Below are the financial statements for reference to teh following topics: 1. Predict the impact of new
Fantastic news! We've Found the answer you've been seeking!
Question:
Below are the financial statements for reference to teh following topics:
1. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis.
2. Discuss relevant accounting standards for informing the company’s financial reporting strategies
3. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process.
4.Compose appropriate footnotes within a statement of comprehensive income in accordance with applicable accounting standards, such as GAAP, International Financial Reporting Standards, and SEC, as applicable.
Transcribed Image Text:
Peyton Approved Balance Sheet As of December 31, 20XX Peyton Approved Earnings per Share For Year Ended 12/31/20XX Peyton Approved Income Statement For Year Ended 12/31/20XX Assets Liabilities and Owners' Equity Current Assets: $ 33.881.157.15 Net Income 12763782.25 100000 12663782.25 Current Liabilities: Bakery Sales Less: Preferred Dividends Earnings Available to Common Shareholde Common Shares Outstanding Cash 1,488,999.34 Accounts Payable 1,555,212.85 Merchandise Sales 124,795.80 Wages Payable Interest Payable Current Portion of Bonds Payable Marketable Securities 5,235,000.00 250,203.31 Total Revenues 34,005,952.95 Cost of Goods Sold - Baked 10.954.907.36 1750000 7.236447 Accounts Receivable 7,092.495.88 21,888.22 1,000,000.00 989.792.91 Baking Supplies 1,605.098.52 Cost of Goods Sold - Merchar 88,994.79 Basic EPS Merchandise Inventor 128,152.63 11,043,902.15 Income taxes currently payable Accrued Pension Liability Total Cost of Goods Sold Prepaid Rent 71,877.07 107,041.70 Gross Profit 22.962.050.80 If all preferred shares are converted: Prepaid Insurance Misc. Supplies 207,834.14 Accrued Employees Health Insurance Lease Liability Contingent Liability - Lawsuit Deferred Tax Liability 43,718.91 Net Income Additional Common Shares Common Shares Outstanding after conver EPS if preferred shares converted 17,647.42 86,590.00 12763782.25 1750000 1850000 6.899341757 Operating Expenses: Preferred shares are antidilutive Rent Expense Wages Expense Misc. Supplies Expense Repairs and Maintenance Business License Expense Total Current Assets 15,847,105.00 Total Current Liabilities 4,054,447.90 1,556,731.95 2,604,526.23 If all bonds are converted: Net Income Less: Preferred Dividends Add back interest on bonds, net of income Earnings Available to Common Shareholde Long Term Liabilities: 263.224.56 Long Term/Fixed Assets: Bonds Payable 10%, 20 year 4,000,000.00 20,353.05 12763782.25 Land 250,000.00 211,757.65 60000 12823782.25 Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Pension Expense Building Baking Equipment Accumulated Depr 1,250,000.00 91,171.08 2,387,730.00 Total Long Term Liabilities: 4,000,000.00 634,520.00 112,937.69 160,413.49 484,703.27 -328,282.00 common shares outstanding 1750000 -5,076.00 Total Liabilities: 8,054,447.90 ditional Common Shares 500000 Common Shares Outstanding after conver Fully diluted EPS 3,554,372.00 2250000 5.699458778 Net Fixed assets Preferred Stock - (10,000 authorized, 500,000.00 50,821.34 5,000 issued, 10%, $100 par value) Common Stock - (2,000,000 shares authorized, 1,750,000 isued, $1 par) Retained Earnings Patent Net of Amortiza 47,500.00 107041.7 $500000 of each of the preferred shares and the bonds Net Income Less: Preferred Dividends Add back interest on bonds, net of income 1,750,000.00 Retired Employees Health Ins. Patent Amortization 43718.91 12763782.25 -50000 2,500.00 9.076.904.84 72,325.26 30000 Total Equity Earnings available to common shareholder common shares outstanding additional common shares from bonds con additional common shares from preferred : common shares outstanding after conversi 11,326,904.84 12743782.25 1750000 25000 50000 Total Liabilities & Equity 19,381,352.74 Total Operating Expenses: 6,416,746.18 Total Assets: 19,448,977.00 Operating Income 16,545,304.62 1825000 Peyton Approved Statement of Retained Earnings EPS 6.993853288 Income Taxes 4,168,847.62 For Year Ended 12/31/20XX Deferred tax Expense (52,325.25) Total Tax Expense 4,116,522.37 Beginning Balance: plus Comprehensive Income 2,213,122.59 12,163,782.25 Net Income 12,428,782.25 less Dividends: Preferred 50,000.00 Unrealized Gain/(Loss) on Marketable Securities H 265000 Common 5,250,000.00 Ending Balance %$4 9,076,904.84 Comprehensive Ir 12,163,782.25 Peyton Approved Balance Sheet As of December 31, 20XX Peyton Approved Earnings per Share For Year Ended 12/31/20XX Peyton Approved Income Statement For Year Ended 12/31/20XX Assets Liabilities and Owners' Equity Current Assets: $ 33.881.157.15 Net Income 12763782.25 100000 12663782.25 Current Liabilities: Bakery Sales Less: Preferred Dividends Earnings Available to Common Shareholde Common Shares Outstanding Cash 1,488,999.34 Accounts Payable 1,555,212.85 Merchandise Sales 124,795.80 Wages Payable Interest Payable Current Portion of Bonds Payable Marketable Securities 5,235,000.00 250,203.31 Total Revenues 34,005,952.95 Cost of Goods Sold - Baked 10.954.907.36 1750000 7.236447 Accounts Receivable 7,092.495.88 21,888.22 1,000,000.00 989.792.91 Baking Supplies 1,605.098.52 Cost of Goods Sold - Merchar 88,994.79 Basic EPS Merchandise Inventor 128,152.63 11,043,902.15 Income taxes currently payable Accrued Pension Liability Total Cost of Goods Sold Prepaid Rent 71,877.07 107,041.70 Gross Profit 22.962.050.80 If all preferred shares are converted: Prepaid Insurance Misc. Supplies 207,834.14 Accrued Employees Health Insurance Lease Liability Contingent Liability - Lawsuit Deferred Tax Liability 43,718.91 Net Income Additional Common Shares Common Shares Outstanding after conver EPS if preferred shares converted 17,647.42 86,590.00 12763782.25 1750000 1850000 6.899341757 Operating Expenses: Preferred shares are antidilutive Rent Expense Wages Expense Misc. Supplies Expense Repairs and Maintenance Business License Expense Total Current Assets 15,847,105.00 Total Current Liabilities 4,054,447.90 1,556,731.95 2,604,526.23 If all bonds are converted: Net Income Less: Preferred Dividends Add back interest on bonds, net of income Earnings Available to Common Shareholde Long Term Liabilities: 263.224.56 Long Term/Fixed Assets: Bonds Payable 10%, 20 year 4,000,000.00 20,353.05 12763782.25 Land 250,000.00 211,757.65 60000 12823782.25 Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Pension Expense Building Baking Equipment Accumulated Depr 1,250,000.00 91,171.08 2,387,730.00 Total Long Term Liabilities: 4,000,000.00 634,520.00 112,937.69 160,413.49 484,703.27 -328,282.00 common shares outstanding 1750000 -5,076.00 Total Liabilities: 8,054,447.90 ditional Common Shares 500000 Common Shares Outstanding after conver Fully diluted EPS 3,554,372.00 2250000 5.699458778 Net Fixed assets Preferred Stock - (10,000 authorized, 500,000.00 50,821.34 5,000 issued, 10%, $100 par value) Common Stock - (2,000,000 shares authorized, 1,750,000 isued, $1 par) Retained Earnings Patent Net of Amortiza 47,500.00 107041.7 $500000 of each of the preferred shares and the bonds Net Income Less: Preferred Dividends Add back interest on bonds, net of income 1,750,000.00 Retired Employees Health Ins. Patent Amortization 43718.91 12763782.25 -50000 2,500.00 9.076.904.84 72,325.26 30000 Total Equity Earnings available to common shareholder common shares outstanding additional common shares from bonds con additional common shares from preferred : common shares outstanding after conversi 11,326,904.84 12743782.25 1750000 25000 50000 Total Liabilities & Equity 19,381,352.74 Total Operating Expenses: 6,416,746.18 Total Assets: 19,448,977.00 Operating Income 16,545,304.62 1825000 Peyton Approved Statement of Retained Earnings EPS 6.993853288 Income Taxes 4,168,847.62 For Year Ended 12/31/20XX Deferred tax Expense (52,325.25) Total Tax Expense 4,116,522.37 Beginning Balance: plus Comprehensive Income 2,213,122.59 12,163,782.25 Net Income 12,428,782.25 less Dividends: Preferred 50,000.00 Unrealized Gain/(Loss) on Marketable Securities H 265000 Common 5,250,000.00 Ending Balance %$4 9,076,904.84 Comprehensive Ir 12,163,782.25
Expert Answer:
Answer rating: 100% (QA)
1 IDENTIFY THE INDUSTRY ECONOMIC CHARACTERISTICS First determine a worth chain analysis for the industrythe chain of activities involved within the creation manufacture and distribution of the firms p... View the full answer
Related Book For
Foundations of Finance
ISBN: 978-0134084015
9th edition
Authors: Arthur J. Keown, John H. Martin, J. William Petty
Posted Date:
Students also viewed these finance questions
-
Below are the financial statements of Meteor Company: Meteor Company Income Statements For the Year Ended January 31, 2028 Sales, net $152,000 Cost of goods sold 61,000 Gross profit 91,000 Operating...
-
Below are the financial statements for two firms, Time Warner and Walt Disney, for 2012 and 2013. a. How did Time Warner's profit margins change from 2012 to 2013? To what would you attribute the...
-
The following are the financial statements for Nederland Consumer Products Company for the fiscal year ended September 30, 2017. Calculate all the ratios, for which industry figures are available...
-
Two wheels A and B have masses m A and m B and radii of gyration about their central vertical axes of k A and k B respectively. If they are freely rotating in the same direction at A and about the...
-
1. Develop numerical summaries of the data. 2. Using overall score as the dependent variable, develop three scatter diagrams, one using price as the independent variable, one using the number of...
-
The balance sheet for Cremore Ltd at 31 December \(19 \times 3\) is given below ( \( 000 \mathrm{~s})\) : 19X3 19X2 Plant and machinery Cost Depreciation 800 800 320 160 480 640 Current assets Stock...
-
A university graduate student has extracted the following trial balance. The amounts are correct per the ledger accounts, but entered under their incorrect headings of debit balances or credit...
-
Two point charges, Q1 = - 25μC and Q2 = + 50μC, are separated by a distance of 12cm. The electric field at the point P (See Fig. 16-55) is zero. How far from Q1 is P? 12 cm -25 Q2 P. +50
-
Imagine that for those who meditate daily, the number of minutes in meditation has mean 32 and standard deviation 7. In a group of 100 such persons, how many are expected to meditate more than 36...
-
Base your answers to the following questions on the financial statements for Leons Furniture imited/Meubles Lon Lte in Exhibits 1.27A to 1.27D. In the questions below, the year 2016 refers to Leons...
-
Magnitude of a Vector The magnitude of a vector ||v|| is the length of that vector. (3)2=4+9 Example: ||2i|3j|| = (2) + (3) = 4+9 = 13 Question: Find ||7i - 4j||. For more information on this topic,...
-
looking at three climate justice case studies from around the world. This stories depict just a few of the millions if not billions of people who will be impacted by climate change but often are not...
-
Discuss the different modes of terminating contractual relationship between the parties. Explain briefly
-
Discuss the economic pressures and incentives for professional sports teams to relocate. Are professional sports teams an important tool for a citys economic development? Explain why or why not.
-
Discuss the characteristics, both short- and long-term, of agile versus stable supply partnership relationships.Discuss the traditional supplier-customer (bow-tie) model versus the multi-contact...
-
Discuss few areas for application of quantitative analysis in your organization or organization you are familiar with for decision making.
-
Chapter 11. Homework 30 Saved 0.8 points eBook " Hint Print Calypso Yachts was issued a charter on January 15 authorizing the following capital stock: Common stock, $6 par, 100,000 shares, one vote...
-
6. (Potential Energy and Conservation of Energy) What should be the spring constant k of a spring designed to bring a 1200-kg car to rest from a speed of 95 km/h so that the occupants undergo a...
-
Bellingham bonds have an annual coupon rate of 8 percent and a par value of $1,000 and will mature in 20 years. If you require a return of 7 percent, what price would you be willing to pay for the...
-
It has been said that in recent years the difference between an organized exchange and the over-the-counter market has blurred. What does this statement mean and do you think it is correct?
-
Paymaster Enterprises has arranged to finance its seasonal working-capital needs with a short-term bank loan. The loan will carry a rate of 8 percent per annum with interest paid in advance...
-
Joust Oil Company had the following transactions in 2015. Record the transactions. a. Acquired an undeveloped lease, $40,000 b. Paid a drilling contractor as follows: c. Paid costs in evaluating the...
-
Support equipment used to drill a development well cost $13,000 and has a 10-year life with a salvage value of $1,000. The equipment was used for three months in drilling Badger #1. Record...
-
Bartz Corporation paid a seismic crew $2,000 to complete a G&G survey to select a drillsite where Cellar #1 would be spudded-in. Record the above transaction.
Study smarter with the SolutionInn App