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- 1. 1. Listen to the video below for the exercise/problem. The video completes the problems using the book numbers. 2. Open the Guidance Report and rework the problem with the changed numbers and place your answers on the guidance report. Do not alter the guidance report. 3. Submit the guidance report using the Assignment Submission tab below. Complete the following problems and exercises: Chapter Nine, Exercises 3 and 4 Chapter Nine, Problems 1, 2 and 3 Week Five Guidance Report Video Transcript Video can also be accessed using this link: http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapte r+9+Exercise+3/0_hr4kw5my (Links to an external site.)Links to an external site. Video Transcript Video can also be accessed using this link: http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapte r+9+Exercise+4/0_dhlinrga (Links to an external site.)Links to an external site. Video Transcript Video can also be accessed using this link: Test http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapte r+9+Problem+1/0_z3fnurzo (Links to an external site.)Links to an external site. Video Transcript Video can also be accessed using this link: http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapte r+9+Problem+2/0_6crdy65y (Links to an external site.)Links to an external site. Video Transcript Video can also be accessed using this link: http://ashford.mediaspace.kaltura.com/media/ACC205A+Chapte
- 2. r+9+Problem+3/0_be8k7mev (Links to an external site.)Links to an external site. Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment. Student Guidance ReportAshford University ACC205Guidance ReportWeek FiveLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTGuidance Report Download Date11/28/17Guidance Report Revision Date12/1/17YELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 9 Ex 3Edison Cash $4,0005,0006,0007,0008,0009,00010,000Stagg Cash $2,5003,5004,5005,5006,5007,5008,500Thornton Cash $1,0002,0003,0004,0005,0006,0007,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATECompute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?Edison Current ratioQuick ratioStagg Current ratioQuick ratioThorntonCurrent ratioQuick ratioSuppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.Account to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 9 Ex 420X5 20X420X5 20X420X5 20X420X5 20X420X5 20X420X5 20X420X5 20X4 Net Credit Sales $832,000$760,000842,000760,000852,000760,000862,000760,0 00872,000760,000882,000760,000892,000760,000 Net Credit
- 3. Sales $832,000$760,000 Cost of Goods Sold 440,000350,000450,000350,000460,000350,000470,000350,000 480,000350,000490,000350,000500,000350,000 Cost of Goods Sold 440,000350,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATE The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.a. Compute the accounts-receivable and inventory-turnover ratios for 20X5Accounts Receivable TurnoverInventory TurnoverStudy the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss.Account to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 9 Pb 120X5 20X420X5 20X420X5 20X420X5 20X420X5 20X420X5 20X420X5 20X4AssetsCurrent AssetsPLACE YOUR ANSWERS BELOW STARTING ON ROW 99Cash 1125012500$12,250$13,400$13,250$14,30021,50027,700$15,25 0$16,100$16,250$17,000$17,250$17,900 Accounts Receivable (net) 185002500019,50025,90020,50026,80041,50037,70022,50028,6 0023,50029,50024,50030,400 Inventories 385003500039,50035,90040,50036,8006,7506,45042,50038,600 43,50039,50044,50040,400 Prepaid Expense 375037504,7504,6505,7505,550$75,000$78,9507,7507,3508,750 8,2509,7509,150 Total Current Assets 7200076250$73,000$77,150$74,000$78,050$105,750$103,950$ 76,000$79,850$77,000$80,750$78,000$81,650 Buildings (net) 102750101250$103,750$102,150$104,750$103,05031,50032,70 0$106,750$104,850$107,750$105,750$108,750$106,650 Equipment (net) 285003000029,50030,90030,50031,80035,00042,70032,50033,6 0033,50034,50034,50035,400 Vehicles (net) 320004000033,00040,90034,00041,800$166,250$173,95036,000
- 4. 43,60037,00044,50038,00045,400 Total Property, Plant, and Equipment 163250171250$164,250$172,150$165,250$173,050$17,750$5,2 00$167,250$174,850$168,250$175,750$169,250$176,650 Trademarks (net) 147502500$15,750$3,400$16,750$4,300$253,000$252,700$18,7 50$6,100$19,750$7,000$20,750$7,900 Total assets 250000250000$251,000$250,900$252,000$251,800$52,000$72, 700$254,000$253,600$255,000$254,500$256,000$255,400 Accounts Payable 4900070000$50,000$70,900$51,000$71,80016,50042,700$53,00 0$73,600$54,000$74,500$55,000$75,400 Notes Payable 135004000014,50040,90015,50041,8005,50027,70017,50043,60 018,50044,50019,50045,400 Federal Taxes Payable 2500250003,50025,9004,50026,800$68,000$137,7006,50028,60 07,50029,5008,50030,400 Total Current Liabilities 65000135000$66,000$135,900$67,000$136,800$53,000$27,700 $69,000$138,600$70,000$139,500$71,000$140,400Long-Term Debt 5000025000$51,000$25,900$52,000$26,800$118,000$162,700$ 54,000$28,600$55,000$29,500$56,000$30,400 Total Liabilities 115000160000$116,000$160,900$117,000$161,800$28,000$27, 700$119,000$163,600$120,000$164,500$121,000$165,400 Common Stock, $10 par 2500025000$26,000$25,900$27,000$26,800113,00067,700$29,0 00$28,600$30,000$29,500$31,000$30,400 Retained Earnings 11000065000111,00065,900112,00066,800$138,000$92,700114, 00068,600115,00069,500116,00070,400 Total Stockholders' Equity 13500090000$136,000$90,900$137,000$91,800$253,000$252,7 00$139,000$93,600$140,000$94,500$141,000$95,400 Total Liabilities and Stockholders' Equity 250000250000$251,000$250,900$252,000$251,800258,000258, 000$254,000$253,600$255,000$254,500$256,000$255,400WAT ERLOO CORPORATIONComparative Income StatementsFor
- 5. the Years Ending December 31, 20X5 and 20X420X5 20X420X520X420X5 20X420X520X420X5 20X420X520X420X5 20X4Net Sales 550000500000575,000510,000580,000520,000585,000521,0005 90,000523,000595,000525,000600,000535,000 Prepare a horizontal analysis of the balance sheet showing percentage changes from 20X4 to 20X5. Round all calculations in parts (a) and (b) to two decimal places.QuestionsYOUR ANSWERS BASED UPON COURSE START DATEWATERLOO CORPORATIONComparative Balance SheetsDecember 31,20X5 and 20X4AssetsCurrent Assets% ChangeCash Accounts Receivable (net) Inventories Prepaid Expense Total Current Assets Buildings (net) Equipment (net) Vehicles (net) Total Property, Plant, and Equipment Trademarks (net) Total assets Accounts Payable Notes Payable Federal Taxes Payable Total Current Liabilities Long-Term Debt Total Liabilities Common Stock, $10 par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity WATERLOO CORPORATIONComparative Income Statements Prepare a vertical analysis of the 20X5 income statement by relating each item to net sales.20X5 Net Sales Cost of Goods Sold Gross Profit Operating Expense Income Before Interest and Taxes Interest Expense Income Before Taxes Income Tax Expense Net Income Account to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 9 Pb 2LONE PINE COMPANYComparative Balance SheetsDecember 31, 20X2 and 20X1 ($000 Omitted)20X2 20X120X2 20X120X2 20X120X2 20X120X2 20X120X2 20X120X2 20X1AssetsCurrent AssetsPLACE YOUR ANSWERS BELOW STARTING ON ROW 176 Cash and Short- Term Investments 4006001,4001,4002,4002,2003,4003,0004,4003,8005,4004,6006 ,4005,400 Accounts Receivable (net) 300024004,0003,2005,0004,0006,0004,8007,0005,6008,0006,40
- 6. 09,0007,200 Inventories 200022004,0003,0004,0003,8005,0004,6006,0005,4007,0006,20 08,0007,000 Total Current Assets 540052009,4007,60011,40010,00014,40012,40017,40014,80020, 40017,20023,40019,600 Land 17006002,7001,4003,7002,2004,7003,0005,7003,8006,7004,600 7,7005,400 Buildings and Equipment (net) 150010002,5001,8003,5002,6004,5003,4005,5004,2006,5005,00 07,5005,800 Total Property, Plant, and Equipment 320016005,2003,2007,2004,8009,2006,40011,2008,00013,2009, 60015,20011,200Total Assets 8600680014,60010,80018,60014,80023,60018,80028,60022,800 33,60026,80038,60030,800 Accounts Payable 180017002,8002,5003,8003,3004,8004,1005,8004,9006,8005,70 07,8006,500 Notes Payable 110019002,1002,7003,1003,5004,1004,3005,1005,1006,1005,90 07,1006,700 Total Current Liabilities 290036003,9004,4004,9005,2005,9006,0006,9006,8007,9007,60 08,9008,400 Bonds Payable 410021005,1002,9006,1003,7007,1004,5008,1005,3009,1006,10 010,1006,900 Total Liabilities 700057009,0007,30011,0008,90013,00010,50015,00012,10017,0 0013,70019,00015,300 Common Stock Par value $1 (Par value not in original problem, but needed to calculate ratio - dividend payout rate)2002001,2001,0002,2001,8003,2002,6004,2003,4005,2004, 2006,2005,000Number of Shares2002001,2001,0002,2001,8003,2002,6004,2003,4005,200 4,2006,2005,000 Retained Earnings 14009004,4002,5005,4004,1007,4005,7009,4007,30011,4008,90 013,40010,500 Total Stockholders' Equity 160011005,6003,5007,6005,90010,6008,30013,60010,70016,600 13,10019,60015,500 Total Liabilities and Stockholders' Equity 8600680014,60010,80018,60014,80023,60018,80028,60022,800 33,60026,80038,60030,800LONE PINE COMPANYStatement of
- 7. Income and Retained EarningsFor the Year Ending December 31,20X2 ($000 Omitted)Net Sales* 3600039,00041,00045,00046,00049,00055,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATECompute the following items for Lone Pine Company for 20X2, rounding all calculations to two decimal places and do nt insert a percent symbol. Quick ratio Current ratio Inventory-turnover ratio Accounts-receivable-turnover ratio Return-on-assets ratio Net-profit-margin ratio Return-on-common-stockholders' equity Debt-to-total assets Number of times that interest is earned Dividend payout rateAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 9 Pb 3Cost of goods sold % of sales60.0%60.1%60.2%60.3%60.4%60.5%60.6%QuestionsYOU R ANSWERS BASED UPON COURSE START DATELOCK BOX INC.Income StatementFor the Year Ending December 31, 20X3Sales Cost of Goods Sold Gross Profit Operating Expenses and Interest Income Before Taxes Income taxes, 40% Net income LOCK BOX INC.Balance SheetDecember 31, 20X3AssetsCash Accounts Receivable Inventory Property, Plant, and Equipment Total assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable: Short-Term Bonds Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity http://www.screencast.com/t/7C6URyZc5a../../cpabi_000/Docu ments/ACC205%20Chapters/Produced%20videos/Week%20Five /Ch%209%20Ex%203.mp4../../cpabi_000/Documents/ACC205% 20Chapters/Produced%20videos/Week%20Five/Ch%209%20Pb %202.mp4../../cpabi_000/Documents/ACC205%20Chapters/Prod uced%20videos/Week%20Five/Ch%209%20Pb%203.mp4../../cp abi_000/Documents/ACC205%20Chapters/Produced%20videos/ Week%20Five/Ch%209%20Ex%204.mp4../../cpabi_000/Docume nts/ACC205%20Chapters/Produced%20videos/Week%20Five/C h%209%20Pb%201.mp4