a. Calculate Quick Burger's free cash flow in 2019. (Enter your answer in millions.) Free cash flow b. If Quick Burger was financed entirely by equity, how much more tax would the company have paid? (Assume a tax rate of 21%.) (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Additional tax million Free cash flow million c. What would the company's free cash flow have been if it was all-equity financed? (Enter your answer in millions.)
Q: The following information pertains to the first year of operation for Crystal Cold Coolers…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: A savings plan requires deposits of $487 per month for 22 months commencing in 1 month from today.…
A: Formula where:PMT = the monthly deposit amountr = the monthly interest rate (14.9% p.a. compounded…
Q: Year 5 $264,000 1.1 Year 6 278,400 1.2 Year 7 322,400 1.3 Year 8 320,000 1.2 Required Compute the…
A: The number of goods on hand multiplied by the item's unit price can be used to determine inventory…
Q: a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is…
A: Acquisition basis of a property: > The acquisition basis of a property means the total cost…
Q: Monty Company is a leading manufacturer of sunglasses. One of Monty's products protects the eyes…
A: Operating income is the amount of income earned by an entity from the business operations. It is…
Q: rate at the fiscal year-end was $0.4994. Compute the amounts that would be reported for the…
A: All foreign currency transaction should be recognize using the rate on the date of transaction,…
Q: Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4) Jurvin Enterprises is a manufacturing company…
A: T-accounts are prepared in order to compute the ending balance accounts so that the trial balance…
Q: Bond discount, entries for bonds payable transactions, interest method of amortizing bond discount…
A: The bonds are issued to raise money from the market or investors. The bonds are reported as the…
Q: Ram grants to employees the option to buy shares of stock at $5 per share. A total of 100,000 shares…
A: As per IAS 102 In share based payments in case of options the company need to recognize expense on…
Q: Johnson Corporation received a bank statement showing a balance of $14,550 as of October 31, 20X1.…
A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…
Q: On 1 January 2019 Planet plc began constructing an item of Machinery, the details of this are:o…
A: Costs associated with the initial acquisition, preparation, and placement of the asset for use…
Q: Rooney Boat Company makes inexpensive aluminum fishing boats. Production is seasonal, with…
A: Variable cost is the cost that changes with change in activity of cost driver used. The variable…
Q: Gamila, James, Helen, and Carlos each owns an equal interest in GJHC Partnership, a calendar year…
A: When an asset or investment is sold for less than what was paid for it, a recognized loss is…
Q: Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not…
A: A note payable is a formal promissory note wherein the creator, or one party, agrees in writing to…
Q: ← (Corporate income tax) Last year Sanderson, Inc. had sales of $3.2 million. The firm's cost of…
A: The entity pays taxes on the earnings. The entity pays the taxes to the tax authorities determined…
Q: You have the following information for Splish Brothers Inc. Splish Brothers Inc. uses the periodic…
A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…
Q: Stockholders' Equity Paid-in capital: Preferred 10% stock, $50 par (2,000 shares authorized and…
A: According to the question given, we need to compute the blank figures in the table.Preferred stocks…
Q: Frate Company was formed on December 1, 2018, and uses the periodic inventory system. The following…
A: Inventory valuation method is the way to calculate the total value of the inventory owned by a…
Q: Raider Corporation uses the weighted-average method in its process costing system. The Molding…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Lukow Products is investigating the purchase of automated equipment that will save $400,000 each…
A: Net present value is the present value of cash flow minus initial investment.
Q: Contech (lessee) wishes to lease a printing press valued at $60,000 from Wrenn Capital (lessor) for…
A: ParticularsAmountSalvage Value (A)$8,000Present Value Factor @ 12% for 4th Year (B)0.636100 Percent…
Q: UMPI Co. purchased land costing $2,550,000 as a future factory site. UMPI paid $240,000 to tear down…
A: Capitalized costs are those that are long-term in nature and they are generally related to the…
Q: Weber Company purchased a mining site for $632,859 on July 1. The company expects to mine ore for…
A: In the case of natural resources, the resources cannot be depreciation. Thus, the resources…
Q: Calculate the total manufacturing costs for each job.
A: Manufacturing cost is the total cost that incurred during the production of a product. It includes…
Q: Scatter Diagrams and High-Low Cost Estimation Assume the local Pearle Vision has the following…
A: Introduction:Production costs are the expenses incurred when a company makes items. These costs are…
Q: Yamomora Co. 1,860 units in January and 2,266 units in February. The company budgets $85 per unit…
A:
Q: IA employee dishones
A: Coverage of IA employee dishonesty coverage is also known as employee theft insurance or we can also…
Q: The Duros Corp issued a $1,000,000, 5%, 10 year bond at 105. This pays interest annually and the…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Abbott Business Services (ABS) generated revenue of $653,800 processing accounts payable and payroll…
A: The activity-based costing allocates costs based on the activities consumed by each product. It also…
Q: Janet Lawerence the controller for Toy Bike Maker Inc is preparing a production budget for the yea…
A: Production budget :— This budget is prepared to estimate the number of units to be produced for…
Q: A proposed new project has projected sales of $195,000, costs of $92,000, and depreciation of…
A: The most commonly used operating cash flow formula is:Operating Cash Flow = Net Income + Non-Cash…
Q: Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at…
A: Under the weighted average method the units in the beginning inventory are not considered while…
Q: At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: on the last day of its fiscal year ending December 31, 2024, the Safe & Reliable (S&R) Glass Company…
A: As part of the larger accounting changes brought about by these standards, lease liabilities are…
Q: Beverly Plastics produces a part used in precision machining. The part is produced in two…
A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…
Q: Crane Construction Ltd. borrowed $396,000 from Atco Finance Ltd. on October 1, 2023, by issuing a 6%…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: In 2022, which of the following miscellaneous deductions are not subject to the 2 percent of AGI…
A: Miscellaneous deductions refer to eligible expenses incurred by taxpayers that don't fit into…
Q: Tremendous Company is involved in the exploration for mineral resource. The accounting policy to…
A: EXPLORATION ASSETS ARE EXPENDITURE INCURRED BY AN ENTITY AFTER IT HAS OBTAINED LEGAL RIGHTS FOR THE…
Q: Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has…
A: Fixed manufacturing overhead- traceable in case of buy = Fixed manufacturing overhead-traceable×2/3=…
Q: n in March but still outstanding $9,900. n in February but still outstanding $4,700. rch 30 and 31…
A: Bank reconcilation statement is statement that reconciles the balance of the books with the bank…
Q: QS 22-27A (Algo) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise…
A: The 50% of purchases will be paid in the next month. Thus 50% from December purchases will be paid…
Q: National League Gear has two classes of stock authorized: 6%, $20 par preferred, and $5 par value…
A: The treasury stock decreases the total stockholders' equity. The dividend declaration decreases the…
Q: Vernon Company had 250 units of product in its work in process inventory at the beginning of the…
A: In management accounting, the term "equivalent units" refers to the idea of expressing partially…
Q: Lucia Company has set the following standard cost per unit for direct materials and direct labor…
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: PA10-1 (Algo) Calculating Return on Investment, Residual Income, Determining Effect of Changes…
A: Return on investment can be defined as the measure to assess the profitability of an investment or…
Q: Sherri Springs is a producer of flavored water. Below is the data for its production in April.…
A: The sum of the variable and fixed costs is known as the production costs. Manufacturers and other…
Q: At December 31, 2024, Oriole Company made an accrued expense adjusting entry of $1,200 for salaries.…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Current Attempt in Progress * Your answer is incorrect. Crane Inc. has evaluated its process of…
A: The bad debt expense represents the amount that is uncollectible during the current period. The bad…
Q: The master budget of Bramble Corp. shows that the planned activity level for next year is expected…
A: Flexible budget :— This budget is prepared by multiplying standard variable amount per activity…
Please do not give solution in image format ?
Step by step
Solved in 4 steps with 5 images
- Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…X Company collected P12,350 in interest during 2019. X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020. How much is the Interest Revenue to be reported on X’s statement of comprehensive income in 2021?
- The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. Assets Cash WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 42 73 40 75 50 550 (115) 715 $ $ 2021 $ 28 2 5 9 0 160 2:22 250 126 135 715 $ $ 2020 30 75 15 70 60 400 (75) 575 35 5 3 12 30 100 200 100 90 $ 575The following are Grouper Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. COMPARATIVE BALANCE SHEETS 2. 2020 $815,400 1,121,200 1,862,000 3,287,700 (1,175,000 ) 309,300 248,600 $6,469,200 $1,013,800 29,900 80,700 409,300 500,000 1,497,600 2,937,900 $6,469,200 2019 $702,000 1,174,200 1,719,800 2,938,200 (1,047,300 ) 273,800 $5,760,700 $952,700 50,200 99,000 500,000 1,497,600 2,661,200 $5,760,700 Increase (Decrease) $113,400 (53,000) 142,200 349,500 (127,700 ) 35,500 248,600 $708,500 $61,100 (20,300 ) (18,300 ) 409,300 276,700…
- Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to TextThe following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2022. INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Federal taxes (@21%) Net income Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets $ 27,583 17,585 1,418 $8,580 2022 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) 2021 $ 2,352 1,391 138 1,105 $ 4,986 533 8,047 1,690 $ 6,357 $ 24,693 2,820 2,999 $ 35,498 In 2022 Quick Burger had capital expenditures of $3,065. a. Calculate Quick Burger's free cash flow in 2022. Note: Enter your answer in millions. $ 2,352 1,351 133 632 $4,468 $ 22,851 Liabilities and Shareholders' Equity Current liabilities Debt due…[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 136,443 51,166 32,628 83,794 52,649 10,793 $ 41,856 192,624 68,725 43,558 Numerator: 112,283 80,341 14,943 $ 65,398 1 1 1 1 1 December 31 2021 $ 57,843 0 Current Ratio $ 23,890 $ 20,253 $ 19,708 66,000 66,000 48,000 8,250 8,250 5,333 65,490 41,423 39,574 Total liabilities and equity $ 163,630 $ 135,926 $ 112,615 Required: 1. Complete the below…
- The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2022. INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Federal taxes (@21%) Net income Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets $ 27,583 17,585 1,418 $ 8,580 533 8,047 1,690 $ 6,357 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) 2021 2022 a. Free cash flow b. Additional tax c. Free cash flow million million million $ 2,352 1,391 138 1,105 $ 4,986 In 2022 Quick Burger had capital expenditures of $3,065. a. Calculate Quick Burger's free cash flow in 2022. Note: Enter your answer in millions. $ 24,693 2,820 2,999 $ 35,498 $ 2,352 1,351 133 632 $…Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180 ) (1,140 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1,380 1,550 Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 CULLUMBER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,690 Cost of goods sold 4,650 Gross margin 2,040 Selling and administrative expenses 930 Income from…As per the latest annual report, the following information is made available from the financial statements of ABC Inc. for the year 2019. Sales COGS EBIT EBITDA Interest Expense Net Income Total Debt Total Assets. Particulars Net Fixed Assets Total Equity Current Assets Current Liabilities Cash & Cash Equivalents Accounts Receivables Inventories Accounts Payable Required: Amount (in millions) Current Ratio Quick Ratio Cash Ratio Debt to Equity Ratio Debt Ratio Receivables Turnover Ratio Inventory Turnover Ratio. Gross Margin Operating Profit Margin Net Margin £250,174 £151,782 £53,930 (a) You are required to calculate the following ratios: £66,477 £3,576 £45,256 £98,047 £328,516 £27,378 £80,488 £152,819 £95,718 £38,844 £12,926 £4,106 £46,236 b) After calculating all 10 ratios, explain how the above results can aid ABC Inc's decision making process.