Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Condensed balance sheet and income statement data for Bonita Industries are presented as follows. Bonita Industries Balance Sheets December 31 2017 2016 Assets Cash Receivables

image text in transcribedimage text in transcribed

Condensed balance sheet and income statement data for Bonita Industries are presented as follows. Bonita Industries Balance Sheets December 31 2017 2016 Assets Cash Receivables (net) Other current assets Long-term investments Property, plant, and equipment (net) Total assets $ 30,850 83,100 103,100 62,000 523,100 $802,150 $ 22,850 75,100 86,100 60,000 483,100 727,150 Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 77,850 72,850 103,100 313,100 238,100 $802,150 727,150 93,100 343,100 288,100 Bonita Industries Income Statements For the Years Ended December 31 2017 2016 $798,000 $680,000 Sales revenue Cost of goods sold Operating expenses (including income taxes) Net income 440,000 400,000 240,000 220,000 118,000 $60,000 Additional information: Net cash from operating activities Cash used for capital expenditures Dividends paid on common shares Weighted-average number of shares outstanding $134,150 $58,850 $47,850 $38,000 $68,000 $17,850 33,000 30,000 Compute these values and ratios for 2016 and 2017. (Round Earnings per share to 2 decimal places, e.g. $2.78 and Current Ratio and Debt to assets ratio to 1 decimal place, e.g. 15.2. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Audit Practice Case

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

5th Edition

0912503351, 9780912503356

Students also viewed these Accounting questions