Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected comparative statement data for Binimi Corporation and Prowel Inc., two competitors, appears below. All balance sheet data is as of December 31, 2020, and

Selected comparative statement data for Binimi Corporation and Prowel Inc., two competitors, appears below. All balance sheet data is as of December 31, 2020, and December 31, 2019. Bimini Corporation Prowel Inc. 2020 2019 2020 2019 Sales $650,000 $1,540,000 Gross profit 304,000 598,000 Operating expenses 149.000 332,000 Deprecation expense 11,100 16.400 Interest expense 6.100 15,000 Income tax expense 55,000 141,000 Current assets 221,000 $206,000 819,000 $747,000 Property, plant, and equipment (net) 430,000 395,000 917,000 967,000 Current liabilities 179,000 85,000 451,000 500,000 Long-term liabilities 85,000 171,000 202,000 276,000 Common shares 251,000 224,000 624,000 574,000 Retained earnings 136,000 121,000 405,000 380,000 Prepare common-size analysis of the 2020 income statement data for Bimini Corporation and Prowel Inc. (If an amount reduces the account balance then enter with negative sign. Round percentage values to 1 decimal place, e.g. 15.3.) Prepare common-size analysis of the 2020 income statement data for Bimini Corporation and Prowel Inc. (If an amount reduces the account balance then enter with negative sign. Round percentage values to 1 decimal place, eg 15.3.) Income Statement Year Ended December 31, 2020 Bimini Corporation Percent Dollars Bollars % $ % % % % % % % % % Calculate the return on assets, the asset turnover, and the return on equity ratios for both companies. (Round return on assets and return on equity to 1 decimal place, eg. 15.3%. Round asset turnover to 2 decimal places, eg. 1.53.) Bimini Corporation Prowel Inc. Return on assets % % Asset Turnover times times Return on 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

Solution Manual For An Introduction To The Mathematics Of Financial Derivatives

Authors: Mitch Warachka, Steven Hogan, Salih N. Neftci

2nd Edition

0125153937, 978-0125153935

More Books

Students also viewed these Accounting questions

Question

what are the provisions in the absence of Partnership Deed?

Answered: 1 week ago

Question

1. What is called precipitation?

Answered: 1 week ago

Question

1.what is dew ?

Answered: 1 week ago

Question

13. You always should try to make a good first impression.

Answered: 1 week ago