- Problem 12 38 Points The Financial Statements Of Sperang Company Pr Super Company Comparative B Dmcamber 31 2003 Cash 1 (26.92 KiB) Viewed 9 times
- Problem 12 38 Points The Financial Statements Of Sperang Company Pr Super Company Comparative B Dmcamber 31 2003 Cash 2 (44.84 KiB) Viewed 9 times
- Problem 12 38 Points The Financial Statements Of Sperang Company Pr Super Company Comparative B Dmcamber 31 2003 Cash 3 (46.34 KiB) Viewed 9 times
- Problem 12 38 Points The Financial Statements Of Sperang Company Pr Super Company Comparative B Dmcamber 31 2003 Cash 4 (46.34 KiB) Viewed 9 times
- Problem 12 38 Points The Financial Statements Of Sperang Company Pr Super Company Comparative B Dmcamber 31 2003 Cash 5 (29.79 KiB) Viewed 9 times
Problem 7 (10 Points) (a) Cinema Paradiso Company purchased equipment on January 1, 2013 for $110,000 and estimated a $10,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2019, there was $70,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2020, the equipment was sold for $40,000. Indicate the accounts that are increased and/or decreased and by which amount to remove the equipment from the books of Cinema Paradiso Company on March 31, 2020. You must show all of your calculations to receive full credit (b) Assume the same facts as above, except the equipment was sold for $35,000 Indicate which accounts are increased and /or decreased and by which amount to record the disposition of the machine. You must show all your work to receive full credit. _||
Problem 12 (35 Points) The financial statements of Spertramp Company appear below: Supertramp COMPANY Comparative Balance Sheet December 31, 2022 Assets Cash Debt investments Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets.. Liabilities and stockholders' equity Accounts payable Income taxes payable Bonds payable Common stock. Retained earnings. Total liabilities and stockholders' equity. Net sales (all on credit) Cost of goods sold Gross profit Expenses Selling and administrative expenses. Interest expense Total expenses Income before income taxes Income tax expense. Net income. 2022 $ 120,200 148,000 235,600 252,000 1.298.000 $2.053.800 Supertramp COMPANY Income Statement For the Year Ended December 31, 2022 c. d. $ 320,000 87,000 440,000 580,000 626.800 $2.053.800 $1,000,000 44.000 2021 $ 128,400 100,000 205,600 231,000 1.040.600 $1.705.600 $ 290,800 84,000 400,000 600,000 330.800 $1.075.600 Additional information: a. Cash dividends of $140,000 were declared and paid on common stock in 2022. Net cash provided by operating activities during 2022 was $440,000 Capital expenditures during 2022 were $272,000. $3,781,080 2.117.080 1,664,000 b. Weighted average number of shares of common stock outstanding during 2022 was 100,000 shares. 1.044.000 620,000 184.000 436.000
Instructions Using the financial statements and additional information, compute the following ratios for the Supertramp Company for 2022. You Must show all your computations to receive full credit. 1. Gross profit rate 2. Return on common stockholders' equity 3. 4. Accounts receivable turnover Return on assets 5. Average collection period 6. Inventory turnover 7. Days in inventory 8. Times interest earned 9. Asset turnover 10. 11. Free cash flow Profit margin 12. Payout ratio- ||