On its 2020 Balance Sheet, Liddle Inc. reported Currents Assets of $215,000, Net Fixed Assets of $1,300,000, Long-Term Debt of $780,000, and Total Equity of $600,000. On the 2021 Balance Sheet, Net Fixed Assets are $1,150,000 and Net Working Capital is $240,000. On the 2021 Income statement, the firm reported Sales of $2,550,000, Earnings Before Interest and Taxes of $1,435,000 and Depreciation of $225,000. In 2021, the firms Cash Flow from Assets was $1,209,250. What were the firm’s Taxes in 2021?
Q: Quantity 9,900 Revenue $ 1,615,000 Variable manufacturing cost 947,925 Variable Selling,…
A:
Q: On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year…
A: Journal Entry :— It is an act of recording transaction in books of account when it is occurred.…
Q: Do you mind rewriting that out as Beginning notes payable+Additions-Deduction?
A: Ending Notes Payable = Beginning Notes Payable + Additions - Deduction Deduction = Beginning Notes…
Q: Summary data for September 2015 are: Work-in-process, beginning inventory (Sept. 1) Degree of…
A: FIFO Method :— It is one of the method of inventory valuation in which is first inventory is used…
Q: 2: Chloe Fineman files as single on her tax return and earned weekly gross pay of $920. For each pay…
A: Chloe Fineman single earned weekly gross pay =$920 401(k) contribution = 6% of gross pay 4a figure =…
Q: I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa…
A: The budget is a guideline for the organization because it reduces the uncertainties about revenue…
Q: Accounts payable Accounts receivable CAPITAL NORTHEAST CORPORATION POST-CLOSING TRIAL BALANCE…
A:
Q: A retailer purchases merchandise with a catalog list price of $30,000. The retailer receives a 15%…
A: There are two type of discounts being given to customers at the time of sale. One is trade discount…
Q: Bing Corp. has the following normal account balances at its 12/31/22 year-end, prior to adjusting…
A: PERIODIC INVENTORY SYSTEM A periodic inventory system is a mechanism for measuring the level of…
Q: BSBA Company produced two joint products A and B. and by-products C and D from the same raw…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: As of December 31, 2024, Lange Company has the following deferred tax assets and liabilities:…
A: Deferred Tax Assets & Deferred Tax Liability A company's balance sheet will show a tax payment…
Q: Adams Company is a manufacturing company that has worked on several production jobs during the first…
A: The sales revenue is calculated as sum of cost and profit. The cost of goods include the total cost…
Q: Administrative expenses Depreciation of plant machinery and equipment Direct labor Direct materials…
A: Introduction:- Product cost comprises sum of all prime costs (direct labor and direct materials) and…
Q: Prepare your answers using excel or clearly written computations. Show your work for maximum points.…
A: Marie performs personal services for the corporation with a fair market value of $80,000 in exchange…
Q: s Problem 5-39 (LO 5-1) (Algo) For the following independent cases, determine whether economic…
A: ECONOMIC INCOME Economic income is the way for companies to account for changes in the value of…
Q: As CruMan grows it needs additional facilities. Key executives and outside investors pool personal…
A:
Q: Vibrant Company had $980,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…
A: calculation of gross profit and showing of error are as follows
Q: Cash Acct/Rec Inventories Total Current assets Net fixed assets Total assets 50,000 60,000 200,500…
A: A balance sheet with a common size shows the absolute amount as well as the proportionate percentage…
Q: Presented below is the trial balance of Flounder Corporation at December 31, 2020. Cash Sales Debt…
A: Solution: Balance sheet:…
Q: Gr8bean manufactures various coffee flavours which are sold in jars. The company has set the…
A: Workings :- 1) Calculation of standard cost of direct materials for 1 box :- Standard cost for 4 500…
Q: Sportsbet Winnings Robyn is a keen football follower. Each weekend she loves nothing better than…
A: According to the given question, we are required to compute the taxable income. Taxable income:…
Q: Presented below are a number of balance sheet items for Flint, Inc. for the current year, 2025,…
A: Flint, Inc. Balance sheet December 31, 2025 Assets Liabilities and Stockholders' equity…
Q: How do you find the gross profit as a percent of sales and income from operations as a percent of…
A: Gross Profit :— It is the difference between the sales revenue and cost of goods sold. Gross Profit…
Q: Antonio Banderos & Scarves makes headwear that is very popular in the fall-winter season. Units sold…
A: The value of products still on hand and available for purchase by a company at the end of an…
Q: As CruMan grows it needs additional facilities. Key executives and outside investors pool personal…
A: Partnership is the firm which is run by two or more partners on the basis of partnership agreement,…
Q: Shaker Stairs Co. designs and builds factory-made premium wooden stairways for homes. The…
A: Predetermined overhead rate is the rate which is estimated at the beginning of the period in order…
Q: Scoring: Your score will be based on the number of correct matches. There is no penalty for…
A: Step 2 in the solution.
Q: Weatherhead Incorporated has provided the following data for the month of March. There were no…
A: Answer : Work in process inventory at the end of March = Total work in process - Overapplied…
Q: Assume the charitable contribution deduction for non-itemized applies to 2022. What is Jeremy’s tax…
A: 1.Determine Jeremy’s tax refund or taxes due. determination of Jeremy's tax refund or tax dues…
Q: Calculate the total 2021 New Jersey tax liability for Jill and Bill, also include their federal…
A:
Q: DATE Sept. 7 10 16 20 23 Apex Office Machines, Inc. Brown Paper Company Dalton Office Furniture…
A:
Q: Assume that during the past month, Sanford produced 10,000 cartons of Liquid ACCENTⓇ highlighters.…
A: The study of variances between actual behavior and predicted or planned behavior in budgeting or…
Q: On May 1, 2021, Legal Corporation sold $250,000 of its 15%, five-year bonds dated January 1, 2021,…
A: Introduction: Accrued Interest is the interest on a debt that has been earned but not yet paid. If…
Q: Gamble Company convinced Conservative Corporation that the two companies should establish
A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has…
Q: Explain the initial & subsequent recognition of interest-bearing long-term notes receivable.
A: Long term notes receivables are those receivables which are to be receivable to the company at a…
Q: ake Company purchased two identical inventory items. The item purchased first cost $27.00, and the…
A: FIFO is Fist In First Out means the goods purchased earlier will be issued…
Q: Journalize, post, and prepare a trial balance. c. Total debits $5,810 GLS P5.4A (LO 2, 3, 4)…
A: Journal Entries - Journal Entries are recorded for the transactions entered into by the company.…
Q: When a merchandising company pays cash to purchase inventory Multiple Choice O O O the amount of…
A: Cash paid for payment of purchase of inventory results in increase of inventory and decrease of…
Q: Assuming Suzanne's marginal ordinary income tax rate is 35 percent, what is the character of the…
A: Depreciation is a value obtained from an asset's usual wear and tear. Also, it is an amount kept…
Q: On January 1, 2020, James Co. received a 10% , five year note from a customer. Interest is paid…
A: Lets understand the basics. When effective interest rate is more than the note interest rate then,…
Q: E5.3 (LO 2, 3) On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of…
A: A journal entry is used to record a commercial transaction in the accounting records of a…
Q: Required 1 Required 2 Prepare an income statement using absorption costing based on production of…
A: Absorption Costing A managerial accounting technique known as "absorption costing," also known as…
Q: The following information relates to a joint production process for three products, with a total…
A: The cost resulting from the shared processing or manufacturing of goods created is referred to as…
Q: Aster Limited has a current ratio of 1.75 to 1 and current liabilities of $20,000. If Aster…
A: Financial Ratio: A financial ratio, also known as an accounting ratio, is the ratio of the size of…
Q: Richman Company had 100,000 shares of common stock outstanding as of January 1, 2020. The following…
A: Weighted average outstanding shares are calculated to calculate earning per share. Weighted average…
Q: I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa…
A: Under cost accounting the standard cost variance is computed by comparing the standard cost with the…
Q: Scoring: Your score will be based on the number of correct matches. There is no penalty for…
A: ABC ABC system calculate the Cost of Individual activities and assign cost to cost object such as…
Q: Jeremy (unmarried) earned $100,300 in salary and $6,300 in interest income during the year. Jeremy’s…
A: Taxable income Any gross income that is used to determine how much tax you owe is referred to as…
Q: On May 1, Soriano Co. reported the following account balances along with their estimated fair…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: On January 1, 2019, Fitbit goes public and issues 50 million shares at $20 per share. Fitbit had 200…
A: ISSUANCE OF COMMON STOCK Issuance of Common is one of the Main source of Generating Fund for…
On its 2020 Balance Sheet, Liddle Inc. reported Currents Assets of $215,000, Net Fixed Assets of $1,300,000, Long-Term Debt of $780,000, and Total Equity of $600,000. On the 2021 Balance Sheet, Net Fixed Assets are $1,150,000 and Net
On the 2021 Income statement, the firm reported Sales of $2,550,000, Earnings Before Interest and Taxes of $1,435,000 and Depreciation of $225,000.
In 2021, the firms
What were the firm’s Taxes in 2021? Present the answer rounded to the nearest dollar
Step by step
Solved in 2 steps
- The Malia Corporation had sales in 2019 of $65 million, total asswets of $42 million, and total liabilities of $20 million. The interest rate on th company's debt is 6 percent and its tax rate is 21 percent. The operating profit margin was 12 percent. What were the company's operating profits and net income? What was the operating return on assets and return on equity? Assume that interest must be paid on all of the debt.The Malia Corporation had sales in 2019 of $65 million, total assets of $42 million, and total liabilities of $20 million. The interest rate on the company’s debt is 6 percent and its tax rate is 21 percent. The operating profit margin was 12 percent. What were the company’s operating profits and net income? What was the operating return on assets and return on equity? Assume that interest must be paid on all of the debt.For the year ended December 31, 2019, Settles Inc. earned an ROI of 9.6%. Sales for the year were $16 million, and average asset turnover was 2.4. Average stockholders' equity was $3.2 million.Required: Calculate Settles Inc.'s margin and net income. (Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000.) Calculate Settles Inc.'s return on equity. (Round your answer to 1 decimal place.)
- Click to see additional instructions In 2020, ABC corporation had sales revenue of $313,500, operating costs of $275,750, and year-end assets of $205,000. The debt-to-total-assets ratio was 25%, the interest rate on the debt was 7.5%, and the firm's tax rate was 35%. In 2021, the firm aims to use additional debt financing and increase the debt-to-total-assets ratio to 50%. Assuming that sales and total assets will not be affected, and that the interest and tax rate will both remain constant, by how much value will the ROE change in response to change in the capital structure? (Round to TWO decimals for only ROE and change in ROE, the last two rows; for the remaining values, roundup.) 2020 2021 Total Debt $4 2$ Interest Expense S Total Equity Net Income 06 Return on Equity Change in ROETarget entered fiscal 2019 with a total capitalization of $21,928 million. In 2019, debt investors received interest income of $885 million. Net income to shareholders was $8,678 million. (Assume a tax rate of 21%.) Calculate the economic value added assuming its cost of capital is 10%.The 2024 income statement of Adrian Express reports sales of $21,110,000, cost of goods sold of $12,700,000, and net income of $2,060,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 Gross profit ratio Return on assets 45% 25% 15% Profit margin Asset turnover Return on equity 2.5 Ratios 35% times Required 1 Required 2 Calculate the five ratios listed above for Adrian Express. Note: Round your answers to 1 decimal place. Complete this question by entering your answers in the tabs below. Required: 1. Calculate the five ratios listed above for…
- Stackhouse Industries had the following operating results for 2020: sales = $54,510; cost of goods sold = $37,430; depreciation expense = $5,830; interest expense = $1,325; dividends paid = $2,820. At the beginning of the year, net fixed assets were $33,200, current assets were $8,300, and current liabilities were $5,553. At the end of the year, net fixed assets were $42,820, current assets were $9,395, and current liabilities were $5,870. The tax rate was 24 percent. a. What was net income for 2020? (Do not round intermediate calculations.) b. What was the operating cash flow for 2020? (Do not round intermediate calculations.) c. What was the cash flow from assets for 2020? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.) d-1. If no new debt was issued during the year, what was the cash flow to creditors? (Do not round intermediate calculations.) d-2. If no new debt was issued during the year, what was the cash flow to…Nightwish Corporation shows the following information on its 2021 income statement: Sales $336,000; Costs = $20,600; Interest expense = $14,200; Taxes = $21,275; Dividends = $21,450. In addition, you're told that the firm issued $7,100 in new equity during 2021 and redeemed $5,400 in outstanding long-term debt. $194,700; Other expenses = $9,800; Depreciation expense = %3D a. What is the 2021 operating cash flow? (Do not round intermediate calculations.) b. What is the 2021 cash flow to creditors? (Do not round intermediate calculations.) c. What is the 2021 cash flow to stockholders? (Do not round intermediate calculations.) d. If net fixed assets increased by $53,200 during the year, what was the addition to NWC? (Do not round intermediate calculations.) a. Operating cash flow b. Cash flow to creditors c. Cash flow to stockholders d. Addition to NWCThe 2019 financial statements for Growth Industries are presented below. Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends Addition to retained earnings Current assets Cash INCOME STATEMENT, 2019 Assets Accounts receivable Inventories Total current assets Net plant and equipment Total assets External financing $ 18,960 $ 44,240 $ 6,000 11,000 BALANCE SHEET, YEAR-END, 2019 Current liabilities Accounts payable Total current liabilities Long-term debt 33,000 $ 50,000 240,000 $ 300,000 200,000 $ 100,000 20,000 $ 290,000 $ 80,000 16,800 $ 63,200 Liabilities Stockholders' equity Common stock plus additional paid-in capital Retained earnings Total liabilities plus stockholders' equity What is the required external financing over the next year? Note: Enter excess cash as a negative number with a minus sign. $ 13,000 $ 13,000 200,000 Sales and costs are projected to grow at 30% a year for at least the next 4 years. Both current assets and accounts payable are…
- The following information is available for Bramble Corporation for the year ended December 31, 2020: cost of goods sold $225,000, sales revenue $477,000, other revenues and gains $51,000, and operating expenses $73,000.Assuming a corporate tax rate of 25%, prepare an income statement for the company. $ $The 2021 and 2020 balance sheets for Sunset Industries are provided below. The company’s sales for 2021 were $1,320 million, and EBITDA was 15% of sales. Furthermore, depreciation amounted to 10% of net fixed assets, interest expense was $30 million, the corporate tax rate was 25%, and Sunset pays out 40% of its net income as dividends. Sunset had 25 million shares outstanding in 2021, the 12/31/21 stock price was $80 per share, and its after-tax cost of capital was 15%. Based upon this information, answer the following questions. Sunset Industries December 31 Balance Sheets (in thousands of dollars) 2021 2020 Assets Cash and cash equivalents $55,908 $44,000 Excess cash $5,992 $6,793 Accounts receivable $112,044 $92,370 Inventories $176,251 $157,488 Total current assets $350,195 $300,651 Net fixed assets $408,000 $324,000 Total assets $758,195 $624,651 Liabilities and equity Accounts payable $42,018 $30,420 Accruals $24,187 $18,981 Notes payable $38,500 $40,000 Total current…The 2024 Income statement of Adrian Express reports sales of $19,510,000, cost of goods sold of $12,300,000, and net Income of $1,740,000. Balance sheet Information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 45% 25% 15% Gross profit ratio Return on assets 2.5 Profit margin Asset turnover Return on equity 35% times 37.0 % 20.3 % Complete this question by entering your answers in the tabs below. 2024 8.9 % 2.3 times %6 2023 $720,000 1,625,000 2,035,000 1,525,000 4,920,000 4,350,000 $9,300,000 $7,860,000 Required: 1. Calculate the five profitability…