6. Ratio computation. The financial statements of the Lone P.docx
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6. Ratio computation . The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparative Balance Sheets December 31, 20X2 and 20X1 ($000 Omitted) 20X2 20X1 Assets Current Assets Cash and Short-Term Investments $400 $600 Accounts Receivable (net) 3,000 2,400 Inventories 3,000 2,300 Total Current Assets $6,400 $5,300 Property, Plant, and Equipment Land $1,700 $500 Buildings and Equipment (net) 1,500 1,000 Total Property, Plant, and Equipment $3,200 $1,500 Total Assets $9,600 $6,800 Liabilities and Stockholders’ Equity Current Liabilities Accounts Payable $2,800 $1,700 Notes Payable 1,100 1,900 Total Current Liabilities $3,900 $3,600 Long-Term Liabilities Bonds Payable 4,100 2,100 Total Liabilities $8,000 $5,700 Stockholders’ Equity Common Stock $200 $200 Retained Earnings 1,400 900 Total Stockholders’ Equity $1,600 $1,100 Total Liabilities and Stockholders’ Equity $9,600 $6,800 LONE PINE COMPANY Statement of Income and Retained Earnings For the Year Ending December 31,20X2 ($000 Omitted) Net Sales* $36,000 Less : Cost of Goods Sold $20,000 Selling Expense 6,000 Administrative Expense 4,000 Interest Expense 400 Income Tax Expense 2,000 32,400 Net Income $3,600 Retained Earnings, Jan. 1 900 Ending Retained Earnings $4,500 Cash Dividends Declared and Paid 3,100 Retained Earnings, Dec. 31 $1,400 *All sales are on account. Instructions Compute the following items for Lone Pine Company for 20X2, rounding all calculations to two decimal places when necessary: a. Quick ratio b. Current ratio c. Inventory-turnover ratio d. Accounts-receivable-turnover ratio e. Return-on-assets ratio f. Net-profit-margin ratio g. Return-on-common-stockholders’ equity h. Debt-to-total assets i. Number of times that interest is earned .
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Recommended
Financial Ratios1.Liquidity ratios. Edison, Stagg,.docx
Financial Ratios
1.
Liquidity ratios
.
Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2.
Computation and evaluation of activity ratios
.
The following data relate to Alaska Products, Inc:
19X5
19X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
Compute the accounts receivable and inventory turnover ratios for 19X5. Alaska rounds all calculations to two decimal places.
3.
Profitability ratios, trading on the equity
.
Digital Relay has both preferred and common stock outstanding. The company reported the following information for 19X7:
Net sales
$1,500,000
Interest expense
120,000
Income tax expense
80,000
Preferred dividends
25,000
Net income
130,000
Average assets
1,100,000
Average common stockholders' equity
400,000
Compute the gross profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
Does the firm have positive or negative financial leverage? Briefly explain.
4.
Horizontal analysis
. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5.
Vertical analysis
. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Asse.
BWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$6,000
$5,000
$4,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
530,000
400,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
205,000
156,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
Instructions
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,750,000
Interest expense
120,000
Income tax expense
80,000
Preferred dividends
25,000
Net income
130,000
Average assets
1,200,000
Average common stockholders' equity
500,000
a. Compute the profit margin on sales ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$86,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
153,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
322,500
350,000
Operating Expenses
93,500
85,000
a. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5.Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$86,000
$80,000
Property, Plant, and Equipment (net)
99,000
80,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
153,000
150,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
322,500
350,000
Operating Expenses
93,500
85,000
a. Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
...
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docx
Exercises
1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders' Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-Term Investments
3,000
2,500
2,000
Accounts Receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid Expenses
800
800
800
Accounts Payable
200
200
200
Notes Payable: Short-Term
3,100
3,100
3,100
Accrued Payables
300
300
300
Long-Term Liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. 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.
5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.:
20X5
20X4
Net Credit Sales
$832,000
$760,000
Cost of Goods Sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. 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 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. 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.
7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest Expense
120,000
Income Tax Expense
80,000
Preferred Dividends
25,000
Net Income
130,000
Average Assets
1,100,000
Average Common Stockholders' Equity
400,000
a. Compute the net-profit-margin ratio and the rates of re ...
From Principles of Managerial Finance (14 ed)P4–6 Finding operati.pdf
From: Principles of Managerial Finance (14 ed)
P4–6 Finding operating and free cash flows (Please Show all Steps)
Consider the following balance sheets and selected data from the income statement of Keith
Corporation.
Keith Corporation Balance Sheets
December 31
Assets 2015 2014
Cash $ 1,500 $ 1,000
Marketable securities 1,800 1,200
Accounts receivable 2,000 1,800
Inventories 2,900 2,800
Total current assets $ 8,200 $ 6,800
Gross fixed assets $29,500 $28,100
Less: Accumulated depreciation 14,700 13,100
Net fixed assets $14,800 $15,000
Total assets $23,000 $21,800
Liabilities and stockholders’ equity
Accounts payable $ 1,600 $ 1,500
Notes payable 2,800 2,200
Accruals 200 300
Total current liabilities $ 4,600 $ 4,000
Long-term debt 5,000 5,000
Total liabilities $ 9,600 $ 9,000
Common stock $10,000 $10,000
Retained earnings 3,400 2,800
Total stockholders’ equity $13,400 $12,800
Total liab & stockholders’ equity $23,000 $21,800
Keith Corporation Income Statement Data (2015)
Depreciation expense $1,600
Earnings before interest and taxes (EBIT) 2,700
Interest expense 367
Net profits after taxes 1,400
Tax rate 40%
a. Calculate the firm’s net operating profit after taxes (NOPAT) for the year ended December 31,
2015, using Equation 4.1: NOPAT = EBIT * (1 - T)
b. Calculate the firm’s operating cash flow (OCF) for the year ended December 31, 2015, using
Equation 4.3: OCF = 3EBIT * (1 - T) 4 + Depreciation
c. Calculate the firm’s free cash flow (FCF) for the year ended December 31, 2015, using
Equation 4.4: FCF = OCF - Net fixed asset investment (NFAI)
- Net current asset investment (NCAI)
d. Interpret, compare, and contrast your cash flow estimates in parts b and c.
Solution.
Week five exercise_assignment_b
The document contains financial information and ratios for multiple companies. It provides income statements, balance sheets, and calculations of key financial ratios such as current ratio, quick ratio, inventory turnover, accounts receivable turnover, profit margin, return on assets, return on equity, debt to assets, and interest coverage. The ratios are calculated to assess the liquidity, asset efficiency, profitability, leverage, and debt servicing ability of the companies.
Recommended
Financial Ratios1.Liquidity ratios. Edison, Stagg,.docx
Financial Ratios
1.
Liquidity ratios
.
Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2.
Computation and evaluation of activity ratios
.
The following data relate to Alaska Products, Inc:
19X5
19X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
Compute the accounts receivable and inventory turnover ratios for 19X5. Alaska rounds all calculations to two decimal places.
3.
Profitability ratios, trading on the equity
.
Digital Relay has both preferred and common stock outstanding. The company reported the following information for 19X7:
Net sales
$1,500,000
Interest expense
120,000
Income tax expense
80,000
Preferred dividends
25,000
Net income
130,000
Average assets
1,100,000
Average common stockholders' equity
400,000
Compute the gross profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
Does the firm have positive or negative financial leverage? Briefly explain.
4.
Horizontal analysis
. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5.
Vertical analysis
. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Asse.
BWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$6,000
$5,000
$4,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
530,000
400,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
205,000
156,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
Instructions
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,750,000
Interest expense
120,000
Income tax expense
80,000
Preferred dividends
25,000
Net income
130,000
Average assets
1,200,000
Average common stockholders' equity
500,000
a. Compute the profit margin on sales ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$86,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
153,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
322,500
350,000
Operating Expenses
93,500
85,000
a. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5.Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$86,000
$80,000
Property, Plant, and Equipment (net)
99,000
80,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
153,000
150,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
322,500
350,000
Operating Expenses
93,500
85,000
a. Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
...
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docx
Exercises
1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders' Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-Term Investments
3,000
2,500
2,000
Accounts Receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid Expenses
800
800
800
Accounts Payable
200
200
200
Notes Payable: Short-Term
3,100
3,100
3,100
Accrued Payables
300
300
300
Long-Term Liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. 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.
5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.:
20X5
20X4
Net Credit Sales
$832,000
$760,000
Cost of Goods Sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. 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 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. 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.
7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest Expense
120,000
Income Tax Expense
80,000
Preferred Dividends
25,000
Net Income
130,000
Average Assets
1,100,000
Average Common Stockholders' Equity
400,000
a. Compute the net-profit-margin ratio and the rates of re ...
From Principles of Managerial Finance (14 ed)P4–6 Finding operati.pdf
From: Principles of Managerial Finance (14 ed)
P4–6 Finding operating and free cash flows (Please Show all Steps)
Consider the following balance sheets and selected data from the income statement of Keith
Corporation.
Keith Corporation Balance Sheets
December 31
Assets 2015 2014
Cash $ 1,500 $ 1,000
Marketable securities 1,800 1,200
Accounts receivable 2,000 1,800
Inventories 2,900 2,800
Total current assets $ 8,200 $ 6,800
Gross fixed assets $29,500 $28,100
Less: Accumulated depreciation 14,700 13,100
Net fixed assets $14,800 $15,000
Total assets $23,000 $21,800
Liabilities and stockholders’ equity
Accounts payable $ 1,600 $ 1,500
Notes payable 2,800 2,200
Accruals 200 300
Total current liabilities $ 4,600 $ 4,000
Long-term debt 5,000 5,000
Total liabilities $ 9,600 $ 9,000
Common stock $10,000 $10,000
Retained earnings 3,400 2,800
Total stockholders’ equity $13,400 $12,800
Total liab & stockholders’ equity $23,000 $21,800
Keith Corporation Income Statement Data (2015)
Depreciation expense $1,600
Earnings before interest and taxes (EBIT) 2,700
Interest expense 367
Net profits after taxes 1,400
Tax rate 40%
a. Calculate the firm’s net operating profit after taxes (NOPAT) for the year ended December 31,
2015, using Equation 4.1: NOPAT = EBIT * (1 - T)
b. Calculate the firm’s operating cash flow (OCF) for the year ended December 31, 2015, using
Equation 4.3: OCF = 3EBIT * (1 - T) 4 + Depreciation
c. Calculate the firm’s free cash flow (FCF) for the year ended December 31, 2015, using
Equation 4.4: FCF = OCF - Net fixed asset investment (NFAI)
- Net current asset investment (NCAI)
d. Interpret, compare, and contrast your cash flow estimates in parts b and c.
Solution.
Week five exercise_assignment_b
The document contains financial information and ratios for multiple companies. It provides income statements, balance sheets, and calculations of key financial ratios such as current ratio, quick ratio, inventory turnover, accounts receivable turnover, profit margin, return on assets, return on equity, debt to assets, and interest coverage. The ratios are calculated to assess the liquidity, asset efficiency, profitability, leverage, and debt servicing ability of the companies.
Week 4 wiley plus assignment
Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
Finance question
The document provides financial information for a company as of December 31, 20XX including assets, liabilities, equity, revenues, and expenses. It asks to prepare an income statement, retained earnings statement, and classified balance sheet for the company using the financial information for the fiscal year ended December 31, 20XX.
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
Answer each of the questions in the following unrelated situations..docx
Answer each of the questions in the following unrelated situations.
(a)
The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $494,800, what is the amount of current liabilities?
Current Liabilities
$
[removed]
(b)
A company had an average inventory last year of $159,000 and its inventory turnover was 6. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year?
(Round answer to 0 decimal places, e.g. 125.)
Average Inventory
$
[removed]
(c)
A company has current assets of $89,370 (of which $36,250 is inventory and prepaid items) and current liabilities of $36,250. What is the current ratio? What is the acid-test ratio? If the company borrows $10,270 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be?
(Round answers to 2 decimal places, e.g. 2.50.)
Current Ratio
[removed]
:1
Acid Test Ratio
[removed]
:1
New Current Ratio
[removed]
:1
New Acid Test Ratio
[removed]
:1
(d)
A company has current assets of $583,200 and current liabilities of $235,100. The board of directors declares a cash dividend of $173,600. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend?
(Round answers to 2 decimal places, e.g. 2.50.)
Current ratio after the declaration but before payment
[removed]
:1
Current ratio after the payment of the dividend
[removed]
:1
Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $142,310,000 and $97,650,000, respectively. Short-term interest rates are expected to average 10%. If Heartland can increase inventory turnover from its present level of 9 times a year to a level of 12 times per year.
Compute its expected cost savings for the coming year.
Expected Cost Savings
$
[removed]
The following information pertains to Wamser Company:
Cash
$22,000
Accounts receivable
125,500
Inventory
74,500
Plant assets (net)
384,000
Total assets
$606,000
Accounts payable
$74,500
Accrued taxes and expenses payable
24,500
Long-term debt
49,500
Common stock ($10 par)
165,000
Paid-in capital in excess of par
89,000
Retained earnings
203,500
Total equities
$606,000
Net sales (all on credit)
$801,000
Cost of goods sold
605,000
Net income
80,500
Compute the following:
(Round answers to 2 decimal places e.g. 15.25.)
(a)
Current ratio
[removed]
: 1
(b)
Inventory turnover
[removed]
times
(c)
Accounts receivable turnover
[removed]
times
(d)
Book value per share
$
[removed]
(e)
Earnings per share
$
[removed]
(f)
Debt to assets
[removed]
%
(g)
Profit margin on sales
[removed]
%
(h)
Return on common stock equity
[removed]
%
Your answer is incorrect. Try again.
The following data is given:
December 31,
2015
2014
Cash
$65,500
$51,000
Accounts .
Eli- 16 httpedugen.wiley.comledugensharedJassignmentltest.docx
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Print by: RANDALL LUCAS
ACC/ 291 - 40918999 I Week Four Assignment
E11-16
Before preparing financial statements for the current year, the chief accountant for Springer Company
discovered the following errors in the accounts.
1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest
Expense $50,000 and a credit to Cash $50,000.
2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market
value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and
Dividend Payable (Cr.) $10,000. The shares have not been issued.
3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for
100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings
$2,000,000 and a credit to Common Stock $2,000,000.
Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts
from largest to smallest e.g. 10, 5, 3, 2.)
CCoUflt/ DescriDtion Debit’ Credit
Ii. Dec.
bi I I I
I I II
12. Dec.
L31 I____________________________
I i___________________________________________________________________
I I I I
I I Ii
13. Dec.
bi I I I
I Ii 1.1 I I
Question Attempts: 0 of 3 used
Copyright © 2000-2013 by John Wiley & Sons, Inc. or related companies. All rights reserved.
1 of 1 1/18/13 1:57 PM
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Print by: RANDALL LUCAS
ACC/291. - 40918999 / Week Five Assignment
P13-9A
Condensed financial data of Arma Inc. follow.
ARMA INC.
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Eauitv
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 224,000 105,450
Total $682,500 $514,750
ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales $392,780
Less:
Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880
Net income $158,900
Additional information:
1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest
I of 3
1/18/13 2:01 PM
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iley.comledugenfshared/assignment/restlqprint.uni
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Problem 1. Use the following information to prepare a s.docx
Problem
1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate.
(a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable).
(b) Issued capital stock for $4,000 of equipment.
(c) Sold equipment for $8,000, book value $8,000.
(d) Paid cash dividend, $3,000 (declared in prior year).
(e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000.
(f) Purchased equipment for $12,000 in exchange for a note payable due in two years.
(g) The cash balance on January 1, 2010 was $10,000.
2. Mucky Corporation was just formed. The following accounts of Mucky
Corporation, with code letters, are needed to record the transactions given below.
You are to indicate the appropriate journal entry for each transaction by entering
the code letters and the correct amounts.
A.
Cash
G.
Bonds payable
B.
Remaining assets
H.
Contributed capital in excess of par
C.
Retained earnings
I.
Treasury stock
D.
Common stock, par $20
J.
Other accounts not listed
E.
Dividends payable
K.
Dividends declared
F.
Accounts payable
L.
No entry needed
Transaction
Debits
Credits
Code
Amount
Code
Amount
1.
Sold and issued 10 common shares at par. Disregard in subsequent transaction.
A
$200
D
$200
2.
Sold and issued 5,000 shares common stock at $26 per share.
A
$130000
D
H
$100000
$30000
3.
Issued a 10% stock dividend when the stock was selling at $30 per share.
K
$10020
E
$10020
4.
Declared a cash dividend of $1 per share on the shares outstanding.
K
$5010
E
$5010
5.
Paid the cash dividend of $1 per share declared earlier (see above).
E
$5010
A
$5010
6.
Purchased 100 shares of treasury stock at $27 per share.
I
$2700
A
$2700
7.
Issued a 2-for-1 stock split when the market price was $30 per share.
3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars:
Balance Sheet
2010
2011
Cash and cash equivalents
$ 1,250
$ 1,432
Short-term investments
953
571
Accounts and other receivables
153
146
Merchandise inventories
1,884
2,094
Prepaid expenses and other current assets
167
486
Total current assets
4,407
4,729
Total property and equipment, net
4,339
4,439
Other assets
1,022
1,097
Total assets
9,768
10,265
Accounts payable
1,023
1,022
Accrued expenses and other current liabilities
881
866
Income taxes payable
245
319
Current portion of long-term debt
452
657
Total current liabilities
2,601
2,864
Total long-term liabilities
2,842
3,427
Total liabilities
5,443
6,291
Total stockholders’ equity
4,325
3,974
Total liabilities and stockholders’ equity
9,768
10,265
Income Statement
Net sal ...
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
Introduction to Financial statements - Accounting
Financial statement introduction and its elements.
There are three fundamental financial statements used in accounting.
The income statement shows revenues and expenses.
The balance sheet is a listing of all asset, liability, and equity account balances that do not appear on the income statement.
The statement of cash flows shows how the company receives and spends its cash.
Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf
Please help, I can\'t figure out what I did wrong. Problem 11-2A (Part Level Submission) The
stockholders\' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred
Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value,
310,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in
Capital in Excess of Stated Value-Common Stoclk Retained Earnings Treasury Stock (4,400
common shares) $264,000 1,033,33:3 13,200 496,000 683,500 35,200 During 2017, the
corporation had the following transactions and events pertaining to its stockholders equity Feb. 1
Issued 4,620 shares of common stock for $32,340 Mar 20 Purchased 1,250 additional shares of
common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock,
payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. Declared a $0.85 per
share cash dividend to common stockholders of record on December 15, payable December 31,
2017 Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared
on December 1
Solution
I have only corrected the journal entries marked in red
Calculation of cash dividends on Dec1:
No of common stock shares outstanding: (1033,333/4) + 4620 - 4400 - 1250 = 257303.25
<4620 is additional shares issued; 4400 is treasury stock; 1250 is additional treasury stock>
Cash dividend declared = 0.85 per share
Hence, total cash dividend = 257303.25 x 0.85 = $218708
Calculation of cash dividends on Dec 31:
Oct 1 cash dividend (as per journal entry): 18480
Dec 1 cash dividend (as per journal entry): 218708
Total cash dividend: 237188DateAccount titlesDebitCreditFeb
1Cash32340Common stock18480Paid-in Capital in excess of stated value-common
stock13860Dec 1Cash dividends218708Dividends payable218708Dec 31Retained
earnings237188Cash dividends237188Dec 31Dividends payable218708Cash218708.
Acct 550 final exam
acct 550,devry acct 550,devry acct 550 entire course,devry acct 550entire class,devry acct 550 all dq,devry acct 550 final exam,devry acct 550 midterm 100,devry acct 550 entire course with midterm and final exam,devry acct 550 week 1,devry acct 550 week 2,devry acct 550 week 3,devry acct 550 week 4,devry acct 550 week 5,devry acct 550 week 6,devry acct 550 week 7,devry acct 550 tutorials,devry acct 550assignments,devry acct 550 help
Stmts2
This document provides examples of basic financial statements for a sole proprietorship business, including an income statement, statement of owner's capital, and balance sheet. The income statement shows revenues, expenses, and net income of $33,000 for the year. The statement of owner's capital indicates the owner's equity started at $7,000, increased by the $33,000 net income, less $2,000 in withdrawals, to end at $38,000. The balance sheet lists the business's assets of $189,000, which include current assets of $27,000 and long-term assets of $162,000, and liabilities of $101,000 and owner's equity of $88,000
Devry acct 550 final exam
This document provides sample exam questions and solutions for an accounting course (ACCT 550) final exam. It includes multiple choice and problem-solving questions covering a range of accounting topics, such as adjusting entries, financial statement preparation, inventory costing methods, and depreciation calculations. The document aims to help students prepare for and review important concepts on the final exam.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Exam 061684RR - THE IMPACT OF MANAGEMENT Questions 1 to 20 S.docx
Exam: 061684RR - THE IMPACT OF MANAGEMENT
Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer.
1. Brittman Corporation makes three products that use the current constraint-a particular type of machine. Data concerning those products appear below:
IP
NI
YD
Selling price per unit
$183.57
$207.74
$348.15
Variable cost per unit
$144.42
$155.04
$269.50
Minutes on the constraint
2.90
3.40
5.50
Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource?
A. $39.15 per unit
B. $15.50 per minute
C. $78.65 per unit
D. $13.50 per minute
2. A project profitability index greater than zero for a project indicates that
A. there has been a calculation error.
B. the project is unattractive and shouldn't be pursued.
C. the company should reevaluate its discount rate.
D. the discount rate is less than the internal rate of return.
3. A company's current ratio and acid-test ratios are both greater than 1. If obsolete inventory is written off, this would
A. decrease the current ratio.
B. increase net working capital.
C. decrease the acid-test ratio.
D. increase the acid-test ratio.
Use the following information to answer this question.
Financial statements for Larkins Company appear below:
Larkins Company
Statement of Financial Position
December 31, Year 2 and Year 1
(dollars in thousands)
Year 2 Year 1
Current assets:
Cash and marketable securities $180 $180
Accounts receivable, net 210 180
Inventory 130 120
Prepaid expenses 5050
Total current assets 570 530
Noncurrent assets:
Plant & equipment, net 1,540 1,480
Total assets $2,110 $2,010
Current liabilities:
Accounts payable $100 $130
Accrued liabilities 60 60
Notes payable, short term 90120
Total current liabilities 250 310
Noncurrent liabilities:
Bonds payable 480500
Total liabilities 730810
Stockholders' equity:
Preferred stock, $20 par, 10% 120 120
Common stock, $10 par 180 180
Additional paid-in capital--common stock 240 240
Retained earnings 840660
Total stockholders' equity 1,3801,200
Total liabilities & stockholders' equity $2,110 $2,010
Larkins Company
Income Statement
For the Year Ended December 31, Year 2
(dollars in thousands)
Sales (all on account) $2,760
Cost of goods sold 1,930
Gross margin 830
Selling and administrative expense 330
Net operating income 500
Interest expense 50
Net income before taxes 450
Income taxes (30%)
135
$315
Net income
Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.
4. Larkins Company's dividend payout ...
The comparative balance sheet of Iglesias Inc for December .pdf
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as
follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$186,000.00
$180,000.00
4
Accounts receivable (net)
540,000.00
480,000.00
5
Inventories
924,000.00
900,000.00
6
Investments
0.00
120,000.00
7
Land
600,000.00
0.00
8
Equipment
1,680,000.00
1,440,000.00
9
Accumulated depreciation-equipment
(720,000.00)
(600,000.00)
10
Total assets
$3,210,000.00
$2,520,000.00
11
Liabilities and Stockholders Equity
12
Accounts payable
$408,000.00
$360,000.00
13
Accrued expenses payable
54,000.00
60,000.00
14
Dividends payable
36,000.00
30,000.00
15
Common stock, $4 par
840,000.00
720,000.00
16
Excess of paid-in capital over par
240,000.00
210,000.00
17
Retained earnings
1,632,000.00
1,140,000.00
18
Total liabilities and stockholders equity
$3,210,000.00
$2,520,000.00
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as
follows:
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used
for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use
the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each
section, if required.
Statement of Cash Flows Shaded cells have feedback. 1. Cash flows from (used for) operating
activities: 2 Net income 3 Adjustments to reconcile net income to net cash flows from operating
activitie: 12 Cash flows from (used for) irnesting activities:.
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
DOL Co. had the following account balances as of December 1, 2015.pdf
DOL Co. had the following account balances as of December 1, 2015:
Inventory $720,000
Land 600,000
Building—net (valued at $1,200,000) 1,080,000
Common stock ($10 par value) 960,000
Retained earnings, December 1, 2010 1,320,000
Revenues 720,000
Expenses 600,000
Miller Inc. transferred $1.7 million in cash and 12,000 shares of its newly issued $30 par value
common stock (valued at $90 per share) to acquire all of DOL’s outstanding common stock.
Assume that Miller paid cash of $2.8 million. No stock is issued. An additional $50,000 is paid
in direct combination costs.
For Goodwill, determine what balance would be included in a December 1, 2015 consolidation?
Solution
Total fair value of assets acquired =total assets + revaluation increase
2,400,000 + 120,000 = 2,520,000
Total consideration paid = 1,700,000 + 12000 shares X 90 per share
1,700,000 + 1,080,000 = $ 2,780,000
Goodwill = 2,780,000 - 2,520,000 = $ 260,000
If all cash given and extra cash for covering cost than consideration =
2,800,000 + 50,000 = $ 2,850,000
Total fair value of assets = $ 2,520,000
Goodwill = $ 3,30,000..
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
Intercompany transactions of non-current assets - depreciable assets
The document discusses accounting for transfers of depreciable assets between a parent company and its subsidiary. It provides an example of an upstream sale, where a subsidiary sells equipment to its parent company. The key steps are to record the sale and purchase transactions by the subsidiary and parent separately. Under the equity method, the parent must defer recognition of its share of the subsidiary's gain on the intercompany sale by crediting an investment account. In subsequent years, a portion of the deferred gain is recognized through adjusting consolidation entries.
A learning organization is a dynamic business environment that encou.docx
A learning organization is a dynamic business environment that encourages and fosters continuous learning in order to compete effectively in a highly competitive 21st century economy. What are the characteristics of a learning organization, and how do these characteristics help managers and employees work together to rise to the challenges they must confront in a rapidly changing business environment?
.
A group of students were asked to vote on their favorite horror film.docx
A group of students were asked to vote on their favorite horror films. The candidate films are:
Abraham Lincoln Vampire Hunter, The Babadook, Cabin Fever, and Dead Snow (A, B, C, D for short). The following table gives the preference schedule for the election.
Number of voters
10
7
5
5
4
1
st
choice
A
D
B
C
B
2
nd
choice
C
B
C
D
C
3
rd
choice
B
A
A
A
D
4
th
choice
D
C
D
B
A
1.
How many students voted?
2.
How many first place votes are needed for a majority?
3. Use the plurality method to find the winner of the election.
4.
Use the Borda count method to find the winner of the election.
5.
Use the plurality-with-elimination method to find the winner of the election.
.
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Week 4 wiley plus assignment
Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
Finance question
The document provides financial information for a company as of December 31, 20XX including assets, liabilities, equity, revenues, and expenses. It asks to prepare an income statement, retained earnings statement, and classified balance sheet for the company using the financial information for the fiscal year ended December 31, 20XX.
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
Answer each of the questions in the following unrelated situations..docx
Answer each of the questions in the following unrelated situations.
(a)
The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $494,800, what is the amount of current liabilities?
Current Liabilities
$
[removed]
(b)
A company had an average inventory last year of $159,000 and its inventory turnover was 6. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year?
(Round answer to 0 decimal places, e.g. 125.)
Average Inventory
$
[removed]
(c)
A company has current assets of $89,370 (of which $36,250 is inventory and prepaid items) and current liabilities of $36,250. What is the current ratio? What is the acid-test ratio? If the company borrows $10,270 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be?
(Round answers to 2 decimal places, e.g. 2.50.)
Current Ratio
[removed]
:1
Acid Test Ratio
[removed]
:1
New Current Ratio
[removed]
:1
New Acid Test Ratio
[removed]
:1
(d)
A company has current assets of $583,200 and current liabilities of $235,100. The board of directors declares a cash dividend of $173,600. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend?
(Round answers to 2 decimal places, e.g. 2.50.)
Current ratio after the declaration but before payment
[removed]
:1
Current ratio after the payment of the dividend
[removed]
:1
Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $142,310,000 and $97,650,000, respectively. Short-term interest rates are expected to average 10%. If Heartland can increase inventory turnover from its present level of 9 times a year to a level of 12 times per year.
Compute its expected cost savings for the coming year.
Expected Cost Savings
$
[removed]
The following information pertains to Wamser Company:
Cash
$22,000
Accounts receivable
125,500
Inventory
74,500
Plant assets (net)
384,000
Total assets
$606,000
Accounts payable
$74,500
Accrued taxes and expenses payable
24,500
Long-term debt
49,500
Common stock ($10 par)
165,000
Paid-in capital in excess of par
89,000
Retained earnings
203,500
Total equities
$606,000
Net sales (all on credit)
$801,000
Cost of goods sold
605,000
Net income
80,500
Compute the following:
(Round answers to 2 decimal places e.g. 15.25.)
(a)
Current ratio
[removed]
: 1
(b)
Inventory turnover
[removed]
times
(c)
Accounts receivable turnover
[removed]
times
(d)
Book value per share
$
[removed]
(e)
Earnings per share
$
[removed]
(f)
Debt to assets
[removed]
%
(g)
Profit margin on sales
[removed]
%
(h)
Return on common stock equity
[removed]
%
Your answer is incorrect. Try again.
The following data is given:
December 31,
2015
2014
Cash
$65,500
$51,000
Accounts .
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ACC/ 291 - 40918999 I Week Four Assignment
E11-16
Before preparing financial statements for the current year, the chief accountant for Springer Company
discovered the following errors in the accounts.
1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest
Expense $50,000 and a credit to Cash $50,000.
2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market
value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and
Dividend Payable (Cr.) $10,000. The shares have not been issued.
3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for
100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings
$2,000,000 and a credit to Common Stock $2,000,000.
Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts
from largest to smallest e.g. 10, 5, 3, 2.)
CCoUflt/ DescriDtion Debit’ Credit
Ii. Dec.
bi I I I
I I II
12. Dec.
L31 I____________________________
I i___________________________________________________________________
I I I I
I I Ii
13. Dec.
bi I I I
I Ii 1.1 I I
Question Attempts: 0 of 3 used
Copyright © 2000-2013 by John Wiley & Sons, Inc. or related companies. All rights reserved.
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ACC/291. - 40918999 / Week Five Assignment
P13-9A
Condensed financial data of Arma Inc. follow.
ARMA INC.
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Eauitv
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 224,000 105,450
Total $682,500 $514,750
ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales $392,780
Less:
Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880
Net income $158,900
Additional information:
1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest
I of 3
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Problem 1. Use the following information to prepare a s.docx
Problem
1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate.
(a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable).
(b) Issued capital stock for $4,000 of equipment.
(c) Sold equipment for $8,000, book value $8,000.
(d) Paid cash dividend, $3,000 (declared in prior year).
(e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000.
(f) Purchased equipment for $12,000 in exchange for a note payable due in two years.
(g) The cash balance on January 1, 2010 was $10,000.
2. Mucky Corporation was just formed. The following accounts of Mucky
Corporation, with code letters, are needed to record the transactions given below.
You are to indicate the appropriate journal entry for each transaction by entering
the code letters and the correct amounts.
A.
Cash
G.
Bonds payable
B.
Remaining assets
H.
Contributed capital in excess of par
C.
Retained earnings
I.
Treasury stock
D.
Common stock, par $20
J.
Other accounts not listed
E.
Dividends payable
K.
Dividends declared
F.
Accounts payable
L.
No entry needed
Transaction
Debits
Credits
Code
Amount
Code
Amount
1.
Sold and issued 10 common shares at par. Disregard in subsequent transaction.
A
$200
D
$200
2.
Sold and issued 5,000 shares common stock at $26 per share.
A
$130000
D
H
$100000
$30000
3.
Issued a 10% stock dividend when the stock was selling at $30 per share.
K
$10020
E
$10020
4.
Declared a cash dividend of $1 per share on the shares outstanding.
K
$5010
E
$5010
5.
Paid the cash dividend of $1 per share declared earlier (see above).
E
$5010
A
$5010
6.
Purchased 100 shares of treasury stock at $27 per share.
I
$2700
A
$2700
7.
Issued a 2-for-1 stock split when the market price was $30 per share.
3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars:
Balance Sheet
2010
2011
Cash and cash equivalents
$ 1,250
$ 1,432
Short-term investments
953
571
Accounts and other receivables
153
146
Merchandise inventories
1,884
2,094
Prepaid expenses and other current assets
167
486
Total current assets
4,407
4,729
Total property and equipment, net
4,339
4,439
Other assets
1,022
1,097
Total assets
9,768
10,265
Accounts payable
1,023
1,022
Accrued expenses and other current liabilities
881
866
Income taxes payable
245
319
Current portion of long-term debt
452
657
Total current liabilities
2,601
2,864
Total long-term liabilities
2,842
3,427
Total liabilities
5,443
6,291
Total stockholders’ equity
4,325
3,974
Total liabilities and stockholders’ equity
9,768
10,265
Income Statement
Net sal ...
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
Introduction to Financial statements - Accounting
Financial statement introduction and its elements.
There are three fundamental financial statements used in accounting.
The income statement shows revenues and expenses.
The balance sheet is a listing of all asset, liability, and equity account balances that do not appear on the income statement.
The statement of cash flows shows how the company receives and spends its cash.
Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf
Please help, I can\'t figure out what I did wrong. Problem 11-2A (Part Level Submission) The
stockholders\' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred
Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value,
310,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in
Capital in Excess of Stated Value-Common Stoclk Retained Earnings Treasury Stock (4,400
common shares) $264,000 1,033,33:3 13,200 496,000 683,500 35,200 During 2017, the
corporation had the following transactions and events pertaining to its stockholders equity Feb. 1
Issued 4,620 shares of common stock for $32,340 Mar 20 Purchased 1,250 additional shares of
common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock,
payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. Declared a $0.85 per
share cash dividend to common stockholders of record on December 15, payable December 31,
2017 Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared
on December 1
Solution
I have only corrected the journal entries marked in red
Calculation of cash dividends on Dec1:
No of common stock shares outstanding: (1033,333/4) + 4620 - 4400 - 1250 = 257303.25
<4620 is additional shares issued; 4400 is treasury stock; 1250 is additional treasury stock>
Cash dividend declared = 0.85 per share
Hence, total cash dividend = 257303.25 x 0.85 = $218708
Calculation of cash dividends on Dec 31:
Oct 1 cash dividend (as per journal entry): 18480
Dec 1 cash dividend (as per journal entry): 218708
Total cash dividend: 237188DateAccount titlesDebitCreditFeb
1Cash32340Common stock18480Paid-in Capital in excess of stated value-common
stock13860Dec 1Cash dividends218708Dividends payable218708Dec 31Retained
earnings237188Cash dividends237188Dec 31Dividends payable218708Cash218708.
Acct 550 final exam
acct 550,devry acct 550,devry acct 550 entire course,devry acct 550entire class,devry acct 550 all dq,devry acct 550 final exam,devry acct 550 midterm 100,devry acct 550 entire course with midterm and final exam,devry acct 550 week 1,devry acct 550 week 2,devry acct 550 week 3,devry acct 550 week 4,devry acct 550 week 5,devry acct 550 week 6,devry acct 550 week 7,devry acct 550 tutorials,devry acct 550assignments,devry acct 550 help
Stmts2
This document provides examples of basic financial statements for a sole proprietorship business, including an income statement, statement of owner's capital, and balance sheet. The income statement shows revenues, expenses, and net income of $33,000 for the year. The statement of owner's capital indicates the owner's equity started at $7,000, increased by the $33,000 net income, less $2,000 in withdrawals, to end at $38,000. The balance sheet lists the business's assets of $189,000, which include current assets of $27,000 and long-term assets of $162,000, and liabilities of $101,000 and owner's equity of $88,000
Devry acct 550 final exam
This document provides sample exam questions and solutions for an accounting course (ACCT 550) final exam. It includes multiple choice and problem-solving questions covering a range of accounting topics, such as adjusting entries, financial statement preparation, inventory costing methods, and depreciation calculations. The document aims to help students prepare for and review important concepts on the final exam.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Exam 061684RR - THE IMPACT OF MANAGEMENT Questions 1 to 20 S.docx
Exam: 061684RR - THE IMPACT OF MANAGEMENT
Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer.
1. Brittman Corporation makes three products that use the current constraint-a particular type of machine. Data concerning those products appear below:
IP
NI
YD
Selling price per unit
$183.57
$207.74
$348.15
Variable cost per unit
$144.42
$155.04
$269.50
Minutes on the constraint
2.90
3.40
5.50
Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource?
A. $39.15 per unit
B. $15.50 per minute
C. $78.65 per unit
D. $13.50 per minute
2. A project profitability index greater than zero for a project indicates that
A. there has been a calculation error.
B. the project is unattractive and shouldn't be pursued.
C. the company should reevaluate its discount rate.
D. the discount rate is less than the internal rate of return.
3. A company's current ratio and acid-test ratios are both greater than 1. If obsolete inventory is written off, this would
A. decrease the current ratio.
B. increase net working capital.
C. decrease the acid-test ratio.
D. increase the acid-test ratio.
Use the following information to answer this question.
Financial statements for Larkins Company appear below:
Larkins Company
Statement of Financial Position
December 31, Year 2 and Year 1
(dollars in thousands)
Year 2 Year 1
Current assets:
Cash and marketable securities $180 $180
Accounts receivable, net 210 180
Inventory 130 120
Prepaid expenses 5050
Total current assets 570 530
Noncurrent assets:
Plant & equipment, net 1,540 1,480
Total assets $2,110 $2,010
Current liabilities:
Accounts payable $100 $130
Accrued liabilities 60 60
Notes payable, short term 90120
Total current liabilities 250 310
Noncurrent liabilities:
Bonds payable 480500
Total liabilities 730810
Stockholders' equity:
Preferred stock, $20 par, 10% 120 120
Common stock, $10 par 180 180
Additional paid-in capital--common stock 240 240
Retained earnings 840660
Total stockholders' equity 1,3801,200
Total liabilities & stockholders' equity $2,110 $2,010
Larkins Company
Income Statement
For the Year Ended December 31, Year 2
(dollars in thousands)
Sales (all on account) $2,760
Cost of goods sold 1,930
Gross margin 830
Selling and administrative expense 330
Net operating income 500
Interest expense 50
Net income before taxes 450
Income taxes (30%)
135
$315
Net income
Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.
4. Larkins Company's dividend payout ...
The comparative balance sheet of Iglesias Inc for December .pdf
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as
follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$186,000.00
$180,000.00
4
Accounts receivable (net)
540,000.00
480,000.00
5
Inventories
924,000.00
900,000.00
6
Investments
0.00
120,000.00
7
Land
600,000.00
0.00
8
Equipment
1,680,000.00
1,440,000.00
9
Accumulated depreciation-equipment
(720,000.00)
(600,000.00)
10
Total assets
$3,210,000.00
$2,520,000.00
11
Liabilities and Stockholders Equity
12
Accounts payable
$408,000.00
$360,000.00
13
Accrued expenses payable
54,000.00
60,000.00
14
Dividends payable
36,000.00
30,000.00
15
Common stock, $4 par
840,000.00
720,000.00
16
Excess of paid-in capital over par
240,000.00
210,000.00
17
Retained earnings
1,632,000.00
1,140,000.00
18
Total liabilities and stockholders equity
$3,210,000.00
$2,520,000.00
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as
follows:
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used
for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use
the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each
section, if required.
Statement of Cash Flows Shaded cells have feedback. 1. Cash flows from (used for) operating
activities: 2 Net income 3 Adjustments to reconcile net income to net cash flows from operating
activitie: 12 Cash flows from (used for) irnesting activities:.
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
DOL Co. had the following account balances as of December 1, 2015.pdf
DOL Co. had the following account balances as of December 1, 2015:
Inventory $720,000
Land 600,000
Building—net (valued at $1,200,000) 1,080,000
Common stock ($10 par value) 960,000
Retained earnings, December 1, 2010 1,320,000
Revenues 720,000
Expenses 600,000
Miller Inc. transferred $1.7 million in cash and 12,000 shares of its newly issued $30 par value
common stock (valued at $90 per share) to acquire all of DOL’s outstanding common stock.
Assume that Miller paid cash of $2.8 million. No stock is issued. An additional $50,000 is paid
in direct combination costs.
For Goodwill, determine what balance would be included in a December 1, 2015 consolidation?
Solution
Total fair value of assets acquired =total assets + revaluation increase
2,400,000 + 120,000 = 2,520,000
Total consideration paid = 1,700,000 + 12000 shares X 90 per share
1,700,000 + 1,080,000 = $ 2,780,000
Goodwill = 2,780,000 - 2,520,000 = $ 260,000
If all cash given and extra cash for covering cost than consideration =
2,800,000 + 50,000 = $ 2,850,000
Total fair value of assets = $ 2,520,000
Goodwill = $ 3,30,000..
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
Intercompany transactions of non-current assets - depreciable assets
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ACCT 221Midterm Problems1. Albert Corporation is author.docx
Answer each of the questions in the following unrelated situations..docx
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Eli- 16 httpedugen.wiley.comledugensharedJassignmentltest.docx
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Problem 1. Use the following information to prepare a s.docx
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Wilco Corporation has the following account balances at December 3.docx
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Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf
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ProblemIssuance of stock organization costs. Snowbound Corporat.docx
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Exam 061684RR - THE IMPACT OF MANAGEMENT Questions 1 to 20 S.docx
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The comparative balance sheet of Iglesias Inc for December .pdf
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
DOL Co. had the following account balances as of December 1, 2015.pdf
DOL Co. had the following account balances as of December 1, 2015.pdf
Intercompany transactions of non-current assets - depreciable assets
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A learning organization is a dynamic business environment that encourages and fosters continuous learning in order to compete effectively in a highly competitive 21st century economy. What are the characteristics of a learning organization, and how do these characteristics help managers and employees work together to rise to the challenges they must confront in a rapidly changing business environment?
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A group of students were asked to vote on their favorite horror films. The candidate films are:
Abraham Lincoln Vampire Hunter, The Babadook, Cabin Fever, and Dead Snow (A, B, C, D for short). The following table gives the preference schedule for the election.
Number of voters
10
7
5
5
4
1
st
choice
A
D
B
C
B
2
nd
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C
B
C
D
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3
rd
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B
A
A
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D
4
th
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B
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1.
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2.
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4.
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5.
Use the plurality-with-elimination method to find the winner of the election.
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Tasks:
Using the Argosy University online library resources, prepare a 4- to 5-slide, APA-formatted Microsoft PowerPoint presentation that includes responses to Part 1 and Part 2.
Part 1
Use scholarly sources to compare any two of the following interviewing methodologies:
Structural interviews
Inferential interviews
Behavioral interviews
Cognitive interviews
Clearly define each methodology chosen and examine in what situations it may be appropriate.
Part 2
Explore the components of statement analysis—a complex skill that can help you determine the level of deception in a witness's or a suspect's statement. Identifying deception leads one to dig deeper, investigate further, and ask more, often difficult, direct questions.
Instructions
Consider the following example of a statement and its component:
Statement
Statement Component
"Decided to go for a walk. Got out there. Umm . . . stood for a few moments and received a page from home. Something was going on at home. Let's go back and make a phone call and see what's going on.
Parts of speech, specifically missing pronouns
Analyze the following statements and identify as many applicable components of statement analysis as you can attribute to the deception:
"Got approached by a gentleman asking for money. When I addressed him, I was struck in the rear and knocked to the ground. Struggled with him. There was a shot that went off. Struggled with him, and there was another shot that went off. That was the shot that hit me."
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Discuss how you can give him opportunities to be independent.
How can you adapt the environment to make it easier for him to navigate?
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What would this psychologist be looking for during voir dire and in investigations of the jury pool?
What, if any, different analysis techniques might a psychologist use when assisting the defense versus assisting the prosecution?
Why would the items being investigated be important to the defense or to the prosecution?
What specific area of forensics are you interested in, or what type of position are you interested in?
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A human resources manager stores a spreadsheet with sensitive personal information on her local workstation. The spreadsheet is the only file with sensitive data, and the name of the spreadsheet does not change.
As a security specialist, you must choose the best form of encryption to protect the spreadsheet. Your choices are:
BitLocker
BitLocker To Go
File encryption via Encrypting File System (EFS)
Folder encryption via EFS
Answer the following question(s):
Which form of encryption would ensure the spreadsheet is always stored on the disk in encrypted format? More than one form may be correct.
Need 2 Pages, APA Format,
Please make sure no Plagiarism
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Write
a 700- to 1,050-word paper on child abuse reporting issues and resources.
Describe
what could result when the following occur:
Families or individuals will not agree to receiving help
The child is in further danger due to reporting an incident
Provide
an explanation to the following:
Other implications resulting from reporting abuse
What primary community resources could be used to help these individuals
Format
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A health goal include:
Who has this health issue?
How do you get this health issue? (Key factors: genetic, lifestyle choices, environment)
How do you prevent this health issue? (Key methods: What are the top three ways?)
How do you treat this health issue? (Key methods: What are the two treatments?)
Now pick your 20 plants for your annotated bibliography (below)
Annotated literature review with 20 plants and 20 different sources in APA forma
A project with a diary or journal of your process.
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In an essay of approximately 500 words, explain how the imperialistic attitude of the United States fit the meaning of the proverb.
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In each case, make sure to also explain the given philosopher’s views on the nature of man. Discuss it in detail!
Identify one (1) modern situation in the world where these issues are significant
•Chapter 23 (pp. 742-755); Rubens; Poussin; Moliere; royalty using the arts; review the Week 2 “Music Folder”
Explore:
The Arts and Royalty
•Rubens and Poussin at
http://www.visitmuseums.com/exhibition/from-baroque-to-classicism-rubens-poussin-and-17th-85
and
http://www.wga.hu/frames-e.html?/bio/p/poussin/biograph.html
Philosophers Debate Politics
•Chapter 24 (pp. 776-7; 803-805)
•Hobbes: text at
http://oregonstate.edu/instruct/phl302/texts/hobbes/leviathan-contents.html
summary at http://plato.stanford.edu/entries/hobbes-moral/; also
http://jim.com/hobbes.htm
•Locke: text at
http://www.thenagain.info/Classes/Sources/Locke-2ndTreatise.html
General background of the concept at
http://www.digitalhistory.uh.edu/teachers/lesson_plans/pdfs/unit1_12.pdf
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What is your perspective in the following
. You should back this up with
one
of our Ethics theories:
·
Kantianism
·
Act Utilitarianism
·
Rule Utilitarianism
·
Social Contract
·
Virtue Ethics
It would be in the best interests of society if the government constructed a DNA database of every resident and made the database available to medical researchers and police agencies.
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Using the library, Internet, or any other available materials, discuss the process of a death notification.
Give a rationale for why the immediate family is notified before the media.
Is a death notification for a police officer different than it is for a civilian? Do you agree or disagree that this should be the case?
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A crisis presents the ultimate communication test for managers and leaders. Careful coordination is required to assess the situation, prioritize critical issues, collect relevant information, and create an effective communication plan. Above all, open, consistent, and candid communication is key.
1. Identify a company that has or is currently experiencing a crisis.
2. Evaluate the crisis situation, including its ethical implication.
3. Judge the effectiveness of the organization’s communication approach (reactive, proactive, candid, and/or utilizing the media to deliver clear messages to their audiences)?
4. What values and actions are being communicated?
5. Develop a recommendation for what the organization could have done differently to better manage the situation and their reputation.
Organizations to Consider (Please refrain from using Toyota due to our Week 9 discussion):
• British Petroleum
• Carnival Cruise Line
• General Motors
• The National Football League
Research Resources:
• WSJ – use the link on the left-hand side menu bar of your course
• Yahoo Finance
• CNBC
• MarketWatch
Integrative Case Grading Criteria:
Please Note: The total paper length is 3 - 5 pages.
1. Provide an overview of the organization’s crisis situation and the ethical implications. (15% weighting)
Consider the organization’s mission, vision, values, and culture.
2. How well did the organization communicate during the crisis? (35% weighting)
Did the organization authentically acknowledge and own their contribution to the situation?
Did the leaders demonstrate candor?
Did they effectively use the media to deliver key messages?
Did they share good and bad news?
Did they exhibit consistent and believable communication?
Did they involve employees and customers in the communication effort?
Were their actions aligned with mission and values?
3. What recommendations would you make to improve the communication approach? (40% weighting)
Consider crisis communication techniques, communication best practices, and ethical responsibilities.
4. Writing clarity, logic, mechanics, and formatting. (10% weighting)
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a cruel, crazy, mad, hopeless panic possesed them... the heat was a.docx
"a cruel, crazy, mad, hopeless panic possesed them... the heat was awful... the men were exausted-their mouths gasped, their lips cracked and blackened with the powder of the cartridges they had bitten off in the battle, their eyes staring in frenzy."
-Representative albert riddle, observing the first battle of the bull run
This excerpt describes _____ at the First Battle of Bull Run.
a)terrified observers of the battle
b)couragous confederate soldiers
c)retreating union soldiers
d)civilians fleeing to Washington, D.C.
.
A criminal justice professional gathers information through effectiv.docx
A criminal justice professional gathers information through effective interviews and interrogations. Ineffective victim or suspect interviews or interrogations can cost an investigator a case, and understanding the difference between an interview and an interrogation is critical in selecting an appropriate approach for a specific situation. Interviews and interrogations are dynamic, evolving situations, and developing interviewing and interrogation skills takes time and practice. Interrogation involves an accusatory, persuasive approach. Effective interviewers have the ability to quickly establish rapport with their subjects and gain complete, concise, and accurate information about crimes, additional witnesses, and suspects. Building rapport early helps take down barriers to open and clear communication, which is critical in conducting interviews and interrogations.
Submission Details:
By
Fri
day, January 16, 2015
, in a minimum of 250 words, post your answers to the following:
What are the qualities of an effective interviewer and interrogator?
What are the purposes of interviews and interrogations?
What is the difference between an interview and an interrogation?
What is D. K. Berlo's communication process? How does it apply in the criminal justice field?
What is a purposeful interview?
Discussion Grading Criteria and Rubric
All discussion assignments in this course will be graded using a rubric. This assignment is worth 40 points. The discussion rubric carefully read it to understand the expectations.
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A consumer advocacy group claims that the mean amount of juice in a .docx
A consumer advocacy group claims that the mean amount of juice in a 16 ounce bottled drink is not 16 ounces, as stated by the bottler. Determine the conclusion of the hypothesis test assuming that the results of the sampling lead to rejection of the null hypothesis.
A. Conclusion: Support the claim that the mean is equal to 16 ounces.
B. Conclusion: Support the claim that the mean is greater than 16 ounces.
C. Conclusion: Support the claim that the mean is not equal to 16 ounces.
D. Conclusion: Support the claim that the mean is less than 16 ounces.
Question 4 of 40
0.0/ 2.5 Points
A consumer group claims that the mean running time for a certain type of flashlight battery is not the same as the manufacturer’s claims. Determine the null and alternative hypotheses for the test described.
A.
H
0
: µ = Manufacturer’s claims H
a
: µ < Manufacturer’s claims
B.
H
0
: µ = Manufacturer’s claims H
a
: µ
¹
Manufacturer’s claims
C.
H
0
: µ = Manufacturer’s claims H
a
: µ > Manufacturer’s claims
D.
H
0
: µ
¹
Manufacturer’s claims H
a
: µ = Manufacturer’s claims
Question 5 of 40
0.0/ 2.5 Points
A researcher claims that the amounts of acetaminophen in a certain brand of cold tablets have a mean different from the 600 mg claimed by the manufacturer. Test this claim at the 0.02 level of significance. The mean acetaminophen content for a random sample of n = 41 tablets is 603.3 mg. Assume that the population standard deviation is 4.9 mg.
A. Since the test statistic is greater than the critical z, there is sufficient evidence to accept the null hypothesis and to support the claim that the mean content of acetaminophen is 600 mg.
B. Since the test statistic is greater than the critical z, there is sufficient evidence to reject the null hypothesis and to support the claim that the mean content of acetaminophen is not 600 mg.
C. Since the test statistic is less than the critical z, there is sufficient evidence to reject the null hypothesis and to support the claim that the mean content of acetaminophen is not 600 mg.
D. Since the test statistic is greater than the critical z, there is insufficient evidence to reject the null hypothesis and to support the claim that the mean content of acetaminophen is not 600 mg.
Question 6 of 40
0.0/ 2.5 Points
In 1990, the average duration of long-distance telephone calls originating in one town was 9.3 minutes. A long-distance telephone company wants to perform a hypothesis test to determine whether the average duration of long-distance phone calls has changed from the 1990 mean of 9.3 minutes. Formulate the null and alternative hypotheses for the study described.
A.
H
o
: µ = 9.3 minutes H
a
: µ < 9.3 minutes
B.
H
o
: µ = 9.3 minutes H
a
: µ > 9.3 minutes
C.
H
o
: µ = 9.3 minutes
H
a
: µ
¹
9.3 minutes
D.
H
o
: µ
¹
9.3 minutes H
a
: µ = 9.3 minutes
Question 7 of 40
2.5/ 2.5 Points
A skeptical paranormal researcher claims that the proportion of Americans that have.
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𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
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- 1. 6. Ratio computation . The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparative Balance Sheets December 31, 20X2 and 20X1 ($000 Omitted) 20X2 20X1 Assets Current Assets Cash and Short-Term Investments $400 $600 Accounts Receivable (net) 3,000 2,400 Inventories
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