Chapter 6 E6
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1 15/15 Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow: points awarded @ 2021 2020 Cash $ 5,25 $ 13,050 Problem 6-7 (Algo) (LO 6-5) Accounts receivable (net) 38,800 26,500 Merchandise inventory 96,850 48,250 Buildings and equipment (net) 105,100 117,000 Trademark 109,000 125,500 Totals $ 355,000 $ 330,300 Accounts payable $ 89,000 $ 75,000 Notes payable, long-term 2] 31,300 Noncontrolling interest 55,200 48,000 Common stock, $10 par 200,000 200,000 Retained earnings (deficit) 10,800 (24,000) Totals $ 355,000 $ 330,300 Additional Information for Fiscal Year 2021 « Iverson and Oakley’s consolidated net income was $53,000. « Oakley paid $5,000 in dividends during the year. lverson paid $10,000 in dividends. « Oakley sold $14,400 worth of merchandise to Iverson during the year. * There were no purchases or sales of long-term assets during the year. Multiple Choice O $28,000. $34,500. $18,500. O O | @ $14,000.
Explanation Cash flow from operations: Net income $ 53,000 Depreciation 11,900 Trademark amortization 16,500 Increase in accounts receivable (12,300) Increase in inventory (48,600) Increase in accounts payable 14,000 (18,500) Cash flow from operations $ 34,500 2 Problem 6-11 (Algo) (LO 6-3) Dane, Inc., owns Carlton Corporation. For the current year, Dane reports net income (without consideration of its investment in Cariton) of $248,000 and the subsidiary reports $87,500. The parent had a bond payable outstanding on January 1, with a carrying amount of $210,000. The subsidiary acquired the bond on that 1515 date for $200,000. During the current year, Dane reported interest expense of $29,760 while Carlton reported interest income of $27,060, both related to the intra- points awarded entity bond payable. What is consolidated net income? Multiple Choice $348,200. ? C) $328,200. O $322,800. O $342,800. Explanation Dane’s income from own operations $ 248,000 Carlton’s income 87,500 Eliminate intra-entity interest income (27,060) Eliminate intra-entity interest expense 29,760 Recognize retirement gain on debt ($210,000 - $200,000) 10,000 Consolidated net income $ 348,200
3 — Problem 6-17 (Algo) (LO 6-4) 15/15 On January 1, Coldwater Company has a net book value of $1,625,000 as follows: points awarded 1,850 shares of preferred stock; par value $100 per share; cumulative, nonparticipating, nonvoting; call value $108 per share $ 185,000 22,500 shares of common stock; par value $4@ per share 900,000 Retained earnings 540,000 Total $ 1,625,000 Westmont Company acquires all outstanding preferred shares for $198,000 and 60 percent of the common stock for $918,660. The acquisition-date fair value of the noncontrolling interest in Coldwater’s common stock was $612,440. Westmont believed that one of Coldwater’s buildings, with a 12-year remaining life, was undervalued by $54,600 on the company's financial records. What amount of consolidated goodwill would be recognized from this acquisition? Multiple Choice O $45,900. O $44,700. O $43,500. . $49,500. Explanation Consideration transferred for preferred stock $ 198,000 Consideration transferred for common stock 918,660 Noncontrolling interest fair value for common stock 612,440 Acquisition-date fair value $ 1,729,100 Acquisition-date book value (1,625,000) Excess fair over book value $ 104,100 to building (54,600) to goodwill $ 49,500
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Related Questions
Consolidated Statements of Operations
FINANCIAL STATEMENTS
Table of Contents
Index to Financial Statements
(millions, except per share data)
2020
2019
2018
Sales
Other revenue
$
92,400 $
77,130 $
74,433
1,161
982
923
Total revenue
93,561
78,112
75,356
Cost of sales
66,177
54,864
53,299
Selling, general and administrative expenses
18,615
16,233
15,723
Depreciation and amortization (exclusive of depreciation included in cost
of sales)
2,230
2,357
2,224
Operating income
6,539
4,658
4,110
Net interest expense
977
477
461
Net other (income) / expense
16
(9)
(27)
Earnings from continuing operations before income taxes
5,546
4,190
3,676
Provision for income taxes
1,178
921
746
Net earnings from continuing operations
4,368
3,269
2,930
Discontinued operations, net of tax
12
7
Net earnings
$
4,368 $
3,281 $
2,937
Basic earnings per share
Continuing operations
Discontinued operations
Net earnings per share
Diluted earnings per share
Continuing operations
Discontinued operations
$
8.72 $
6.39 $…
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Steele Inc.
Consolidated Statements of Income
(in thousands except per share amounts)
2023
2022
2021
Net sales
$7,245,088
$6,944,296
$6,149,218
Cost of goods sold
(5,286,253)
(4,953,556)
(4,355,675)
Gross margin
$1,958,835
$1,990,740
$1,793,543
General and administrative expenses
(1,259,896)
(1,202,042)
(1,080,843)
Special and nonrecurring items
2,617
0
0
Operating income
$701,556
$788,698
$712,700
Interest expense
(63,685)
(62,398)
(63,927)
Other income
7,308
10,080
11,529
Gain on sale of investments
0
9,117
0
Income before income taxes
$645,179
$745,497
$660,302
Provision for income taxes
254,000
290,000
257,000
Net income
$391,179
$455,497
$403,302
Steele Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS
Dec. 31, 2023
Dec. 31, 2022
Current assets:
Cash and equivalents
$320,558
$41,235
Accounts receivable
1,056,911
837,377
Inventories
733,700…
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Palano Company and Subsidiary
Consolidated Income Statement
for the Year Ended December 31, 2020
$701,000
263,000
438,000
Sales
Cost of sales
Gross profit
Operating Expenses:
Depreciation expense
Selling expenses
$76,000
122,000
Administrative expenses 85,000
Consolidated net income
283,000
155,000
December 31
2019 2020
Accounts receivable
$229,000 $318,000
Inventory
194,000 234,000
Prepaid selling expenses
26,000
30,000
Accounts payable
99,000 79,000
Accrued selling expenses
96,000
84,000
Accrued administrative expenses 56,000 39,000
Required:
Prepare the cash flow from operating activities section of a
consolidated statement of cash flows assuming use of the
indirect method.
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G Mart Wholesale Inc.
Consolidated Income Statement
For Fiscal Year Ended June 30 ($ Millions)
2021
2020
Revenue
Net Sales
$ 420,800
$ 400,500
Membership Fees
$ 8,230
$ 7,560
Total Revenue
$ 429,030
$ 408,060
Operating Expenses
Mechandising Costs
$ 321,500
$ 320,000
Selling, General and Administrative
$ 82,650
$ 71,600
Asset Impairment Expense
$ 120
$ 180
Total Operating Expenses
$ 404,270
$ 391,780
Operating Income
$ 24,760
$ 16,280
Other Income (expense)
Interest Expense
$ (260)
$ (240)
Interest Income and Other, Net
$ 60
$ 52
Income Before Taxes
$ 24,560
$ 16,092
Provision for income taxes
$ 6,140
$ 4,023
Net Income Including Noncontrolling Interest
$ 18,420
$ 12,069
Net Income Attributable to Noncontrolling Interest
$ (32)
$ (51)
Net Income Attributable to G Mart
$ 18,388
$ 12,018
G Mart Wholesale Inc.
Consolidated Balance Sheet
As at June 30 ($ million)
2021
2020
Assets…
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Consolidate
d Balance
Sheet OF PZ 2019 2018
$0 $0
Turnover 60,000 50,00
Cost of Sales 42,000 34,00
Gross Profit 18,000 16,000
Operating Expenses 15,500 13,00
2,500 03,00
Interest Payable 2,200 0 1,30
Profit before taxation 300 1,70
Taxation 350 60
(Loss) Profit after taxation…
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Pratt Company acquired all of the outstanding shares of Spider, Inc., on December 31, 2021, for $531,550 cash. Pratt will operate
Spider as a wholly owned subsidiary with a separate legal and accounting identity. Although many of Spider's book values
approximate fair values, several of its accounts have fair values that differ from book values. In addition, Spider has internally
developed assets that remain unrecorded on its books. In deriving the acquisition price, Pratt assessed Spider's fair and book
value differences as follows:
Computer software
Equipment
Client contracts
In-process research and development
Notes payable
Cash
Receivables
Inventory
Investment in Spider
Computer software
Buildings (net)
Equipment (net)
At December 31, 2021, the following financial information is available for consolidation (credit balances in parentheses):
Client contracts
Goodwill
Total assets
Accounts payable
Notes payable
Common stock
Additional paid-in capital
Retained earnings
Total liabilities…
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Identify and Compute Net Operating Assets
Following is the balance sheet for Lowe’s Companies Inc.
LOWE’S COMPANIES INC.
Consolidated Balance Sheet
$ millions, except par value Feb. 1, 2019
Current assets
Cash and cash equivalents
$533
Short-term investments
227
Merchandise inventory—net
13,107
Other current assets
979
Total current assets
14,846
Property, less accumulated depreciation
19,234
Long-term investments
267
Deferred income taxes—net
307
Goodwill
316
Other assets
1,038
Total assets
$36,008
Current liabilities
Short-term borrowings
$753
Current maturities of long-term debt
1,158
Accounts payable
8,639
Accrued compensation and employee benefits
691
Deferred revenue
1,356
Other current liabilities
2,530
Total current liabilities
15,127
Long-term debt, excluding current maturities
15,017
Deferred revenue—extended protection plans
863
Other liabilities
1,199
Total liabilities
32,206
Shareholders’ equity…
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Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
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Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
(a)Current ratioenter the ratio rounded to 2 decimal places
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Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…
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Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
Asset turnoverenter the number rounded to 2 decimal places
(g)Return on assetsenter percentages rounded to 0 decimal places…
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Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
(a)Current ratioenter the ratio rounded to 2 decimal places (b)Acid-test ratioenter the ratio rounded to 2 decimal places…
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Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
(i)Earnings per share$enter a dollar amount rounded to 2 decimal places (j)Payout ratioenter percentages rounded to 0 decimal…
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Swifty Corporation’s comparative balance sheets are presented below.
SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100
Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…
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Crane Company has these comparative balance sheet data:
CRANE COMPANYBalance SheetsDecember 31
2022
2021
Cash
$ 27,105
$ 54,210
Accounts receivable (net)
126,490
108,420
Inventory
108,420
90,350
Plant assets (net)
361,400
325,260
$623,415
$578,240
Accounts payable
$ 90,350
$ 108,420
Mortgage payable (15%)
180,700
180,700
Common stock, $10 par
252,980
216,840
Retained earnings
99,385
72,280
$623,415
$578,240
Additional information for 2022:
1.
Net income was $27,900.
2.
Sales on account were $382,300. Sales returns and allowances amounted to $29,000.
3.
Cost of goods sold was $207,500.
4.
Net cash provided by operating activities was $57,000.
5.
Capital expenditures were $28,900, and cash dividends were $17,900.
Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal…
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Financial statements for Steele Inc. follow.
Steele Inc.
Consolidated Income Statements
(in thousands except per share amounts)
2023
2022
2021
Net sales
$7,245,088
$6,944,296
$6,149,218
Cost of goods sold
(5,286,253)
(4,953,556)
(4,355,675)
Gross margin
$1,958,835
$1,990,740
$1,793,543
General and administrative expenses
(1,259,896)
(1,202,042)
(1,080,843)
Special and nonrecurring items
2,617
0
0
Operating income
$701,556
$788,698
$712,700
Interest expense
(63,685)
(62,398)
(63,927)
Other income
7,308
10,080
11,529
Gain on sale of investments
0
9,117
0
Income before income taxes
$645,179
$745,497
$660,302
Provision for income taxes
(254,000)
(290,000)
(257,000)
Net income
$391,179
$455,497
$403,302
Steele Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS
Dec. 31, 2023
Dec. 31, 2022
Current assets:
Cash and equivalents
$320,558
$41,235
Accounts…
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Caesar Limited
The Statement of Comprehensive Income of Caesar Limited for the year to 31st December 2021 is shown below. The company's statement of financial position as of that date (with comparative figures for 2020) is also shown.
Caesar LimitedStatement of Comprehensive Income for the year to 31st December 2021
2021
£'000
Sales
4,450
Cost of sales
(2,738)
Gross profit
1,712
Administration and distribution expenses
(980)
Interest payable
(740)
Dividend received
649
Profit before tax
641
Taxation
(200)
Profit after tax
441
Caesar Limited
Statements of Financial Position as at 31 December 2021 and 2020
2021
2020
£'000
£'000
ASSETS:
Non-current assets
Property, plants and equipment
3,450
3,340
Investments
840
840
4,290
4,180
Current assets
Inventories
790
588
Trade receivables
423
541
Cash at bank
621
1,834
---
1,129
6,124…
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Consolidated Cash Flow Statement of Pineda Corporation and its subsidiary Swamy Corporation as of December 2019 and 2020:
Assets
2020
2019
Net Change Incr. (Decr.)
$
$
$
Cash
313,000
195,000
118,000
Marketable equity securities (at cost)
175,000
175,000
Allowance to reduce marketable equity securities to market
(13,000)
(24,000)
11,000
Accounts receivable (net)
418,000
440,000
(22,000)
Inventories
595,000
525,000
70,000
Land
385,000
170,000
215,000
Plant and equipment
755,000
690,000
65,000
Accumulated depreciated
(199,000)
(145,000)…
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Vertical Analysis of Balance Sheets
Consolidated balance sheets for Winged Manufacturing follow.
Winged ManufacturingConsolidated Balance Sheets(dollars in thousands)
December 31
ASSETS
2023
2023
Current assets:
Cash and cash equivalents
$1,203,488
$676,413
Short-term investments
54,368
215,890
Accounts receivable, net of allowance for doubtful accountsof $90,992 ($83,776 in 2022)
1,581,347
1,381,946
Inventories
1,088,434
1,506,638
Deferred tax assets
293,048
268,085
Other current assets
255,767
289,383
Total current assets
$4,476,452
$4,338,355
Property, plant, and equipment:
Land and buildings
$484,592
$404,688
Machinery and equipment
572,728
578,272
Office furniture and equipment
158,160
167,905
Leasehold improvements
236,708
261,792
$1,452,188
$1,412,657
Accumulated depreciation and amortization
(785,088)
(753,111)
Net property, plant, and equipment
$667,100
$659,546
Other assets…
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Vertical Analysis of Balance Sheets
Consolidated balance sheets for Winged Manufacturing follow.
Winged ManufacturingConsolidated Balance Sheets(dollars in thousands)
December 31
ASSETS
2023
2023
Current assets:
Cash and cash equivalents
$1,203,488
$676,413
Short-term investments
54,368
215,890
Accounts receivable, net of allowance for doubtful accountsof $90,992 ($83,776 in 2022)
1,581,347
1,381,946
Inventories
1,088,434
1,506,638
Deferred tax assets
293,048
268,085
Other current assets
255,767
289,383
Total current assets
$4,476,452
$4,338,355
Property, plant, and equipment:
Land and buildings
$484,592
$404,688
Machinery and equipment
572,728
578,272
Office furniture and equipment
158,160
167,905
Leasehold improvements
236,708
261,792
$1,452,188
$1,412,657
Accumulated depreciation and amortization
(785,088)
(753,111)
Net property, plant, and equipment
$667,100
$659,546
Other assets…
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Comparative consolidated balance sheet data for Iverson, Inc., and its
80 percent-owned subsidiary Oakley Co. follow:
Cash
Accounts receivable (net)
Merchandise inventory
Buildings and equipment (net)
Trademark
Totals
Accounts payable
Notes payable, long-term
Noncontrolling interest
Common stock, $10 par
Retained earnings (deficit)
Totals
2014
2013
$ 9,550 $ 10,600
49,550
82,750
102,000
116,500
118,500 136,500
22,750
39,750
$43,050.
$43,200.
$21,600.
$15,700.
$362,350 $326,100
$ 92,600 $ 71,000
0
31,700
52,800
43,000
200,000 200,000
16,950 (19,600)
$362,350 $ 326,100
Additional Information for Fiscal Year 2014
• Iverson and Oakley's consolidated net income was $58,750.
Oakley paid $7,000 in dividends during the year. Iverson paid $11,000
in dividends.
Oakley sold $18,000 worth of merchandise to Iverson during the
year.
There were no purchases or sales of long-term assets during the
year.
In the 2014 consolidated statement of cash flows for Iverson Company:
Net cash flows from operating…
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Vertical Analysis of Balance Sheets
Consolidated balance sheets for Winged Manufacturing follow.
Winged ManufacturingConsolidated Balance Sheets(dollars in thousands)
December 31
ASSETS
2023
2023
Current assets:
Cash and cash equivalents
$1,228,488
$676,413
Short-term investments
54,368
215,890
Accounts receivable, net of allowance for doubtful accountsof $90,992 ($83,776 in 2022)
1,581,347
1,381,946
Inventories
1,088,434
1,541,638
Deferred tax assets
293,048
268,085
Other current assets
255,767
289,383
Total current assets
$4,501,452
$4,373,355
Property, plant, and equipment:
Land and buildings
$484,592
$404,688
Machinery and equipment
587,728
578,272
Office furniture and equipment
158,160
167,905
Leasehold improvements
236,708
261,792
$1,467,188
$1,412,657
Accumulated depreciation and amortization
(785,088)
(753,111)
Net property, plant, and equipment
$682,100
$659,546
Other assets…
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Title
INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in...
Description
INGRAM INDUSTRIES
Balance Sheet
June 30, 2008
Assets
Current assets:
Cash (including $13,000 in sinking fund for bonds payable) $ 70,000
Marketable securities 23,400
Investment in subsidiary company 23,000
Accounts receivable 21,000
Inventories (lower-of-cost-or-market) 117,00 $254,400
Plant assets:
Land and buildings $160,000
Less: Accumulated depreciation 100,000 60,000
Investments:
Treasury stock 4,000
Deferred charges:
Discount on bonds payable $ 6,000
Prepaid expenses 2,000 8,000
Total Assets $326,400
Liabilities and Stockholders’
Equity Liabilities:
Notes payable to bank $ 60,000
Accounts payable 18,000
Bonds payable 61,000
Total liabilities $139,000
Stockholders’ equity:
Preferred and common
(each $10 par, 5,000 shares preferred and 6,000 shares common) $110,000
Capital in excess of par 61,000
Retained earnings 16,400 187,400
Total liabilities and…
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Consolidated Income Statements
In millions of dollars
Year ended Dec 31, 2020
Year ended Dec 31, 2019
Year ended Dec 31, 2018
Net sales
$ 9,385
$ 9,715
$ 10,154
Cost of goods sold
6,306
6,496
6,636
Selling, general, and administrative expenses
3,713
3,701
11,072
Consolidated Balance Sheets
In millions of dollars
ASSETS
As of
Dec 31, 2020
As of
Dec 31, 2019
Cash and cash equivalents
$ 981
$ 349
Accounts receivable, net
1,678
1,842
Inventories
1,638
1,606
Prepaid expenses and other current assets
331
313
Total current assets
$ 4,628
$ 4,110
Which inventory cost flow assumption does Newell Brands use to value its inventories?
LIFO
FIFO
Weighted Average Cost
Specific Identification
What is the most likely reason that Newell Brands…
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PARROTHEAD ENTERPRISES
2020 and 2021 Partial Balance Sheets
Assets
2020
2021
Liabilities and Owners’ Equity
2020
2021
Current assets
$ 1,278
$ 1,403
Current liabilities
$ 566
$ 613
Net fixed assets
5,057
6,120
Long-term debt
2,760
2,939
PARROTHEAD ENTERPRISE
2021 Income Statement
Sales
$ 15,874
Costs
7,243
Depreciation
1,435
Interest paid
436
a.
What is owners' equity for 2020 and 2021?
b.
What is the change in net working capital for 2021?
c-1.
In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. How much in fixed assets did the company sell?
c-2.
In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent.
d-1.
During 2021, Parrothead Enterprises raised $564 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year?
d-2.
During 2021, Parrothead Enterprises raised $564 in new…
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Which of the following statements is TRUE about Verizon's fınancial statements?
verizon
Consolidated Balance Sheets (In millions of dollars)
As of
As of
Dec 31, 2020
$ 22,171
Dec 31, 2019
$ 2,594
ASSETS
Cash and cash equivalents
Accounts receivable
23,917
25,429
Inventories
1,796
1,422
Prepaid expenses and other current assets
6,710
8,028
Total current assets
54,594
37,473
Property and equipment, net
94,833
91,915
Intangible assets
152,814
151,640
Other long-term assets
10,699
$ 291,727
14,240
Total assets
$ 316,481
LIABILITIES & EQUITY
Debt maturing within one year
$ 5,889
$ 10,777
Accounts payable and accrued liabilities
20,658
21,806
Other current liabilities
13,113
12,285
Total current liabilities
39,660
44,868
Long-term debt
123,173
100,712
Other long-term liabilities
84,376
83,312
Total liabilities
247,209
228,892
Common stock and additional paid in capital
13,833
13,858
Retained earnings
60,464
53,147
Accumulated other comprehensive income
(5,025)
(4,170)
Total shareholders'…
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions except par value)
December 31,
ASSETS
Current Assets
Cash and cash equivalents
Short-term investments
Total Cash, Cash Equivalents and Short-Term Investments
Marketable securities
Trade accounts receivable, less allowances of $516 and $516, respectively
Inventories
Prepaid expenses and other current assets
Total Current Assets
2022
$9,519
1,043
10,562
1,069
3,487
4,233
3,240
22,591
2021
$9.684
1,242
10,926
1,699
3,512
3,414
2,994
22,545
Save Answer
For 2022, what % of Gross A/R does Coca-Cola's managment estimate they will not collect? Round to one decimal place, do not place a percentage sign in your
answer. (Sample response 10.6)
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions except par value)
December 31,
ASSETS
Current Assets
Cash and cash equivalents
Short-term investments
Total Cash, Cash Equivalents and Short-Term Investments
Marketable securities
Trade accounts receivable, less allowances of $516 and $516, respectively
Inventories
Prepaid expenses and other current assets
Total Current Assets
2022
$9,519
1,043
10,562
1,069
3,487
4,233
3,240
22,591
2021
$9.684
1,242
10,926
1,099
3,512
3,414
2.994
22,545
If we find out that the beverage industry estimates that for 2022 15% of Gross Receivables may not be collected, and this has been a pretty good estimate for the past couple of years. By how much is Coca Cola artificially
overstating their 2022 net income? Round your answer to one decimal place. For example, an answer of $73.22 million is simply $3.2
Question 4 of 10
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Presented below is information related to Anderson Company for 2022.
Sales revenueCost of goods soldInterest expenseSelling and administrative expensesLoss from write-off of goodwillGain on the sale of investmentsLoss due to flood damageLoss on the disposition of the wholesale division Loss on operations of the wholesale division Dividends declared on ordinary shares Dividends declared on preference shares
25,000,000 16,000,000 70,000 4,700,000 820,000 110,000 390,000 800,000 150,000 250,000 60,000
Anderson decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Anderson sold the wholesale operations to Rogers Company. During 2022, there were 500,000 ordinary shares outstanding all year.
Prepare an income statement for the year ended 31 December 2022. Applicable tax rate is 30%.
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Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000
Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020
ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000
Total Assets…
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SNIDER CORPORATIONBalance SheetDecember 31, 20X1
Assets
Current assets:
Cash
$
52,200
Marketable securities
24,400
Accounts receivable (net)
222,000
Inventory
238,000
Total current assets
$
536,600
Investments
65,900
Plant and equipment.
$615,000
Less: Accumulated depreciation
271,000
Net plant and equipment
344,000
Total assets
$
946,500
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
93,400
Notes payable
70,600
Accrued taxes
17,000
Total current liabilities
$
181,000
Long-term liabilities:
Bonds payable
153,200
Total liabilities
$
334,200
Stockholders' equity
Preferred stock, $50 par value
$
100,000
Common stock, $1 par value
80,000
Capital paid in excess of par
190,000
Retained earnings
242,300
Total stockholders' equity
$
612,300
Total liabilities and stockholders' equity
$
946,500…
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Calculate the internal and sustainable growth rates for Zoom Video Communications; Retention ratio is 0.006 or .6%
Consolidated Balance Sheet information:
CONSOLIDATED BALANCE SHEETS - USD ($)$ in Thousands
Jan. 31, 2020
Jan. 31, 2019
Current assets:
Cash and cash equivalents
$ 283,134
$ 63,624
Marketable securities
572,060
112,777
Accounts receivable, net of allowances of $7,634 and $2,071 as of January 31, 2020 and 2019, respectively
120,435
63,613
Deferred contract acquisition costs, current
44,885
26,453
Prepaid Expense and Other Assets, Current
75,008
10,252
Total current assets
1,095,522
276,719
Deferred contract acquisition costs, noncurrent
46,245
29,063
Property and equipment, net
57,138
37,275
Operating lease right-of-use assets
68,608
Other assets, noncurrent
22,332
11,508
Total assets
1,289,845
354,565
Current liabilities:
Accounts payable
1,596
4,963
Accrued expenses and other current liabilities
122,692
32,256
Deferred…
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Selected ratios
formulars
Unilever 2021
BOPP 2021
ROCE
PBIT / net assets * 100
(32,424/39,406 *100
= - 82%
102,154 / 192,758 *100
=53%
Net Assets Turnover
Revenue / Net Assets
526,912 / 39,406
= 13 times
214,174 / 192,758
= 1 time
Gross Profit Margin
Gross profit / revenue *100
97,046 / 526,912 *100
18.4%
115,462 / 214,174 * 100
54%
Net Profit Before Tax
PBT / revenue * 100
(35,005) / 526,912* 100
= -6.6%
104,778 / 214,174* 100
=48.9%
Current Ratio
Current assets / current liabilities
214,665/341,171
= 0.5
139,104 / 30,368
= 4.5
Quick Ratio
Current assets – inventory / current liabilities
214,665-91,627 /341,171
= 0.4
139,104 -13,248/ 30,368
= 4.1
Inventory Days
Inventory / cost of sales * 365 days
91,627/ 429,866 *365
= 77 days
13,248 / 101,397 *365
= 47 days
Receivable Days
Receivables / cost of sales * 365 days
24,515 / 429,866 *365
=20 days
92,860 / 101,397 *365
=334 days
Payable Days…
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Recommended textbooks for you
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Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning