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Question 12 The following balances were taken from the books of Expectancy Corp. on December 31, 2020. Sales revenue Inventory (01-01-2020) Purchase during the year Purchase return and allowances Freight in Sales discounts Purchase discounts Sales returns and allowances Sales commissions Freight-out Interest revenue Interest expense Depreciation expense on sales equipment Maintenance and repairs expense (sales) Office expense Maintenance and repairs expense (administration) Telephone and Internet expense administration) Rent Expense Insurance Expense Depreciation on office equipment Write-off of goodwill Loss on the sale of investments (normal recurring) Loss due to hurricane damage-extraordinary item (gross) Gain on the disposition of the retail division (net of tax) Dividends declared on common stock BDT 55,500,000 500,000 35,000,000 100,000 200,000 1,000,000 100,000 1,500,000 725,000 1,275,000 160,000 40,000 431,000 350,000 1,400,000 19,000 150,000 1,200,000 1,800,000 600,000 2,100,000 53,000 1,760,000 23,000 3,500,000 Dividends declared on preferred stock 1,250,000 Additional information: 1. During 2017, there were 1,000,000 shares of common stock outstanding all year. 2. The tax rate is 27.5%. 3. The ending inventory is BDT. 650,000 Required Prepare a multiple-step income statement Question 11 The condensed financial statements of the Estee Lauder Companies, Inc. for the years ended June 30, 2020, and 2019 are presented below. Estee Lauder Companies, Inc. Balance Sheet June 30 (BDT in millions) 2020 2019 546.90 624.80 544.50 211.40 346.70 580.60 630.30 181.30 Assets Current assets Cash and cash equivalents Accounts receivable (net) Inventories Prepaid expenses and other current assets Total Current Assets Property, plant, and equipment (net) Investments Intangibles and other assets Total Assets 1,927.60 580.70 30.30 877.90 3.416.50 1,738.90 528.70 51.00 910.20 3.218.80 Liabilities and Shareholders' Equity Current liabilities Long term liabilities Total stockholders' equity Total liabilities and stockholders' equity 959.60 635.00 1,821.90 3,416.50 856.70 650.00 1,712.10 3,218.80 Estee Lauder Companies, Inc. Income Statement For the year ended June 30 (BDT in millions) 2020 2019 4,751.50 4,682.10 Revenues Costs and expenses Cost of goods sold Selling and administrative expenses 1,273.40 3,133.60 1,226.40 2,947.60 Interest expense Total cost and expenses EBIT Income tax expense Net Income 17.60 4,424.60 326.90 114.40 212.50 26.70 4,200.70 481.40 174.00 307.40 Era 50eQG Compute and interpret the following ratios for 2020 and 2019. Current ratio (b) Quick ratio (C) Inventory Turnover (Inventory on 6/30/2018 was TK 546.3) (d) Receivable Turnover (Receivable on 6/30/2018 was TK 525.25) Gross Profit Margin Net Profit margin Return on assets (Assets on 6/30/2018 was TK 3043.3) (h) Times interest earned. Question 10 The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventories Investments Building Equipment Patent Total December, 31 2020 2019 $ 33,500 $ 13,000 12,250 10,000 12,000 9,000 -0- 3,000 -0- 29,750 45,000 20,000 5,000 6,250 $107.750 $91,000 $3,000 $2,000 $ 4,500 4,500 Allowance for doubtful accounts Accumulated depreciation on equipment Accumulated depreciation on building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings Total -0- 5,000 -0- 3,000 31,000 43,000 20,750 $107.750 6,000 3,000 5,000 4,000 25,000 33,000 6,000 $91,000 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at the time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1, 2010, the building was destroyed by a flood. Insurance proceeds on the building were $30,000 (net of $2,000 taxes). 5. Investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. The interest of $2,000 and the income taxes of $6,500 were paid in cash. Required Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country