P1-58A (similar to Data Tabe Review the following financial informaion EB(Click
ID: 2397789 • Letter: P
Question
P1-58A (similar to Data Tabe Review the following financial informaion EB(Click the ioon to view the financial information.) Hagar, Inc. Bryan Corp. Garnet Co. 1 Compube the missing amount (?) for each company amounts in millions. 2 At the end of the year, which company has the Beginning 43 80 $ - highest net income? 15 highest percent of net income to revenues? Common stock Ratained earmings 13 Requirement 1. Compute the missing amount () for each company-amounts in millia Gamet Co Ending 61 $ 25 7 $ 80 Assets Assels 49 47 Common stock Retained eamings Common stock 38 Retained eamings Income Statement 7 S 212 158 Expenses Net inoome Commen stock Retained eamings 38 Statement of retained earnings 31 $ 22 $ 13 Income statement Beginning RE 28 212 Dvidends declared 38 $ 29 $ 18 Net income Ending RE Enter any numbar in the edit fieids and then click CheckAnwor Print DoneExplanation / Answer
Solution 1:
Solution 2:
From above income statement, we can say that at the end of year, Hager Inc. is having highest net income.
Bryan corp is having highest % of net income to revenue.
Computation of missing amount Particulars Garmet Co Hagar Inc. Bryan Corp Beginning: Assets $80.00 $43.00 $21.00 Liabilities $47.00 $15.00 $4.00 Common stock $2.00 $6.00 $4.00 Retained earnings $31.00 $22.00 $13.00 Ending: Assets $89.00 $61.00 $24.00 Liabilities $49.00 $25.00 $3.00 Common stock $2.00 $7.00 $3.00 Retained earnings $38.00 $29.00 $18.00 Income Statement: Revenue $222.00 $184.00 $28.00 Expenses $212.00 $156.00 $21.00 Net Income $10.00 $28.00 $7.00 Statement of retained earnings: Beginning RE $31.00 $22.00 $13.00 Add: Net Income $10.00 $28.00 $7.00 Less: Dividend declared -$3.00 -$21.00 -$2.00 Ending RE $38.00 $29.00 $18.00Related Questions
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