5 1 points eBook B Hint Print References CANNA, Inc. Comparative Income Statement Years Ended December...
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5 1 points eBook B Hint Print References CANNA, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit on sales. Selling expenses General expenses Total expenses Net income before income taxes Income tax expense Net income after income taxes CANNA, Inc. Comparative Balance Sheet December 31, 2019 and 2018. Assets Current Assets Cash Accounts receivable (Net) Inventory Total current assets Property Plant, and Equipment Buildings (Net) Equipment (Net) Land Total property, plant, and equipment Total assets Current Liabilities Accounts payable 2019 2018 1,635,750 1,500,950 96,750 82,950 Liabilities and Stockholders' Equity Other current liabilities. Total current liabilities. Long-term Liabilities Bonds payable Total long-term liabilities Amounts 1,539,000 1,418,000 1,066,300 992,600 472,700 425,400 215,000 205,000 210,000 190,000 425,000 395,000 47,700 7,155 40,545 2019 30,400 4,560 25,840 2018 124,540 112,250 135,750 107,000 55,705 60,800 315,995 280,050 157,600 175, 100 65,950 63,850 56,000 56,000 279,550 294,950 595,545 575,000 155,000 160,000 40,000 45,000 195,000 205,000 65,000 75,000 65,000 75,000 5 1 points eBook Hint Print References CANNA, Inc. Comparative Balance Sheet December 31, 2019 and 2018 Current Assets Cash Accounts receivable (Net) Inventory Total current assets Property. Plant, and Equipment Buildings (Net) Equipment (Net) Total assets Assets Land Total property, plant, and equipment Liabilities and Stockholders' Equity Current Liabilities Accounts payable Other current liabilities Total current liabilities Long-term Liabilities Bonds payable Total long-term liabilities Total liabilities 2019 2018 Stockholders Equity Common stock ($1 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Choose Numerator Net Income on Assets 2019 + Choose Denominator 2018 124,540 112,250 135,750 107,000 60,800 280,050 55,705 315,995 157,600 175, 100 65,950 63,850 56,000 56,000 279,550 294,950 595,545 575,000 155,000 160,000. 40,000 45,000 195,000 205,000 Calculate the rate of net income before income taxes on total assets for 2019 and 2018. Base your calculation on total ending assets each year. 65,000 75,000 65,000 75,000 260,000 280,000 200,000 200,000 135,545 95,000 335.545 295,000 595,545 575,000 Check my work Rate of Return 5 1 points eBook B Hint Print References CANNA, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit on sales. Selling expenses General expenses Total expenses Net income before income taxes Income tax expense Net income after income taxes CANNA, Inc. Comparative Balance Sheet December 31, 2019 and 2018. Assets Current Assets Cash Accounts receivable (Net) Inventory Total current assets Property Plant, and Equipment Buildings (Net) Equipment (Net) Land Total property, plant, and equipment Total assets Current Liabilities Accounts payable 2019 2018 1,635,750 1,500,950 96,750 82,950 Liabilities and Stockholders' Equity Other current liabilities. Total current liabilities. Long-term Liabilities Bonds payable Total long-term liabilities Amounts 1,539,000 1,418,000 1,066,300 992,600 472,700 425,400 215,000 205,000 210,000 190,000 425,000 395,000 47,700 7,155 40,545 2019 30,400 4,560 25,840 2018 124,540 112,250 135,750 107,000 55,705 60,800 315,995 280,050 157,600 175, 100 65,950 63,850 56,000 56,000 279,550 294,950 595,545 575,000 155,000 160,000 40,000 45,000 195,000 205,000 65,000 75,000 65,000 75,000 5 1 points eBook Hint Print References CANNA, Inc. Comparative Balance Sheet December 31, 2019 and 2018 Current Assets Cash Accounts receivable (Net) Inventory Total current assets Property. Plant, and Equipment Buildings (Net) Equipment (Net) Total assets Assets Land Total property, plant, and equipment Liabilities and Stockholders' Equity Current Liabilities Accounts payable Other current liabilities Total current liabilities Long-term Liabilities Bonds payable Total long-term liabilities Total liabilities 2019 2018 Stockholders Equity Common stock ($1 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Choose Numerator Net Income on Assets 2019 + Choose Denominator 2018 124,540 112,250 135,750 107,000 60,800 280,050 55,705 315,995 157,600 175, 100 65,950 63,850 56,000 56,000 279,550 294,950 595,545 575,000 155,000 160,000. 40,000 45,000 195,000 205,000 Calculate the rate of net income before income taxes on total assets for 2019 and 2018. Base your calculation on total ending assets each year. 65,000 75,000 65,000 75,000 260,000 280,000 200,000 200,000 135,545 95,000 335.545 295,000 595,545 575,000 Check my work Rate of Return
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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