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accounting what the numbers mean

Questions and Answers of Accounting What The Numbers Mean

On January 1, 2022, Learned, Inc., issued $105 million face amount of 20- year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and
Altuve Co. was incorporated on January 1, 2022, at which time 250,000 shares of $1 par value common stock were authorized, and 110,000 of these shares were issued for $17 per share. Net income for
Bill & Lisa Ltd. did not pay dividends on its 6.5%, $100 par value cumulative preferred stock during 2021 or 2022. Since 2015, 275,000 shares of this stock have been outstanding. Bill & Lisa
Assume that an investor owns 1,900 shares of $10 par value common stock and the company has a 5-for-1 stock split when the market price per share is $108.Required:a. How many shares of common stock
Assume that you own 400 shares of common stock of a company, that you have been receiving cash dividends of $5 per share per year, and that the company has a 2-for-1 stock split.Required:a. How many
On April 10, 2022, Amelia Inc. purchased 1,800 shares of its own common stock in the market for $23 per share. On September 28, 2022, the company sold 700 of these shares in the open market at a
From the following data, calculate the Retained Earnings balance as of December 31, 2023: Retained earnings, December 31, 2022 $346,400
From the following data, calculate the Retained Earnings balance as of December 31, 2022: Retained earnings, December 31, 2023 Net decrease in total assets during 2023 Net increase in
The balance sheet caption for common stock is the following:Required:a. Calculate the dollar amount that will be presented opposite this caption.b. Calculate the total amount of a cash dividend of
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues:Required:a. $2.25 cumulative preferred, no par value; 600,000 shares authorized, 525,000
Rosie Inc. did not pay dividends on its $3.50, $50 par value, cumulative preferred stock during 2021 or 2022, but had met its preferred dividend requirement in all prior years. Since 2017, 38,000
Net income was $84,200; accounts receivable increased by $17,600; inventory decreased by $12,100; proceeds from the issuance of common stock were $22,500; accounts payable decreased by $7,400;
Dedrick Inc. did not pay dividends in 2021 or 2022, even though 60,000 shares of its 7.5%, $50 par value cumulative preferred stock were outstanding during those years. The company has 900,000 shares
O’Garro Inc. has paid a regular quarterly cash dividend of $0.60 per share for several years. The common stock is publicly traded. On February 27 of the current year, O’Garro’s board of
Assume that an investor owns 600 shares of $10 par value common stock of a company and the company has a 2-for-1 stock split when the market price per share is $90.Required:a. How many shares of
Assume that you own 900 shares of common stock of a company, that you have been receiving cash dividends of $3.15 per share per year, and that the company has a 3-for-2 stock split.Required:a. How
On March 3, 2022, Docker Inc. purchased 800 shares of its own common stock in the market at a price of $10.75 per share. On August 29, 2022, 500 of these shares were sold in the open market at a
On January 1, 2022, Metco Inc. reported 411,050 shares of $5 par value common stock as being issued and outstanding. On March 24, 2022, Metco Inc. purchased for its treasury 3,600 shares of its
Enter the following column headings across the top of a sheet of paper:Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each
Enter the following column headings across the top of a sheet of paper:Enter the Transaction analysis—various accounts Enter the following column headings across the top of a sheet of paper: Enter
Pool Patrol, Inc. offers professional pool cleaning services to residential customers. The company cleans each pool that it services once per month throughout the year. Homeowners are billed for an
Net sales for the year were $600,000 and cost of goods sold was $426,000 for the company’s existing products. A new product is presently under development and has an expected selling price of not
Selling, general, and administrative expenses were $78,000; net sales were $520,000; interest expense was $11,600; research and development expenses were $61,400; net cash provided by operating
Net income was $388,500 for the year. Throughout the year the company had outstanding 5,000 shares of $6.50, $100 par value preferred stock and 80,000 shares of common stock.Required:Calculate basic
Net cash provided by operating activities for the year ended December 31, 2022, was $117,300. The cash balance on December 31, 2022, was $66,500. The net decrease in cash for the year was $38,000.
Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 1 through July 20. Total tuition paid by students for the summer session amounted
Kirkland Theater sells season tickets for six events at a price of $240. In pricing the tickets, the planners assigned the leadoff event a value of $60 because the program was an expensive symphony
If the ending inventory of a firm is overstated by $70,000, by how much and in what direction (overstated or understated) will the firm’s operating income be misstated?
MBI Inc. had sales of $900 million for fiscal 2022. The company’s gross profit ratio for that year was 37.5%.Required:a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2022.b.
Mechforce, Inc. had net income of $151,800 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 10,000 shares
Mamba Metals, Ltd. reported net income of $573,650 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year, 100,000 shares of common stock were outstanding. On October 31,
For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flows for Baldin Co. for the year ended December 31, 2022:a. Sales on
The following information is available from the accounting records of Manahan Co. for the year nended December 31, 2022:Required:a. Calculate the operating income for Manahan Co. for the year ended
For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2022:a. Cash collected
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2022:Required:a. Calculate the operating income for Spenser Co. for the year ended
Franklin Co. has experienced gross profit ratios for 2022, 2021, and 2020 of 41%, 38%, and 40%, respectively. On April 6, 2023, the firm’s plant and all its inventory were destroyed by a tornado.
On April 8, 2022, a flood destroyed the warehouse of Marmaron Distributing Co. From the waterlogged records of the company, management was able to determine that the firm’s gross profit ratio had
The financial statements of Simon Co. include the following items (amounts in thousands):Required:a. Calculate the net cash flow provided by operations for Simon Co. for the year ended December 31,
The financial statements of Pouchie Co. included the following information for the year ended December 31, 2022 (amounts in millions):Required:Complete the following statement of cash flows, using
The following information is available from Bromfield Co.’s accounting records for the year ended December 31, 2022 (amounts in millions):Required:a. Calculate the net cash provided (used) by
Following are comparative balance sheets for Millco Inc. at January 31 and February 28, 2023:Required:Prepare a statement of cash flows that explains the change that occurred in cash during the
For the year ended December 31, 2022, Spike Inc. reported earnings per share of $6.30. During 2023, the company had a 3-for-1 stock split.Required:Calculate the 2022 earnings per share that will be
During the fiscal year ended June 30, 2023, Jones Co. had a 4-for-1 stock split. In its annual report for 2023, the company reported earnings per share for the year ended June 30, 2022, on a restated
Effects of stock split and stock dividend on EPSRequired:a. For the year ended December 31, 2021, Finco Inc. reported earnings per share of $3.30. During 2022, the company had a 5-for-1 stock split.
During the year ended December 31, 2023, Gluco Inc. split its stock on a 3-for-1 basis. In its annual report for 2022, the firm reported net income of $442,890 for 2022, with an average 155,400
During the fiscal year ended September 30, 2023, Worrell Inc. had a 2-for-1 stock split and a 5% stock dividend. In its annual report for 2023, the company reported earnings per share for the year
For several years Orbon Inc. has followed a policy of paying a cash dividend of $0.45 per share and having a 10% stock dividend. In the 2023 annual report, Orbon reported restated earnings per share
McDonald’s Corp. McDonald’s conducts operations worldwide and is managed in two primary geographic segments: U.S., and International Operated Markets, which is comprised of Australia, Canada,
The following amounts were reported on the December 31, 2022, balance sheet:Required:a. Calculate working capital at December 31, 2022.b. Calculate the current ratio at December 31, 2022.c. Calculate
The following information was available for the year ended December 31, 2022:Required:a. Calculate the inventory turnover for 2022.b. Calculate the number of days’ sales in inventory for 2022,
Assume that a company’s current ratio is 3.0, working capital is $300,000, and the acidtest ratio is 1.2.a. How much does the company have in current assets?b. If the only current assets shown on
The following information was available for the year ended December 31, 2022:Required:a. Calculate the accounts receivable turnover for 2022.b. Calculate the number of days’ sales in accounts
The following information was available for the year ended December 31, 2022:Required:a. Calculate margin, turnover, and ROI for the year ended December 31, 2022.b. Calculate ROE for the year ended
The following information was available for the year ended December 31, 2022:Required:a. Calculate the price/earnings ratio for 2022.b. Calculate the dividend payout ratio for 2022.c. Calculate the
The following information was available for the year ended December 31, 2022:Required:a. Calculate the debt ratio at December 31, 2022.b. Calculate the debt/equity ratio at December 31, 2022. Total
The following information was available for the year ended December 31, 2022:Required:Calculate the times interest earned for the year ended December 31, 2022. Earnings before interest and taxes
Indicate the effect that each transaction/event listed here will have on the financial ratio listed opposite it, and provide an explanation for your answer. Use + for increase, − for decrease, and
The annual reports of the Coca- Cola Co. and PepsiCo Inc. indicate the following for the year ended December 31, 2020 (amounts in millions):Required:a. Calculate ROI and ROE for each company for
Selected balance sheet accounts for Tibbetts Company on September 30, 2022, are as follows:Required:a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of
A friend has accumulated $10,000 and has decided to invest that hard earned money in the common stock of a publicly owned corporation. What data about that company would you suggest that she be most
Eastern Imports Inc. sold 12,000 units in August. Per unit selling price and variable expense were $30 and $15, respectively. Fixed expense incurred for August totaled $120,000.Required:Prepare the
Refer to the current information for Bay Area Cycle Co. in Mini-Exercise 12.4.Data from in Exercise 12.4Current operating income for Bay Area Cycles Co. is $74,000. Selling price per unit is $120,
Thomas estimates that the costs of insurance, license, and depreciation to operate his car total $580 per month and that the gas, oil, and maintenance costs are 40 cents per mile. Thomas also
Shown here is an income statement in the traditional format for a firm with a sales volume of 10,000 units. Cost formulas also are shown:Required:a. Prepare an income statement in the contribution
O’Reilly Inc. makes and sells many consumer products. The firm’s average contribution margin ratio is 25%. Management is considering adding a new product that will require an additional $18,000
Jen and Barry’s ice cream shop charges $2.20 for a cone. Variable expenses are $0.66 per cone, and fixed costs total $2,600 per month. A Valentine’s Day promotion is being planned for the second
HighTide Canvas Co. currently makes and sells two model sizes of a boat cover. Data applicable to the current operation are summarized in the following columns labeled Current Operation. Management
Gonzales Inc. makes and sells a single product. The current selling price is $16 per unit. Variable expenses are $10 per unit, and fixed expenses total $21,600 per month. Sales volume for March

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