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- The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Previous YearAccounts payable $ 924,000 $ 800,000Current maturities of serial bonds payable 200,000 200,000Serial bonds payable, 10% 1,000,000 1,200,000Common stock, $10 par value 250,000 250,000Paid-in capital in excess of par 1,250,000 1,250,000Retained earnings 860,000 500,000The income before income tax was $480,000 and $420,000 for the current and previous years, respectively.a. Determine the ratio of liabilities to stockholders’ equity at the end of each year. Round to one decimal place.b. Determine the times interest earned ratio for both years.…The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Please see the attachment for details: Instructions Determine the following measures for 20Y2, rounding to one decimal place, including percentages, except for per-share amounts:1. Working capital2. Current ratio3. Quick ratio4. Accounts receivable turnover5. Number of days’ sales in receivables6. Inventory turnover7. Number of days’ sales in inventory8. Ratio of fixed assets to long-term liabilities9. Ratio of liabilities to stockholders’ equity10. Times interest earned11. Asset turnover12. Return on total assets13. Return on stockholders’ equity14. Return on common stockholders’ equity15. Earnings per share on common stock16. Price-earnings ratio17. Dividends per share of common stock18. Dividend yieldThe following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description CurrentYear PreviousYear Accounts payable $184,000 $162,000 Current maturities of serial bonds payable 240,000 240,000 Serial bonds payable, 10% 1,190,000 1,430,000 Common stock, $1 par value 60,000 60,000 Paid-in capital in excess of par 590,000 600,000 Retained earnings 2,040,000 1,630,000 The income before income tax expense was $400,400 and $350,400 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 3 Previous year…
- Prior to subscription of Color, the accounting equation of Rado’s corporation is:Asset=Liabilities+Equity P1,000,000 P 250,000 P 750,000 Color subscribed 2,500 shares at P100 par that will be due and collectible 18 months from December 31, 200B, the balance sheet date of Rado. After subscription of Color, the accounting equation of Rado would be Total AssetsTotal LiabilitiesStockholders equity a.P1,250,000P250,000P1,000,000 b.P1,250,000P500,000P 750,000 c.P1,000,000P250,000P 750,000 d.P1,000,000P500,000P 750000The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description Current Year Previous Year Accounts payable $362,000 $226,000 Current maturities of serial bonds payable 360,000 360,000 Serial bonds payable, 10 % 1,700,000 2,060,000 Common stock, $1 par value 70,000 90,000 Paid-in capital in excess of par 760,000 760,000 Retained earnings 2, 630,000 2,090,000 The income before income tax expense was $803, 400 and $703,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round your answers to one decimal place.The Statement of Financial Position (SFP) of Arthur Corporation on June 30, 202X is presented below:Current Assets P195,000Land 1,320,000Building 660,000Equipment 525,000Total Assets P2,700,000Liabilities P525,000Ordinary Shares, P5 par 900,00Share Premium 825,000Retained Earnings 450,000Total Equities P2,700,000All the assets and liabilities of Arthur were assumed to approximate their fair values except for land and building. It is estimated that the land has a fair value of P2,100,000, and the fair value of the building increased by P480,000. Ezekeil Corporation acquired 80% of Arthur’s outstanding shares for P3,000,000. The non-controlling interest is measured at fair value.Required:a. Determine the goodwill or gain on bargain purchase assuming the consideration paid includes control premium of P852,000. Determine the goodwill or gain on bargain purchase assuming the consideration paid excludes control premium of P138,000 and the fair value of the non-controlling interest is…
- The comparative Financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. InstructionsDetermine the following measures for 20Y2. Round to one decimal place, including percentages, except for per-share amounts, which should be rounded to the nearest cent.1. Working capital2. Current ratio 3- Quick ratio4. Accounts receivable turnover5. Number of days' sales in receivables6. Inventory turnover7. Number of days' sales in inventory8. Ratio of fixed assets to long-term liabilities 9- Ratio of liabilities to stockholders' equity10. Times interest earned11. Asset turnover12. Return on total assets13. Return on stockholders' equity14. Return on common stockholders' equity15. Earnings per share on common stock16. Price-earnings ratio17. Dividends per share of common stock18. Dividend yieldThe accumulated profit account of One San Miguel Co, follows: Date Item Debit Credit 07/01/2020 Balance 48,500.00 08/31/2020 Dividends paid 12/31/2020 Net income for the year 20,000.00 32,400.00 04/01/2021 Premium on capital share 06/30/2021 Gain on treasury share 15,000.00 10,000.00 09/30/2021 Dividends declared 30,000.00 12/31/2021 Net Income for the year 45,100.00 Appraisal increase of land 30,000.00 Balance 131,000.00 181,000.00 181,000.00 What is the correct balance of Accumulated Profits on December 31, 2021?Presented below is the trial balance of Walter Corporation at December 31, 2020.Cash 197,000Sales 7,900,000Trading Securities (at cost, P145,000) 153,000Cost of goods sold 4,800,000Long-term investments in bonds 299,000Long-term investment in share capital - ordinary 277,000Short-term notes payable 90,000Accounts payable 455,000Selling expenses 2,000,000Investment revenue 63,000Land 260,000Buildings 1,040,000Dividends payable 136,000Accrued liabilities 96,000Accounts receivables 435,000Accumulated Depreciation – Building 352,000Allowance for doubtful accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventories 597,000Provision for pension (long term) 80,000Long term notes payable 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation – Equipment 60,000Franchise 160,000Shares Capital – Ordinary 1,000,000Treasury Shares 191,000Patent 195,000Retained Earnings 78,000Other comprehensive income 80,000 Requirements:1. How much is the total assets?2. How…
- On 31 December 20X2, the balances of Argon Enterprises Inc.’s shareholders’ equity accounts were as follows (all are credit balances): Capital stock $ 303,000 Contributed surplus 5,230 Retained earnings 105,400 Currency translation differences 1,400 Mark-to-market adjustments on available for sale investments 26,700 Cash flow hedges 2,000 Actuarial gains and losses 1,400 $ 445,130 Argon’s statement of comprehensive income for the year ending 31 December 20X3 showed the following amounts, from “net profit for the year” through “comprehensive income”: 31 December 20X3 31 December 20X2 Net profit for the year $ 44,900 $ 68,300 Other comprehensive income (loss) net of applicable income tax: Currency translation differences (4,200 ) 2,800 Mark-to-market adjustments on available for sale investments (34,300 ) 8,000 Actuarial gains (losses) 2,100 (6,500 ) Cash…The comparative financial statements of Stargel Inc. are as follows. The market price of Stargel common stock was $119.70 on December 31, 20Y2. InstructionsDetermine the following measures for 20Y2. Round to one decimal place including percentages, except for per-share amounts, which should be rounded to the nearest cent.1. Working capital2. Current ratio3. Quick ratio4. Accounts receivable turnover5. Number of days' sales in receivables6. Inventor)’ turnover7. Number of days' sales in inventoryThe following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…