Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 12P
On its December 31, 2018, consolidated
a. $10,000
b. $20,000
c. $25,000
d. $50,000
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Assume Metro Company had a net income of $2,100 for the year ending December 2018. Its beginning and ending
total assets were $30,000 and $18,000, respectively. Calculate Metro's return on assets (ROA). (Round your
percentage answer to two decimal places.)
A. 7%
B. 11.67%
C. 4.38%
D. 8.75%
I was given only this document for an assignment:
What is the Fiscal Year End Date?Amazon: December 31st, 2019Walmart: January 31st, 2020Financial Statements data:Amazon:Net Sales: $280,522,000,000Basic net income per common share: $23.46Total current assets: $96,334,000,000Retained earnings: $31,220,000,000Net cash provided by operating activities: $38,514,000,000Inventory LIFOWalmart:Net Sales: $519,926,000,000Basic net income per common share: $5.22Total current assets: $61,806,000,000Retained earnings: $83,943,000,000Net cash provided by operating activities: $25,255,000,000Inventory: FIFO
ANSWER THE FOLLOWING QUESTIONS:What are 3 differences between accounting policies from each company and why do you think they are different?
I'm not sure exactly what the 3 differences are. I believe (1) is the fiscal year versus the calendar year ending maybe due to Walmart having more seasonal sales like Christmas, and (2) is the FIFO vs LIFO method - but I'm not sure why they would choose…
Operating data for Coronado Corporation are presented as follows.
2022
2021
Net sales
$754,000
$595,000
Cost of goods sold
468,234
391,510
Selling expenses
125,164
67,830
Administrative expenses
63,336
55,930
Income tax expense
35,438
27,965
Net income
61,828
51,765
Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.)
Chapter 3 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - When a parent company applies the initial value...Ch. 3 - Several years ago, Jenkins Company acquired a...Ch. 3 - Benns adopts the equity method for its 100 percent...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Paar Corporation bought 100 percent of Kimmel,...Ch. 3 - Prob. 6PCh. 3 - Prob. 7PCh. 3 - If no legal, regulatory, contractual, competitive,...Ch. 3 - Prob. 9PCh. 3 - Prob. 10PCh. 3 - What is Phoenixs consolidated retained earnings...Ch. 3 - On its December 31, 2018, consolidated balance...Ch. 3 - Prob. 13PCh. 3 - Herbert, Inc., acquired all of Rambis Companys...Ch. 3 - Prob. 15PCh. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18PCh. 3 - Prob. 19PCh. 3 - Prob. 20PCh. 3 - Prob. 21PCh. 3 - Prob. 22PCh. 3 - Following are selected account balances from...Ch. 3 - Prob. 24PCh. 3 - Prob. 25PCh. 3 - Prob. 26PCh. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - On January 1, 2017, Pinnacle Corporation exchanged...Ch. 3 - Following are selected accounts for Mergaronite...Ch. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39APCh. 3 - Prob. 40APCh. 3 - Prob. 1DYSCh. 3 - FASB ASC AND IASB RESEARCH CASE A vice president...Ch. 3 - Prob. 4DYSCh. 3 - Prob. 5DYS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $ 755,000 $ 604,000 Cost of goods sold 464,325 386,560 Selling expenses 118,535 75,500 Administrative expenses 58,135 54,360 Income tax expense 37,750 24,764 Net income 76,255 62,816 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)arrow_forwardOperating data for Indigo Corporation are as follows. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $810,000 535,410 124,740 59,940 27,540 62,370 2021 $590,000 371,700 66,080 44,840 24,190 83,190 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)arrow_forwardhe following information is related to the Doll Pty Ltd. Description 2018 2020 Total revenues (Sales) $2,580 $5,880 Total assets: Beginning of year 1,200 2,290 End of year 1120 2,381 The ratio of sales to assets for 2018 and 2020 will be: Select one: a. 2.22 And 2.52 b. 2.30 And 2.47 c. 1.11 And 1.26 d. 2.15 And 2.56arrow_forward
- view Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answerarrow_forwardOperating data for Riverbed Corp are presented below. 2022 2021 Sales revenue $850,500 $643,000 Cost of goods sold 529,000 409,600 Selling expenses 121,800 75,900 Administrative expenses 73,300 50,700 Income tax expense 33,000 23,500 Net income 93,400 83,300 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) RIVERBED CORPCondensed Income Statementchoose the accouning period For the Years Ended December 31December 31For the Month Ended December 31 2022 2021 Amount Percent Amount Percent Sales $850,500 enter percentages % $643,000 enter percentages % Cost of goods sold 529,000 enter percentages % 409,600 enter percentages % Gross profit 321,500 enter percentages % 233,400 enter percentages % Selling…arrow_forwardOperating data for Cheyenne Corp. are presented below. 2022 2021 Sales revenue $831,900 $629,500 Cost of goods sold 529,700 410,900 Selling expenses 125,400 74,300 Administrative expenses 79,400 52,000 Income tax expense 37,000 24,500 Net income 60,400 67,800 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)arrow_forward
- Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.00arrow_forwardAfter analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenue as the base amount. Round percentages to two decimal places. Here is the operating data for Yalis Cleaning, Inc.: 2021 2020Service revenue $523,000 $476,000Operating expenses 385,500 319,800Income tax expense 34,375 39,050Net income $103,125 $117,150arrow_forwardII. Direction: The following comparative financial statements are provided by Zeus Company. Using Horizontal and Vertical approach, calculate the missing and write your answer on the blank. Show supporting solutions in a separate sheet of paper. Answer the questions at the bottom of this activity. ZEUS COMPANY COMPARATIVE STATEMENT OF FINANCIAL POSITION December 31, 2019 and 2018 2019 2018 Rate of Inc(Dec) Assets: P550,000.00 10% Current assets 45% 21.98% Long-term investments Fixed assets (net) Intangible assets 200,500.00 25% 30% 0.76% 50,000.00 Total Assets PI,211,500.00 Liabilities: Current liabilities 20% P200,800.00 Long-term liabilities Total liabilities 100,000.00 200,000.00 P400,800.00 Owner's Equity P869.200.00 60% Total liabilities and equityarrow_forward
- prepare a horizontal analysis of revenues and grossin dollar amounts and in 2019 and 2018. (Enter amounts in millions as provided to you in the problem statement. Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.) (In millions) 2019 2018 2017 Revenue $9,575 $9,300 $8,975 cost of goods sold $6,250 $6,000 $5,890 Increase (decrease) 2019 2018 Amount Percentage Amount Percentage Revenue Gross Profitarrow_forwardS Find online the annual 10 - K report for Costco Wholesale Corporation (COST) for September 28, 2023 f. Did the company have any contingent liabilities at the balance sheet date? Discuss the specific nature of these contingencies and how (or whether) they are expected to affect the firm's financial health h ASSEN s Ope TOTAL ASSETS CURRENT LIABILITIES LABILITIES AND EQUITY A Der Cap OTT L se org TOTAL LIATES COMMITMENTS AND CONTINGENCIES COUNTY 10 suhted this Consescanda Talk sil TOTAL LIABUTES AND EQUITY 2/12 3/18 2241 17667 Sa 24741 2/14 4 04.15 17482 s 52.545 2321 7301 топ 2337 2174 1.589 22 5611 TRE 3377 242 2482 2555 2.558 BUX 4351 = - 2 7.340 084 138931 21842 25194 21547 94111arrow_forwardThe following information is available from the financial statements of Akerley Hospitality 2017 2018 2019 Total assets, December 31, Net income $608,000 $330,000 $1,456,000 59,400 62,400 56,800 a) Calculate Akerley's return on total assets for 2018 and 2019. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) b) Determine if the change in Akerley's return on total assets is favorable or unfavorable.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License