunland Corporation is a private company with a defined benefit pension plan. The following…
A: According to the question given, we need to determine the impact of the pension plan on the pension…
Q: Problem G: Prepare a bank reconciliation for Jamboree Enterprises for the month ended November 30…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
Q: Kegler Bowling buys scorekeeping equipment with an invoice cost of $150,000. The electrical work…
A: Repair costs are typically expensed as incurred and not capitalized as part of the machine's…
Q: On January 1, 2025, Whispering Corporation issued $540,000 of 7% bonds, due in 10 years. The bonds…
A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…
Q: DON Corporation is contemplating the purchase of a machine that will produce net after tax cash…
A: The present value indicate the current value of money to be received or paid in the future. It helps…
Q: Entries for uncollectible accounts, using direct write-off method Journalize the following…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: The following financial information is available for Pina Colada Corporation (in millions) (1)…
A: RETURN ON COMMON SHAREHOLDER EQUITYReturn on Common Shareholder Equity is the ratio between net…
Q: A. William’s basic annual salary is R240 000. He receives an annual bonus of 80% of his basic…
A: A certain percentage of salary of an employee is deducted as pension fund, employer may also…
Q: Telamark Company uses the moving weighted average method for inventory costing Required: The…
A: The cost of goods manufactured includes all the costs that are related to the production of goods…
Q: Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold…
A: The revenue and spending variance is the difference between the standard and actual cost data. The…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Continue or discontinuing a line is a decision-making process that helps an entity decide whether a…
Q: Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound,…
A: Standard costs are based on estimates When the actual costs are incurred, the actual costs are…
Q: Your answer is partially correct. Suppose Nike, Inc. reported the following plant assets and…
A: Balance Sheet:-This statement shows assets owned by the company, liabilities of the company, and…
Q: From the following trial balance and additional data, complete (1) a worksheet, (2) the three…
A: Adjusting Entries are the entries that make the accrual principle work for the organization. These…
Q: e tota
A: The total manufacturing costs for each job is sum of direct material , direct labour and…
Q: REQUIRED Calculate the following variances from the information provided below. In each case also…
A: Variance analysis is that analysis which helps in comparing standard costs and actual costs. This is…
Q: Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,950,000 in…
A: An asset refers to anything that generates income. The cost of asset or acquisition cost of an asset…
Q: how do you do the IF formula?
A: IF functionIt is one of the logical functionsIt check whether a condition is met, and returns one…
Q: Entries for discounted note payable A business issued a 30-day note for $57,000 to a bank. The note…
A: The note can be used to raise money. The company issues notes and makes a promise to pay them on the…
Q: The following percentages apply to Zachary Company for Year 3 and Year 4: Sales Cost of goods sold…
A: Gross margin = Sales - cost of goods soldCost of goods sold and all other expenses- are given as a…
Q: The partnership of Garcia, Iglesias, and Kassablan was formed several years ago as a local tax…
A: It is an agreement between two or more parties to conduct the business and share the profits and…
Q: Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based…
A: Overheads:Indirect costs incurred while producing goods or services. Overhead costs cannot be…
Q: Use the information given below to prepare the Income statement of Kendall Manufacturers for October…
A: The income statement prepared under marginal costing and absorption costing will give different…
Q: Selected information follows for Crane Select Corporation at December 31: Land Building Accumulated…
A: It is a section of the cash flow statement that shows the cash generated or used for the investment…
Q: ProForm acquired 70 percent of ClipRite on June 30, 2023, for $910,000 in cash. Based on ClipRite's…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: Coronado Company's record of transactions for the month of April was as follows. April 1 (balance on…
A: A perpetual inventory system updates the inventory balance continually, which usually requires…
Q: Required information [The following information applies to the questions displayed below.] Simon…
A: The debt-to-equity ratio is a financial metric that compares a company's total debt to its total…
Q: Sheridan Inc. reports the following pretax income (loss) for both book and tax purposes. Year 2023…
A: The deferred tax asset is created when the taxes to be paid as per income tax are lower than the…
The 2023 annual report for Pronghorn Industries Inc. contained the following information:
Dec. 31, 2022 Dec. 31, 2023
Total assets 561,000 605,000
Total liabilities 65,400 88,900
Net revenue 410,000 530,000
Net income 54,000 32,000
Calculate the
Step by step
Solved in 5 steps
- Muscat Industrial Company has the following data which is extracting from its financial statements at the beginning 2020. Calculate the following ratios : Total Asset Turnover (TAT). Debt Ratio (DR%). Net Profit Margin 10% Sales 2500 thousand (OMR) Financial Leverage Multiplier 1.5 Times Return on Asset (ROA) 8 %Operating data for Riverbed Corp are presented below. 2022 2021 Sales revenue $850,500 $643,000 Cost of goods sold 529,000 409,600 Selling expenses 121,800 75,900 Administrative expenses 73,300 50,700 Income tax expense 33,000 23,500 Net income 93,400 83,300 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) RIVERBED CORPCondensed Income Statementchoose the accouning period For the Years Ended December 31December 31For the Month Ended December 31 2022 2021 Amount Percent Amount Percent Sales $850,500 enter percentages % $643,000 enter percentages % Cost of goods sold 529,000 enter percentages % 409,600 enter percentages % Gross profit 321,500 enter percentages % 233,400 enter percentages % Selling…DIRECTION: Compute the following PROFITABILITY RATIOS Gross Margin= Gross Profit/Net Sales Net Profit Margin= Net Profit/ Net Sales Return on Equity= Profit/Shareholder's Equity Return on Asset= Profit/Total Asset TREND ANALYSIS Net Income Growth Rate Total Assets Growth Rate And also compute the percentage beside the columns December 31, December 31, PERCENTAGE 2021 2020 USD USD Assets Current assets Cash and cash equivalents 34,115,412 25,681,845 Short-term financial instruments 71,417,748 80,798,680 Short-term financial assets at amortized cost 2,944,705 2,409,853 Short-term financial assets at fair value through profit or loss 35,624 62,452 Trade receivables 35,585,565 27,065,012 Non-trade receivables 3,930,828 3,150,548 Prepaid expenses 2,042,001 1,980,685 Inventories 36,172,043 28,007,314 Other current assets 4,441,629 3,281,589 Assets held-for-sale - 812,370 Total Current Assets…
- From the following information, calculate Operating ratios and operating profit ratio and net profit ratio of "E" company for two years: Particulars 2019 2020 Sales 15.00.000 20.00.000 Cost of Goods Sold 7.50.000 9.00.000 Administrative Expenses 1.00.000 1.50,000 Šales Expense 2,50.000 3.00,000 Depreciation 1.00,000 1,00,000 Financial Expenses 1.00,000 1,00.000 Income of Interest-Dividend 2.00.000 2,00.000 Other expense (Non-Operating) 50,000 50.000Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue $ 5,300,000 $ 4,400,000 Cost of goods sold 3,040,000 2,180,000 Administrative expense 980,000 855,000 Selling expense 540,000 482,000 Interest revenue 168,000 158,000 Interest expense 236,000 236,000 Loss on sale of assets of discontinued component 120,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024–9/30/2024 2023 Sales revenue $ 580,000 $ 680,000 Cost of goods sold (380,000) (428,000) Administrative expense (68,000) (58,000) Selling expense (38,000) (38,000) Operating income before taxes…An extract from an outdoor equipment company's 2021 financial statements follows: Income statement Year ended December 31, 2021 Year ended December 31, 2020 Sales 27,764 26,982 Net income 1,132 (322) What was the company's profitability ratio for 2021? O A. 13.7% OB. 8.8% O C. 4.08% O D. 7.9%
- Refine Assumptions for PPE ForecastFollowing 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, net (373) Interest expense 1,444 Income (loss) before income taxes 5,197 Income tax provision 547 Net income (loss) 4,650 Net (income) loss attributable to noncontrolling interests (19) Net income (loss) attributable to Medtronic $ 4,631 Consolidated Balance Sheet ($ millions) April 26, 2019 Current assets Cash and cash equivalents $ 4,393 Investments 5,455 Accounts receivable, less…Here are the abbreviated financial statements for Planner’s Peanuts: INCOME STATEMENT, 2022 Sales $ 5,000 Cost 3,900 Net income $ 1,100 BALANCE SHEET, YEAR-END 2021 2022 2021 2022 Assets $ 7,500 $ 12,100 Debt $ 833 $ 1,000 Equity 6,667 11,100 Total $ 7,500 $ 12,100 Total $ 7,500 $ 12,100 If sales increase by 10% in 2023 and the company uses a strict percentage of sales planning model (meaning that all items on the income and balance sheet also increase by 10%), what must be the balancing item? What will be the value of this balancing item?Forecast an Income Statement Seagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $10,835 Cost of revenue 7,458 Product development 1,436 Marketing and administrative 898 Amortization of intangibles 23 Restructuring and other, net (22) Total operating expenses 9,793 Income from operations 1,042 Interest income 529 Interest expense (224) Other, net 25 Other income (expense), net 330 Income before income taxes 1,372 (Benefit) provision for income taxes (640) Net income $2,012 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Assumptions Revenue growth 5% growth Cost of revenue 71.8% of…
- Shouldn't the operating expenses for 2020 be 8074.9? Forecasting an Income StatementADP reports the following income statement. AUTOMATIC DATA PROCESSING INC.Statement of Consolidated EarningsFor Year Ended June 30, 2019, $ millions Total revenues $14,175.2 Operating expenses 7,145.9 Systems development and programming costs 636.3 Depreciation and amortization 304.4 Total cost of revenues 8,086.6 Selling, general, and administrative expenses 3,064.2 Interest expense 129.9 Total expenses 11,280.7 Other income expense, net 111.1 Earnings before income taxes 3,005.6 Provision for income taxes 712.8 Net earnings $ 2,292.8 Forecast ADP’s 2020 income statement assuming the following income statement relations. All percentages (other than total revenue growth and provision for income taxes) are based on historic percent of total revenues. Total revenues growth 13% Depreciation and amortization $460.5 million Interest expense No change Other…6 T&T Company's selected financial statements items are given as following. Total net sales equals to 100.000 TL, COGS equals to 50.000 TL, operating expenses equals to 20.000 TL, interest expenses equals to 10.000 TL, tax expenses 5.000 TL, total depreciation & amortization expenses equals to 15.000 TL. Calculate the EBITDA/Interest Expense ratio of the company for the year 2020. a) O 4,50 01383 b) O 3,00 c) O 2,50 d) O 5,00Fill in thr blanks on the table below and show the formulas used for each value Dayton, Inc. Annual Income Statement (Values in Millions) Common Size 2019 2018 2019 2018 Sales $ 178,909 $ 187,510 100.0% 100.0% Cost of Sales 111,631 59.5% Gross Operating Profit $ 75,879 40.5% Selling, General & Admin. Expense 12,900 6.9% Other Expenses 33,377 17.8% EBITDA $ 29,602 15.8% Depreciation & Amortization 7,944 4.2% EBIT $ 21,658 11.6% Other Income, Net 3,323 1.8% Earnings Before Interest and Taxes $ 24,981 13.3% Interest Expense 293 0.2% Earnings Before Taxes $ 24,688 13.2% Income Taxes 5,184 0.21 tax rate Net Income Available to Common $ 19,504 10.4% Dividends per share $ 1.15 $ 0.91 EPS…
