Hwk due June 7th June 7th Kimmel, Accounting, 6e Help I S ES Exercise.pdf

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Hwk due June 7th June 7th Kimmel, Accounting, 6e Help I S ES Exercise 2-5 These items are taken from the financial statements of Windsor, Inc. at December 31, 2017. Buildings Accounts receivable Prepaid insurance Cash $97,336 11,592 2,944 10,893 75,808 56,304 udy Equipment Land Insurance expense 718 Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable 4,876 2,392 55,200 36,801 41,952 8,740 86,112 17,222 3,312 13,524 Accumulated depreciation- equipment Interest payable Service revenue Prepare a classified balance sheet. Assume that $12,512 of the note payable will be paid in 2018. (List curr equipment in order of land, buildings and equipment.) Windsor, Inc Balance Sheet Solution Windsor Inc Balance Sheet Assets Current Assets Cash 10,893 Accounts Receivables 11,592 Prepaid Insurance 2,944 25,429 Plant, Property, and Equipment Buildings 97,336 Accumulated Dep-Building (41,952) 55,384 Equipment 75,808 Accumulated Dep-Equip (17,222) 58,586 Land 56,304 Total Assets 195,703 Liabilities & Shareholder’s Equity Current Liabilities Accounts Payables 8,740 Interest Payable 3,312 Note Payable 12,512 24,564 Long Term Liabilities Note Payable 73,600 Total Liabilities 98,164 Shareholder Equity Common Stock 55,200 Retained Earnings 42,339 97,539 Total Liabilities & Shareholder Equity 195,703 Net Income for the year = 13524 -2392 -4876 -718 = $5,538 Retained Earnings = Beginning Balance + Net Income for the year = $36,801 + 5,538 = $42,339 Windsor Inc Balance Sheet Assets Current Assets Cash 10,893 Accounts Receivables 11,592 Prepaid Insurance 2,944 25,429 Plant, Property, and Equipment Buildings 97,336 Accumulated Dep-Building (41,952) 55,384 Equipment 75,808 Accumulated Dep-Equip (17,222) 58,586 Land 56,304 Total Assets 195,703 Liabilities & Shareholder’s Equity Current Liabilities Accounts Payables 8,740 Interest Payable 3,312 Note Payable 12,512 24,564 Long Term Liabilities Note Payable 73,600 Total Liabilities 98,164 Shareholder Equity Common Stock 55,200 Retained Earnings 42,339 97,539 Total Liabilities & Shareholder Equity 195,703.

Education

Buildings
97,336
Accumulated Dep-Building
(41,952)
55,384
Equipment
75,808
Accumulated Dep-Equip
(17,222)
58,586
Land
56,304
Total Assets
195,703
Liabilities & Shareholder’s Equity
Current Liabilities
Accounts Payables
8,740
Interest Payable

3,312
Note Payable
12,512
24,564
Long Term Liabilities
Note Payable
73,600
Total Liabilities
98,164
Shareholder Equity
Common Stock
55,200
Retained Earnings
42,339
97,539
Total Liabilities & Shareholder Equity
195,703
Net Income for the year = 13524 -2392 -4876 -718 = $5,538

Retained Earnings = Beginning Balance + Net Income for the year
= $36,801 + 5,538
= $42,339
Windsor Inc
Balance Sheet
Assets
Current Assets
Cash
10,893
Accounts Receivables
11,592
Prepaid Insurance
2,944
25,429
Plant, Property, and Equipment
Buildings
97,336
Accumulated Dep-Building
(41,952)
55,384
Equipment

75,808
Accumulated Dep-Equip
(17,222)
58,586
Land
56,304
Total Assets
195,703
Liabilities & Shareholder’s Equity
Current Liabilities
Accounts Payables
8,740
Interest Payable
3,312
Note Payable
12,512
24,564
Long Term Liabilities

Note Payable
73,600
Total Liabilities
98,164
Shareholder Equity
Common Stock
55,200
Retained Earnings
42,339
97,539
Total Liabilities & Shareholder Equity
195,703

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Project I The trial balance of the Elker Fashions Incorporated contained the following accounts at December 31, 2008 the end of the company’s calendar year. Elker Fashions Incorporated Trial Balance December 31, 2008 Debit Credit Cash $ 26,500 Accounts Receivable 42,200 Merchandise Inventory (Beginning) 52,500 Land 94,000 Buildings 183,000 Accumulated Depreciation-Buildings $ 56,400 Equipment 84,500 Accumulated Depreciation-Equipment 42,400 Notes Payable 40,000 Accounts Payable 37,500 Common Stock 205,500 Retained Earnings 67,800 Dividends 11,000 Sales 865,800 Sales Discounts 6,100 Purchases 720,000 Purchase Discounts 16,400 Freight-in 12,900 Salaries Expense 70,700 Utilities Expense 11,400 Repair Expense 5,900 Gas and Oil Expense 7,600 Insurance Expense 3,500 $ 1,331,800 $ 1,331,800 Adjustment data: 1. Depreciation is $12,000 on buildings and $10,000 on equipment. (Both are administrative expenses.) 2. Interest of $9,000 is unpaid on notes payable at December 31. Other data: 1. The beginning balance of accounts receivable is $26,750. 2. The amount of total assets at the beginning of the year is $378,231. 3. Merchandise inventory on hand at December 31, 2008 is $80,000. 4. Salaries are 70% selling and 30% administrative. 5. $12,000 of the notes payable are payable next year. 6. Gas and oil expense is a selling expense. 7. Utilities expense, repair expense, and insurance expense are 100% administrative. Instructions 1) Journalize the adjusting entries. 2) Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of December 31, 2008. 3) Journalize the closing entries. 4) Prepare a post-closing trial balance. 5) Prepare the following ratios and show all support for your computations: (No partial credit given without work/computations) a) Current Ratio b) Quick Ratio c) Working Capital d) Accounts Receivable Turnover e) Average Collection Period f) Inventory Turnover g) Days in Inventory h) Debt to Total Assets Ratio i) Gross Profit Ratio j) Profit Margin Ratio k) Return on Assets Ratio l) Asset Turnover Ratio 6) Based on the ratios computed in 5) above, answer the following questions and use the financial statement ratios to support your answers where appropriate: Do you feel that the company is able to meet its current and long term obligations as they become due? Comment on the profitability of the company with respect to the various profitability ratios that you computed. Would you lend money to this company for the long term? Comment on the ability.

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1—Balance sheet computations. (Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017. Debit Credit Cash 295,000 Sales Revenue $12,150 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest Expense 317,000 Inventory 895,000 Gain 120,000 Notes Payable (long-term) 1,350,000 Equipment 900,000 Bonds Payable 1,500,000 Accumulated Depreciation–Equipment 90,000 Franchises 240,000 Common Stock ($5 par) 1,500,000 Treasury Stock 287,000 Patents 293,000 Retained Earnings 117,000 Paid-in Capital in Excess of Par 120,000 Totals $18,473,000 $18,473,000 Instructions Compute each of the following: 1. Total current assets 2. Total property, plant, and equipment 3. Total assets 4. Total liabilities 5. Total stockholders’ equity 2—Statement of cash flows. A comparative balance sheet for Talkington Corporation is presented below. December 31 Assets 2017 2016 Cash Accounts receivable $ 68,100 $ 21,600 Inventory 82,800 33,000 Land 170,200 83,800 Equipment 71,400 74,000 Accumulated depreciation–equipment 280,500 212,400 Total (74,000) (42,000) $597,000 $545,000 Liabilities and Stockholders’ Equity Accounts payable $ 34,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 164,000 164,000 Retained earnings 249,000 134,000 Total $597,000 $545,000 Additional information: 1. Net income for 2017 was $155,000; there were no gains or losses. 2. Cash dividends of $400,000 were declared and paid. 3. Bonds payable of $50,000 were retired. Instructions: Compute each of the following: 1. Net cash provided by operating activities 2. Net cash provided (used) by investing activities 3. Net cash provided (used) by financing activities 3—Statement of cash flows ratios. Financial statements for Hilton Company are presented below: Hilton Company Balance Sheet December 31, 2017 Assets Liabilities & Stockholders’ Equity Cash $ 40,000 Accounts payable $ 20,000 Accounts receivable 35,000 Bonds payable 50,000 Buildings and equipment 150,000 Common stock 65,000 Accumulated depreciation— Retained earnings 60,000 buildings and equipment (50,000) $195,000 Patents 20,000 $195,000 Hilton Company Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities Net income $50,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(16,000) ...

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1 —Balance sheet computations. (Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017. Debit Credit Cash 295,000 Sales Revenue $12,150 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest Expense 317,000 Inventory 895,000 Gain 120,000 Notes Payable (long-term) 1,350,000 Equipment 900,000 Bonds Payable 1,500,000 Accumulated Depreciation–Equipment 90,000 Franchises 240,000 Common Stock ($5 par) 1,500,000 Treasury Stock 287,000 Patents 293,000 Retained Earnings 117,000 Paid-in Capital in Excess of Par 120,000 Totals $18,473,000 $18,473,000 Instructions Compute each of the following: 1. Total current assets 2. Total property, plant, and equipment 3. Total assets 4. Total liabilities 5. Total stockholders’ equity 2 —Statement of cash flows. A comparative balance sheet for Talkington Corporation is presented below. December 31 Assets 2017 2016 Cash Accounts receivable $ 68,100 $ 21,600 Inventory 82,800 33,000 Land 170,200 83,800 Equipment 71,400 74,000 Accumulated depreciation–equipment 280,500 212,400 Total (74,000) (42,000) $597,000 $545,000 Liabilities and Stockholders’ Equity Accounts payable $ 34,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 164,000 164,000 Retained earnings 249,000 134,000 Total $597,000 $545,000 Additional information: 1. Net income for 2017 was $155,000; there were no gains or losses. 2. Cash dividends of $400,000 were declared and paid. 3. Bonds payable of $50,000 were retired. Instructions: Compute each of the following: 1. Net cash provided by operating activities 2. Net cash provided (used) by investing activities 3. Net cash provided (used) by financing activities 3 —Statement of cash flows ratios. Financial statements for Hilton Company are presented below: Hilton Company Balance Sheet December 31, 2017 Assets Liabilities & Stockholders’ Equity Cash $ 40,000 Accounts payable $ 20,000 Accounts receivable 35,000 Bonds payable 50,000 Buildings and equipment 150,000 Common stock 65,000 Accumulated depreciation— Retained earnings 60,000 buildings and equipment (50,000) $195,000 Patents 20,000 $195,000 Hilton Company Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities Net income $50,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(16,000) Increase in account.

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