Financial statement data for Delicious Dishes, Inc. are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December 31, 2018 and use your constructed statement to answer the following 4 questions. Advertising 101,450 Beginning of year inventory 147,860 Depreciation 85,200 End of year inventory 149,620 General and administrative expenses 86.250 Gross sales 2.875,610 Interest expense 12,700 Lease payments 33.650 Management salaries 347.900 Purchases 1.976.840 Research and development 10.560 Returns and allowances 84.000 Taxes 42.510 1. What was gross profit from income statement for the year ending December 31, 2018? 2. What was operating profit (ie.. EBIT) from Delicious Dishes income statement for the year ending December 31, 2018? 3. What was profit before taxes (ie. EBT) from Delicious Dishes income statement for the year ending December 31, 2018? 4. What was net income from Delicious Dishes income statement for the year ending December 31, 2018? 5. On December 10, 2018, Prididos, Inc. paid out total dividends of $1,375,000 (this was the only dividend payment made during the year). If Prididos reported Retained camnings of $21.168,000 for 2017 and Retained earnings of $22.230,000 for 2018, what was Prididos reported net income in 2018? 6. In 2018, Odirep, Incorporated had Gross Accounts receivable of $2,638,200 and management estimated the Allowance for Doubtful accounts to be $235.100. Compute the ratio of Allowance of Doubtful accounts to Net Accounts receivable for Odirep, Inc. for 2018 (that is, compute Allowance/Net Accounts receivable - record your answer as a percent rounded to one decimal place for example, record 0.234567 as 23.5%). 7 In 2018. the Wallace Company purchased 83.000 units from its supplier at a cost of $2.400.00 per unit. Wallace sold 90.000 units of its product in 2018 at a price of $3.400.00 per unit. Wallace began 2018 with 8500 units in inventory (inventory is carried at a cost of $2.400.00 per unit). Using this information compute Wallace's gross profit for 2018 8. Referring back to the previous question compute Wallace's 2018 ending inventory balance in dollars (valued at cost per unit of $2.100.00) 9. In 2018, Thompsons, Inc. (a retail clothing company) sold 82,000 units of its product at an average price of $350.00 per unit. The company reported estimated returns and allowances in 2018 of 1.25 percent of gross revenue. Thompsons actually purchased 85,000 units of its product from its manufacturer in 2018 at an average cost of $200.00 per unit. Thompsons began 2018 with 1250 units of its product in inventory (carried at an average cost of $200.00 per unit). Operating expenses (excluding depreciation) for Thompsons, Inc. in 2018 were $8,500,000 and depreciation expense was $750,000. Thompsons had $12,000,000 in debt outstanding throughout all of 2018. This debt carried an average interest rate of 7.5 percent. Finally, Thompsons' tax rate was 35 percent. Thompsons' fiscal year runs from January 1 through December 31, Given this information, compute net income for Thompsons for 2018. 10. Referring back to the previous problem, compute Thompsons' ending inventory balance for 2018 (that is, what did Thompsons report as inventory on its December 31, 2018 balance sheet). Accounts payable Accruals Accumulated depreciation Additional paid in capital Beginning of year inventory Common stock ($1.60 par value) Cost of goods sold Current portion of Long-term debt Gross accounts receivable Gross fixed assets Long-term debt (excluding current portion) Purchases Retained earnings Returns and allowances Short-term bank loan Cash 268,400 10.600 1.986.900 2,017.600 2,658,100 1.060.000 15,864,300 104.400 886.200 5.789,600 2.647.200 15.258,600 1.478,500 9.400 45.600 11. What did Jade's Jeans record as Total Current Assets on December 31. 2018 balance sheet? 12. What did Jade's Jeans record as Total Current Liabilities on December 31, 2018 balance sheet? 13. What did Jade's Jeans record as Total Assets on December 31, 2018 balance sheet? 14. What was Total Shareholder's Equity on Jade's Jeans December 31, 2018 balance sheet? 15. Jade's Jeans Company reported net income for 2018 of $752,000 and the company paid dividends of $0.08 per share in 2018. Given this information along with the data provided above), compute what Jade's Jeans Company reported as retained earnings on its December 31, 2017 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2017 and December 31, 2018). 16. The year-end 2017 balance sheet for Brad's Copy, Inc. lists common stock ($1.20 par value) at $7,620.000 capital surplus at $86,543.000 and retained camnings at $218.546,000. On the 2016 year-end balance sheet, retained earnings is listed as $214.368,000. The firm's net income in 2017 was $12.500,000. No stock was issued or repurchased in 2017. What were dividends per share paid by the firm in 2017 (rounded to the nearest cent)? 17. The Lunder Company has total assets of $22.542.000, current liabilities of $2.547.000, and long-term liabilities of $7.410,000. The firm has 1.000.000 shares of common stock outstanding Compute the firm's book value of equity per share. 18. Referring back to the previous question, if Lunder's net income equals $1,600,000 and Lunder has a P/E ratio of 15.0 (note that PE ratio stock price per share divided by camnings per share), what is the current price of the stock? USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 19 - 22 The Devlin Corporation, a diversified distribution company, purchases cartons of canned tennis balls from the Questor Company and markets the balls under the Devlin brand name. Devlin started operations on January 1, 2019. In the table below, Quarter 1 represents the time period from January 1, 2019 to March 31, 2019 and Quarter 2 represents the time period from April 1, 2019 to June 30, 2019. Devlin began operations on January 1, 2019 with no inventory. Purchases and sales data for Devlin's first two quarters of business are shown below: Quarter 1 Sales 26,000 cartons at $50 per carton Purchases January 8,000 cartons at $25 February 10.000 cartons at $28 March 12,000 cartons at $32 Quarter 2 Sales 50.000 cartons at $58 per carton Purchases April 12.000 cartons at $35 May 16.000 cartons at $38 June 20.000 cartons at $42 19. Calculate the Quarter 2 ending inventories in dollars) using the LIFO inventory valuation method. 20. Calculate Quarter 2 GROSS PROFIT using the LIFO inventory valuation method. 21. Calculate the Quarter 2 ending inventories in dollars) using the FIFO inventory valuation method. 22. Calculate Quarter 2 GROSS PROFIT using the FIFO inventory valuation method