Accounting Chapter 13 11 Dollars Thousands Sales All Account 1770 Cost

subject Type Homework Help
subject Pages 14
subject Words 53
subject Textbook Introduction to Managerial Accounting with Connect 7th Edition
subject Authors Peter Brewer
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page-pf1
(dollars in thousands)
Sales (all on account)
$1,770
Cost of goods sold
1,230
Gross margin
540
Selling and administrative
expense
210
Net operating income
330
Interest expense
30
Net income before taxes
300
Income taxes (30%)
90
Net income
$210
Narstad Corporation's debt-to-equity ratio at the end of Year 2 was closest to:
page-pf2
13-486
Lasch Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Total assets
$1,333,000
$1,320,000
Accounts payable
$158,000
$160,000
Accrued liabilities
$43,000
$40,000
Notes payable, short term
$47,000
$50,000
Bonds payable
$250,000
$250,000
Total liabilities
$498,000
$500,000
Total stockholders' equity
$835,000
$820,000
Income Statement—Year 2
For the Year Ended December 31,
Year 2
Sales (all on account)
$1,250,000
Cost of goods sold
840,000
Gross margin
410,000
Operating expenses
366,286
Net operating income
43,714
Interest expense
18,000
Net income before taxes
25,714
Income taxes (30%)
7,714
Net income
$18,000
The company's times interest earned for Year 2 is closest to:
page-pf3
13-487
page-pf4
13-488
Lasch Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Total assets
$1,333,000
$1,320,000
Accounts payable
$158,000
$160,000
Accrued liabilities
$43,000
$40,000
Notes payable, short term
$47,000
$50,000
Bonds payable
$250,000
$250,000
Total liabilities
$498,000
$500,000
Total stockholders' equity
$835,000
$820,000
Income Statement—Year 2
For the Year Ended December 31,
Year 2
Sales (all on account)
$1,250,000
Cost of goods sold
840,000
Gross margin
410,000
Operating expenses
366,286
Net operating income
43,714
Interest expense
18,000
Net income before taxes
25,714
Income taxes (30%)
7,714
Net income
$18,000
The company's debt-to-equity ratio at the end of Year 2 is closest to:
page-pf5
13-489
page-pf6
13-490
Lasch Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Total assets
$1,333,000
$1,320,000
Accounts payable
$158,000
$160,000
Accrued liabilities
$43,000
$40,000
Notes payable, short term
$47,000
$50,000
Bonds payable
$250,000
$250,000
Total liabilities
$498,000
$500,000
Total stockholders' equity
$835,000
$820,000
Income Statement—Year 2
For the Year Ended December 31,
Year 2
Sales (all on account)
$1,250,000
Cost of goods sold
840,000
Gross margin
410,000
Operating expenses
366,286
Net operating income
43,714
Interest expense
18,000
Net income before taxes
25,714
Income taxes (30%)
7,714
Net income
$18,000
The company's equity multiplier at the end of Year 2 is closest to:
page-pf7
Deacon Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Total assets
$1,198,000
$1,160,000
Total liabilities
$466,000
$460,000
Total stockholders' equity
$732,000
$700,000
Net operating income (income before interest and taxes)
$67,769
Interest expense
$13,000
The company's times interest earned for Year 2 is closest to:
page-pf8
Deacon Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Total assets
$1,198,000
$1,160,000
Total liabilities
$466,000
$460,000
Total stockholders' equity
$732,000
$700,000
Net operating income (income before interest and taxes)
$67,769
Interest expense
$13,000
The company's debt-to-equity ratio at the end of Year 2 is closest to:
page-pf9
Deacon Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Total assets
$1,198,000
$1,160,000
Total liabilities
$466,000
$460,000
Total stockholders' equity
$732,000
$700,000
Net operating income (income before interest and taxes)
$67,769
Interest expense
$13,000
The company's equity multiplier at the end of Year 2 is closest to:
page-pfa
13-494
Fayer Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$161,000
$180,000
Accounts receivable
110,000
130,000
Inventory
181,000
160,000
Prepaid expenses
57,000
70,000
Total current assets
509,000
540,000
Plant and equipment, net
1,044,000
960,000
Total assets
$1,553,000
$1,500,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$188,000
$160,000
Accrued liabilities
57,000
60,000
Notes payable, short term
36,000
40,000
Total current liabilities
281,000
260,000
Bonds payable
200,000
200,000
Total liabilities
481,000
460,000
Stockholders' equity:
Common stock, $4 par value
200,000
200,000
Additional paid-in capital-common stock
80,000
80,000
Retained earnings
792,000
760,000
Total stockholders' equity
1,072,000
1,040,000
Total liabilities & stockholders' equity
$1,553,000
$1,500,000
Income Statement—Year 2
For the Year Ended December 31, Year 2
page-pfb
Sales (all on account)
$1,220,000
Cost of goods sold
760,000
Gross margin
460,000
Operating expenses
389,846
Net operating income
70,154
Interest expense
14,000
Net income before taxes
56,154
Income taxes (35%)
19,654
Net income
$36,500
Dividends on common stock during Year 2 totaled $4,500. The market price of common
stock at the end of Year 2 was $10.88 per share.
The company's times interest earned for Year 2 is closest to:
page-pfc
13-496
Fayer Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$161,000
$180,000
Accounts receivable
110,000
130,000
Inventory
181,000
160,000
Prepaid expenses
57,000
70,000
Total current assets
509,000
540,000
Plant and equipment, net
1,044,000
960,000
Total assets
$1,553,000
$1,500,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$188,000
$160,000
Accrued liabilities
57,000
60,000
Notes payable, short term
36,000
40,000
Total current liabilities
281,000
260,000
Bonds payable
200,000
200,000
Total liabilities
481,000
460,000
Stockholders' equity:
Common stock, $4 par value
200,000
200,000
Additional paid-in capital-common stock
80,000
80,000
Retained earnings
792,000
760,000
Total stockholders' equity
1,072,000
1,040,000
Total liabilities & stockholders' equity
$1,553,000
$1,500,000
Income Statement—Year 2
For the Year Ended December 31, Year 2
page-pfd
Sales (all on account)
$1,220,000
Cost of goods sold
760,000
Gross margin
460,000
Operating expenses
389,846
Net operating income
70,154
Interest expense
14,000
Net income before taxes
56,154
Income taxes (35%)
19,654
Net income
$36,500
Dividends on common stock during Year 2 totaled $4,500. The market price of common
stock at the end of Year 2 was $10.88 per share.
The company's debt-to-equity ratio at the end of Year 2 is closest to:
page-pfe
13-498
Fayer Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$161,000
$180,000
Accounts receivable
110,000
130,000
Inventory
181,000
160,000
Prepaid expenses
57,000
70,000
Total current assets
509,000
540,000
Plant and equipment, net
1,044,000
960,000
Total assets
$1,553,000
$1,500,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$188,000
$160,000
Accrued liabilities
57,000
60,000
Notes payable, short term
36,000
40,000
Total current liabilities
281,000
260,000
Bonds payable
200,000
200,000
Total liabilities
481,000
460,000
Stockholders' equity:
Common stock, $4 par value
200,000
200,000
Additional paid-in capital-common stock
80,000
80,000
Retained earnings
792,000
760,000
Total stockholders' equity
1,072,000
1,040,000
Total liabilities & stockholders' equity
$1,553,000
$1,500,000
Income Statement—Year 2
For the Year Ended December 31, Year 2
page-pff
Sales (all on account)
$1,220,000
Cost of goods sold
760,000
Gross margin
460,000
Operating expenses
389,846
Net operating income
70,154
Interest expense
14,000
Net income before taxes
56,154
Income taxes (35%)
19,654
Net income
$36,500
Dividends on common stock during Year 2 totaled $4,500. The market price of common
stock at the end of Year 2 was $10.88 per share.
The company's equity multiplier at the end of Year 2 is closest to:
page-pf10
13-500
Tweedle Corporation's most recent balance sheet and income statement appear below:
Balance Sheet
December 31, Year 2 and Year 1
(in thousands of dollars)
Year 2
Year 1
Assets
Current assets:
Cash
$140
$130
Accounts receivable
200
210
Inventory
150
180
Prepaid expenses
20
20
Total current assets
510
540
Plant and equipment, net
950
910
Total assets
$1,460
$1,450
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$130
$150
Accrued liabilities
70
70
Notes payable, short term
70
60
Total current liabilities
270
280
Bonds payable
170
190
Total liabilities
440
470
Stockholders’ equity:
Common stock, $1 par value
200
200
Additional paid-in capital-common stock
320
320
Retained earnings
500
460
Total stockholders’ equity
1,020
980
Total liabilities & stockholders’ equity
$1,460
$1,450
Income Statement
page-pf11
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account)
$1,190
Cost of goods sold
710
Gross margin
480
Selling and administrative expense
226
Net operating income
254
Interest expense
25
Net income before taxes
229
Income taxes (30%)
69
Net income
$160
The times interest earned for Year 2 is closest to:
page-pf12
13-502
Tweedle Corporation's most recent balance sheet and income statement appear below:
Balance Sheet
December 31, Year 2 and Year 1
(in thousands of dollars)
Year 2
Year 1
Assets
Current assets:
Cash
$140
$130
Accounts receivable
200
210
Inventory
150
180
Prepaid expenses
20
20
Total current assets
510
540
Plant and equipment, net
950
910
Total assets
$1,460
$1,450
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$130
$150
Accrued liabilities
70
70
Notes payable, short term
70
60
Total current liabilities
270
280
Bonds payable
170
190
Total liabilities
440
470
Stockholders’ equity:
Common stock, $1 par value
200
200
Additional paid-in capital-common stock
320
320
Retained earnings
500
460
Total stockholders’ equity
1,020
980
Total liabilities & stockholders’ equity
$1,460
$1,450
Income Statement
page-pf13
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account)
$1,190
Cost of goods sold
710
Gross margin
480
Selling and administrative expense
226
Net operating income
254
Interest expense
25
Net income before taxes
229
Income taxes (30%)
69
Net income
$160
The debt-to-equity ratio at the end of Year 2 is closest to:
page-pf14
13-504
Data from Lheureux Corporation's most recent balance sheet and the company's income
statement appear below:
Year
2
Year
1
Total assets
$1,440
$1,480
Total liabilities
$400
$450
Total stockholders'
equity
$1,040
$1,030
Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account)
$1,280
Cost of goods sold
850
Gross margin
430
Selling and administrative expense
355
Net operating income
75
Interest expense
18
Net income before taxes
57
Income taxes (30%)
17
Net income
$40
The times interest earned for Year 2 is closest to:

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