Points as indicated 1· (26 points) The financial statements of Harz Company appe
ID: 2541460 • Letter: P
Question
Points as indicated 1· (26 points) The financial statements of Harz Company appear below HAINZ COMPANY Comparative Balance Sheet December 31 Assets Cash Accounts receivable (net). Property, plant and equipment (net) s 20,000 20,000 40,000 60,000 S 40,000 60,000 30,000 70,000 Total assets s 20,000 30,000 Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings 40,000 80,000 a150,000 110.000 90,000 160,000 150,000 70.000 Total liabilities and stockholders' equity HAINZ COMPANY Income Statement For the Year Ended December 31, 2017 Net sales Cost of goods sold Gross profit Expenses $400,000 250,000 50,000 Operating expenses. Interest expense $42,000 18,000 Total expenses Income before income taxes. Income tax expense Net income 90,000 27.000 $ 63,000 Additional information a. Cash dividends of $23,000 were declared and paid in 2017. b. Weighted-average number of shares of common stock outstanding during 2017 was 30,000 shares. c. Market value of common stock on December 31, 2017, was $21 per share. Using the financial statements and additional information, compute the following ratios for Hainz Company fo 2017. Show all computations. InstructionsExplanation / Answer
Since question number one is incomeplete (names of ratios required to be calculated has not been provided), question number two has been solved here.
Prepare the schedule of cost of goods manufactured as follows:
Cost of goods manufactured is $349,000.
Prepare the schedule of cost of goods sold as follows:
Cost of goods sold is $363,400
Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20XX Materials used in product 125000 Add: Labor costs of assembly-line workers 110000 Add Factory overheads: Depreciation on plant 60000 Factory supplies used 23000 Property taxes on plant 19000 Total factory overheads 102000 Total manufacturing costs incurred 337000 Add: Beginning work in process inventory 27000 Less: Ending work in process inventory -15000 Cost of goods manufactured 349000