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The Following Are the Income Statements and Balance Sheets for Touchdown

question 64

Multiple Choice

The following are the income statements and balance sheets for Touchdown Company: 20X2 Sales only credit sales) $1,606.0Less cost of goods sold 1,062.0Gross profit $544.0Less operating expenses 322.0Operating income $222.0 Less other expense: Interest9.6Income before tax $212.4Less income tax expense 85.0 Net income$127.4\begin{array}{lr}&20X2\\\text { Sales only credit sales) }&\$1,606.0\\\text {Less cost of goods sold }&1,062.0\\\text {Gross profit }&\$544.0\\\text {Less operating expenses }&322.0\\\text {Operating income }&\$222.0\\\text { Less other expense: Interest}&9.6\\\text {Income before tax }&\$212.4\\\text {Less income tax expense }&85.0\\\text { Net income}&\$127.4\\\end{array}


20X220X120X220X1 Current assets:  Current liabilities:  Cash $36$38 Accts payable $98$64 Accts receivable 180144 Wages payable 1816 Inventory 120100 Taxes payable 284 Prepaid rent 2024 Current portion  Total current assets $356$306 of long-term debt 306 Long-term assets:  Total current  Fixed assets $320$316 liabilities $174$90 Accum. deprec. 206) 180)  Long-term liabilities 6692 Total long-term assets $114$136 Total liabilities $240$182 Owners’ equity:  Common stock, $5 par $80$80 Retained income 150180 Total owners’ equity $230$260 Total assets $470$442 Total liab. and own. equity $470$442\begin{array}{lrrlrr}&20X2&20X1&&20X2&20X1\\\text { Current assets: } &&&{\text { Current liabilities: }} \\\text { Cash } & \$ 36 & \$ 38 & \text { Accts payable } & \$ 98 & \$ 64 \\\text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \\\text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\\text { Prepaid rent } & 20 & 24 & \text { Current portion } & &\\\text { Total current assets }&\$356&\$306&\text { of long-term debt }&30&6\\\text { Long-term assets: } & & & \text { Total current } & & \\\text { Fixed assets } & \$ 320 & \$ 316 & \text { liabilities } & \$ 174 & \$ 90 \\\text { Accum. deprec. } & \underline{206}) & \underline{180}) & \text { Long-term liabilities } & \underline{66} & \underline{92}\\\text { Total long-term assets }&\$114&\$136&\text { Total liabilities }&\$240&\$182\\&&&\text { Owners' equity: }\\&&&\text { Common stock, } \$ 5 \text { par }&\$80&\$80\\&&&\text { Retained income } & 150 & 180\\&&&\text { Total owners' equity }&\$230&\$260\\\text { Total assets }&\$470&\$442&\text { Total liab. and own. equity }&\$470&\$442\\\\\end{array}
December 31 market price per share:$120$106\text {December 31 market price per share:}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$120\quad\quad\$106 The return on stockholders' equity for Touchdown Company in 20X2 is _____.


Definitions:

Anxiolytic Medication

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Nursing Intervention

A clinical action undertaken by a nurse to further the care and treatment of a patient, aimed at achieving specific health outcomes.

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A sudden sensation of fear which is so severe that it can dominate or prevent reason and logical thinking, replacing it with overwhelming feelings of anxiety and frantic agitation consistent with fight-or-flight response.

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