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Please answer the following questions:
Cash Flow to Creditors and Stockholders
As part of your analysis, you are required to investigate Carrium Insights Inc. cash flows and compute selected financial ratios using the financial statements provided
Required:
(a) Calculate the following for 2020:
- Operating Cash Flow - DO NOT ANSWER
- Net Capital Spending - DO NOT ANSWER
- Change in Net Working Capital - DO NOT ANSWER
- Cash Flow from Assets - DO NOT ANSWER
- Cash Flow to Creditors
- Cash Flow to Stockholders
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- The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.
- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 3. Prepare a common-size income statement for Year 3 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities. 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 43,558 32,628 112,283 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 S % $ 57,843 0 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021…Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 33,964 43,558 21,356 112,283 80,341 14,943 $ 65,398 $ 41,856 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 57,843 0 51,166 32,628 83,794 52,649 10,793 $ 23,890 66,000 $ 20,253 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 41,423 Total liabilities and equity $…
- Selected comparative financial Statements of Kordin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330, 310 263,974 186,688 156,366 105,012 58,007 38,504 36,990 24,211 94,997 61,369 12,581 $ 48,788 Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 $74,141 December 31 2021 $ 62,574 0 114,438 $177,012 $ 25,844 65,000 8,125 78,043…Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…