Exam 4: Understanding Financial Statements

On September 1, 2019, Chartreuse Dog, Inc. reported Retained Earnings of $408,000. During the month of September, Chartreuse Dog generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $18,000. What is the balance in Retained Earnings on September 30, 2019?

Data from the financial statements of Nancarrow Brothers Co. and J. C. Murphy, Inc. are presented below (in millions): To the nearest hundredth of a percent, what is the 2019 return on assets ratio for Nancarrow Brothers Co.?

Data from the financial statements of Creativity Crafts and Fun Projects, Inc. are presented below (in millions): To the nearest hundredth of a percent, what is the 2019 return on sales ratio for Creativity Crafts?

For the two unrelated situations below, compute the unknown amounts indicated by the letters (a) and (b).

Rock Springs Company earns a net income of $574,000 and pays dividends of $52,000 during the period. Rock Springs has ending retained earnings of $978,000. The balance in Rock Springs' beginning retained earnings must have been:

During 2019, Wayneright Company's total assets increased $75,000, and total liabilities decreased $45,000. During the same year, the company's investors invested an additional $90,000 and the company paid dividends of $45,000. What must have been the company's net income for 2019?

Chopper Company reported total stockholders' equity of $652,500 on its Dec 31, 2018, balance sheet. The following information is available for the year ended Dec 31, 2019: What are the total liabilities of the company on December 31, 2019?

Rock Springs Company has Beginning retained earnings of $600,000, earns a net income of $150,000, and has an Ending retained earnings balance of $736,000 during the period. The amount which Rock Springs paid in dividends must have been:

Best Ball Bearings has a debt-to-total-assets ratio of 0.915 and Amazing Automotive has 0.99. Which of the following statements is true?

Henrietta Company reported total stockholders' equity of $870,000 on its Dec 31, 2018, balance sheet. The following information is available for the year ended Dec 31, 2019: What are the total liabilities of the company on December 31, 2019?

Determine Sales revenue for Merema Company with the following data:

Consider the following 2019 data for three manufacturing firms ($ in millions): Compute the free cash flow for each firm for 2019.

Compute the missing amounts in the table below:

Determine Sales Revenue for Mountainstone Company with the following data:

Presented below is the Statement of Cash Flows for Margarete Originals Clothing Company: Determine the company's free cash flow:

Fruhling Company presented the following data at the end of 2019: Determine the company's return on sales (rounded)

Determine Sales Revenue for Cadillac Company with the following data:

As of December 31, 2018, Lincolnshire Company had assets of $3,700,000 and liabilities of $1,140,000. During 2019, the stockholders invested an additional $200,000 and paid dividends of $120,000 from the business. What is the net income for the company during 2019, assuming that as of December 31, 2019, assets were $3,920,000, and liabilities were $1,020,000?

Marshall F. Company reported the following year-end amounts: What is the company's Sales Returns for the year?

Prepare a statement of stockholders' equity for the month ended July 31, 2019 for Foster Toys. Foster's account balances for the month ending July 31, 2019 are: