The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,185,500 Expenses Operating expenses $1,887,500 Interest expense 103,000 1,990,500 Income before income tax 195,000 Income tax expense 46,000 Net income $149,000 Current assets Cash Trading investments Accounts receivable Supplies December 31, 2021 Property, plant, and equipment Total assets Assets $57,100 49,000 275,800 24,000 $405,900 592,300 $998,200 Liabilities and Shareholders' Equity Current liabilities Accounts payable $83,000 Income tax payable 22,000 Current portion of mortgage payable 26,500 $131,500 Mortgage payable 262,000 Total liabilities 393,500 Shareholders' equity Common shares 277,630 Retained earnings 327,070 604,700 Total liabilities and shareholders' equity $998,200 Additional information: 1. Income available to common shareholders was $149,000. 2. The weighted average number of common shares was 40,000. 3. The share price at December 31 was $35.00. Calculate the following values and ratios for 2021. We provide the results for 2020 for comparative purposes. (Round current ratio, debt to total assets, and price-earnings ratio to 1 decimal place, e.g., 5.2, 5.2%. Round basic earnings per share to 2 decimal places, e.g. 5.20.) 1. Working capital (2020: $260,500) 2. Current ratio (2020: 1.6:1.0) 3. Debt to total assets (2020: 31.5%) 4. Basic earnings per share (2020: $3.15) 5. Price-earnings ratio (2020: 7.5 times) 1. Working capital 2. Current ratio 3. Debt to total assets 4. Basic earnings per share 5. Price-earnings ratio LA $ $ :1 % do times The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,185,500 Expenses Operating expenses $1,887,500 Interest expense 103,000 1,990,500 Income before income tax 195,000 Income tax expense 46,000 Net income $149,000 Current assets Cash Trading investments Accounts receivable Supplies December 31, 2021 Property, plant, and equipment Total assets Assets $57,100 49,000 275,800 24,000 $405,900 592,300 $998,200 Liabilities and Shareholders' Equity Current liabilities Accounts payable $83,000 Income tax payable 22,000 Current portion of mortgage payable 26,500 $131,500 Mortgage payable 262,000 Total liabilities 393,500 Shareholders' equity Common shares 277,630 Retained earnings 327,070 604,700 Total liabilities and shareholders' equity $998,200 Additional information: 1. Income available to common shareholders was $149,000. 2. The weighted average number of common shares was 40,000. 3. The share price at December 31 was $35.00. Calculate the following values and ratios for 2021. We provide the results for 2020 for comparative purposes. (Round current ratio, debt to total assets, and price-earnings ratio to 1 decimal place, e.g., 5.2, 5.2%. Round basic earnings per share to 2 decimal places, e.g. 5.20.) 1. Working capital (2020: $260,500) 2. Current ratio (2020: 1.6:1.0) 3. Debt to total assets (2020: 31.5%) 4. Basic earnings per share (2020: $3.15) 5. Price-earnings ratio (2020: 7.5 times) 1. Working capital 2. Current ratio 3. Debt to total assets 4. Basic earnings per share 5. Price-earnings ratio LA $ $ :1 % do times
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
The founder, president, and major shareholder of Hawthorne Corp. recently sold his controlling interest in the company to a national distributor in the same line of business. The change in ownership...
-
To anticipate subsequent chapters where more complicated renewable resource models are introduced, consider a slight modification of the two-period depletable resource model. Suppose a biological...
-
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Emerson Production Company follow: Requirement 1. Journalize the adjusting and closing entries...
-
A paper company sells paper that is supposed to* have a weight of 75.0 g/m2. In a quality inspection, the weights of 30 random samples of paper are measured. The sample mean of these weights is x- =...
-
Airhead Oil Companys balance sheet includes three assets: Natural Gas, Oil, and Coal. Suppose Airhead Oil Company paid $1,900,000 cash for the right to work a mine with an estimated 200,000 tons of...
-
Bayer AG, with headquarters in Leverkusen, Germany, is an international, research-based group of companies active in health care, nutrition, and high-tech materials. Popular products include ASPIRIN,...
-
1. Being that credit unions(LGFCU) are cooperative organizations, explain the significance of that and how it applies to the products, services and programs your Credit Union provides to its members....
-
Temple City California Comprehensive Pan How does it Work? What purpose does it serve? What are the effects and second-order consequences? Describe the necessary primary stakeholders to have a...
-
Which can fill in the blank to have the code print true? A. anyMatch B. allMatch C. noneMatch. D. None of the above. var stream Stream.iterate(1, var b = stream.. System.out.println(b); i-> i); (i ->...
-
Which statement is true? A. All lambdas can be converted to method references, and vice versa. B. All lambdas can be converted to method references, but not vice versa. C. All method references can...
-
Which are considered part of a service? (Choose two.) A. Consumer B. Service locator C. Service provider D. Service provider interface
-
How many changes need to be made to the following stream operation to execute a parallel reduction? A. None, it is already a parallel reduction. B. One. C. Two. D. Three. E. The code does not...
-
Which statement about functional interfaces and lambda expressions is not true? A. A lambda expression may be compatible with multiple functional interfaces. B. A lambda expression must be assigned...
-
Pharmacy owner and accountant indicted in $134M health care fraud scheme HOUSTON Two Houston area men are now in custody on charges of conspiracy to commit health care fraud relating to a pharmacy...
-
suppose a nickel-contaminated soil 15 cm deep contained 800 mg/kg Ni, Vegetation was planted to remove the nickel by phytoremediation. The above-ground plant parts average 1% Ni on a dry-weight bas...
-
Sunny Valley Limited produces wine. Certain vintage wines take more than one year to age. The company has borrowed funds to cover the costs of this aging process. The company meets the interest...
-
At December 31, 2014, Ichor Ltd. has outstanding non-cancellable purchase commitments for 45,500 litres of raw material at S3.25 per litre. The material will be used in Ichor's manufacturing process,...
-
The trial balance of Jangles Corporation at the end of its fiscal year, August 31, 2014, includes the following accounts: Purchases $ 151,600; Sales Revenue $250,000; Freight in $4,000; Sales Returns...
-
A cardiologist is interested in the mean recovery period of her patients who have had heart attacks. identify: a. the population, b. the sample, c. the parameter, d. the statistic, e. the variable,...
-
Insurance companies are interested in the mean health costs each year of their clients, so that they can determine the costs of health insurance. identify: a. the population, b. the sample, c. the...
-
Political pollsters may be interested in the proportion of people who will vote for a particular cause. identify: a. the population, b. the sample, c. the parameter, d. the statistic, e. the...
Study smarter with the SolutionInn App