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There are 31 questions in the file attached1.
award:
1.61
out of
1.61 points

Ozols Corporation’s most
recent income statement appears below:

Sales (all on account)

$713,000

Cost of goods sold

305,000

Gross margin

408,000

Selling and
administrative expense

175,000

Net operating income

233,000

Interest expense

64,000

Net Income before
taxes

169,000

Income taxes

60,000

Net income

$109,000

The gross margin percentage is closest to:

2.
award:
1.61
out of
1.61 points

Crandler Company’s net
income last year was $65,000. The company paid preferred dividends of $22,500
and its average common stockholders’ equity was $500,000. The company’s return
on common stockholders’ equity for the year was closest to:

3.
award:
0
out of
1.61 points

The average
stockholders’ equity for Horn Co. last year was $2,800,000. Included in this
figure was $280,000 of preferred stock. Preferred dividends were $32,000. If
the return on common stockholders’ equity was 12.5% for the year, net income
was:

4.
award:
0
out of
1.61 points

Artist Company’s net
income last year was $540,000. The company has 152,000 shares of common stock
and 41,900 shares of preferred stock outstanding. There was no change in the
number of common or preferred shares outstanding during the year. The company
declared and paid dividends last year of $1.80 per share on the common stock
and $0.80 per share on the preferred stock. The earnings per share of common
stock is closest to:

5.
award:
1.61
out of
1.61 points

Archer Company had net
income of $86,800 last year. The company has 6,800 shares of common stock and
4,300 shares of preferred stock outstanding. There was no change in the number
of common or preferred shares outstanding during the year. Preferred dividends
were $2 per share. The earnings per share of common stock was:

6.
award:
1.61
out of
1.61 points

The following data have
been taken from your company’s financial records for the current year:

Earning per share

$30

Dividend per share

$8

Market price per share

$390

Book value per share

$225

The price-earnings ratio is:

7.
award:
0
out of
1.61 points

Last year the return on
total assets in Jeffrey Company was 8.00%. The total assets were 3 million at
the beginning of the year and 3.25 million at the end of the year. The tax rate
was 30%, interest expense totaled $115 thousand, and sales were $5.3 million.
Net income for the year was:

9.
award:
0
out of
1.61 points

The following account
balances have been provided for the end of the most recent year:

Total assets

$180,000

Total stockholder’s
equity

$150,000

Total common stock
(5,000 shares)

$50,000

Total preferred stock
(1,000 shares)

$10,000

10.
award:
0
out of
1.61 points

Delatrinidad
Corporation’s net income last year was $7,748,000. The dividend on common stock
was $13.4 per share and the dividend on preferred stock was $3.2 per share. The
market price of common stock at the end of the year was $54.5 per share.
Throughout the year, 480,000 shares of common stock and 240,000 shares of
preferred stock were outstanding. The dividend payout ratio is closest to:

11.
award:
1.61
out of
1.61 points

Last year, Shadow
Corporation’s dividend on common stock was $21.75 per share and the dividend on
preferred stock was $20.86 per share. The market price of common stock at the
end of the year was $75.00 per share. The dividend yield ratio is closest to:

12.
award:
1.61
out of
1.61 points

Hagerman Corporation’s
most recent income statement appears below:

Sales (all on account)

$625,000

Cost of goods sold

375,000

Gross margin

250,000

Selling and
administrative expense

125,000

Net operating income

125,000

Interest expense

31,250

Net income before
taxes

93,750

Income taxes (30%)

28,125

Net income

$65,625

The beginning balance of total assets was $330,000 and the ending balance was
$204,000. The return on total assets is closest to:

13.
award:
0
out of
1.61 points

Excerpts from Lasso Corporation’s
most recent balance sheet appear below:

Year
2

Year
1

Preferred stock

$280,000

$280,000

Common stock

760,000

760,000

Additional paid-in
capital–common stock

286,000

286,000

Retained earnings

760,000

690,000

Total stockholder’s
equity

$1,186,000

$1,116,000

Net income for Year 2 was $181,000. Dividends on common stock were $73,000 in
total and dividends on preferred stock were $38,000 in total. The return on
common stockholders’ equity for Year 2 is closest to:

14.
award:
0
out of
1.61 points

Drama Company’s working capital is
$136,000 and its current liabilities are $214,000. The company’s current ratio
is closest to:

15.
award:
1.61
out of
1.61 points

Brewster Company has an acid-test
ratio of 1.5 and a current ratio of 2.5. Current assets equal $440,000, of
which $12,400 is prepaid expenses. The company’s current assets consist of
cash, marketable securities, accounts receivable, prepaid expenses, and inventory.
Brewster Company’s inventory must be:

6.
award:
1.61
out of
1.61 points

Fraser Company had
$390,000 in sales on account last year. The beginning accounts receivable
balance was $23,000 and the ending accounts receivable balance was $32,200. The
company’s accounts receivable turnover was closest to:

17.
award:
1.61
out of
1.61 points

Irastan Company, a
retailer, had cost of goods sold of $320,000 last year. The beginning inventory
balance was $56,000 and the ending inventory balance was $48,000. The company’s
average sale period was closest to:(Assume 365 days a year.)

18.
award:
1.61
out of
1.61 points

Deschambault
Corporation’s total current assets are $264,000, its noncurrent assets are
$708,000, its total current liabilities are $132,000, its long-term liabilities
are $520,000, and its stockholders’ equity is $330,000. Working capital is:

19.
award:
1.61
out of
1.61 points

Hartzog Corporation’s most recent
balance sheet and income statement appear below:

Statement
of Financial Position
December 31, Year 2 and Year 1
(in thousands of dollars)

Year
2

Year
1

Assets

Current assets:

Cash

$340

$310

Accounts
receivable

580

560

Inventory

290

620

Prepaid
expenses

40

40

Total current assets

1,250

1,530

Plant and equipment,
net

1,190

1,200

Total assets

$2,440

$2,730

Liabilities
and Stockholder’s Equity

Current liabilities:

Accounts
payable

$320

$330

Accrued
liabilities

20

20

Notes
payable, short term

100

250

Total current
liabilities

440

600

Bonds payable

260

340

Total liabilities

700

940

Stockholder’s equity:

Preferred
stock, $10 par, 5%

200

420

Common
stock, $2 par

660

880

Additional
paid-in capital–common stock

290

290

Retained
earnings

590

200

Total stockholder’s
equity

1,740

1,790

Total liabilities and
stockholder’s equity

$2,440

$2,730

Income
Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)

Sales (all on account)

$7,350

Cost of goods sold

4,410

Gross margin

2,940

Selling and
administrative expense

2,178

Net operating income

762

Interest expense

105

Net income before
taxes

657

Income taxes (30%)

197

Net income

$460

Dividends on common stock during Year 2 totaled $60 thousand. Dividends on
preferred stock totaled $10 thousand. The market price of common stock at the
end of Year 2 was $7.04 per share.

The earnings per share of common stock for Year 2 is closest to:
There are 31 questions in the file attached1.award:
1.61
out of
1.61 pointsOzols Corporation’s most
recent income statement appears below:
Sales (all on account)$713,000
Cost of goods sold305,000
Gross margin408,000
Selling and
administrative expense175,000
Net operating income233,000
Interest expense64,000
Net Income before
taxes169,000
Income taxes60,000
Net income$109,000

The gross margin percentage is closest to:2.award:
1.61
out of
1.61 pointsCrandler Company’s net
income last year was $65,000. The company paid preferred dividends of $22,500
and its average common stockholders’ equity was $500,000. The company’s return
on common stockholders’ equity for the year was closest to:3.award:
0
out of
1.61 pointsThe average
stockholders’ equity for Horn Co. last year was $2,800,000. Included in this
figure was $280,000 of preferred stock. Preferred dividends were $32,000. If
the return on common stockholders’ equity was 12.5% for the year, net income
was:4.award:
0
out of
1.61 pointsArtist Company’s net
income last year was $540,000. The company has 152,000 shares of common stock
and 41,900 shares of preferred stock outstanding. There was no change in the
number of common or preferred shares outstanding during the year. The company
declared and paid dividends last year of $1.80 per share on the common stock
and $0.80 per share on the preferred stock. The earnings per share of common
stock is closest to:5.award:
1.61
out of
1.61 pointsArcher Company had net
income of $86,800 last year. The company has 6,800 shares of common stock and
4,300 shares of preferred stock outstanding. There was no change in the number
of common or preferred shares outstanding during the year. Preferred dividends
were $2 per share. The earnings per share of common stock was:6.award:
1.61
out of
1.61 pointsThe following data have
been taken from your company’s financial records for the current year:
Earning per share$30
Dividend per share$8
Market price per share$390
Book value per share$225

The price-earnings ratio is:7.award:
0
out of
1.61 pointsLast year the return on
total assets in Jeffrey Company was 8.00%. The total assets were 3 million at
the beginning of the year and 3.25 million at the end of the year. The tax rate
was 30%, interest expense totaled $115 thousand, and sales were $5.3 million.
Net income for the year was:9.award:
0
out of
1.61 pointsThe following account
balances have been provided for the end of the most recent year:
Total assets$180,000
Total stockholder’s
equity$150,000
Total common stock
(5,000 shares)$50,000
Total preferred stock
(1,000 shares)$10,000

10.award:
0
out of
1.61 pointsDelatrinidad
Corporation’s net income last year was $7,748,000. The dividend on common stock
was $13.4 per share and the dividend on preferred stock was $3.2 per share. The
market price of common stock at the end of the year was $54.5 per share.
Throughout the year, 480,000 shares of common stock and 240,000 shares of
preferred stock were outstanding. The dividend payout ratio is closest to:11.award:
1.61
out of
1.61 pointsLast year, Shadow
Corporation’s dividend on common stock was $21.75 per share and the dividend on
preferred stock was $20.86 per share. The market price of common stock at the
end of the year was $75.00 per share. The dividend yield ratio is closest to:12.award:
1.61
out of
1.61 pointsHagerman Corporation’s
most recent income statement appears below:
Sales (all on account)$625,000
Cost of goods sold375,000
Gross margin250,000
Selling and
administrative expense125,000
Net operating income125,000
Interest expense31,250
Net income before
taxes93,750
Income taxes (30%)28,125
Net income$65,625

The beginning balance of total assets was $330,000 and the ending balance was
$204,000. The return on total assets is closest to:13.award:
0
out of
1.61 pointsExcerpts from Lasso Corporation’s
most recent balance sheet appear below:
Year
2 Year
1 Preferred stock$280,000
$280,000
Common stock760,000
760,000
Additional paid-in
capital–common stock286,000
286,000
Retained earnings760,000
690,000
Total stockholder’s
equity$1,186,000
$1,116,000

Net income for Year 2 was $181,000. Dividends on common stock were $73,000 in
total and dividends on preferred stock were $38,000 in total. The return on
common stockholders’ equity for Year 2 is closest to:14.award:
0
out of
1.61 pointsDrama Company’s working capital is
$136,000 and its current liabilities are $214,000. The company’s current ratio
is closest to:15.award:
1.61
out of
1.61 pointsBrewster Company has an acid-test
ratio of 1.5 and a current ratio of 2.5. Current assets equal $440,000, of
which $12,400 is prepaid expenses. The company’s current assets consist of
cash, marketable securities, accounts receivable, prepaid expenses, and inventory.
Brewster Company’s inventory must be:6.award:
1.61
out of
1.61 pointsFraser Company had
$390,000 in sales on account last year. The beginning accounts receivable
balance was $23,000 and the ending accounts receivable balance was $32,200. The
company’s accounts receivable turnover was closest to:17.award:
1.61
out of
1.61 pointsIrastan Company, a
retailer, had cost of goods sold of $320,000 last year. The beginning inventory
balance was $56,000 and the ending inventory balance was $48,000. The company’s
average sale period was closest to:(Assume 365 days a year.)18.award:
1.61
out of
1.61 pointsDeschambault
Corporation’s total current assets are $264,000, its noncurrent assets are
$708,000, its total current liabilities are $132,000, its long-term liabilities
are $520,000, and its stockholders’ equity is $330,000. Working capital is:19.award:
1.61
out of
1.61 pointsHartzog Corporation’s most recent
balance sheet and income statement appear below:
Statement
of Financial Position
December 31, Year 2 and Year 1
(in thousands of dollars)Year
2 Year
1 Assets Current assets: Cash$340
$310
Accounts
receivable580
560
Inventory290
620
Prepaid
expenses40
40
Total current assets1,250
1,530
Plant and equipment,
net1,190
1,200
Total assets$2,440
$2,730
Liabilities
and Stockholder’s Equity Current liabilities: Accounts
payable$320
$330
Accrued
liabilities20
20
Notes
payable, short term100
250
Total current
liabilities440
600
Bonds payable260
340
Total liabilities700
940
Stockholder’s equity: Preferred
stock, $10 par, 5%200
420
Common
stock, $2 par660
880
Additional
paid-in capital–common stock290
290
Retained
earnings590
200
Total stockholder’s
equity1,740 1,790 Total liabilities and
stockholder’s equity$2,440 $2,730 Income
Statement
For the Year Ended December 31, Year 2
(in thousands of dollars) Sales (all on account)$7,350
Cost of goods sold4,410
Gross margin2,940
Selling and
administrative expense2,178
Net operating income762
Interest expense105
Net income before
taxes657
Income taxes (30%)197
Net income$460

Dividends on common stock during Year 2 totaled $60 thousand. Dividends on
preferred stock totaled $10 thousand. The market price of common stock at the
end of Year 2 was $7.04 per share.

The earnings per share of common stock for Year 2 is closest to:

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