Questions and Answers of Accounting What The Numbers Mean

During the fiscal year ended June 30, 2023, Jones Co. had a 4-for-1 stock split. In its annual report for 2023, the company reported earnings per share for the year ended June 30, 2022, on a restated
Effects of stock split and stock dividend on EPSRequired:a. For the year ended December 31, 2021, Finco Inc. reported earnings per share of $3.30. During 2022, the company had a 5-for-1 stock split.
During the year ended December 31, 2023, Gluco Inc. split its stock on a 3-for-1 basis. In its annual report for 2022, the firm reported net income of $442,890 for 2022, with an average 155,400
During the fiscal year ended September 30, 2023, Worrell Inc. had a 2-for-1 stock split and a 5% stock dividend. In its annual report for 2023, the company reported earnings per share for the year
For several years Orbon Inc. has followed a policy of paying a cash dividend of $0.45 per share and having a 10% stock dividend. In the 2023 annual report, Orbon reported restated earnings per share
McDonald’s Corp. McDonald’s conducts operations worldwide and is managed in two primary geographic segments: U.S., and International Operated Markets, which is comprised of Australia, Canada,
The following amounts were reported on the December 31, 2022, balance sheet:Required:a. Calculate working capital at December 31, 2022.b. Calculate the current ratio at December 31, 2022.c. Calculate
The following information was available for the year ended December 31, 2022:Required:a. Calculate the inventory turnover for 2022.b. Calculate the number of days’ sales in inventory for 2022,
Assume that a company’s current ratio is 3.0, working capital is $300,000, and the acidtest ratio is 1.2.a. How much does the company have in current assets?b. If the only current assets shown on
The following information was available for the year ended December 31, 2022:Required:a. Calculate the accounts receivable turnover for 2022.b. Calculate the number of days’ sales in accounts
The following information was available for the year ended December 31, 2022:Required:a. Calculate margin, turnover, and ROI for the year ended December 31, 2022.b. Calculate ROE for the year ended
The following information was available for the year ended December 31, 2022:Required:a. Calculate the price/earnings ratio for 2022.b. Calculate the dividend payout ratio for 2022.c. Calculate the
The following information was available for the year ended December 31, 2022:Required:a. Calculate the debt ratio at December 31, 2022.b. Calculate the debt/equity ratio at December 31, 2022. Total
The following information was available for the year ended December 31, 2022:Required:Calculate the times interest earned for the year ended December 31, 2022. Earnings before interest and taxes
Indicate the effect that each transaction/event listed here will have on the financial ratio listed opposite it, and provide an explanation for your answer. Use + for increase, − for decrease, and
The annual reports of the Coca- Cola Co. and PepsiCo Inc. indicate the following for the year ended December 31, 2020 (amounts in millions):Required:a. Calculate ROI and ROE for each company for
Selected balance sheet accounts for Tibbetts Company on September 30, 2022, are as follows:Required:a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of
A friend has accumulated $10,000 and has decided to invest that hard earned money in the common stock of a publicly owned corporation. What data about that company would you suggest that she be most
Eastern Imports Inc. sold 12,000 units in August. Per unit selling price and variable expense were $30 and $15, respectively. Fixed expense incurred for August totaled $120,000.Required:Prepare the
Refer to the current information for Bay Area Cycle Co. in Mini-Exercise 12.4.Data from in Exercise 12.4Current operating income for Bay Area Cycles Co. is $74,000. Selling price per unit is $120,
Thomas estimates that the costs of insurance, license, and depreciation to operate his car total $580 per month and that the gas, oil, and maintenance costs are 40 cents per mile. Thomas also
Shown here is an income statement in the traditional format for a firm with a sales volume of 10,000 units. Cost formulas also are shown:Required:a. Prepare an income statement in the contribution
O’Reilly Inc. makes and sells many consumer products. The firm’s average contribution margin ratio is 25%. Management is considering adding a new product that will require an additional $18,000
Jen and Barry’s ice cream shop charges $2.20 for a cone. Variable expenses are $0.66 per cone, and fixed costs total $2,600 per month. A Valentine’s Day promotion is being planned for the second
HighTide Canvas Co. currently makes and sells two model sizes of a boat cover. Data applicable to the current operation are summarized in the following columns labeled Current Operation. Management
Gonzales Inc. makes and sells a single product. The current selling price is $16 per unit. Variable expenses are $10 per unit, and fixed expenses total $21,600 per month. Sales volume for March

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