Question

In: Accounting

Alani’s Hawaiian segment had revenues of $2,079 million, operating income of $1,023 million, and average assets...

Alani’s Hawaiian segment had revenues of $2,079 million, operating income of $1,023 million, and average assets of $1,333 million. The Hawaiian segment return on assets is:

49.21%
130.30%
64.12%
155.96%
76.74%

Assume that the custodian of a $450 petty cash fund has $60.70 in coins and currency plus $384.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:

A credit to Cash for $389.30.
A debit to Petty Cash for $384.00.
A debit to Cash for $378.70.
A debit to Cash for $389.30.
A credit to Cash Over and Short for $5.30.

Spencer Co. has a $350 petty cash fund. At the end of the first month the accumulated receipts represent $58 for delivery expenses, $187 for merchandise inventory, and $27 for miscellaneous expenses. The fund has a balance of $78. The journal entry to record the reimbursement of the account includes a:

Debit to Petty Cash for $350.
Debit to Cash Over and Short for $78.
Credit to Cash for $272.
Credit to Inventory for $187.
Credit to Cash Over and Short for $78.

Expert Solution

SOLUTION

Question -1

Return on assets = 76.74% , thus option E is correct.

Return on assets = Operating income / Average assets

= $1,023 million / $1,333 million

= 76.74%

Question -2

Correct option is Option A i.e. A credit to Cash for $389.30

Cash shortage = $450 - $60.70 - $384 = $5.30

Entry would be-

Expenses	384
Cash over and short	5.30
Cash		389.30

Question -3

Correct option is Option C i.e. Credit to Cash for $272

Delivery expenses	58
Merchandise inventory	187
Miscellaneous expense	27
Cash		272

ekkarill92 answered 2 years ago

64. Alani’s Hawaiian segment had revenues of $2,029 million, operating income of $973 million, and average...

64. Alani’s Hawaiian segment had revenues of $2,029 million, operating income of $973 million, and average assets of $1,283 million. The Hawaiian segment return on assets is: 63.23% 47.95% 75.84% 131.86% 158.14% 73. A company has $101,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 3% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $910 debit. The journal entry to record the adjustment...

The Alpha Company had sales of $2,000,000, net operating income of $320,000 and average operating assets...

The Alpha Company had sales of $2,000,000, net operating income of $320,000 and average operating assets of $575,000. What was the return on investment? Round your percentage answer to the nearest whole percent. Answer:____________ ABC Industries is evaluating the amount of time between when a customer places an order and when the order is shipped. For last year, the following data was reported: Inspection time 0.3 days Wait time 7.0 days Process time 2.6 days Move time ...

Champagne, Inc., had revenues of $14 million, cash operating expenses of $9.5 million, and depreciation and...

Champagne, Inc., had revenues of $14 million, cash operating expenses of $9.5 million, and depreciation and amortization of $1.6 million during 2018. The firm purchased $650,000 of equipment during the year while increasing its inventory by $450,000 (with no corresponding increase in current liabilities). The marginal tax rate for Champagne is 30 percent. What is Champagne's cash flow from operations for 2018? What is Champagne's free cash flow for 2018?

A company had total revenues of $500 million, operating margin of 40%, and depreciation and amortization...

A company had total revenues of $500 million, operating margin of 40%, and depreciation and amortization expense of $80 million over the trailing twelve months. The company currently has $600 million in total debt and $100 million in cash and cash equivalents. If the company's market capitalization (total value of its equity) is $2 billion, what is its EV/EBITDA multiple? Round to two decimal places (Assume EBIT = Operating income).

A company had total revenues of $35 million, operating margin of 28.2%, and depreciation and amortization...

A company had total revenues of $35 million, operating margin of 28.2%, and depreciation and amortization expense of $10 million over the trailing twelve months. The company currently has $268 million in total debt and $61 million in cash and cash equivalents. The company's shares are currently trading at $30.5 per share and there are 6 million shares outstanding. What is its EV/EBITDA ratio? Round to one decimal place.

A company had total revenues of $71 million, operating margin of32.1%, and depreciation and amortization...

A company had total revenues of $71 million, operating margin of 32.1%, and depreciation and amortization expense of $23 million over the trailing twelve months. The company currently has $235 million in total debt and $47 million in cash and cash equivalents. The company's shares are currently trading at $29 per share and there are 11 million shares outstanding. What is its EV/EBITDA ratio? Round to one decimal place.

a.) Star Inc. has Year 1 revenues of $80 million, net income of $9 million, assets...

a.) Star Inc. has Year 1 revenues of $80 million, net income of $9 million, assets of $65 million, and equity of $40 million, as well as Year 2 revenues of $87 million, net income of $22 million, assets of $70 million, and equity of $50 million. Calculate Star’s return on equity (ROE) for each year based on the DuPont method and compare it with a direct ROE measure. Next, explain why the firm’s ROE changed between Year 1 and...

ABC Division currently has an operating profit of $3.75 million on average operating assets of $21...

ABC Division currently has an operating profit of $3.75 million on average operating assets of $21 million. ABC is considering investing in two projects: Project #1 Project #2 Required Investment $1,250,000 $ 750,000 Annual Revenue or Cost Savings $ 200,000 $175,000 ABC’s division manager receives a bonus each year which is tied to the ROI of ABC. Corporate headquarters has made $2.5 million in capital available to ABC. Any unused funds would be invested at the corporate level at...

The Talley Corporation had taxable operating income of $395,000 (i.e., earnings from operating revenues minus all...

The Talley Corporation had taxable operating income of $395,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $40,000, (2) dividends received of $10,000, and (3) dividends paid of $20,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the firm’s taxable income? Round your answer to the nearest dollar. $ What is the tax expense? Round your answers...

The Talley Corporation had taxable operating income of $490,000 (i.e., earnings from operating revenues minus all...

The Talley Corporation had taxable operating income of $490,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $70,000, (2) dividends received of $25,000, and (3) dividends paid of $40,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the after-tax income? Round your answers to the nearest dollar.