1. Compute Shines Companies current ratio at May 31, 2016 and 2015. 2. Did Shines Companies current...
Question:
2. Did Shine€™s Companies€™ current ratio improve, deteriorate, or hold steady during 2016?
Shine€™s Companies, a home improvement store chain, reported the following summarized figures:
Transcribed Image Text:
SHINE'S COMPANIES Income Statement Years Ended May 31, 2016 and 2015 2016 2015 Net Sales Cost of Goods Sold Interest Expense Al Other Expenses Net Income 57.200,000 41.100,000 20,600000 29,300,000 030,000 6,900,000 8,400,000 $ 29,000,000 2,770,000 700,000 SHINE'S COMPANIES Balance Sheet May 31, 2016 and 2015 Assets Liabilities 2016 2,200,000 1,800000 lotal Current Liabilites 26,000,000 10.000,000 Long-term Uabilties 2016 24,030,U00 12yu0 13.400,000 0800,000 37,400,000 23,700,000 2015 2015 Cash Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets All Other Assets Total Assets 7.200,000 400,000 Total Liablites 7,100,000 9,000,000 8,200,000 Stockholders' Equity 0000 Common Stock 13000,000 13,000,000 33,100,000 18,500,000 ,000 S 83,500,000 S 55,200,000 51,500,000 27,200,000 Retained Earnings 32,000,000 28,000,000 Total Equity 46,100,000 31,500 S 83,500,000 S 55,200,000! Total Liablites and Equity
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
Requirement 1 Requirement 2 Shines Compa...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Managerial Accounting questions
-
A home improvement store carries the following items: Required: 1. Compute the total cost of inventory. 2. Determine whether each inventory item would be reported at cost or market. Multiply the...
-
A home improvement store has the following actual quarterly sales for its lawn mowers for the past 2 years. Quarterly seasonal indices for quarters 1, 2, 3, and 4 are S 1 = 1.0, S 2 = 1.2, S 3 =...
-
A manager of a home improvement store has been using the linear trend multiplicative model to predict the demand for his lawn mowers. The quarterly seasonal indices are S 1 = 0.85, S 2 = 0.90, S 3 =...
-
By knowing the value of e/m how you will calculate the mass of an electron?
-
Tropical Delights has a new sales manager, Brad Carpenter, who is unwilling to concede anything. TD insists on full payment of $50 000 for the shipment in situation 1 above. Diane thinks a reduction...
-
Sequence the numbers in straight number order. 39-83-01 14-83-06 39-84-01 23-01-54 24-01-54 10-40-99 11-40-98 90-17-54 56-83-06 11-39-98 15-84-06 12-40-98
-
A company decides to send email surveys on its new car polishing spray to random people, asking them to forward it to 10 of their contacts after they are finished. What form of sampling did the...
-
Whitecotton Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The following standards for producing one case of bottles have been established: Direct materials...
-
many of you have indicated the better chocolate would be given to your boss does that not puzzle you? why do we treat others better than we do ourselves ? what are you buying when you buy a brand...
-
Parent Corporation owns 80% of the single class of Subsidiary Corporation stock. The remaining 20% of the Subsidiary stock is owned by Ramon. Parent and Ramon have adjusted bases of $100,000 and...
-
Data for Martinez, Inc. and Rosario Corp. follow: Requirements 1. Prepare common-size income statements. 2. Which company earns more net income? 3. Which companys net income is a higher percentage of...
-
1. Compute the inventory turnover, days sales in inventory, and gross profit percentage for Shines Companies for 2016. 2. Compute days sales in receivables during 2016. Round dollar amounts to three...
-
For each variable, decide if it is discrete or continuous: a. The number of cases of flu diagnosed at a college in a given semester b. The size, in grams, of a rats hypothalamus c. The number of...
-
1. The following are two versions of Battle of Sexes: (a) A couple may go to the opera or to football. Each person will decide individually. If they both go to football, her payoff is 1, and his is...
-
Question 3: Using Python as a calculator We have seen how Python can be used to evaluate mathematical expressions. This problem provides practice incc constants. Write python code to do the...
-
Determine the embodied energy for the wall material (Ignore the energy requirements for mortar and construction process). Clay brick is used for construction of a 10 m wall as shown in figure....
-
(a) Estimate the time required (in units of gate delay) to perform 64-bit addition using cascaded 4-bit carry-lookahead units. (b) A BCD (Binary-Coded Decimal) number is a 4-bit representation with...
-
Write a program that reads two dates entered in the format " day.month.year " and calculates the number of days between them . Enter the first date: 27.02.2006 Enter the second date: 3.03.2006...
-
In this application from major league baseball, the populations represent an abstraction of what the players can do, so the populations will vary from year to year. The Colorado Rockies and the...
-
1. What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places. 2. What is the quarterly compounded interest rate if...
-
You are equipping an office. The total office equipment will have a first cost of $1, 75,000 and a salvage value of $200,000. You expect the equipment will last 10 years. Use a spreadsheet function...
-
These can be solved by hand, but most will be solved much more easily with a spreadsheet An unmarried taxpayer with no dependents expects an adjusted gross income of $48,000 in a given year. His...
-
John Adams has a $50,000 adjusted gross income from Apple Corp. and allowable itemized deductions of $5000. Mary Eve has a $45,000 adjusted gross in come and $2000 of allowable itemized deductions....
-
123 Anna purchased 100 shares of Delta stock on February 1, Year 2, for $46 per share, and 5 received a two-for-one stock split on December 31, Year 2. Anna sold all the shares of Delta stock on...
-
work i Saved QS 17-10 (Algo) Computing activity rates for activity-based costing LO P3 A company sells two types of products: standard and deluxe. It prepares the following analysis showing budgeted...
-
! Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It...
Study smarter with the SolutionInn App