Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This Question: 3 pts 23 of 27 (0 complete) Data Table The Jacksonville Medical Corporation financial statements follow: (Click the icon to view the consolidated

image text in transcribed

This Question: 3 pts 23 of 27 (0 complete) Data Table The Jacksonville Medical Corporation financial statements follow: (Click the icon to view the consolidated balance sheets.) B (Click the icon to view the consolidated income statements.) Jacksonville Medical's long-term debt carries an annual interest rate of 11%. During the year ended December 31, 2018, Jacksonville's times-interest-earned ratio was (Use the 2018 ending debt balance for any applicable calculations. Round your intermediary calculation to two decimal places, X.XX. Round your final answer to one decimal place, X.X.) Data Table x O A 134.3 times. OB. 111.7 times. OC. $34,119. OD. 17.7 times. 1,213 1,550 Jacksonville Medical Corporation Consolidated Statements of Income Year ended December 31, (in Millions, Except per Share Amounts) 2018 2017 2016 Net revenue $ 42,142 $ 35,613 $ 30,968 Cost of goods sold 34,119 28,991 25,411 Gross profit 8,023 6,622 5,557 Operating expenses: Selling, general, and administrative 3,746 3,000 2,987 Research, development, and engineering 592 555 549 Special charges 515 Total operating expenses 4,338 3,555 4,051 Operating income 3,685 3,067 1,506 Investment and other income (loss), net 160 193 (48) Income before income taxes 3,845 3,260 1,458 Income tax expense 1,130 935 475 Net income 2.715 $ 2,325 $ 983 Earnings per common share: $ Basic 1.42 $ 0.98 $ 0.38 Jacksonville Medical Corporation Consolidated Statements of Financial Position December 31, (In Millions) 2018 2017 Assets: Current assets Cash and cash equivalents 4,385 $ 4,290 Short-term investments 830 501 Accounts and notes receivable 3,410 2,400 Inventories, at cost 434 406 Prepaid expense and other current assets 1,686 Total current assets 10.745 8,810 Property and equipment, net 936 Investments 6,808 5,210 Other non-current assets 308 188 Total assets 19,411 S 15,144 Liabilities and stockholder's equity: Current liabilities Accounts payable 7,701 $ 6,006 Accrued and other liabilities 3,696 3,077 Total current liabilities 11,397 9,083 Long-term debt 300 301 Other non-current liabilities 1,700 1,177 Total liabilities 13.397 10.561 Stockholders' equity Preferred stock and capital in excess of $0.02 par value; shares issued and outstanding: none Common stock and capital in excess of $0.05 par value; shares authorized: 6,000; shares issued: 2,204 and 1,940, respectively 7,820 7,008 Treasury stock at cost: 192 and 128 shares respectively 16.550 (4420 Print Done Print Done Click to select your

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

Accounting Information Systems

Authors: Vernon Richardson, Chengyee Chang, Rod Smith

2nd edition

978-1260153156

Students also viewed these Accounting questions