What is the amount of revenue recognized in 2010? __________ b. What is the amount of revenue recognized in 2011? __________ c. What is the amount of gross profit recognized in 2011? __________ d. What is the amount of gross profit recognized in 2012?
Part I: Case study: Gap Inc. (5 points) Using the fiscal 2011 (year end Jan 28, 2012) 10k for Gap Inc., answer the following questions. Be sure to provide well-written answers that are clearly supported. 1. What was Gap’s Total Assets at the fiscal yearend of 2011? $7,422.00 What was its Total Liabilities?
Question: : (TCO D) On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on February 14, 2011. On January 10, 2011, Irey arranged a line of credit with County Bank which allows Irey to borrow up to $1,700,000 at one percent above the prime rate for three years. On February 2, 2011, Irey borrowed $1,700,000 from County Bank and used $300,000 additional cash to liquidate $1,700,000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2010 balance sheet which is issued on March 5, 2011 is 9. Question: : (TCO D) Tender Foot Inc. is involved in litigation regarding a faulty product sold in a prior year.
The rental price of capital? The real wage? c. Suppose that a gift of capital from abroad raises the capital stock by 10 percent. What happens to total output (in percent)? The rental price of capital?
Problem 3.5 from Page 106, Chapter 3 A. Construct Brandywine’s 2011 income statement Brandywine Homecare Statement of Income Year ended December 31, 2011 Revenue: Total revenues $12,000,000 Expenses: Expenses $9,000,000 Depreciation $1,500,000 Total Expenses $10,500,000 Net Income $1,500,000 B. What were Brandywine’s net income, total profit margin, and cash flow? The facilities net income is Total revenues which is the total revenue minus total expense. Their profit margin equals the net income and revenue times 100. Their cash flow is the net income plus depreciation.
To forecast 2010 sales based on 2009 sales, Equation 1 must be used: St = $500,000 + $1.10St–1 S2010 = $500,000 + $1.10($1,500,000) = $2,150,000 3. Equation 2 requires a forecast of gross domestic product. Equation 3 uses the actual gross domestic product for the past year and, therefore, is observable. 4. Advantages: Using the highest R2, the lowest
e) What is the company’s operating income for the current year? f) What is the company’s EBITDA for the current year? g) What is the company’s net income/earnings (final profit or loss) for the current year? h) What are the company’s earnings per share (basic and diluted) for the current year? (notes) i) What is the actual name used by the company to identify this particular document?
FASB states that if some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, that amount shall be accrued (FASB 450-20-30-1). Therefore, M should record a liability in the amount of $17 million. 2. For the year- end December 31, 2009, financial statements, should M adjust its liability? If so, what amount should be recorded; and should the amount of the adjustment be considered a 2009 event or a prior period adjustment?
Investors buy stock at the C. quoted ask price. 3. Which of the following statements is most correct? A. The stock valuation model, P0 = D1/ (i - g), can be used for firms which have negative growth rates.
Income Statement and Related Footnotes a. Is the general format of the income statement closer to single-step or multiple-step? The general format of the income statement is closer to multiple-step. b. Income Statement figures for the most recent fiscal year Cost of goods sold Amount | Percentage of total revenue | $47,860,000,000 | 68.50% ($47,860,000,000/$69,865,000,000) | Reference: Consolidated Statements of Operations, Form 10-K, Page 31.