The Following Are the Income Statements and Balance Sheets for Coors

question 17

Multiple Choice

The following are the income statements and balance sheets for Coors Company: $\begin{array}{ll}&20X2\\\text { Sales (only credit sales) } & \$ 1,606.0 \\\text { Less cost of goods sold } & \underline{1,062.0} \\\text { Gross profit } & \$ 544.0 \\\text { Less operating expenses } & \underline{322.0} \\\text { Operatingincome } & \$ 222.0 \\\text { Less other expense: Interest } & \underline{9.6} \\\text { Income before tax } & \$ 212.4 \\\text { Less income tax expense } & \$85.0\end{array}$ $\begin{array}{ll}&20X2\\\text { Sales (only credit sales) } & \$ 1,606.0 \\\text { Less cost of goods sold } & \underline{1,062.0} \\\text { Gross profit } & \$ 544.0 \\\text { Less operating expenses } & \underline{322.0} \\\text { Operatingincome } & \$ 222.0 \\\text { Less other expense: Interest } & \underline{9.6} \\\text { Income before tax } & \$ 212.4 \\\text { Less income tax expense } & \$85.0\end{array}$ Net income $\quad\quad\quad\quad\$ 127.4$
$\begin{array}{llllll}&20X2&20X1&&20X2&20X1\\\text { Current assets: } & & & \text { Current liab: } \\\text { Cash } & \$ 36 & \$ 38 & \text { Accts payable } & \$ 98 & \$ 64 \\\text { Accts receivable } & 180 & 144 & \text { W ages p ayable } & 18 & 16 \\\text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\\text { Prep aid rent } & 20 & 24 & \text { Current portion } & &\\\begin{array}{l}\text { Total current as sets } \\\text { Long-term as sets: }\end{array} & \$ 356 & \$ 306 & \begin{array}{l}\text { of long- term debt } \\\text { Total current }\end{array} & \underline{30} & \underline{6} \\\text { Fixed ass ets } & \$ 320 & \$ 316 & \text { liabilities } & \$ 174 & \$ 90 \\\text { Accum. deprec. } & (206) & (180) & \text { Long-term liabilities } & 66 & 92\\\text { Total long- term } & \$ 114 & \$ 136 & \text { T otal liabilities } & \$ 240 & \$ 182\\\text { assets }\\&&&\text { Owners' equity: }\\\text { Common stock, } \$ 5 \text { par } &\$ 80 & \$ 80\\&&&\text { Retained income } & \underline{150} & \underline{180} \\&&&\text { T otal owners' equity } & \$ 230 & \$ 260\\&&&\text { T ot al liab. and }\\\text { Total assets } & \$ 470 & \$ 442 & \text { own. equity } & \$ 470 & \$ 442\end{array}$
$\text { December } 31 \text { market price per share: } \quad \$ 120 \quad \$ 106$ The dividend- payout ratio for Coors Company in 20X2 is:

• A) 105.0%
• B) 24.1%
• C) 123.5%
• D) 103.7%

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Definitions:

Violent Television

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James and McDougall

Likely refers to William James and William McDougall, two influential figures in psychology, known for their work in theories of instinct and the development of modern psychology.

Instinct Theory

A view that explains human behavior as motivated by automatic, involuntary, and unlearned responses.

Theories of Motivation

Psychological theories that seek to explain how and why people are motivated to act in certain ways, including needs, desires, and goals.