The following data are from annual reports of Justin's Jewellery Company: Total assets Total liabilities Total...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following data are from annual reports of Justin's Jewellery Company: Total assets Total liabilities Total shareholders' equity Sales Net earnings Asset turnover Return on assets 2020 2019 $ 78,000 $ 68,000 $ 21,000 19,000 57,000 49,000 190,000 180,000 6,800 5,400 Required: Compute Justin's total asset turnover ratio and its return on assets for 2019 and 2020. (Enter your answers in numbers and not in percentages. Round "Asset turnover" to 1 decimal place and "Return on assets" to 3 decimal places.) 2020 2018 58,000 14,000 44,000 166,000 34,000 2019 E3-1 Inferring Statement of Earnings Values LO3-2 Supply the missing dollar amounts for the 2020 statement of earnings of Ultimate Style Company for each of the following independent cases: Sales revenue Selling expense Cost of sales Income tax expense Gross profit Earnings before income tax Administrative expense Net earnings Case A Case B Case C $ 1,280 $ 1,080 $ 790 207 137 570 125 510 204 99 79 595 87 685 333 245 246 77 361 146 117 69 Case D 457 595 135 323 195 Case E 307 500 49 630 175 99 E3-8 Preparing a Statement of Earnings LO3-4, 3-5 Peter's Curling Inc. operates several curling centres (for games and equipment sales). The following transactions occurred in October of the current year: a. Peter's collected $13,000 from customers for games played in October (example). b. Peter's sold $7,000 in curling equipment inventory, received $3,000 in cash and the rest on account, cost of sales is $4,200. c. Peter's received $2,500 from customers on account who purchased merchandise in September. The curling league gave Peter's a deposit of $2,600 for the upcoming fall season. e. Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200 to be paid in November. f. Peter's paid $4,700 to employees for work in October. g. Peter's purchased $1,800 in insurance for coverage from October 1 to December 31. Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms. Required: Prepare a statement of earnings for Peter's Curling Inc. for the month of October 2020. Use an income tax rate of 40 percent. PETER'S CURLING INC. Statement of Earnings For the Month of October 2020 Operating expenses: Earnings before income taxes 0 0 " Prov 2 of 3 Next > The following data are from annual reports of Justin's Jewellery Company: Total assets Total liabilities Total shareholders' equity Sales Net earnings Asset turnover Return on assets 2020 2019 $ 78,000 $ 68,000 $ 21,000 19,000 57,000 49,000 190,000 180,000 6,800 5,400 Required: Compute Justin's total asset turnover ratio and its return on assets for 2019 and 2020. (Enter your answers in numbers and not in percentages. Round "Asset turnover" to 1 decimal place and "Return on assets" to 3 decimal places.) 2020 2018 58,000 14,000 44,000 166,000 34,000 2019 E3-1 Inferring Statement of Earnings Values LO3-2 Supply the missing dollar amounts for the 2020 statement of earnings of Ultimate Style Company for each of the following independent cases: Sales revenue Selling expense Cost of sales Income tax expense Gross profit Earnings before income tax Administrative expense Net earnings Case A Case B Case C $ 1,280 $ 1,080 $ 790 207 137 570 125 510 204 99 79 595 87 685 333 245 246 77 361 146 117 69 Case D 457 595 135 323 195 Case E 307 500 49 630 175 99 E3-8 Preparing a Statement of Earnings LO3-4, 3-5 Peter's Curling Inc. operates several curling centres (for games and equipment sales). The following transactions occurred in October of the current year: a. Peter's collected $13,000 from customers for games played in October (example). b. Peter's sold $7,000 in curling equipment inventory, received $3,000 in cash and the rest on account, cost of sales is $4,200. c. Peter's received $2,500 from customers on account who purchased merchandise in September. The curling league gave Peter's a deposit of $2,600 for the upcoming fall season. e. Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200 to be paid in November. f. Peter's paid $4,700 to employees for work in October. g. Peter's purchased $1,800 in insurance for coverage from October 1 to December 31. Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms. Required: Prepare a statement of earnings for Peter's Curling Inc. for the month of October 2020. Use an income tax rate of 40 percent. PETER'S CURLING INC. Statement of Earnings For the Month of October 2020 Operating expenses: Earnings before income taxes 0 0 " Prov 2 of 3 Next >
Expert Answer:
Answer rating: 100% (QA)
As in this case i can see two different question So in the absence of any information ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259105692
6th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling
Posted Date:
Students also viewed these finance questions
-
The following data are from annual reports of Jills Jewelry Company: Compute Jills total asset turnover ratio for 2012 and 2011. What do these results suggest to you about Jills JewelryCompany? 2012...
-
The following data are from Gennings, Chinchilli, and Carter, (1989). An in vitro toxicity study of isolated hepatocyte suspensions was conducted to study the impact of combining carbon tetrachloride...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Which one of the following is NOT an example of cash flows in operating activities according to direct method? Select one: a. Cash payment for purchase of inventories b. Cash received from debtors c....
-
For the linkage of Prob. 15.68, determine the angular acceleration (a) Of bar BD, (b) Of bar DE. 125 mun mm 200 mm -150 nu --- 150 B
-
The crank of an engine \(250 \mathrm{~mm}\) long rotates at a uniform speed of \(240 \mathrm{rpm}\). The ratio of connecting rod length to crank radius is 4 . Determine (a) the acceleration of the...
-
Assume you had to serve a complaint on a defendant in Los Angeles, California. Find a company that would be available for service of process.
-
Assume that EBV and Talltree invested in Newco at the terms in Exercises 10.2 and 10.3, and it is now one year later. Owl is considering a $20M Series C investment in Newco. Talltree proposes to...
-
Total surplus in this market is +A million.
-
Calculate the following four reliability coefficients using the Pearson product-moment correlation formula, correlate the scores to determine the reliability coefficient (xx). Show your work. 3....
-
Determine the optimal solution using Solver or Analytic solver. P = number of units to produce in month i (i=1,2,3,4) 1,= inventory held at the end of month i MIN ST 49 p +45 p + 46 p3 + 47 Pa + 1.5...
-
What issues are at the core of expatriation and repatriation problems?
-
What are the basic issues involved in recruiting and selecting managers for foreign assignments?
-
What is the basis for expressing the response of a system under periodic excitation as a summation of several harmonic responses?
-
How does the degree of centralization or decentralization affect international staffing?
-
The transient part of the solution arises from a. forcing function b. initial conditions c. bounding conditions
-
Inflation is expected to be 3% annually. Their salaries should increase 5% annually. They are not subject to a state income tax. The after-tax investment rate of return is 6%. Bank lending rates are...
-
What are the typical record-at-a-time operations for accessing a file? Which of these depend on the current file record?
-
Toronto Taxi Inc. owns a van that was purchased on January 1, 2011, for $45,000. The van has been depreciated using the straight-line method over 10 years and has a residual value of $5,000. On...
-
While pursuing his undergraduate studies, Bruno Clarke needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care...
-
For the transactions in M2-4 (including the sample), identify each as an investing (I) activity or financing (F) activity on the statement of cash flows. M2-4 For each of the following transactions...
-
Which of the following combinations results in a decrease in sample size in a sample for attributes? Risk of Assessing Control Risk Too Low a. Increase b. Decrease c. Increase d. Increase Tolerable...
-
Whatare the nine major steps utilized in a comprehensive approach to information system auditing? Explain why each step is important.
-
Identify four monitoring controls the auditor would expect to find in a welldesigned computer system. Explain the objective of each control identified.
Study smarter with the SolutionInn App