Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi I need help answering the following questions thank you The following information (In $ millions) comes from the Annual Report of Saratoga Springs Co.

hi I need help answering the following questions thank you
image text in transcribed
image text in transcribed
image text in transcribed
The following information (In $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12 Year ended 12/31/2821 Net sales $7,959 Cost of goods sold 4,777 Selling and administrative expense 1,919 Interest expense 426 Income before taxes 837 Net income 468 Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets 12/31/2021 $ 985 1,020 1,065 13,510 $16,580 12/31/2020 65 674 529 3,854 $5,122 Total current liabilities Long-term debt Total liabilities Total stockholders equity $ 5,757 5,601 $11, 358 $ 5,222 $2,219 2,231 $4,450 $ 672 Required: Compute the profit margin on sales for 2021. (Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%.) Profit margin on sales 96 The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Debit Credit 199,000 189,000 279.000 509,000 Account Title Accounts payable Accounts receivable Accumulated depreciation equipment Common stock Cash Cost of goods sold Depreciation expense Equipment Interest expense Inventory Note payable (due in six months) Rent expense Retained earnings Salaries payable Sales revenue Salaries expense Totals 45,00 499, eee 79,00 738,000 9. Bee 169,00 79, 800 49, ee 86,990 27,000 827.000 239, eee 1,916,000 1,916,000 Required Compute Kline's 12/31/2021 total current liabilities: Current liabilities The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Debit Credit 97,000 177,000 267,000 497, eee Account Title Accounts payable Accounts receivable Accumulated depreciation-equipment Common stock Cash Cost of goods sold Depreciation expense Equipment Interest expense Inventory Note payable (due in Ex months) Rent expense Retained earnings Salaries payable Sales revenue Salaries expense Totals 33,000 487,000 67,000 714, eee 4,000 157, eee dece Bee 37,808 69,000 15, eee 791,000 127, eee 1,803, eee 1,803,00 Required: Compute Kline's 12/31/2021 total shareholders equity Shareholders equity

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

Security And Loss Prevention An Introduction

Authors: Philip Purpura CPP Florence Darlington Technical College

7th Edition

0128117958, 9780128117958

More Books

Students also viewed these Accounting questions

Question

7 Explain the equity theory of motivation.

Answered: 1 week ago