Gerald Company has the following account balances at the end of the first year of operations: Revenues $103,000 $36,000 Salaries Expense Dividends $8,000 $11,000 $7,000 Cash $34,000 Land $58,000 Common Stock $51,000 What are total assets at the end of the first year? Utilities Expense Advertising Expense OA. $92,000 OB. $34,000 OC. $119,000 OD. $222,000
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.Assume a company had sales of $372,000 (all on account) and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s cash collections from customers would be: Multiple Choice $375,000. $381,000. $366,000. $378,000.The balance sheet of ATLF, Inc. reports total assets of $1,950,000 and $2,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $150,000 and $1,000,000, respectively. What is ATLF's profit margin? Select one: a. 10% Ob. 8% O c. 7.5% O d. 15% e. 12%
- Suppose that you are given the following data for Niles Company : Note: The data and calculations are based on a 365-day year. Cash and equivalents Fixed assets Sales Net income Current liabilities Current ratio DSO ROE $225,000 $650,000 $2,500,000 $112,500 $240,000 2.5 18.25 12.00%A company reports the following income statement and balance sheet information for the current year:Net income $ 410,000Interest expense 90,000Average total assets 5,000,000Determine the return on total assets. Round percentage to one decimal place.Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
- Assume the following sales data for a company: Current year $1,025,000 Preceding year 820,000 What is the percentage increase in sales from the preceding year to the current year? Oa. 125% Ob. 25% Oc. 75% Od. 100%The balance sheet of ATLF, Inc. reports total assets of $950,000 and $1,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $100,000 and $800,000, respectively. What is ATLF's profit margin? Select one: a. 8% b. 15% c. 10% d. 80% e. 12.5%At the end of the current year, the entity reported the following financial data: Total Assets 1,200,000 Total assets turnover ratio 1.7x Fixed assets turnover ratio 2x Current ratio 2.5x Days Sales outstanding 30 days Inventory turnover ratio 4x Gross profit margin on sales 20% Note: Calcuation is based on a 365-day year. How much should be the accounts receivable balance?
- following are the financial statements of Perfect Ltd for last year and this year: Income Statement for the year ended 31 December Last Year (000) This Year (000) Turnover 15,000 25,600 Cost of sales (7,496) (11,618) Gross profit 7,504 13,982 Operating expenses (4,410) (6,174) Operating profit 3,094 7,808 Interest payable (432) (912) Profit before taxation 2,662 6,896 Taxation (420) (780) Profit for the year 2,242 6,116 Balance sheet as at 31 December Last Year (000) This Year (000) Non-current assets 6,500 14,200 Current assets Inventories 2,418 4,820 Trade receivables 1,614 2,744 Other receivables 268 402 Cash 56 8 4,356 7,974 Total assets 10,856 22,174 Equity Ordinary shares of Rs. 0.50 each 3,600 3,600 Capital reserves 1,904 1,904 Retained profit 1,370 3,496 6,874 9,000 Non- current liabilities Loan notes 1,500 5,330 Current…Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity: Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation This…Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity: Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation This…