Questions from Financial Accounting

Q: Common-size and trend percents for Roxi Company’s sales, cost

Common-size and trend percents for Roxi Company’s sales, cost of goods sold, and expenses follow. Determine whether net income increased, decreased, or remained unchanged in this thr...

Q: Simon Company’s year-end balance sheets follow. (1)

Simon Company’s year-end balance sheets follow. (1) Express the balance sheets in common-size per- cents. Round percents to one decimal. (2) Assuming annual sales have not changed in...

Q: Refer to Simon Company’s balance sheets in Exercise 13-6.

Refer to Simon Company’s balance sheets in Exercise 13-6. (1) Compute the current ratio for each of the three years. Did the current ratio improve or worsen over the three-year period? (2) Compute the...

Q: On January 1, 5G Co. reported current assets of $

On January 1, 5G Co. reported current assets of $72,000 and current liabilities of $60,000. Compute total current assets, total current liabilities, and the current ratio at January 1 and after each o...

Q: Refer to the Simon Company information in Exercise 13-6.

Refer to the Simon Company information in Exercise 13-6. The company’s income statements for the cur- rent year and one year ago follow. Assume that all sales are on credit and then...

Q: Refer to the Simon Company information in Exercises 13-6 and

Refer to the Simon Company information in Exercises 13-6 and 13-9. For both the current year and one year ago, compute the following ratios: (1) debt ratio and equity ratio—percent rounded to one deci...

Q: Spiller Corp. plans to issue 10%, 15-year,

Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2021, and are issued on that dat...

Q: Refer to Simon Company’s financial information in Exercises 13-6 and

Refer to Simon Company’s financial information in Exercises 13-6 and 13-9. For both the current year and one year ago, compute the following ratios: (1) profit margin ratio—percent rounded to one deci...

Q: In the current year, Aveeno reported net income of $50

In the current year, Aveeno reported net income of $50,400, which was a 12% increase over prior year net income. Compute prior year net income.

Q: Refer to Simon Company’s financial information in Exercises 13-6 and

Refer to Simon Company’s financial information in Exercises 13-6 and 13-9. Additional information about the company follows. For both the current year and one year ago, compute the f...