20Υ8 20Y7 20Υ6 20Y5 20Υ4 Net income $1,120,400 $965,900 $811,700 $693,800 $588,000 Interest expense 380,900 347,700 300,300 229,000 182,300 Income tax expense 358,528 270,452 227,276 180,388 141,120 Total assets (ending balance) 6,308,280 6,633,962 4,788,646 4,965,740 3,765,686 Total stockholders' equity (ending balance) 2,021,243 2,424,789 1,550,109 1,918,695 1,151,217 Average total assets 6,471,121 5,711,304 4,877,193 4,138,117 3,517,352 Average stockholders' equity 2,223,016 1,987,449 1,734,402 1,534,956 1,342,466 You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years: 20Y4-20Y8 22.9% Return on total assets 47.2% Return on stockholders' equity

20Υ8 20Y7 20Υ6 20Y5 20Υ4 Net income $1,120,400 $965,900 $811,700 $693,800 $588,000 Interest expense 380,900 347,700 300,300 229,000 182,300 Income tax expense 358,528 270,452 227,276 180,388 141,120 Total assets (ending balance) 6,308,280 6,633,962 4,788,646 4,965,740 3,765,686 Total stockholders' equity (ending balance) 2,021,243 2,424,789 1,550,109 1,918,695 1,151,217 Average total assets 6,471,121 5,711,304 4,877,193 4,138,117 3,517,352 Average stockholders' equity 2,223,016 1,987,449 1,734,402 1,534,956 1,342,466 You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years: 20Y4-20Y8 22.9% Return on total assets 47.2% Return on stockholders' equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Simple Accounting - Property Tax. Market Value Tax Policy Rate Property Tax $1,370,980.00 50.75% 4.39571 a. $3,058,413.48 O b. $29,680.17 O c. $30,584.13 d. $60,264.30
Description FY10 FY11 FY12 FY13 FY14 Financial Statements GBP m GBP m GBP m GBP m GBP m Income Statements Revenue 4,390 3,624 3,717 8,167 11,366 Profit before interest & taxes (EBIT) 844 700 704 933 1,579 Net Interest Payable (80) (54) (98) (163) (188) Taxation (186) (195) (208) (349) (579) Miniorities (94) (99) (105) (125) (167) Profit for the year 484 352 293 296 645 Balance Sheet Fixed Assets 3,510 3,667 4,758 10,431 11,483…
How much of the following is gross income subject to income tax? * a. P2,410,000 b. P2,210,000 c. P2,160,000 d. P1,710,000 e. P450,000
Petty cash fund Accrued expenses Prepaid expenses Accumulated depreciation-Equipment 112,000 50,000 25,000 Test II The following accounts were taken from the books of Narnia Company for the year ended December 1, 2021. Accounts receivable 23,000 135,000 110,000 20,000 1,650,000 66,000 Freight in Equipment Depreciation expense Sales 52,000 Repairs and maintenace expense The inventory on December 31, 2021 was P 180,000. wwwwwwww Purchases 400,000 25,000 50,000 30,000 120,000 150,000 200,000 300,000 350,000 100,000 Freight out Marketable securities Compute for the following: 1. Working capital= Current assets – Current liabilities Cash Patents 2. Current ratio= Current assets/ Current liabilities Purchases Office supplies Furnitures and Fixtures 3. Quick ratio= Cash, Marketable securities, Accounts receivable Current liabilities Merchandise inventory Dec. 1, 2021 Copyrights Land 4. Receivable turn over= Credit sales/ Average receivable 800,000 950,000 25,000 5. Average collection period=…
1. Use the following information to answer the following questions: Taxable income Tax rate $ 0 – $ 50,000 15% $ 50,001 – $ 75,000 25% $ 75,001 – $100,000 34% $ 100,001 – $335,000 39% $ 335,001 – $10.000 million 34% $10,000,001 – $15.000 million 35% $15,000,001 – $18.333 million 38% $18,333,334 and above 35% A. If a firm has taxable income of $16.2 million, its marginal tax rate is . B. If a firm has taxable income of $16.2 million, its average tax rate is _____.
38. What is the total tax expense? A. P750,000 B. P600,000 C. P2,550,000 D. P300,000
NC.OMB Summ ARY 0 5000 75,000 From the information above- determine income or loss amount. To answer if income, amount and capital C. Example 100000C To answer if loss, amount and capital L. Example- 100000L
Compute the taxable income. A. ZeroB. P4,000,000C. P5,000,000D. P29,000,000
Consider the information for AGL provided in the two tables below and answer the following questions. (Note: numbers in red are negative) Balance Sheet $'m cash Receivables Inventory Other assets Total Current Assets Inventory Financial Assets & Investments Plant Intangibles Other assets Total Non-Current Assets Total Assets Trade payables Borrowings Other liabilities Total Current Liabilities Debt Other liabilities Total non-current liabilities Total Liabilities Net Assets Issued Capital Reserves Retained earnings Total Equity 2021 88 1,889 418 1,280 3,675 46 950 6,283 3,302 1,194 11,775 15,450 1,838 305 832 2,975 2,880 4,089 6,969 9,944 5,506 5,601 20 (115) 5,506 2020 141 1,571 400 1,010 3,122 59 688 6,640 3,638 460 11,485 14,607 1,351 38 999 2,388 3,070 1,177 4,247 6,635 7,972 5,603 (80) 2,449 7,972
WhyRU Company usually depreciates its equipment using straight line method for accounting purposes, but for tax purposes its sum-of-the-years method. WhyRU Company acquired the equipment through purchase amounting to P2,400,000 on January 1,2018. Assume a tax rate of 30%. Useful life is 4 years. WhyRU Company made the following income in its income tax return available through reports for 2018 – P800,000; 2019 – P890,0000; 2020 – P1,200,000; 2021 – P1,500,000 There is no other differences between WhyRU's accounting income and taxable income for years 2018, 2019, 2020 and 2021 other than for the difference in depreciation for the equipment described.
identify deferred tax assets/liabilioties in the following figure Total Current Assets - - - - Total Assets 1057734 1014060 979868 976502 Cash & Due from Banks 96610 81786 73246 65619 Other Earning Assets, Total 144765 123145 118007 118805 Net Loans 759118 742473 737033 727002 Property/Plant/Equipment, Total - Net 5468 5602 5205 2383 Property/Plant/Equipment, Total - Gross - - - - Accumulated Depreciation, Total - - - - Goodwill, Net 5269 5284 5997 5974 Intangibles, Net 1674 1660 1732 1991 Long Term Investments 2865 3034 3054 3001 Other Long Term Assets, Total 4139 3830 3098 18226 Other Assets, Total 37826 47246 32496 33501 Total Current Liabilities - - - - Total Liabilities 982736 942052 908766 906908 Accounts Payable 9826 13188 9998 10285 Payable/Accrued - - - - Accrued Expenses - - - - Total Deposits 750843 701551 666300 640311 Other Bearing Liabilities, Total - - - 32 Total Short Term Borrowings 26633 16877 20346 19099…
Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000