The management of Buffalo Instrument Company had concluded- with the c.pdf

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The management of Buffalo Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Buffalo changed its method of pricing inventory from last-in, first-out (LIFO) to average-cost in 2020. Given below is the 5-year summary of income under LIFO and a schedule of what the inventories would be if stated on the average-cost method. BUFFALO INSTRUMENT COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEARS ENDED MAY 31 BUFFALO INSTRUMEN Statement of Income and R For the Years Ende Cost of goods sold Beginning imventory Purchases Ending inventory Total Gross profit Administrative expenses Income before taxes Income taxes. Net income Retained earnings- beginning: As originally reported Adjustment As restated Retained earnings-ending Earnings per share Prepare comparative statements for the 5 years, assuming that Buffalo changed its method of inventory pricing to average-cost. Indicate the effects on net income and earnings per share for the years involved. Buffalo Instruments started business in 2015. Assume that the number of shares outsanding is 100. (Enter amounts that decreose cost of goods sold using either a negative sign preceding the number es. 15 , 000 or parentheses es ( 15 , 000 ) . Round all amounts except EPS to the nearest whole dollar, es. 5,275. Round Earnings Per Share to 2 decimal places, es. 1.62. Round up the tax effects to the next whole dollor).

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that is all thr information given Suppose a division of Now York instruments incorporated that solls computer microchips has these inventory records for January 2021 : Click the koon to view the imentory records.) The company's accounting records show 450 units were sold for revenue of $11 , 250 . Operating expense for January was $1 , 500 . Read the teguirements. Requirement 1. Prepare the company's January. multistep income statement. Calculate income using the LIFO, average-- Jost, and FIFO methods. Label the botiom Ine "Operating income." Rou the average cost per unit to three decimal places and all other Fgures to whole-dollar amounts. Shew your computations. Begin by preparing the income statement using LIFO, then average, and finally FIFO cost. 50. Operating expense for January was $1 , 500 . alculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating i ollar amounts. Show your computations. IFO cost. Data table.

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(1) CT13.1) Your parents are considering investing in Apple Inc. common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Financial statements of Apple are presented in Appendix A. The complete annual report, including the notes to its financial statements, is available at the companys website. Instructions: A) Make a 5-year trend analysis, using 2014 as the base year, of (1) net sales and (2) net income. Comment on the significance of the trend results. B) Compute for 2018 and 2017 the (1) debt to assets ratio and (2) times interest earned. (See Note 3 for interest expense.) How would you evaluate Apples long-term solvency? C) Compute for 2018 and 2017 the (1) profit margin, (2) asset turnover, (3) return on assets, and (4) return on common stockholders equity. How would you evaluate Apples profitability? Total assets at September 24, 2016, were $321,686 million and total stockholders equity at September 24, 2016, was $128,249 million. D) What information outside the annual report may also be useful to your parents in making a decision about Apple? *Please ensure that ALL sections are labeled and answered (A, B, C, and D). Thank you for all your help! 1. Debt to Assets Ratio 2018:$258,578 $365,725 = 71% 2017:$241,272 $375,319 = 64% 2. Times Interest Earned 2018:($59,531 + $13,372 + $3,240) $3,240 = 23.5 times 2017:($48,351 + $15,738 + $2,323) $2,323 = 28.6 times Apple's long-term solvency has decreased. The debt to assets ratio indicates that creditors are providing approximately 71% of Apple's total assets, up from 64%. Also, even though the times interest earned ratio has decreased, Apple easily has the ability to pay interest payments when they come due as indicated by the times interest earned ratio of approximately 24 times. How can I get 3,240 and 2,323 in Times Interest Earned in question 2? Appendix A Specimen Financial Statements: Apple Inc. Once each year, a corporation communicates to its stockholders and other interested parties by issuing a complete set of audited financial statements. The annual report, as this communication is called, summarizes the financial results of the company's operations for the year and its plans for the future. Many annual reports are attractive, malticolored, glossy public relations pieces, containing pictures of corporate officers and directors as well as plotos and descriptions of new products and new buildings. Yet the busie function of every annual report is to report financial information, almost all of which is a product of the corporation's accounting system. The content and organization of corporate annual reports have become fairly standardized. Excluding the public relations part of the report (pictures, products, etc), the following are the traditional financial portions of the annual report: - Financial Highlights - Letter to the Stockholders - Management's Discussion and Analysis - Financial Statements - Notes to the Financial Statements - Managem.

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