IKIBAN INC. Comparative Balance Sheets June 30, 2015 and 2014
	2015			2014
Assets
Cash	$	96,500		$	56,200
Accounts receivable, net		69,300			51,400
Inventory		66,600			96,800
Prepaid expenses		5,100			6,400

Total current assets		237,500			210,800
Equipment		135,200			120,000
Accum. depreciationâEquipment		(28,900	)		(10,500	)

Total assets	$	343,800		$	320,300

Liabilities and Equity
Accounts payable	$	26,900		$	32,200
Wages payable		7,100			16,700
Income taxes payable		2,500			4,100

Total current liabilities		36,500			53,000
Notes payable (long term)		42,000			70,000

Total liabilities		78,500			123,000
Equity
Common stock, $5 par value		240,000			189,000
Retained earnings		25,300			8,300

Total liabilities and equity	$	343,800		$	320,300

IKIBAN INC. Income Statement For Year Ended June 30, 2015
Sales			$	673,000
Cost of goods sold				407,000

Gross profit				266,000
Operating expenses
Depreciation expense	$	53,000
Other expenses		66,900

Total operating expenses				119,900

				146,100
Other gains (losses)
Gain on sale of equipment				2,600

Income before taxes				148,700
Income taxes expense				59,480

Net income			$	89,220

a. A $28,000 note payable is retired at its $28,000 carrying (book) value in exchange for cash.

b. The only changes affecting retained earnings are net income and cash dividends paid.

c. New equipment is acquired for $63,800 cash.

d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,600 gain.

e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.

f. All purchases and sales of inventory are on credit.

IKIBAN, INC.
Statement of Cash Flows (Indirect Method)
For Year Ended June 30, 2015
Cash flows from operating activities

Adjustments to reconcile net income to net cash provided by operating activities
Income statement items not affecting cash



Changes in current operating assets and liabilities







		$0
Cash flows from investing activities



		0
Cash flows from financing activities




		0
Net increase (decrease) in cash		$0
Cash balance at prior year-end
Cash balance at current year-end		$0

Cash Flow on Total Assets Ratio
Choose Numerator:	/	Choose Denominator:	=	Cash Flow on Total Assets Ratio
	/		=	Cash flow on total assets ratio
	/		=

(2) Compute the company's cash flow on total assets ratio for its fiscal year 2015.

copperwildebeest615

Please analyze this company financial and briefly tell me how they are performing and areas of concern

Southwest Airlines Co.
Condensed Consolidated Statement of Income
(in millions, except per share amounts)
(unaudited)

	Three months ended
	March 31,
			2017
	2018		As Recast		Percent Change
OPERATING REVENUES:
Passenger	$	4,585	$	4,546	0.9
Freight	42		42		â
Other	317		266		19.2
Total operating revenues	4,944		4,854		1.9

OPERATING EXPENSES:
Salaries, wages, and benefits	1,821		1,730		5.3
Fuel and oil	1,018		956		6.5
Maintenance materials and repairs	257		243		5.8
Landing fees and airport rentals	330		313		5.4
Depreciation and amortization	277		318		(12.9)
Other operating expenses	625		688		(9.2)
Total operating expenses	4,328		4,248		1.9

OPERATING INCOME	616		606		1.7

OTHER EXPENSES (INCOME):
Interest expense	32		29		10.3
Capitalized interest	(10)		(11)		(9.1)
Interest income	(12)		(7)		71.4
Other (gains) losses, net	4		63		(93.7)
Total other expenses (income)	14		74		(81.1)

INCOME BEFORE INCOME TAXES	602		532		13.2
PROVISION FOR INCOME TAXES	139		193		(28.0)
NET INCOME	$	463	$	339	36.6

NET INCOME PER SHARE:
Basic	$	0.79	$	0.55	43.6
Diluted	$	0.79	$	0.55	43.6

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	587		613		(4.2)
Diluted	588		614		(4.2)

Southwest Airlines Co.
Reconciliation of Reported Amounts to Non-GAAP Items (excluding special items)
(See Note Regarding Use of Non-GAAP Financial Measures)
(in millions, except per share amounts)(unaudited)

	Three months ended
	March 31,
			2017
	2018		As Recast		Percent Change
Fuel and oil expense, unhedged	$	1,014	$	816
Add: Premium cost of fuel contracts	34		34
Add (Deduct): Fuel hedge (gains) losses included in Fuel and oil expense, net	(30)		106
Fuel and oil expense, as reported	$	1,018	$	956
Add: Net impact from fuel contracts (a)	7		37
Fuel and oil expense, excluding special items (economic)	$	1,025	$	993	3.2

Total operating expenses, as reported	$	4,328	$	4,248
Add: Net impact from fuel contracts (a)	7		37
Deduct: Lease termination expense	â		(5)
Add: Gain on sale of grounded aircraft	25		â
Total operating expenses, excluding special items	$	4,360	$	4,280	1.9
Deduct: Fuel and oil expense, excluding special items (economic)	(1,025)		(993)
Operating expenses, excluding Fuel and oil expense and special items	$	3,335	$	3,287	1.5
Deduct: Profitsharing expense	(102)		(99)
Operating expenses, excluding profitsharing, Fuel and oil expense, and special items	$	3,233	$	3,188	1.4

Operating income, as reported	$	616	$	606
Deduct: Net impact from fuel contracts (a)	(7)		(37)
Add: Lease termination expense	â		5
Deduct: Gain on sale of grounded aircraft	(25)		â
Operating income, excluding special items	$	584	$	574	1.7

Other (gains) losses, net, as reported	$	4	$	63
Deduct: Net impact from fuel contracts (a)	â		(65)
Other (gains) losses, net, excluding special items	$	4	$	(2)	n.m.

Net income, as reported	$	463	$	339
Add (Deduct): Net impact from fuel contracts (a)	(7)		28
Add: Lease termination expense	â		5
Deduct: Gain on sale of grounded aircraft	(25)		â
Add (Deduct): Net income tax impact of fuel and special items (b)	7		(13)
Net income, excluding special items	$	438	$	359	22.0

Net income per share, diluted, as reported	$	0.79	$	0.55
Add (Deduct): Impact from fuel contracts	(0.01)		0.04
Add (Deduct): Impact of special items	(0.04)		0.01
Add (Deduct): Net income tax impact of fuel and special items (b)	0.01		(0.02)
Net income per share, diluted, excluding special items	$	0.75	$	0.58	29.3

(a) See Reconciliation of Impact from Fuel Contracts.

(b) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item.


	Twelve months ended			Twelve months ended
	March 31, 2018			March 31, 2017
Operating income, as reported	$	3,417		$	3,269
Contract ratification bonuses	â			356
Net impact from fuel contracts	(125)			(247)
Asset impairment	â			21
Lease termination expense	28			27
Aircraft grounding charge	63			â
Gain on sale of grounded aircraft	(25)			â
Operating income, non-GAAP	$	3,358		$	3,426
Net adjustment for aircraft leases (a)	107			109
Adjusted operating income, non-GAAP (A)	$	3,465		$	3,535

Non-GAAP tax rate (B)	23.1%		(d)	36.6%		(e)

*Net operating profit after-tax, NOPAT (A (1-B) = C)**	2,665			2,241

Debt, including capital leases (b)	$	3,300		$	3,282
Equity (b)	8,561			7,350
Net present value of aircraft operating leases (b)	732			957
Average invested capital	$	12,593		$	11,589
Equity adjustment for hedge accounting (c)	196			698
Adjusted average invested capital (D)	$	12,789		$	12,287

Non-GAAP ROIC, pre-tax (A/D)	27.1%			28.8%

Non-GAAP ROIC, after-tax (C/D)	20.8%			18.2%

skychimpanzee954

EXERCISE 14-5 Net Cash Provided by Operating Activities (L014-2] Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Item Amount Accounts receivable .. Inventory ......... Prepaid expenses ........ Accounts payable ........ Accrued liabilities Income taxes payable ..... Sale of equipment ... Sale of long-term investments ........... $90,000 decrease $120,000 increase $3,000 decrease $65,000 decrease $8,000 increase $12,000 increase $7,000 gain $10,000 loss Required: Prepare an answer sheet using the following column headings: Item Amount Add Subtract For each item, place an X in the Add or Subtract column to indicate whether the dollar amount should be added to or subtracted from net income under the indirect method when computing the net cash provided by operating activities for the year.

ACC 305 Lecture Notes - Lecture 38: Net Income, Earnings Before Interest And Taxes, Income Statement

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