Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On June 30, Culver Corporation discontinued its operations in Mexico. On September 1, Culver disposed of the Mexico facility at a pretax loss of $748,000.
On June 30, Culver Corporation discontinued its operations in Mexico. On September 1, Culver disposed of the Mexico facility at a pretax loss of $748,000. The applicable tax rate is 25%. Show the discontinued operations section of Culver's statement of comprehensive income. CULVER CORPORATION Partial Statement of Comprehensive Income $ Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Target Wal-Mart Corporation Stores, Inc. Income Statement Data for Year $66,300 $411,000 44,000 305,000 14,300 77,000 660 1,900 (80) (420) 1,500 7,200 $5,760 $19,480 Net income Current assets Noncurrent assets Total assets Balance Sheet Data (End of Year) $17,000 $48,000 26.800 122,000 $43,800 $170,000 Current assets Noncurrent assets $17,000 26,800 $43,800 Total assets Current liabilities $11,000 17,700 $48,000 122,000 $170,000 $55,000 45,000 70,000 $170,000 Long-term debt Total stockholders' equity Total liabilities and stockholders' equity 15.100 $43,800 Total assets Total stockholders' equity Current liabilities Total liabilities Beginning-of-Year Balances $43,000 $164,000 12.700 66,000 10,500 55,000 30,300 98,000 Other Data $7,400 7,000 Average net accounts receivable Average inventory Net cash provided by operating activities Capital expenditures Dividends 5,500 $3.900 33,200 26,200 11.900 3,900 1,800 470 For each company, compute the following ratios. (Round all answers to 2 decimal places, eg. 1.85 or 185%.) Target (1) Current ratio :1 -1 (2) Accounts receivable turnover times times (3) Average collection period days days Inventory turnover times times (5) Days in inventory days days (6) Profit margin % % (7) Asset turnover times times (8) Return on assets % % (9) Return on common stockholders' equity % % (10) Debt to assets ratio % % (11) Times interest earned times times (12) Free cash flow $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started