Excerpts from Hulkster Company's December 31, 2020 and 2019, financial statements are presented below: 2020 2019 5 40,000 $ $ Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net Income 28,000 190,000 114,000 425,000 36,000 35.000 186,000 108,000 405,000 225,000 28.000 240,000 32.500 Hulkster's 2020 return on assets is (rounded): 7.196 7.896 13.596 47.79 On May 1, Foxtrot Co agreed to sell the assets of its Footwear Division to Albanese Inc. for $30 milion. The sale was completed on December 31, 2020. The following additional facts pertain to the transaction The Footwear Division qualifies as a component of the entity according to GAAP regarding discontinued operations, The book value of Footwear's assets totaled 548 million on the date of the sale. Footwear's operating income was a pre-tax loss of $10 million in 2020 Foxtrot's income tax rate is 40%. in the income statement for the year ended December 31, 2020. Foxtrot Co, would report income from discontinued operations of $0.2 million 5132 million 0 522 million $26 million Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 730 Bullding and equipment 920 Cash-checking 34 Interest receivable 30 Inventory 16 Land 150 Notes receivable (long-term) 450 Petty cash fund 5 Prepaid rent 20 Supplies 8 Trademark 40 Accounts payable-trade 560 Accumulated depreciation 80 Additional paid in capital 485 Allowance for uncollectible accounts 20 Cash dividends payable 30 Common stock at par 15 Income tax payable 65 Notes payable long term) 800 Retained earnings 308 Deferred revenues TOTALS 2.403 2.403 What would Symphony report as total assets? 52.338 million 40 Allowance for uncollectible accounts Cash dividends payable Common stock, at par Income tax payable Notes payable (long-term) Retained earnings Deferred revenues TOTALS What would Symphony report as total assets? $2,338 million. $2.323 million. $2.318 million. e $2.303 million. The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 60 Accounts payable $ 240 Accounts receivable (net) 170 Other liabilities 80 Notes receivable 50 Total current liabilities 320 Inventories 200 Long-term liabilities 110 25 Total liabilities 430 Prepaid expenses Total current assets 505 Shareholders' equity: Plant assets (net) 150 180 255 Capital stock Retained earnings Total shareholders' equity $ 760 Total liabilities and equity 330 Total assets $ 760 Working capital is: $505 thousand $265 thousand $185 thousand $75 thousand Excerpts from Hulkster Company's December 31, 2020 and 2019, financial statements are presented below: 2020 2019 $ 40.000 $ 36,000 $ 28,000 35,000 190,000 186,000 Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net Income 114,000 108,000 425,000 405,000 240,000 225.000 32.500 28,000 Hulkster's 2020 receivables turnover is 2.85 4.70 O 5.00 10.63
