Question
In: Accounting
Financial statement data of Style TravelerStyle Traveler magazine include the following items (dollars in thousands): LOADING......
Financial statement data of Style TravelerStyle Traveler magazine include the following items (dollars in thousands):
LOADING...
(Click the icon to view the financial statement data.)
Requirements
|
1. |
Compute
Style TravelerStyle Traveler's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places. |
||||||||
|
2. |
Compute the three ratios after evaluating the effect of each
transaction that follows. Consider each transaction
separately. |
||||||||
|
Requirement 1. Compute
Style TravelerStyle Traveler's
current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places.
|
Current Ratio |
Debt Ratio |
Earnings per Share |
|
|
1.39 |
0.60 |
$1.35 |
Requirement 2. Compute the three ratios after evaluating the effect of each transaction that follows. Consider each transaction
separately.
a. Purchased inventory on account,$60,000
b. Borrowed $170,000 on along-term note payable c. Issued 7,500 shares of common stock, receiving cash of $136,000
d. Received cash on account,$20,000.
(Round your answers to two decimal places.)
|
Transaction |
Current Ratio |
Debt Ratio |
Earnings per Share |
|
a. |
DATA TABLE
Cash. . . . . . . . . . . . . . . . . . . . . . . . . .
$25,000
Accounts receivable, net. . . . . . . . . . . .
$83,500
Inventories. . . . . . . . . . . . . . . . . . . . . .
$169,500
Total assets. . . . . . . . . . . . . . . . . . . . .
$680,000
Short-term notes payable. . . . . . . . . .
$51,500
Accounts payable. . . . . . . . . . . . . . . . .
$105,000
Accrued liabilities. . . . . . . . . . . . . . . . .
$43,500
Long-term liabilities. . . . . . . . . . . . . .
$208,000
Net income. . . . . . . . . . . . . . . . . . . . . .
$81,000
Common shares outstanding. . . . . . . . .
60,000
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for the...
Vertical Analysis of Income Statement
The following comparative income statement (in thousands of
dollars) for the two recent fiscal years was adapted from the
annual report of Calvin Motorsports, Inc., owner and operator of
several major motor speedways, such as the Atlanta, Texas, and Las
Vegas Motor Speedways.
Current Year
Previous Year
Revenues:
Admissions
$92,316
$104,544
Event-related revenue
135,648
131,648
NASCAR broadcasting revenue
179,922
170,368
Other operating revenue
63,114
77,440
Total revenue
$471,000
$484,000
Expenses and other:
Direct expense of...
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for the...
Vertical Analysis of Income Statement The following comparative
income statement (in thousands of dollars) for the two recent
fiscal years was adapted from the annual report of Calvin
Motorsports, Inc., owner and operator of several major motor
speedways, such as the Atlanta, Texas, and Las Vegas Motor
Speedways. Current Year Previous Year Revenues: Admissions $94,400
$107,580 Event-related revenue 138,768 147,189 NASCAR broadcasting
revenue 169,448 160,881 Other operating revenue 69,384 73,350 Total
revenue $472,000 $489,000 Expenses and other: Direct expense of...
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for the...
Vertical Analysis of Income Statement
The following comparative income statement (in thousands of
dollars) for the two recent fiscal years was adapted from the
annual report of Motor Speedways Inc., owner and operator of
several major motor speedways.
Current Year
Previous Year
Revenues:
Admissions
$89,870
$102,690
Event-related revenue
145,684
147,189
NASCAR broadcasting revenue
170,753
161,859
Other operating revenue
66,693
77,262
Total revenues
$473,000
$489,000
Expenses and other:
Direct expense of events
$97,911
$97,800
NASCAR purse and sanction fees
116,358
117,849...
Gross Profit Percentage The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars,...
Gross Profit Percentage
The following financial data is from Hi-Tech Instruments' financial
statements (thousands of dollars, except earnings per share.)
2016
Sales revenue
$209,500
Cost of goods sold
125,500
Net income
8,300
Dividends
2,600
Earnings per share
4.15
Hi-Tech
Instruments, Inc.
Balance Sheet
(Thousands of Dollars)
Dec. 31, 2016
Dec. 31, 2015
Assets
Cash
$18,300
$18,000
Accounts receivable (net)
46,000
41,000
Inventory
39,500
43,700
Total current assets
103,800
102,700
Plant assets (net)
52,600
50,500
Other assets
15,600
13,800
Total assets...
Financial statement data for Jenkins, Inc. include the following items: Cash $22,000 Short-term investments 33,000 Accounts...
Financial statement data for Jenkins, Inc. include the following
items:
Cash
$22,000
Short-term investments
33,000
Accounts receivable, net
87,000
Inventories
145,000
Prepaid expenses
9,000
Total assets
$675,000
Short-term note payable
$44,000
Accounts payable
102,000
Accrued liabilities
37,000
Long-term notes payable
162,000
Other long-term liabilities
32,000
Net Income
$95,000
Number of common shares outstanding
50,000
Requirements:
1. Calculate Jenkins, Inc. Current ratio, debt ratio and earnings
per share.
Round all ratios to decimal places.
2. Calculate the three ratios after evaluating...
The following data give the annual incomes (in thousands of dollars) and amounts (in thousands of dollars) of life insurance policies for eight persons.
The following data give the annual incomes (in thousands of dollars) and amounts (in thousands of dollars) of life insurance policies for eight persons.(a) At the 98% confidence level, test whether annual income and the amount of life insurance policies are independent.(b) Find the attained significance level.(c) State any assumptions you have made in solving the problem.
Debt-to-Equity Ratio The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars, except...
Debt-to-Equity Ratio
The following financial data is from Hi-Tech Instruments' financial
statements (thousands of dollars, except earnings per share.)
2016
Sales revenue
$210,000
Cost of goods sold
125,000
Net income
9,300
Dividends
2,600
Earnings per share
4.65
Hi-Tech Instruments, Inc.
Balance Sheet
(Thousands of Dollars)
Dec. 31, 2016
Dec. 31, 2015
Assets
Cash
$19,300
$18,000
Accounts receivable (net)
45,000
41,000
Inventory
39,500
43,700
Total current assets
103,800
102,700
Plant assets (net)
52,600
50,500
Other assets
15,600
13,800
Total assets
$172,000...
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two...
Vertical Analysis of Income Statement
The following comparative income statement (in thousands of
dollars) for two recent fiscal years was adapted from the annual
report of Speedway Motorsports, Inc. (TRK), owner
and operator of several major motor speedways, such as the Atlanta,
Texas, and Las Vegas Motor Speedways.
Current Year
Previous Year
Revenues:
Admissions
$90,639
$100,694
Event-related revenue
136,900
146,980
NASCAR broadcasting revenue
224,227
217,469
Other operating revenue
60,390
31,320
Total revenues
$512,156
$496,463
Expenses and other:
Direct expense of...
Financial Statement Items Identify the financial statement (or statements) in which each of the following items...
Financial Statement Items
Identify the financial statement (or statements) in which each
of the following items would appear: income statement (IS),
statement of stockholders’ equity (SSC), balance sheet (BS), or
statement of cash flow (SCF).
Assets
Revenue
Cashflow from investing activities
Stockholders’ equity
Expenses
Net change in cash
Net Income
Liabilities
Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7%...
Pension data for Barry Financial Services Inc. include the
following:
($ in thousands)
Discount rate, 7%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, 2021
$
460
January 1, 2021:
Projected benefit obligation
3,050
Accumulated benefit obligation
2,750
Plan assets (fair value)
3,150
Prior service cost—AOCI (2021 amortization, $40)
400
Net gain—AOCI (2021 amortization, $12)
480
There were no changes in actuarial assumptions.
December 31, 2021:
Cash contributions to pension fund, December 31, 2021...
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