Blige Inc.Comparative Balance SheetDecember 31, 2014 and 2013.docx
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Blige Inc. Comparative Balance Sheet December 31, 2014 and 2013 Dec. 31, 2014 Dec. 31, 2013 Assets Current assets Cash $199,380 $240,410 Temporary investments 301,760 398,400 Accounts receivable (net) 211,700 197,100 Inventories 160,600 116,800 Prepaid expenses 37,712 48,080 Total current assets $911,152 $1,000,790 Long-term investments 695,168 468,163 Property, plant, and equipment (net) 1,080,000 972,000 Total assets $2,686,320 $2,440,953 Liabilities Current liabilities $293,920 $633,353 Long-term liabilities Mortgage note payable, 8%, due 2019 $400,000 $0 Bonds payable, 8%, due 2015 500,000 500,000 Total long-term liabilities $900,000 $500,000 Total liabilities $1,193,920 $1,133,353 Stockholders' Equity Preferred $0.70 stock, $20 par $180,000 $180,000 Common stock, $10 par 210,000 210,000 Retained earnings 1,102,400 917,600 Total stockholders' equity $1,492,400 $1,307,600 Total liabilities and stockholders' equity $2,686,320 $2,440,953 Required: Determine the following measures for 2014, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. 1. Working capital $ [removed] 2. Current ratio [removed] 3. Quick ratio [removed] 4. Accounts receivable turnover [removed] 5. Number of days' sales in receivables [removed] days 6. Inventory turnover [removed] 7. Number of days' sales in inventory [removed] days 8. Ratio of fixed assets to long-term liabilities [removed] 9. Ratio of liabilities to stockholders' equity [removed] 10. Number of times interest charges are earned [removed] 11. Number of times preferred dividends are earned [removed] 12. Ratio of net sales to assets [removed] 13. Rate earned on total assets [removed] % 14. Rate earned on stockholders' equity [removed] % 15. Rate earned on common stockholders' equity [removed] % 16. Earnings per share on common stock $ [removed] 17. Price-earnings ratio [removed] 18. Dividends per share of common stock $ [removed] 19. Dividend yield [removed] % .
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Recommended
Income Statements and Balance Sheet Balance Sheet201220132014.pdf
Income Statements and Balance Sheet Balance Sheet
2012
2013
2014
Cash
$9,000
$7,282
$14,000
Short-term investments
48,600
20,000
71,632
Accounts receivable
351,200
632,160
878,000
Inventories
715,200
1,287,360
1,716,480
Total current assets
$1,124,000
$1,946,802
$2,680,112
Gross fixed assets
491,000
1,202,950
1,220,000
Less: Accumulated depreciation
146,200
263,160
383,160
Net fixed assets
$344,800
$939,790
$836,840
Total assets
$1,468,800
$2,886,592
$3,516,952
Liabilities and Equity
Accounts payable
$145,600
$324,000
$359,800
Notes payable
200,000
720,000
300,000
Accruals
136,000
284,960
380,000
Total current liabilities
$481,600
$1,328,960
$1,039,800
Long-term debt
323,432
1,000,000
500,000
Common stock (100,000 shares)
460,000
460,000
1,680,936
Retained earnings
203,768
97,632
296,216
Total equity
$663,768
$557,632
$1,977,152
Total liabilities and equity
$1,468,800
$2,886,592
$3,516,952
2. Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No
changes in operations occurred. What would happen to reported profit and to net cash flow?
Income Statements and Balance Sheet Balance Sheet
2012
2013
2014
Cash
$9,000
$7,282
$14,000
Short-term investments
48,600
20,000
71,632
Accounts receivable
351,200
632,160
878,000
Inventories
715,200
1,287,360
1,716,480
Total current assets
$1,124,000
$1,946,802
$2,680,112
Gross fixed assets
491,000
1,202,950
1,220,000
Less: Accumulated depreciation
146,200
263,160
383,160
Net fixed assets
$344,800
$939,790
$836,840
Total assets
$1,468,800
$2,886,592
$3,516,952
Liabilities and Equity
Accounts payable
$145,600
$324,000
$359,800
Notes payable
200,000
720,000
300,000
Accruals
136,000
284,960
380,000
Total current liabilities
$481,600
$1,328,960
$1,039,800
Long-term debt
323,432
1,000,000
500,000
Common stock (100,000 shares)
460,000
460,000
1,680,936
Retained earnings
203,768
97,632
296,216
Total equity
$663,768
$557,632
$1,977,152
Total liabilities and equity
$1,468,800
$2,886,592
$3,516,952
Solution
2. Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No
changes in operations occurred. What would happen to reported profit and to net cash flow?
Ans: Depreciation and amortization are not cash charges, so neither of them has an effect on a
firm’s reported profits.
*****.
Exercise 12-1Putnam Corporation had these transactions during 20.docx
The financial statements provide income statement, balance sheet, and cash flow statement information for The Hershey Company for the years 2011, 2010, and 2009. Key details include net sales increasing from $5.3 billion in 2009 to $6.1 billion in 2011, net income increasing from $436 million in 2009 to $629 million in 2011, and total assets increasing from $4.3 billion in 2010 to $4.4 billion in 2011. Cash flow from operating activities was $581 million in 2011.
AnsConsolidated financial statements are the aggregated or combin.pdf
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Consolidated income statement
For the year ended 31/12/2020
Particulars
P
S
Total
Revenue:
Sales
2,804,200
2,100,000
4,904,200
Royalties
210,000
--
210,000
Dividends
100,800
--
100,800
3,115,000
2,100,000
5,215,000
Expenses:
Cost of sales
1,680,000
1,260,000
2,940,000
Other
784,000
575,400
1,359,400
2,464,000
1,835,400
4,299,400
Net income
651,000
264,600
915,600
Retained earnings statement
For the year ended 31/12/2020
P
S
Total
Opening retained earnings
3,353,000
897,400
4,250,400
Net income
651,000
264,600
915,600
Dividends declared
(420,000)
(126,000)
(546,000)
Closing retained earnings
3,584,000
1,036,000
4,620,000
Figures are added. P + S = Total.
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Solution
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,00.
SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2013 and 2014.pdf
Smolira Golf has 12,000 shares of common stock outstanding, and the market price for a share of
stock at the end of 2014 was $75.
What is the price-earnings ratio? (Do not round intermediate calculations.Round your answer to
2 decimal places (e.g., 32.16).)
What is the price-sales ratio? (Do not round intermediate calculations.Round your answer to 2
decimal places (e.g., 32.16).)
What are the dividends per share? (Do not round intermediate calculations.Round your answer to
2 decimal places (e.g., 32.16).)
What is the market-to-book ratio at the end of 2014? (Do not round intermediate
calculations.Round your answer to 2 decimal places (e.g., 32.16).)Some recent financial
statements for Smolira Golf, Inc., follow.
Solution
Requirement 1:
Price-earnings ratio = $75 / ($35,207 / 12,000)
= 25.56 times
Requirement 2:
Price-sales ratio = $75 * 12,000 / $186,970
= 4.81 times
Requirement 3:
Dividends per share = $11,885 / 12,000
= $0.99
Requirement 4:
Market-to-book ratio = $75 / ($75,966 / 12,000)
= 11.85 times.
Problem 12-9AYour answer is partially correct. Try again..docx
Problem 12-9A
Your answer is partially correct. Try again.
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 131,704
$ 78,892
Accounts receivable
143,114
61,940
Inventory
183,375
167,646
Prepaid expenses
46,292
42,380
Long-term investments
224,940
177,670
Plant assets
464,550
395,275
Accumulated depreciation
(81,500
)
(84,760
)
Total
$1,112,475
$839,043
Liabilities and Stockholders’ Equity
Accounts payable
$ 166,260
$ 109,699
Accrued expenses payable
26,895
34,230
Bonds payable
179,300
237,980
Common stock
358,600
285,250
Retained earnings
381,420
171,884
Total
$1,112,475
$839,043
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$633,190
Less:
Cost of goods sold
$220,800
Operating expenses, excluding depreciation
20,228
Depreciation expense
75,795
Income tax expense
44,466
Interest expense
7,710
Loss on disposal of plant assets
12,225
381,224
Net income
$ 251,966
Additional information:
1.
New plant assets costing $163,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $93,725 and accumulated depreciation of $79,055 were sold for $2,445 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $42,430 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
$
Problem 12-10A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 151,904
$ 90,992
Accounts receivable
165,064
71,440
Inventory
211,500
193,358
Prepaid expenses
53,392
48,880
Long-term investments
259,440
204,920
Plant assets
535,800
455,900
Accumulated depreciation
(94,000
)
(97,760
)
Total
$1,283,100
$967,730
Liabilities and Stockholders’ Equity
Accounts payable
$ 191,760
$ 126,524
Accrued expenses payable
31,020
39,480
Bonds payable
206,800
274,480
Common stock
413,600
329,000
Retained earnings
439,920
198,246
Total
$1,283,100
$967,730
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$730,305
Less:
Cost of goods sold
$254,665
Operating expenses, excluding depreciation
23,331
Depreciation expense
87,420
Income taxes
51,286
Interest expense
8,892
Loss on disposal of plant assets
14,100
439,694
Net income
$ 290,611
Additional information:
1.
New plant assets costing $188,000 were purchased for c.
Condensed financial data of Odgers Inc. follow.ODGERS INC.Compar.docx
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 199,576
$ 119,548
Accounts receivable
216,866
93,860
Inventory
277,875
254,040
Prepaid expenses
70,148
64,220
Long-term investments
340,860
269,230
Plant assets
703,950
598,975
Accumulated depreciation
(123,500
)
(128,440
)
Total
$1,685,775
$1,271,433
Liabilities and Stockholders’ Equity
Accounts payable
$ 251,940
$ 166,231
Accrued expenses payable
40,755
51,870
Bonds payable
271,700
360,620
Common stock
543,400
432,250
Retained earnings
577,980
260,462
Total
$1,685,775
$1,271,433
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$959,496
Less:
Cost of goods sold
$334,586
Operating expenses, excluding depreciation
30,653
Depreciation expense
114,855
Income tax expense
67,382
Interest expense
11,683
Loss on disposal of plant assets
18,525
577,684
Net income
$ 381,812
Additional information:
1.
New plant assets costing $247,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $142,025 and accumulated depreciation of $119,795 were sold for $3,705 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $64,294 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.
.
HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021.pdf
HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 20212015 ($
thousands) 2021 2020 2019 2018 2017 2016 2015 Assets Cash $ 152 $ 201 $ 209 $ 213 $ 222 $
219 $ 226 Accounts receivable, net 1,093 1,148 1,039 797 702 665 469 Merchandise inventory
3,954 2,879 2,515 2,119 1,904 1,617 1,173 Other current assets 101 91 56 101 85 86 45 Long-
term investments 0 0 0 312 312 312 312 Plant assets, net 4,839 4,820 4,217 2,378 2,458 2,185
1,875 Total assets $ 10,139 $ 9,139 $ 8,036 $ 5,920 $ 5,683 $ 5,084 $ 4,100 Liabilities and
Equity Current liabilities 2,549 $ 2,144 $ 1,406 $ 1,170 $ 1,015 $ 960 $ 619 Long-term liabilities
2,725 2,374 2,310 1,072 1,096 1,186 890 Common stock 1,845 1,845 1,845 1,640 1,640 1,435
1,435 Other paid-in capital 461 461 461 410 410 359 359 Retained earnings 2,559 2,315 2,014
1,628 1,522 1,144 797 Total liabilities and equity $ 10,139 $ 9,139 $ 8,036 $ 5,920 $ 5,683 $
5,084 $ 4,100
Required: Complete the below table to calculate the trend percents for all components of both
statements using 2015 as the base year. Refer to the results from part 1. (a) Did sales grow
steadily over this period? (b) Did net income as a percent of sales grow over the past four years?
(c) Did inventory increase over this period?.
Running head ETHICAL AND LEGAL ISSUES1ETHICAL AND LEGAL ISSUES.docx
Running head: ETHICAL AND LEGAL ISSUES 1
ETHICAL AND LEGAL ISSUES 2
Ethical and Legal Issues
Sherry L. Crowe
Argosy University
B6032 A01 Human Resource Management & Talent Development
Module 2, Assignment 2
Dr. Fuller
January 20, 2016
References
Print by: S
ACC/291 - 49133250 / Assignment: Week 5 Assignment
*Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 111,504
$ 66,792
Accounts receivable
121,164
52,440
Inventory
155,250
141,933
Prepaid expenses
39,192
35,880
Long-term investments
190,440
150,420
Plant assets
393,300
334,650
Accumulated depreciation
(69,000 )
(71,760 )
Total
$941,850
$710,355
Liabilities and Stockholders’ Equity
Accounts payable
$ 140,760
$ 92,874
Accrued expenses payable
22,770
28,980
Bonds payable
151,800
201,480
Common stock
303,600
241,500
Retained earnings
322,920
145,521
Total
$941,850
$710,355
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$536,075
Less:
Cost of goods sold
$186,935
Operating expenses, excluding depreciation
17,126
Depreciation expense
64,170
Income tax expense
37,646
Interest expense
6,527
Loss on disposal of plant assets
10,350
322,754
Net income
$ 213,321
Additional information:
1.
New plant assets costing $138,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $79,350 and accumulated depreciation of $66,930 were sold for
$2,070 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $35,922 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with
either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
Cash Flows from Operating Activities<br>
Net Income
$
Adjustments to reconcile net income to
Net Cash Provided by Operating Activities<br>
Decrease in Accrued Expenses Payable$
Increase in Inventory
Increase in Accounts Receivable
Depreciation Expense
Loss on Disposal of Plant Assets
Increase in Prepaid Expenses
Increase in Accounts Payable
Net Cash Provided by Operating Activities<br>
Cash Flows from Investing Activities
Purchase of Investments
Purchase of Plant Assets
Sale of Plant Assets
Net Cash used by Investing Activities<br>
Cash Flows from Financing Activities
Redemption of Bonds
Sale of Common Stock
Payment of Cash Dividends
Net Cash used by Financing Activities<br>
Net Increase in Cash<br>
Cash at Beginning of Period<br>
Cash at End of Period
$
Question Attempts: 0 of 3 used
Copyright © 2000-2015 by John Wiley & Sons, Inc. or related companies. All rights reserved.
Print by: S
ACC/291 - 49133250 / Assignment: Week 5 Assignment
*Problem 12-10A
Your answer is .
Recommended
Income Statements and Balance Sheet Balance Sheet201220132014.pdf
Income Statements and Balance Sheet Balance Sheet
2012
2013
2014
Cash
$9,000
$7,282
$14,000
Short-term investments
48,600
20,000
71,632
Accounts receivable
351,200
632,160
878,000
Inventories
715,200
1,287,360
1,716,480
Total current assets
$1,124,000
$1,946,802
$2,680,112
Gross fixed assets
491,000
1,202,950
1,220,000
Less: Accumulated depreciation
146,200
263,160
383,160
Net fixed assets
$344,800
$939,790
$836,840
Total assets
$1,468,800
$2,886,592
$3,516,952
Liabilities and Equity
Accounts payable
$145,600
$324,000
$359,800
Notes payable
200,000
720,000
300,000
Accruals
136,000
284,960
380,000
Total current liabilities
$481,600
$1,328,960
$1,039,800
Long-term debt
323,432
1,000,000
500,000
Common stock (100,000 shares)
460,000
460,000
1,680,936
Retained earnings
203,768
97,632
296,216
Total equity
$663,768
$557,632
$1,977,152
Total liabilities and equity
$1,468,800
$2,886,592
$3,516,952
2. Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No
changes in operations occurred. What would happen to reported profit and to net cash flow?
Income Statements and Balance Sheet Balance Sheet
2012
2013
2014
Cash
$9,000
$7,282
$14,000
Short-term investments
48,600
20,000
71,632
Accounts receivable
351,200
632,160
878,000
Inventories
715,200
1,287,360
1,716,480
Total current assets
$1,124,000
$1,946,802
$2,680,112
Gross fixed assets
491,000
1,202,950
1,220,000
Less: Accumulated depreciation
146,200
263,160
383,160
Net fixed assets
$344,800
$939,790
$836,840
Total assets
$1,468,800
$2,886,592
$3,516,952
Liabilities and Equity
Accounts payable
$145,600
$324,000
$359,800
Notes payable
200,000
720,000
300,000
Accruals
136,000
284,960
380,000
Total current liabilities
$481,600
$1,328,960
$1,039,800
Long-term debt
323,432
1,000,000
500,000
Common stock (100,000 shares)
460,000
460,000
1,680,936
Retained earnings
203,768
97,632
296,216
Total equity
$663,768
$557,632
$1,977,152
Total liabilities and equity
$1,468,800
$2,886,592
$3,516,952
Solution
2. Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No
changes in operations occurred. What would happen to reported profit and to net cash flow?
Ans: Depreciation and amortization are not cash charges, so neither of them has an effect on a
firm’s reported profits.
*****.
Exercise 12-1Putnam Corporation had these transactions during 20.docx
The financial statements provide income statement, balance sheet, and cash flow statement information for The Hershey Company for the years 2011, 2010, and 2009. Key details include net sales increasing from $5.3 billion in 2009 to $6.1 billion in 2011, net income increasing from $436 million in 2009 to $629 million in 2011, and total assets increasing from $4.3 billion in 2010 to $4.4 billion in 2011. Cash flow from operating activities was $581 million in 2011.
AnsConsolidated financial statements are the aggregated or combin.pdf
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Consolidated income statement
For the year ended 31/12/2020
Particulars
P
S
Total
Revenue:
Sales
2,804,200
2,100,000
4,904,200
Royalties
210,000
--
210,000
Dividends
100,800
--
100,800
3,115,000
2,100,000
5,215,000
Expenses:
Cost of sales
1,680,000
1,260,000
2,940,000
Other
784,000
575,400
1,359,400
2,464,000
1,835,400
4,299,400
Net income
651,000
264,600
915,600
Retained earnings statement
For the year ended 31/12/2020
P
S
Total
Opening retained earnings
3,353,000
897,400
4,250,400
Net income
651,000
264,600
915,600
Dividends declared
(420,000)
(126,000)
(546,000)
Closing retained earnings
3,584,000
1,036,000
4,620,000
Figures are added. P + S = Total.
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Solution
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,00.
SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2013 and 2014.pdf
Smolira Golf has 12,000 shares of common stock outstanding, and the market price for a share of
stock at the end of 2014 was $75.
What is the price-earnings ratio? (Do not round intermediate calculations.Round your answer to
2 decimal places (e.g., 32.16).)
What is the price-sales ratio? (Do not round intermediate calculations.Round your answer to 2
decimal places (e.g., 32.16).)
What are the dividends per share? (Do not round intermediate calculations.Round your answer to
2 decimal places (e.g., 32.16).)
What is the market-to-book ratio at the end of 2014? (Do not round intermediate
calculations.Round your answer to 2 decimal places (e.g., 32.16).)Some recent financial
statements for Smolira Golf, Inc., follow.
Solution
Requirement 1:
Price-earnings ratio = $75 / ($35,207 / 12,000)
= 25.56 times
Requirement 2:
Price-sales ratio = $75 * 12,000 / $186,970
= 4.81 times
Requirement 3:
Dividends per share = $11,885 / 12,000
= $0.99
Requirement 4:
Market-to-book ratio = $75 / ($75,966 / 12,000)
= 11.85 times.
Problem 12-9AYour answer is partially correct. Try again..docx
Problem 12-9A
Your answer is partially correct. Try again.
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 131,704
$ 78,892
Accounts receivable
143,114
61,940
Inventory
183,375
167,646
Prepaid expenses
46,292
42,380
Long-term investments
224,940
177,670
Plant assets
464,550
395,275
Accumulated depreciation
(81,500
)
(84,760
)
Total
$1,112,475
$839,043
Liabilities and Stockholders’ Equity
Accounts payable
$ 166,260
$ 109,699
Accrued expenses payable
26,895
34,230
Bonds payable
179,300
237,980
Common stock
358,600
285,250
Retained earnings
381,420
171,884
Total
$1,112,475
$839,043
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$633,190
Less:
Cost of goods sold
$220,800
Operating expenses, excluding depreciation
20,228
Depreciation expense
75,795
Income tax expense
44,466
Interest expense
7,710
Loss on disposal of plant assets
12,225
381,224
Net income
$ 251,966
Additional information:
1.
New plant assets costing $163,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $93,725 and accumulated depreciation of $79,055 were sold for $2,445 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $42,430 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
$
Problem 12-10A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 151,904
$ 90,992
Accounts receivable
165,064
71,440
Inventory
211,500
193,358
Prepaid expenses
53,392
48,880
Long-term investments
259,440
204,920
Plant assets
535,800
455,900
Accumulated depreciation
(94,000
)
(97,760
)
Total
$1,283,100
$967,730
Liabilities and Stockholders’ Equity
Accounts payable
$ 191,760
$ 126,524
Accrued expenses payable
31,020
39,480
Bonds payable
206,800
274,480
Common stock
413,600
329,000
Retained earnings
439,920
198,246
Total
$1,283,100
$967,730
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$730,305
Less:
Cost of goods sold
$254,665
Operating expenses, excluding depreciation
23,331
Depreciation expense
87,420
Income taxes
51,286
Interest expense
8,892
Loss on disposal of plant assets
14,100
439,694
Net income
$ 290,611
Additional information:
1.
New plant assets costing $188,000 were purchased for c.
Condensed financial data of Odgers Inc. follow.ODGERS INC.Compar.docx
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 199,576
$ 119,548
Accounts receivable
216,866
93,860
Inventory
277,875
254,040
Prepaid expenses
70,148
64,220
Long-term investments
340,860
269,230
Plant assets
703,950
598,975
Accumulated depreciation
(123,500
)
(128,440
)
Total
$1,685,775
$1,271,433
Liabilities and Stockholders’ Equity
Accounts payable
$ 251,940
$ 166,231
Accrued expenses payable
40,755
51,870
Bonds payable
271,700
360,620
Common stock
543,400
432,250
Retained earnings
577,980
260,462
Total
$1,685,775
$1,271,433
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$959,496
Less:
Cost of goods sold
$334,586
Operating expenses, excluding depreciation
30,653
Depreciation expense
114,855
Income tax expense
67,382
Interest expense
11,683
Loss on disposal of plant assets
18,525
577,684
Net income
$ 381,812
Additional information:
1.
New plant assets costing $247,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $142,025 and accumulated depreciation of $119,795 were sold for $3,705 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $64,294 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.
.
HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021.pdf
HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 20212015 ($
thousands) 2021 2020 2019 2018 2017 2016 2015 Assets Cash $ 152 $ 201 $ 209 $ 213 $ 222 $
219 $ 226 Accounts receivable, net 1,093 1,148 1,039 797 702 665 469 Merchandise inventory
3,954 2,879 2,515 2,119 1,904 1,617 1,173 Other current assets 101 91 56 101 85 86 45 Long-
term investments 0 0 0 312 312 312 312 Plant assets, net 4,839 4,820 4,217 2,378 2,458 2,185
1,875 Total assets $ 10,139 $ 9,139 $ 8,036 $ 5,920 $ 5,683 $ 5,084 $ 4,100 Liabilities and
Equity Current liabilities 2,549 $ 2,144 $ 1,406 $ 1,170 $ 1,015 $ 960 $ 619 Long-term liabilities
2,725 2,374 2,310 1,072 1,096 1,186 890 Common stock 1,845 1,845 1,845 1,640 1,640 1,435
1,435 Other paid-in capital 461 461 461 410 410 359 359 Retained earnings 2,559 2,315 2,014
1,628 1,522 1,144 797 Total liabilities and equity $ 10,139 $ 9,139 $ 8,036 $ 5,920 $ 5,683 $
5,084 $ 4,100
Required: Complete the below table to calculate the trend percents for all components of both
statements using 2015 as the base year. Refer to the results from part 1. (a) Did sales grow
steadily over this period? (b) Did net income as a percent of sales grow over the past four years?
(c) Did inventory increase over this period?.
Running head ETHICAL AND LEGAL ISSUES1ETHICAL AND LEGAL ISSUES.docx
Running head: ETHICAL AND LEGAL ISSUES 1
ETHICAL AND LEGAL ISSUES 2
Ethical and Legal Issues
Sherry L. Crowe
Argosy University
B6032 A01 Human Resource Management & Talent Development
Module 2, Assignment 2
Dr. Fuller
January 20, 2016
References
Print by: S
ACC/291 - 49133250 / Assignment: Week 5 Assignment
*Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 111,504
$ 66,792
Accounts receivable
121,164
52,440
Inventory
155,250
141,933
Prepaid expenses
39,192
35,880
Long-term investments
190,440
150,420
Plant assets
393,300
334,650
Accumulated depreciation
(69,000 )
(71,760 )
Total
$941,850
$710,355
Liabilities and Stockholders’ Equity
Accounts payable
$ 140,760
$ 92,874
Accrued expenses payable
22,770
28,980
Bonds payable
151,800
201,480
Common stock
303,600
241,500
Retained earnings
322,920
145,521
Total
$941,850
$710,355
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$536,075
Less:
Cost of goods sold
$186,935
Operating expenses, excluding depreciation
17,126
Depreciation expense
64,170
Income tax expense
37,646
Interest expense
6,527
Loss on disposal of plant assets
10,350
322,754
Net income
$ 213,321
Additional information:
1.
New plant assets costing $138,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $79,350 and accumulated depreciation of $66,930 were sold for
$2,070 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $35,922 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with
either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
Cash Flows from Operating Activities<br>
Net Income
$
Adjustments to reconcile net income to
Net Cash Provided by Operating Activities<br>
Decrease in Accrued Expenses Payable$
Increase in Inventory
Increase in Accounts Receivable
Depreciation Expense
Loss on Disposal of Plant Assets
Increase in Prepaid Expenses
Increase in Accounts Payable
Net Cash Provided by Operating Activities<br>
Cash Flows from Investing Activities
Purchase of Investments
Purchase of Plant Assets
Sale of Plant Assets
Net Cash used by Investing Activities<br>
Cash Flows from Financing Activities
Redemption of Bonds
Sale of Common Stock
Payment of Cash Dividends
Net Cash used by Financing Activities<br>
Net Increase in Cash<br>
Cash at Beginning of Period<br>
Cash at End of Period
$
Question Attempts: 0 of 3 used
Copyright © 2000-2015 by John Wiley & Sons, Inc. or related companies. All rights reserved.
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ACC/291 - 49133250 / Assignment: Week 5 Assignment
*Problem 12-10A
Your answer is .
Problems Problem 14-4AFinancial information for Ernie Bisho.docx
Problems:
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 137,900
$ 128,050
Short-term investments
102,440
78,800
Receivables (net)
193,060
157,600
Inventory
246,250
265,950
Prepaid expenses
57,130
45,310
Land
256,100
256,100
Building and equipment (net)
330,960
344,750
$1,323,840
$1,276,560
Liabilities and Stockholders’ Equity
Notes payable
$197,000
197,000
Accounts payable
94,560
82,740
Accrued liabilities
86,680
78,800
Bonds payable, due 2016
295,500
295,500
Common stock, $10 par
394,000
394,000
Retained earnings
256,100
228,520
$1,323,840
$1,276,560
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$1,690,260
$1,572,060
Cost of goods sold
1,203,670
1,132,750
Gross profit
486,590
439,310
Operating expenses
402,865
356,570
Net income
$ 83,725
$ 82,740
Additional information:
1.
Inventory at the beginning of 2012 was $232,460.
2.
Total assets at the beginning of 2012 were $1,245,040.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $173,360.
(a) Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
:1
:1
Acid-test
:1
:1
Receivables turnover
times
times
Inventory turnover
times
times
PROFITABILITY
Profit margin
%
%
Asset turnover
times
times
Return on assets
%
%
Earnings per share
$
$
(b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $98,500. Total assets on December 31, 2014, were $1,379,000.
Situation
Ratio
(1)
35,460 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $18 on December 31, 2013, and $24.63 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
%
%
Debt to total assets
%
%
Price-earnings ratio
times
times
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Problem 14-6A
The comparative statements of Beulah Company are presented below.
BEULAH COMPANY
Income Statement
For the Years Ended December 31
2014
2013
Net sales (all on account)
$501,000
...
SSFinancialStatements
The document provides financial statements for Sapid Sweets for the year ending December 31, 2004. It includes a trial balance, income statement, statement of retained earnings, balance sheet, sources and uses of funds statement, statement of changes in financial position, and additional analysis. The trial balance shows accounts and balances for the year, and the financial statements provide details on revenues, expenses, assets, liabilities, and shareholders' equity for 2004.
Week5businessplan
This document contains financial projections for Jeanette Flores' wedding planning business over its first three years, including projected sales, expenses, cash flow, and balance sheets. It forecasts steady revenue growth from $165,090 in year 1 to $145,500 in year 3 as marketing costs decrease. The pro forma financial statements project positive net income and cash flow each year and increasing total assets from $11,864 in year 1 to $15,353 in year 3.
Comparative financial statements for Bent Stew Enterprises are shown.pdf
Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
2014 2013
Assets
Current assets:
Cash $ 3,000 $ 800
Accounts receivable 8,500 6,000
Inventory 12,000 8,200
Prepaid expenses 1,400 900
Total current assets 24,900 15,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets $192,500 $186,200
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable $ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities 22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders equity:
Common stock 15,000 15,000
Additional paid-in capital 20,000 20,000
Retained earnings 14,700 8,000
Total stockholders equity 49,700 43,000
Total liabilities and stockholders equity $192,500 $186,200
Year Ended December 31
2014 2013
Sales $250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin 86,000 87,700
Operating expenses 64,000 54,000
Operating income 22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings $ 6,700 $ 20,660
Using horizontal analysis, how would you best describe the change in the companys operating
expenses from 2013 to 2014?.
Riordan Manufacturing, Inc.Consolidated Balance Sheet Fi.docx
Riordan Manufacturing, Inc.
Consolidated Balance Sheet
Fiscal Year Ending
September 30th
2011
2010
Assets
Current Assets
Cash
$3,725,406
$2,807,029
Accounts Receivable
3,192,094
2,695,342
Current Portion of Notes Receivable
84,255
102,976
Inventories
9,709,611
8,517,203
Prepaid Expenses and Other Items
666,591
402,240
Total Current Assets
$17,377,957
$14,524,790
Notes Receivable, less current portion
$842,551
$936,168
Investment in Joint Venture
1,734,004
1,609,004
Property, Plant and Equipment - net
26,366,949
16,658,218
Intangible Assets - net
904,473
904,473
Other Assets
183,203
192,845
Total Assets
$47,409,137
$34,825,498
Liabilities and Stockholders' Equity
Current Liabilities
Current Portion of Long-Term Debt
$1,560,959
$474,032
Accounts Payable
1,141,561
1,391,385
Accrued Liabilities
430,477
524,685
Income Taxes Payable
552,155
359,955
Total Current Liabilities
$3,685,152
$2,750,057
Bank Line of Credit
$114,759
$295,865
Long-Term Debt - less current portion
9,500,741
1,006,955
Deferred Income Taxes - net
660,503
825,629
Total Liabilities
$13,961,155
$4,878,506
Common Stock
Stated par value is $.01.
20,000,000 shares authorized.
Issued and Outstanding 15,801,332 net of treasury shares.
$29,055,488
$29,055,488
Retained Earnings / (Accumulated Deficit)
4,392,494
891,504
Total Stockholders' Equity
$33,447,982
$29,946,992
Total Liabilities and Stockholders' Equity
$47,409,137
$34,825,498
Balance SheetRiordan Manufacturing, Inc.Consolidated Balance SheetFiscal Year Ending September 30th20102009200820072006200520042003AssetsCurrent AssetsCash$2,807,029$1,511,253$1,040,639$1,442,507$1,336,319$305,563$357,216$85,632Accounts Receivable$2,695,342$2,644,307$2,883,964$4,544,138$4,855,334$6,062,838$5,657,216$6,556,160Current Portion of Notes Receivable$102,976$117,475$107,107$109,293$95,538$70,825$117,888$13,184Inventories$8,517,203$7,123,790$8,305,690$7,919,987$7,224,947$7,850,970$7,854,112$8,074,880Deferred Income Taxes - net$0$0$0$0$0$0$328,832$349,184Pre-paid Expenses and Other Items$402,240$458,875$279,336$294,038$256,903$264,896$328,192$336,128Total Current Assets$14,524,790$11,855,700$12,616,736$14,309,963$13,769,041$14,555,092$14,643,456$15,415,168Notes Receivable, less current portion$936,168$1,067,953$1,102,260$1,124,755$986,627$256,583$177,408$431,104Investment in Joint Venture$1,609,004$1,333,504$1,183,504$1,058,504$858,504$283,504$133,504$139,136Property, Plant & Equipment - net$16,658,218$17,767,486$18,869,612$18,424,594$24,510,830$19,114,830$18,511,360$19,205,120Intangible Assets - net$904,473$904,473$550,590$550,590$550,590$329,405$336,128$395,136Other Assets$192,845$175,314$106,721$108,899$107,821$52,768$54,400$51,840Total Assets$34,825,498$33,104,430$34,429,423$35,577,305$40,783,413$34,592,182$33,856,256$35,637,504Liabilities and Stockholders' EquityCurrent LiabilitiesCurrent Portion of Long-Term Debt$474,032$484,894$497,480$495,515$538,046$1,219,258$1,106,304$1,73 ...
Topic 10 Financial Statement Analysis
The document discusses techniques for analyzing financial statements, including horizontal analysis, vertical analysis, and ratio analysis. It provides examples of applying horizontal analysis to compare line items on Home Depot's balance sheet and income statement from 2006 to 2007. Vertical analysis is also demonstrated by expressing line items as a percentage of total assets or total sales. Key points shown include current assets increasing 33.2% and cost of merchandise sold increasing 16.7% based on the horizontal analysis examples.
Topic 10 Financial Statement Analysis
The document discusses techniques for analyzing financial statements, including horizontal analysis, vertical analysis, and ratio analysis. It provides examples of applying horizontal analysis to compare line items on Home Depot's balance sheet and income statement from 2006 to 2007. Vertical analysis is also demonstrated by expressing line items as a percentage of total assets or total sales. Key points shown include current assets increasing 33.2% and cost of merchandise sold increasing 16.7% based on the horizontal analysis examples.
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 .
Problem 12-9ACondensed financial data of Odgers Inc. follow.ODGE.docx
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 147,864
$ 88,572
Accounts receivable
160,674
69,540
Inventory
205,875
188,216
Prepaid expenses
51,972
47,580
Long-term investments
252,540
199,470
Plant assets
521,550
443,775
Accumulated depreciation
(91,500
)
(95,160
)
Total
$1,248,975
$941,993
Liabilities and Stockholders’ Equity
Accounts payable
$ 186,660
$ 123,159
Accrued expenses payable
30,195
38,430
Bonds payable
201,300
267,180
Common stock
402,600
320,250
Retained earnings
428,220
192,974
Total
$1,248,975
$941,993
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$710,882
Less:
Cost of goods sold
$247,892
Operating expenses, excluding depreciation
22,710
Depreciation expense
85,095
Income tax expense
49,922
Interest expense
8,656
Loss on disposal of plant assets
13,725
428,000
Net income
$ 282,882
Additional information:
1.
New plant assets costing $183,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $105,225 and accumulated depreciation of $88,755 were sold for $2,745 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $47,636 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.
(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
$
$
$
[removed]
.
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
Financial Accounting Common Sizing Analysis Report
The letter introduces the Walt Disney Company's annual report for 2013-2014. It thanks the reader for considering Disney as an investment and highlights Disney's dual priorities of creating magic and sharing it. The letter notes the report provides all necessary information about Disney's performance that year. It explains the author chose to invest in Disney for capital appreciation, as Disney's stock has a history of steady growth and the company recently acquired Lucas Arts and Marvel, bolstering future success based on the annual report analysis. The letter closes by thanking the reader again and inviting any questions.
Problem 11-13 Ratio analysis-comprehensive problenm Presented her.pdf
Problem 11-13 Ratio analysis-comprehensive problenm Presented here are summarized data
from the balance sheets and income statement WIPER, INC. Condensed Balance Sheets
December 31, 2014, 2013, 2012 in milions) 2014 2013 2012 Current assets Other assets 677 $
891 736 2,413 1,920 1,719 3,090 $2,811 $2,455 803 $ 710 827 918 $ 562 Current liabilities
Long-term liabilities Owners equity 982 1,521 1,0071,026 $3,090$2,811$2,455 3.090 $2.811
$2,455 WIPER, INC Selected Income Statement and Other Data For the year Ended December
31, 2014 and 2013 (in millions) 2014 . : 2013 Income statement data Sales Operating income
(EBIT) Interest expense Net income $3,050$2,913 310 65 187 296 84 192 Other data Average
number of common shares outstanding Total dividends paid 41.3 46.7 s 50.0S52.3 Required a.
Calculate returm on investment. based on net income e and average totaf assets, for 2014 and 2
Solution
Return on Investment = Net Income x 100 / Average Assets.
Average Assets = Assets at beginning + Assets at end
For 2014:
192 x 100 / 2,950.5 = 6.5%
For 2015:
187 x 100 / 2,633 = 7.1%
Days’ Sales in Receivables = Average receivables / Sales / 365
309 / 3060 / 365 = 309 / 8.38
= 37 days.
Debt Ratio = Total debt / Capital Employed
2014 = 2083 / 2528 = 82.4%
2013 = 1785 / 2008 = 88.9%
Debt Equity Ratio = Long-term debt / Owners’ equity
2014 = 1521 / 1007 = 151%
2013 =982 / 1026 = 96%
Times Interest Earned Ratio = EBIT / Total Interest Payable
2014 =296 / 84 = 3.5 times
2013 =310 / 65 = 4.8 times..
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Appendix BOrganizational CharMinitrexVP Marketing(Jon .docx
Appendix B
Organizational Char
Minitrex
VP Marketing
(Jon Bettman)
Director Sales
(Georges Degas)
VP Insurance
(Harold Blumfen)
VP Financing
(Mariella Hopkins)
CFO
Director IT
(Denny Khan)
Exercise 13-13
The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.
ELLIOTT COMPANY
Balance Sheets
December 31 (in thousands)
2014
2013
Current assets
Cash and cash equivalents
$330
$360
Accounts receivable (net)
506
436
Inventory
519
449
Prepaid expenses
130
160
Total current assets
1,485
1,405
Property, plant, and equipment (net)
410
380
Investments
46
46
Intangibles and other assets
530
510
Total assets
$2,471
$2,341
Current liabilities
$856
$826
Long-term liabilities
539
439
Stockholders’ equity—common
1,076
1,076
Total liabilities and stockholders’ equity
$2,471
$2,341
ELLIOTT COMPANY
Income Statements
For the Year Ended December 31 (in thousands)
2014
2013
Sales revenue
$3,859
$3,519
Costs and expenses
Cost of goods sold
1,006
926
Selling & administrative expenses
2,400
2,330
Interest expense
10
20
Total costs and expenses
3,416
3,276
Income before income taxes
443
243
Income tax expense
177
97
Net income
$ 266
$ 146
Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)
(a)
Current ratio.
(b)
Inventory turnover. (Inventory on December 31, 2012, was $430.)
(c)
Profit margin.
(d)
Return on assets. (Assets on December 31, 2012, were $2,790.)
(e)
Return on common stockholders’ equity. (Equity on December 31, 2012, was $970.)
(f)
Debt to assets ratio.
(g)
Times interest earned.
2014
2013
Current ratio.
:1
:1
Inventory turnover.
Profit margin.
%
%
Return on assets.
%
%
Return on common stockholders’ equity.
%
%
Debt to assets ratio.
%
%
Times interest earned.
times
times
Click if you would like to Show Work for this question:
Open Show Work
Exercise 13-9
Kinder Company has these comparative balance sheet data:
KINDER COMPANY
Balance Sheets
December 31
2014
2013
Cash
$ 36,210
$ 72,420
Accounts receivable (net)
168,980
144,840
Inventory
144,840
120,700
Plant assets (net)
482,800
434,520
$832,830
$772,480
Accounts payable
$ 120,700
$ 144,840
Mortgage payable (15%)
241,400
241,400
Common stock, $10 par
337,960
289,680
Retained earnings
132,770
96,560
$832,830
$772,480
Additional information for 2014:
1.
Net income was $32,000.
2.
Sales on account were $386,100. Sales returns and allowances amounted to $28,100.
3.
Cost of goods sold was $228,200.
4.
Net cash provided by operating activities was $57,600.
5.
Capital expenditures were $28,600, and cash dividends were $20,900.
Compute the following ratios at December 31, 2014. (Round all answers to 2 decimal places, e.g. 1.83.)
(a)
Current ratio.
:1
(b)
Accounts receivable turnover.
times
(c)
Avera.
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 ...
Accting Final Project
This document provides financial information for ColdFront, including income statements, balance sheets, statements of cash flows, and ratio analyses for the years 2019, 2018, and 2017. Key highlights include ColdFront experiencing a significant increase in net income and earnings per share in 2019 compared to previous years. Ratio analyses show improvements in return on equity and working capital in 2019 as well.
Exercise 1 Identify each of the following as (a) an underl.docx
Exercise 1
Identify each of the following as (a) an underlying concept, (b) an objective of financial statement analysis, (c) a standard for financial statement analysis, (d) a source of information for financial statement analysis, or an executive compensation issue:
Past Ratios of the company
Linking performance to shareholder value
Average ratios of other companies in the same industry
Assessment of the future potential of an investment
Timeliness
Interim financial statements
SEC Form 10-K
Assessment of rick
Comparability
A company’s annual report
Exercise 7
Elm Company had total assets of $640,000 in 2012. $680,000 in 2013, and $760.000 in 2014.
In 2013, Elm had net income of $77,112 on revenues of $1,224,000.
In 2014, it had net income of $98,952 on revenues of $1,596,000.
Compute the profit margin, asset turnover, and return on assets for 2013 and 2014.
Comment on the apparent cause of the increase or decrease in profitability.
(Round to one decimal place).
Exercise 12
Components of Van Corporation’s income statement for the year ended December 31, 2014 follow.
Recast the income statement in multiple step form, including allocating income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (200,000 shares outstanding).
(Round earnings per share figures to the nearest cent.)
Sales
$1,110,000
Cost of goods sold
(550,000)
Operating expenses
(225,000)
Restructuring
(110,000)
Total income taxes expense for period
(179,000)
Income from discontinued operations
160,000
Gain on disposal of discontinued operations
140,000
Extraordinary gain
72,000
Net income
$417,900
Earnings per share
$
2.09
Problem 1
Obras Corporation’s condensed comparative income statements and comparative balance sheets for 2014 and 2013 follow.
Obras Corporation
Comparative Income Statements
For the Years Ended December 31, 2014 and 2013
2014
2013
Net sales
$3,276,800
$3,146,400
Cost of goods sold
2,088,800
2,008,400
Gross margin
$1,188,000
$1,138,000
Operating expenses:
Selling expenses
$476,800
$518,000
Administrative expenses
447,200
423,200
Total operating expenses
$924,000
$941,200
Income from operations
$264,000
$196,800
Interest expense
65,600
39,200
Interest before income taxes
$198,400
$157,600
Income taxes expense
62,400
56,800
Net income
$136,000
$100,800
Earnings per share
$
3.40
$
2.52
Obras Corporation
Comparative Balance Sheets
December 31, 2014 and 2013
2014
2013
Assets
Cash
$81,200
$40,800
Accounts receivable (net)
235,600
229,200
Inventory
574,800
594,800
Property, plants and equipment (net)
750,000
720,000
Total assets
$1,641,600
$1,584,800
Liabilities and Stockholders’ Equity
Accounts payable
$267,000
$477,200
Notes payable (short-term)
200,000
400,000
Bonds payable
400,000
---
Common stock, $10 par value
400,000
400,000
Retained earnings
374,000
307,600
Total liabilities and st.
Financial Forecasting
The document provides financial projections for a two-year period for a new live music venue called 2Live Venue. It includes forecasts for quarterly and annual income statements, cash flows, capital expenses, marketing budgets, and unit-level sales projections. The projections show positive net income and cash flows by the second year as sales increase quarter-over-quarter. Capital expenses are primarily upfront in the pre-launch period with ongoing expenses focused on marketing, operations, and payroll.
Ch02 P14 Build a Model Spring 1, 201372212Chapter 2. Ch 02 P14.docx
Joshua & White Technologies' financial statements for 2009 and 2010 are provided. The assistant is asked to analyze various ratios and perform common size and percentage change analyses to evaluate changes in the company's liquidity, asset management, profitability, and financial position between the two years. Specifically, the assistant calculates ratios such as the current ratio, inventory turnover, return on assets, and performs DuPont, common size, and percentage change analyses on the income statement, balance sheet, key line items, and ratios.
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 ...
BOOK REVIEWS How to write a book review There are two .docx
BOOK REVIEWS: How to write a book review
There are two approaches to book reviewing:
Descriptive reviews give the essential information about a book. This is done with description and
exposition, by stating the perceived aims and purposes of the author, and by quoting striking passages
from the text.
Critical reviews describe and evaluate the book, in terms of accepted literary and historical standards,
and supports this evaluation with evidence from the text. The following pointers are meant to be
suggestions for writing a critical review.
Basic requirements
To write a critical review, the reviewer must know two things:
Knowing the work under review: This demands not only attempting to understand the author's purpose
and how the component parts of the work contribute to that purpose, but also knowledge of the
author: his/her nationality, time period, other works etc.
Requirements of the genre: This means understanding the art form and how it functions. Without such
context, the reviewer has no historical or literary standard upon which to base an evaluation.
Reviewing essentials
Description of the book. Sufficient description should be given so that the reader will have some
understanding of the author's thoughts. This account is not a summary. It can be woven into the critical
remarks.
Discuss the author. Biographical information should be relevant to the subject of the review and
enhance the reader's understanding of the work under discussion.
Appraise the book. A review must be a considered judgment that includes:
a statement of the reviewer's understanding of the author's purpose
how well the reviewer feels the author's purpose has been achieved
evidence to support the reviewer's judgement of the author' achievement.
While you read:
Read the book with care.
Highlight quotable passages.
Note your impressions as you read.
Allow time to assimilate what you read so that the book can be seen in perspective.
Keep in mind the need for a single impression which must be clear to the reader.
The review outline
A review outline gives you an over-all grasp of the organization of the review, to determine the central
point your review will make, to eliminate inessentials or irrelevancies, and to fill in gaps or omissions.
Examine the notes you have made and eliminate those with no relationship to your central
thesis.
By organizing your discussion topics into groups, aspects of the book will emerge: e.g., theme,
character, structure, etc.
Write down all the major headings of the outline and fill in the subdivisions.
All parts should support your thesis or central point.
First draft
Opening paragraphs set the tone of the paper. Possible introductions usually make a statement about
the:
Thesis
Authorial purpose
Topicality of the work or its significance
Comparison of the work to others by the same author or within the same genre.
Book Review #3- The Spirit Catches You and You Fall Down”Ch.docx
Book Review #3- “The Spirit Catches You and You Fall Down”
Chapters 7-12
Do you believe removing Lia from her parent's care was the right choice for her overall wellbeing? Why or why not?
How did the author find an interpreter that was successful in serving as a cultural broker between herself and the Lees?
How did Jeanine Hilt advocate for the Lee family?
Explain how Neil Ernst and the Lees may have differed culturally in their understanding of the value or perception of the Ernst's’ family vacation.
Give three reasons why many Hmong may have resisted leaving the refugee camp (Ban Vanai) in Thailand.
.
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Problems Problem 14-4AFinancial information for Ernie Bisho.docx
Problems:
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 137,900
$ 128,050
Short-term investments
102,440
78,800
Receivables (net)
193,060
157,600
Inventory
246,250
265,950
Prepaid expenses
57,130
45,310
Land
256,100
256,100
Building and equipment (net)
330,960
344,750
$1,323,840
$1,276,560
Liabilities and Stockholders’ Equity
Notes payable
$197,000
197,000
Accounts payable
94,560
82,740
Accrued liabilities
86,680
78,800
Bonds payable, due 2016
295,500
295,500
Common stock, $10 par
394,000
394,000
Retained earnings
256,100
228,520
$1,323,840
$1,276,560
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$1,690,260
$1,572,060
Cost of goods sold
1,203,670
1,132,750
Gross profit
486,590
439,310
Operating expenses
402,865
356,570
Net income
$ 83,725
$ 82,740
Additional information:
1.
Inventory at the beginning of 2012 was $232,460.
2.
Total assets at the beginning of 2012 were $1,245,040.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $173,360.
(a) Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
:1
:1
Acid-test
:1
:1
Receivables turnover
times
times
Inventory turnover
times
times
PROFITABILITY
Profit margin
%
%
Asset turnover
times
times
Return on assets
%
%
Earnings per share
$
$
(b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $98,500. Total assets on December 31, 2014, were $1,379,000.
Situation
Ratio
(1)
35,460 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $18 on December 31, 2013, and $24.63 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
%
%
Debt to total assets
%
%
Price-earnings ratio
times
times
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Problem 14-6A
The comparative statements of Beulah Company are presented below.
BEULAH COMPANY
Income Statement
For the Years Ended December 31
2014
2013
Net sales (all on account)
$501,000
...
SSFinancialStatements
The document provides financial statements for Sapid Sweets for the year ending December 31, 2004. It includes a trial balance, income statement, statement of retained earnings, balance sheet, sources and uses of funds statement, statement of changes in financial position, and additional analysis. The trial balance shows accounts and balances for the year, and the financial statements provide details on revenues, expenses, assets, liabilities, and shareholders' equity for 2004.
Week5businessplan
This document contains financial projections for Jeanette Flores' wedding planning business over its first three years, including projected sales, expenses, cash flow, and balance sheets. It forecasts steady revenue growth from $165,090 in year 1 to $145,500 in year 3 as marketing costs decrease. The pro forma financial statements project positive net income and cash flow each year and increasing total assets from $11,864 in year 1 to $15,353 in year 3.
Comparative financial statements for Bent Stew Enterprises are shown.pdf
Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
2014 2013
Assets
Current assets:
Cash $ 3,000 $ 800
Accounts receivable 8,500 6,000
Inventory 12,000 8,200
Prepaid expenses 1,400 900
Total current assets 24,900 15,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets $192,500 $186,200
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable $ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities 22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders equity:
Common stock 15,000 15,000
Additional paid-in capital 20,000 20,000
Retained earnings 14,700 8,000
Total stockholders equity 49,700 43,000
Total liabilities and stockholders equity $192,500 $186,200
Year Ended December 31
2014 2013
Sales $250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin 86,000 87,700
Operating expenses 64,000 54,000
Operating income 22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings $ 6,700 $ 20,660
Using horizontal analysis, how would you best describe the change in the companys operating
expenses from 2013 to 2014?.
Riordan Manufacturing, Inc.Consolidated Balance Sheet Fi.docx
Riordan Manufacturing, Inc.
Consolidated Balance Sheet
Fiscal Year Ending
September 30th
2011
2010
Assets
Current Assets
Cash
$3,725,406
$2,807,029
Accounts Receivable
3,192,094
2,695,342
Current Portion of Notes Receivable
84,255
102,976
Inventories
9,709,611
8,517,203
Prepaid Expenses and Other Items
666,591
402,240
Total Current Assets
$17,377,957
$14,524,790
Notes Receivable, less current portion
$842,551
$936,168
Investment in Joint Venture
1,734,004
1,609,004
Property, Plant and Equipment - net
26,366,949
16,658,218
Intangible Assets - net
904,473
904,473
Other Assets
183,203
192,845
Total Assets
$47,409,137
$34,825,498
Liabilities and Stockholders' Equity
Current Liabilities
Current Portion of Long-Term Debt
$1,560,959
$474,032
Accounts Payable
1,141,561
1,391,385
Accrued Liabilities
430,477
524,685
Income Taxes Payable
552,155
359,955
Total Current Liabilities
$3,685,152
$2,750,057
Bank Line of Credit
$114,759
$295,865
Long-Term Debt - less current portion
9,500,741
1,006,955
Deferred Income Taxes - net
660,503
825,629
Total Liabilities
$13,961,155
$4,878,506
Common Stock
Stated par value is $.01.
20,000,000 shares authorized.
Issued and Outstanding 15,801,332 net of treasury shares.
$29,055,488
$29,055,488
Retained Earnings / (Accumulated Deficit)
4,392,494
891,504
Total Stockholders' Equity
$33,447,982
$29,946,992
Total Liabilities and Stockholders' Equity
$47,409,137
$34,825,498
Balance SheetRiordan Manufacturing, Inc.Consolidated Balance SheetFiscal Year Ending September 30th20102009200820072006200520042003AssetsCurrent AssetsCash$2,807,029$1,511,253$1,040,639$1,442,507$1,336,319$305,563$357,216$85,632Accounts Receivable$2,695,342$2,644,307$2,883,964$4,544,138$4,855,334$6,062,838$5,657,216$6,556,160Current Portion of Notes Receivable$102,976$117,475$107,107$109,293$95,538$70,825$117,888$13,184Inventories$8,517,203$7,123,790$8,305,690$7,919,987$7,224,947$7,850,970$7,854,112$8,074,880Deferred Income Taxes - net$0$0$0$0$0$0$328,832$349,184Pre-paid Expenses and Other Items$402,240$458,875$279,336$294,038$256,903$264,896$328,192$336,128Total Current Assets$14,524,790$11,855,700$12,616,736$14,309,963$13,769,041$14,555,092$14,643,456$15,415,168Notes Receivable, less current portion$936,168$1,067,953$1,102,260$1,124,755$986,627$256,583$177,408$431,104Investment in Joint Venture$1,609,004$1,333,504$1,183,504$1,058,504$858,504$283,504$133,504$139,136Property, Plant & Equipment - net$16,658,218$17,767,486$18,869,612$18,424,594$24,510,830$19,114,830$18,511,360$19,205,120Intangible Assets - net$904,473$904,473$550,590$550,590$550,590$329,405$336,128$395,136Other Assets$192,845$175,314$106,721$108,899$107,821$52,768$54,400$51,840Total Assets$34,825,498$33,104,430$34,429,423$35,577,305$40,783,413$34,592,182$33,856,256$35,637,504Liabilities and Stockholders' EquityCurrent LiabilitiesCurrent Portion of Long-Term Debt$474,032$484,894$497,480$495,515$538,046$1,219,258$1,106,304$1,73 ...
Topic 10 Financial Statement Analysis
The document discusses techniques for analyzing financial statements, including horizontal analysis, vertical analysis, and ratio analysis. It provides examples of applying horizontal analysis to compare line items on Home Depot's balance sheet and income statement from 2006 to 2007. Vertical analysis is also demonstrated by expressing line items as a percentage of total assets or total sales. Key points shown include current assets increasing 33.2% and cost of merchandise sold increasing 16.7% based on the horizontal analysis examples.
Topic 10 Financial Statement Analysis
The document discusses techniques for analyzing financial statements, including horizontal analysis, vertical analysis, and ratio analysis. It provides examples of applying horizontal analysis to compare line items on Home Depot's balance sheet and income statement from 2006 to 2007. Vertical analysis is also demonstrated by expressing line items as a percentage of total assets or total sales. Key points shown include current assets increasing 33.2% and cost of merchandise sold increasing 16.7% based on the horizontal analysis examples.
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 .
Problem 12-9ACondensed financial data of Odgers Inc. follow.ODGE.docx
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 147,864
$ 88,572
Accounts receivable
160,674
69,540
Inventory
205,875
188,216
Prepaid expenses
51,972
47,580
Long-term investments
252,540
199,470
Plant assets
521,550
443,775
Accumulated depreciation
(91,500
)
(95,160
)
Total
$1,248,975
$941,993
Liabilities and Stockholders’ Equity
Accounts payable
$ 186,660
$ 123,159
Accrued expenses payable
30,195
38,430
Bonds payable
201,300
267,180
Common stock
402,600
320,250
Retained earnings
428,220
192,974
Total
$1,248,975
$941,993
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$710,882
Less:
Cost of goods sold
$247,892
Operating expenses, excluding depreciation
22,710
Depreciation expense
85,095
Income tax expense
49,922
Interest expense
8,656
Loss on disposal of plant assets
13,725
428,000
Net income
$ 282,882
Additional information:
1.
New plant assets costing $183,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $105,225 and accumulated depreciation of $88,755 were sold for $2,745 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $47,636 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.
(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
$
$
$
[removed]
.
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
Financial Accounting Common Sizing Analysis Report
The letter introduces the Walt Disney Company's annual report for 2013-2014. It thanks the reader for considering Disney as an investment and highlights Disney's dual priorities of creating magic and sharing it. The letter notes the report provides all necessary information about Disney's performance that year. It explains the author chose to invest in Disney for capital appreciation, as Disney's stock has a history of steady growth and the company recently acquired Lucas Arts and Marvel, bolstering future success based on the annual report analysis. The letter closes by thanking the reader again and inviting any questions.
Problem 11-13 Ratio analysis-comprehensive problenm Presented her.pdf
Problem 11-13 Ratio analysis-comprehensive problenm Presented here are summarized data
from the balance sheets and income statement WIPER, INC. Condensed Balance Sheets
December 31, 2014, 2013, 2012 in milions) 2014 2013 2012 Current assets Other assets 677 $
891 736 2,413 1,920 1,719 3,090 $2,811 $2,455 803 $ 710 827 918 $ 562 Current liabilities
Long-term liabilities Owners equity 982 1,521 1,0071,026 $3,090$2,811$2,455 3.090 $2.811
$2,455 WIPER, INC Selected Income Statement and Other Data For the year Ended December
31, 2014 and 2013 (in millions) 2014 . : 2013 Income statement data Sales Operating income
(EBIT) Interest expense Net income $3,050$2,913 310 65 187 296 84 192 Other data Average
number of common shares outstanding Total dividends paid 41.3 46.7 s 50.0S52.3 Required a.
Calculate returm on investment. based on net income e and average totaf assets, for 2014 and 2
Solution
Return on Investment = Net Income x 100 / Average Assets.
Average Assets = Assets at beginning + Assets at end
For 2014:
192 x 100 / 2,950.5 = 6.5%
For 2015:
187 x 100 / 2,633 = 7.1%
Days’ Sales in Receivables = Average receivables / Sales / 365
309 / 3060 / 365 = 309 / 8.38
= 37 days.
Debt Ratio = Total debt / Capital Employed
2014 = 2083 / 2528 = 82.4%
2013 = 1785 / 2008 = 88.9%
Debt Equity Ratio = Long-term debt / Owners’ equity
2014 = 1521 / 1007 = 151%
2013 =982 / 1026 = 96%
Times Interest Earned Ratio = EBIT / Total Interest Payable
2014 =296 / 84 = 3.5 times
2013 =310 / 65 = 4.8 times..
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Appendix BOrganizational CharMinitrexVP Marketing(Jon .docx
Appendix B
Organizational Char
Minitrex
VP Marketing
(Jon Bettman)
Director Sales
(Georges Degas)
VP Insurance
(Harold Blumfen)
VP Financing
(Mariella Hopkins)
CFO
Director IT
(Denny Khan)
Exercise 13-13
The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.
ELLIOTT COMPANY
Balance Sheets
December 31 (in thousands)
2014
2013
Current assets
Cash and cash equivalents
$330
$360
Accounts receivable (net)
506
436
Inventory
519
449
Prepaid expenses
130
160
Total current assets
1,485
1,405
Property, plant, and equipment (net)
410
380
Investments
46
46
Intangibles and other assets
530
510
Total assets
$2,471
$2,341
Current liabilities
$856
$826
Long-term liabilities
539
439
Stockholders’ equity—common
1,076
1,076
Total liabilities and stockholders’ equity
$2,471
$2,341
ELLIOTT COMPANY
Income Statements
For the Year Ended December 31 (in thousands)
2014
2013
Sales revenue
$3,859
$3,519
Costs and expenses
Cost of goods sold
1,006
926
Selling & administrative expenses
2,400
2,330
Interest expense
10
20
Total costs and expenses
3,416
3,276
Income before income taxes
443
243
Income tax expense
177
97
Net income
$ 266
$ 146
Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)
(a)
Current ratio.
(b)
Inventory turnover. (Inventory on December 31, 2012, was $430.)
(c)
Profit margin.
(d)
Return on assets. (Assets on December 31, 2012, were $2,790.)
(e)
Return on common stockholders’ equity. (Equity on December 31, 2012, was $970.)
(f)
Debt to assets ratio.
(g)
Times interest earned.
2014
2013
Current ratio.
:1
:1
Inventory turnover.
Profit margin.
%
%
Return on assets.
%
%
Return on common stockholders’ equity.
%
%
Debt to assets ratio.
%
%
Times interest earned.
times
times
Click if you would like to Show Work for this question:
Open Show Work
Exercise 13-9
Kinder Company has these comparative balance sheet data:
KINDER COMPANY
Balance Sheets
December 31
2014
2013
Cash
$ 36,210
$ 72,420
Accounts receivable (net)
168,980
144,840
Inventory
144,840
120,700
Plant assets (net)
482,800
434,520
$832,830
$772,480
Accounts payable
$ 120,700
$ 144,840
Mortgage payable (15%)
241,400
241,400
Common stock, $10 par
337,960
289,680
Retained earnings
132,770
96,560
$832,830
$772,480
Additional information for 2014:
1.
Net income was $32,000.
2.
Sales on account were $386,100. Sales returns and allowances amounted to $28,100.
3.
Cost of goods sold was $228,200.
4.
Net cash provided by operating activities was $57,600.
5.
Capital expenditures were $28,600, and cash dividends were $20,900.
Compute the following ratios at December 31, 2014. (Round all answers to 2 decimal places, e.g. 1.83.)
(a)
Current ratio.
:1
(b)
Accounts receivable turnover.
times
(c)
Avera.
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 ...
Accting Final Project
This document provides financial information for ColdFront, including income statements, balance sheets, statements of cash flows, and ratio analyses for the years 2019, 2018, and 2017. Key highlights include ColdFront experiencing a significant increase in net income and earnings per share in 2019 compared to previous years. Ratio analyses show improvements in return on equity and working capital in 2019 as well.
Exercise 1 Identify each of the following as (a) an underl.docx
Exercise 1
Identify each of the following as (a) an underlying concept, (b) an objective of financial statement analysis, (c) a standard for financial statement analysis, (d) a source of information for financial statement analysis, or an executive compensation issue:
Past Ratios of the company
Linking performance to shareholder value
Average ratios of other companies in the same industry
Assessment of the future potential of an investment
Timeliness
Interim financial statements
SEC Form 10-K
Assessment of rick
Comparability
A company’s annual report
Exercise 7
Elm Company had total assets of $640,000 in 2012. $680,000 in 2013, and $760.000 in 2014.
In 2013, Elm had net income of $77,112 on revenues of $1,224,000.
In 2014, it had net income of $98,952 on revenues of $1,596,000.
Compute the profit margin, asset turnover, and return on assets for 2013 and 2014.
Comment on the apparent cause of the increase or decrease in profitability.
(Round to one decimal place).
Exercise 12
Components of Van Corporation’s income statement for the year ended December 31, 2014 follow.
Recast the income statement in multiple step form, including allocating income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (200,000 shares outstanding).
(Round earnings per share figures to the nearest cent.)
Sales
$1,110,000
Cost of goods sold
(550,000)
Operating expenses
(225,000)
Restructuring
(110,000)
Total income taxes expense for period
(179,000)
Income from discontinued operations
160,000
Gain on disposal of discontinued operations
140,000
Extraordinary gain
72,000
Net income
$417,900
Earnings per share
$
2.09
Problem 1
Obras Corporation’s condensed comparative income statements and comparative balance sheets for 2014 and 2013 follow.
Obras Corporation
Comparative Income Statements
For the Years Ended December 31, 2014 and 2013
2014
2013
Net sales
$3,276,800
$3,146,400
Cost of goods sold
2,088,800
2,008,400
Gross margin
$1,188,000
$1,138,000
Operating expenses:
Selling expenses
$476,800
$518,000
Administrative expenses
447,200
423,200
Total operating expenses
$924,000
$941,200
Income from operations
$264,000
$196,800
Interest expense
65,600
39,200
Interest before income taxes
$198,400
$157,600
Income taxes expense
62,400
56,800
Net income
$136,000
$100,800
Earnings per share
$
3.40
$
2.52
Obras Corporation
Comparative Balance Sheets
December 31, 2014 and 2013
2014
2013
Assets
Cash
$81,200
$40,800
Accounts receivable (net)
235,600
229,200
Inventory
574,800
594,800
Property, plants and equipment (net)
750,000
720,000
Total assets
$1,641,600
$1,584,800
Liabilities and Stockholders’ Equity
Accounts payable
$267,000
$477,200
Notes payable (short-term)
200,000
400,000
Bonds payable
400,000
---
Common stock, $10 par value
400,000
400,000
Retained earnings
374,000
307,600
Total liabilities and st.
Financial Forecasting
The document provides financial projections for a two-year period for a new live music venue called 2Live Venue. It includes forecasts for quarterly and annual income statements, cash flows, capital expenses, marketing budgets, and unit-level sales projections. The projections show positive net income and cash flows by the second year as sales increase quarter-over-quarter. Capital expenses are primarily upfront in the pre-launch period with ongoing expenses focused on marketing, operations, and payroll.
Ch02 P14 Build a Model Spring 1, 201372212Chapter 2. Ch 02 P14.docx
Joshua & White Technologies' financial statements for 2009 and 2010 are provided. The assistant is asked to analyze various ratios and perform common size and percentage change analyses to evaluate changes in the company's liquidity, asset management, profitability, and financial position between the two years. Specifically, the assistant calculates ratios such as the current ratio, inventory turnover, return on assets, and performs DuPont, common size, and percentage change analyses on the income statement, balance sheet, key line items, and ratios.
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 ...
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BOOK REVIEWS: How to write a book review
There are two approaches to book reviewing:
Descriptive reviews give the essential information about a book. This is done with description and
exposition, by stating the perceived aims and purposes of the author, and by quoting striking passages
from the text.
Critical reviews describe and evaluate the book, in terms of accepted literary and historical standards,
and supports this evaluation with evidence from the text. The following pointers are meant to be
suggestions for writing a critical review.
Basic requirements
To write a critical review, the reviewer must know two things:
Knowing the work under review: This demands not only attempting to understand the author's purpose
and how the component parts of the work contribute to that purpose, but also knowledge of the
author: his/her nationality, time period, other works etc.
Requirements of the genre: This means understanding the art form and how it functions. Without such
context, the reviewer has no historical or literary standard upon which to base an evaluation.
Reviewing essentials
Description of the book. Sufficient description should be given so that the reader will have some
understanding of the author's thoughts. This account is not a summary. It can be woven into the critical
remarks.
Discuss the author. Biographical information should be relevant to the subject of the review and
enhance the reader's understanding of the work under discussion.
Appraise the book. A review must be a considered judgment that includes:
a statement of the reviewer's understanding of the author's purpose
how well the reviewer feels the author's purpose has been achieved
evidence to support the reviewer's judgement of the author' achievement.
While you read:
Read the book with care.
Highlight quotable passages.
Note your impressions as you read.
Allow time to assimilate what you read so that the book can be seen in perspective.
Keep in mind the need for a single impression which must be clear to the reader.
The review outline
A review outline gives you an over-all grasp of the organization of the review, to determine the central
point your review will make, to eliminate inessentials or irrelevancies, and to fill in gaps or omissions.
Examine the notes you have made and eliminate those with no relationship to your central
thesis.
By organizing your discussion topics into groups, aspects of the book will emerge: e.g., theme,
character, structure, etc.
Write down all the major headings of the outline and fill in the subdivisions.
All parts should support your thesis or central point.
First draft
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the:
Thesis
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Topicality of the work or its significance
Comparison of the work to others by the same author or within the same genre.
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Book Review #3- “The Spirit Catches You and You Fall Down”
Chapters 7-12
Do you believe removing Lia from her parent's care was the right choice for her overall wellbeing? Why or why not?
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REQUIREMENTS:
· Organize ideas in well-developed, coherent, and stylistically sophisticated analytical essays.
· Evaluate and improve his/her writing process by revising and editing his/her won essays
· Apply logical reasoning to identify and evaluate authors’ use of rhetorical techniques, participate in critical thinking class discussions and activities, and compose clearly organized and effectively argued written analyses of those texts.
· Identify, analyze, and question stated and unstated assumptions of texts and draw meaningful inferences about the intentions of authors in context.
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· Use a variety of research skills to expand analysis of a primary source, evaluating and incorporating secondary source materials that encompass the social, historical, and critical aspects that provide context for the argument.
About Myself:
Name: James Greene
Occupation: Senior Logistic Analyst/Lead For NAVSUP Fleet Logistic Center (FLC) San Dirgo In Support of Littoral Combat Ships (LCS)
Major: AA In Business Administration this my last I need to achieve goal. Working toward a BA in Business Management from University Of Redlands.
Retired Navy Veteran retired in Jun 2010
Married all three of my children attend Southwestern
Ordain Pastor
Hobbies:
Live Concerts
Bowling
Movies
Traveling
Book required:
Current Issues and Enduring Questions, by
Sylvan Barnet
(Links to an external
site.)
,
Hugo Bedau
(Links to an external site.)
,
John O'Hara
(Links to an external
site.)
ISBN
1319035477
which should be edition 11
R
EQUIREMENTS
:
·
Organize ideas in well
-
developed, coherent, and stylistically sophisticated analytical essays.
·
Evaluate and improve his/her writing process by revising and editing his/her won essays
·
Apply logical reasoning to identify a
nd evaluate authors’ use of rhetorical techniques,
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and effectively argued written analyses of those texts.
·
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assumptions of texts and draw meaningful
inferences about the intentions of authors in context.
·
Discuss a variety of argumentative and analytical assignments and demonstrate the effective
use of rhetorical strategies and an awareness of style.
·
Use a variet
y of research skills to expand analysis of a primary source, evaluating and
incorporating secondary source materials that encompass the social, historical, and critical
aspects that provide context for the argument.
About Myself:
Name: James Greene
Occupation: Senior
Logistic Analyst/Lead .
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MiniProject: What makes a human being?
One of the themes of 1984 is human dignity. In Part Two, Winston’s dreams and memories of his
mother lead him to an appreciation of the proles and to the realization that “the proles had stayed
human” (165). In Part Three, O’Brien refers to Winston as “the last man...the guardian of the
human spirit” (270).
Step 1: Write to analyze and explain your perspective on what it means to be human. Your writing
should be 1-2 pages typed and printed. Think about all of the qualities that make a person
“human” according to Winston—qualities that Winston says the Party has taken away and that
Winston has had to “relearn by conscious effort” (165). Consider those qualities in your analysis
and emphasize and/or add the qualities that you feel are most important to being human. Be sure
to reflect the importance of each of the qualities both within the novel as well as importance to the
human experience.
Step 2: Choose from the options below or create your own (must be approved) to present/
illustrate your analysis:
2. Create a “recipe” that contains all of the essential “ingredients” that make up a human being.
3. Write your own lyrics to a song that explains what it means to be human.
4. Reflect key events from Winston or Julia’s point of view (ex. diary, social media account, video).
5. Make a written, audio, video, visual recording of Winston’s diary throughout the novel.
6. Create an interview with one of the characters (ex. News broadcast, talk show).
10. Create your own original ending for the novel.
Conflict Resolution Strategies
Outline
Conflict Resolution Strategies – FH (Cultural Clashes in Workplace)
I. Understanding the conflict
· Identify contributing factors to conflicts in work environment.
· Identify the parties involved in the conflict.
· Approach towards achieving resolution.
II. Goals
· The short-term goal of conflict resolution.
· The long-term goals of conflict resolution.
III. The actual practice of conflict
· Theoretical information which is the description of conflict resolutions that is to be used.
· Inventive practices that show why this initiative is unique in resolving conflict.
· The step by step instructions of resolving conflict in the workplace.
IV. Conclusion
· The guidebook towards achieving conflict resolution.
· Resources necessary for establishing better conflict resolution.
· Contact information for conflict management groups.
GYPSYLOXX™ Conflict resolution Training ManualWelcome to the GLX Team
The GLX mission is to start a movement to inspire the youth to become their own person; to create a distinctive look that is modern, upscale and versatile; as well as doing our best to assure ultimate Customer satisfaction. As a member of the GLX team, you are responsible for creating a friendly work environment by exhibiting the positive traits listed in this manual.
We were very impressed with your experience and/or skill set and we think you w.
Bonnie Morgen First Day on the Job and Facing an Ethical Di.docx
Bonnie Morgen: First Day on the Job and Facing an
Ethical Dilemma
Case
Author: Barbara Lamberton
Online Pub Date: January 02, 2019 | Original Pub. Date: 2018
Subject: Financial Reporting, Business Ethics
Level: Intermediate | Type: Experience case | Length: 1120 words
Copyright: © 2018 IMA Educational Case Journal. All rights reserved.
Organization: fictional/disguised | Organization size:
Region: Global | State:
Industry: Manufacturing
Originally Published in:
Lamberton, B. (2018). Bonnie Morgen: First day on the job and facing an ethical dilemma. IMA Education
Case Journal, 11(1), Article 2.
Publisher: Institute of Management Accountants
DOI: http://dx.doi.org/10.4135/9781526490650 | Online ISBN: 9781526490650
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http://dx.doi.org/10.4135/9781526490650
© 2018 IMA Educational Case Journal. All rights reserved.
This case was prepared for inclusion in SAGE Business Cases primarily as a basis for classroom discussion
or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein
shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use
only within your university, and cannot be forwarded outside the university or used for other commercial
purposes. 2020 SAGE Publications Ltd. All Rights Reserved.
This content may only be distributed for use within Colorado State Univ Global.
http://dx.doi.org/10.4135/9781526490650
SAGE
© 2018 IMA Educational Case Journal. All rights reserved.
SAGE Business Cases
Page 2 of 5
Bonnie Morgen: First Day on the Job and Facing an Ethical Dilemma
http://dx.doi.org/10.4135/9781526490650
Abstract
The case presents an accounting ethical dilemma where the controller of a business unit that
produces and sells industrial components must decide what to do when her boss misrepresents
orders as sales to meet sales budgets and thus overstates revenues by one and a half million
dollars.
Case
Introduction
Today is Bonnie Morgen’s first day on the job as controller of a business unit that produces and sells industrial
components. She has been with the company for a number of years and most recently worked at headquar-
ters, working directly for CFO Ed Judsen. Bonnie is replacing Jerry Mayfare, who recently left the company
for another opportunity. Jerry’s previous work experience included 10 years of working at an entrepreneurial
venture. Bonnie had heard that Jerry prided himself on not having a lot of formal accounting training.
Starting today, Bonnie will work directly for Bill Ridgefield, the division general manager (GM), but she will still
have responsibility to Ed. Although company policy dictates that both the GM and CFO have input in the con-
troller’s performance evaluation, the GM’s input has greater weight for both the annual review and pay raises.
Bill has a reputation as a personable and .
Bonds are a vital source of financing to governments and corpora.docx
Bonds are a vital source of financing to governments and corporations of all types. In this discussion forum, you will have the opportunity to discuss possible sources of risks from the investors’ perspective.
For your initial post, assess what you think are the top three biggest risks for investors associated in bond investments, and explain why. Support your claims with references to at least one recent relevant news article from a credible financial media source (i.e., Bloomberg Business Week, Wall Street Journal, Yahoo Finance, etc.)
.
Bond Company adopted the dollar-value LIFO inventory method on Janua.docx
Bond Company adopted the dollar-value LIFO inventory method on January 1, 2013. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:
Ending Inventory
At Current
At Base
Year
Cost
Year Cost
Cost index
1/1/13
$305,000
$305,000
1.00
12/31/13
334,360
321,500
1.04
12/31/14
441,440
356,000
1.24
Under the dollar-value LIFO method the inventory at December 31, 2014, should be
.
Boley A Negro Town in the American West (1908) The commu.docx
Boley: A Negro Town in the American West (1908)
The community of Boley, in the Creek Nation of Indian Territory, or what is now Oklahoma,
was one of thirty black towns founded in the West after the Civil War and settled by immigrants
from the South and Middle West. Blacks first arrived in Oklahoma as the slaves of Cherokees
and Creeks. The Indians had been displaced from the Carolinas and Georgia during the 1830s
and forced to relocate by foot along the "Trail of Tears" to new lands in Oklahoma. In 1908, a
year after Oklahoma was granted statehood, Booker T. Washington described the town's
development.
The large proportions of the northward and westward movement of the negro population recall
the Kansas exodus of thirty years ago, when within a few months more than forty thousand
helpless and destitute negroes from the country districts of Arkansas and Mississippi poured into
eastern Kansas in search of "better homes, larger opportunities, and kindlier treatment."
It is a striking evidence of the progress made in thirty years that the present northward and
westward movement of the negro people has brought into these new lands, not a helpless and
ignorant horde of black people--but land-seekers and home-builders, men who have come
prepared to build up the country. In the thirty years since the Kansas exodus the southern negroes
have learned to build schools, to establish banks and conduct newspapers. They have recovered
something of the knack for trade that their foreparents in Africa were famous for. They have
learned through their churches and their secret orders the art of corporate and united action. This
experience has enabled them to set up and maintain in a raw western community, numbering
2,500, an orderly and self-respecting government.
In the fall of 1905 I spent a week in the Territories of Oklahoma and Indian Territory. During the
course of my visit I had an opportunity for the first time to see the three races--the negro, the
Indian, and the white man--living side by side, each in sufficient numbers to make their influence
felt in the communities of which they were a part, and in the Territory as a whole. . . .
One cannot escape the impression, in traveling through Indian Territory, that the Indians, who
own practically all the lands, and until recently had the local government largely in their own
hands, are to a very large extent regarded by the white settlers, who are rapidly filling up the
country, as almost a negligible quantity. To such an extent is this true that the Constitution of
Oklahoma, as I understand it, takes no account of the Indians in drawing its distinctions among
the races. For the Constitution there exist only the negro and the white man. The reason seems to
be that the Indians have either receded--"gone back," as the saying in that region is on the
advance of the white race, or they have intermarried with and become absorbed with it. Indeed,
so rapidly has this interma.
Bolsonaro and Brazils Illiberal Backlash Wendy Hunter, Timo.docx
Bolsonaro and Brazil's Illiberal Backlash
Wendy Hunter, Timothy J. Power
Journal of Democracy, Volume 30, Number 1, January 2019, pp. 68-82 (Article)
Published by Johns Hopkins University Press
DOI:
For additional information about this article
Access provided at 11 Apr 2019 16:33 GMT from University of Toronto Library
https://doi.org/10.1353/jod.2019.0005
https://muse.jhu.edu/article/713723
https://doi.org/10.1353/jod.2019.0005
https://muse.jhu.edu/article/713723
Bolsonaro and Brazil’s
illiBeral Backlash
Wendy Hunter and Timothy J. Power
Wendy Hunter is professor of government at the University of Texas at
Austin. Her works include The Transformation of the Workers’ Party
in Brazil, 1989–2009 (2010). Timothy J. Power is head of the Oxford
School of Global and Area Studies and professor of Latin American
politics at the University of Oxford. Most recently, he is coauthor of
Coalitional Presidentialism in Comparative Perspective: Minority Presi-
dents in Multiparty Systems (2018).
On 28 October 2018, Brazilian voters delivered a sweeping victory
to presidential candidate Jair Bolsonaro, putting the far-right populist
at the helm of the world’s fourth-largest democracy. After a raucous
campaign in which the former army captain demonized his political op-
ponents and promised to save the country from total ruin, Bolsonaro
handed a stinging defeat to the left-leaning Workers’ Party (PT), which
had governed Brazil from 2003 to 2016. Social media, along with net-
works of Pentecostal churches, helped to disseminate Bolsonaro’s in-
cendiary messages and organize his broad multiclass following.
After nearly clinching the presidency in the October 7 first round
with over 46 percent of valid votes, Bolsonaro received 55.13 percent of
the vote in the runoff (see Table on p. 70). The remaining 44.87 percent
went to PT candidate Fernando Haddad—a last-minute substitute during
the first round for popular former president Luiz Inácio Lula da Silva,
who had been imprisoned since April 2018 on corruption charges linked
to Brazil’s mammoth Operaç~ao Lava Jato (Operation Car Wash) scandal.
In keeping with the polarizing tone of the campaign, the share of voters
who cast ballots for each candidate closely approximated the share who
expressed a strong antipathy toward the opposing candidate. Concurrent
elections for the 513-member Chamber of Deputies, the lower house of
the bicameral National Congress, saw a surge by Bolsonaro’s hitherto
minuscule Social Liberal Party (PSL): This party went from winning
only a single seat in 2014 to claiming 52 seats and the highest share of
Journal of Democracy Volume 30, Number 1 January 2019
© 2019 National Endowment for Democracy and Johns Hopkins University Press
69Wendy Hunter and Timothy J. Power
popular votes in 2018. Bolsonaro had joined the PSL—previously one
of the nondescript “parties for rent” that help to populate Brazil’s fluid
system—in 2018 merely to qualify for a.
BoF Professional Member Exclusive articles & analysis availa.docx
BoF Professional Member Exclusive: articles & analysis available only to you. View the archive.
lg Professional !
CEO TALK
Burberry Stops Destroying Product and Bans Real Fur
A PR backlash enveloped Burberry following the revelation that it destroyed £28.6 million worth of unsold product last year. Now, the company is ending the practice and banning animal fur. In a global exclusive interview, BoF's
Imran Amed sits down with Burberry CEO Marco Gobbetti to decode the thinking behind the move.
BY IMRAN AMED
SEPTEMBER 6, 2018 05:28
ACTION REQUIRED: You are currently missing out on important BoF Professional membership beneNts. Click here to rectify.
LONDON, United Kingdom — Burberry is stopping its longstanding practice of destroying unsold product after a firestorm of negative press and social media posts in July. That month, it emerged that the British brand had destroyed £28.6 million ($36.8 million) worth of product — including clothing, accessories
and perfume — in fiscal 2017/2018. The company has destroyed £105 million ($135 million) of unsold product in the last five years, a practice it has previously disclosed in its annual reports.
Alongside the shift, Burberry is also banning the use of animal fur — including rabbit, fox, mink and Asiatic raccoon, as well as angora — in its runway collections, beginning with new chief creative officer Riccardo Tisci’s highly anticipated debut collection set to be unveiled on September 17 at London Fashion Week.
Existing fur products will be phased out over time, however the brand will continue to sell products made with shearling.
“Modern luxury means being socially and environmentally responsible. This belief is core to us at Burberry and key to our long-term success,” said chief executive Marco Gobbetti in a statement.
But clearly, the negative publicity was a wake-up call for the British luxury behemoth. “We are in the midst of an environmental crisis exacerbated by the fashion industry,” read an open letter to Burberry from second-hand retailer ThredUp, which captured the sentiment of the backlash. “Fashion is now responsible
for 10 percent of global carbon emissions and is projected to drain a quarter of the world’s carbon budget by 2050. We respect the desire to protect your brand image but discounting your product shouldn’t be scarier than setting it on fire.”
Burberry is not the only fashion or luxury brand to have destroyed product. Last November, H&M was reported to have burned unsold products. According to the New York Times, Nike slashes its unsold sneakers. And, Richemont has reportedly destroyed more than £400 million worth of watches from high-end
brands including Cartier and Jaeger-LeCoultre.
Indeed, it is one of the industry’s dirty secrets that brands regularly destroy product to protect their intellectual property from counterfeiters and to limit the diminished brand perception that comes with disposing of excess stock through heavy discounting.
Burberry says its new.
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- 1. Blige Inc. Comparative Balance Sheet December 31, 2014 and 2013 Dec. 31, 2014 Dec. 31, 2013 Assets Current assets Cash $199,380 $240,410 Temporary investments 301,760 398,400 Accounts receivable (net) 211,700 197,100 Inventories 160,600
- 2. 116,800 Prepaid expenses 37,712 48,080 Total current assets $911,152 $1,000,790 Long-term investments 695,168 468,163 Property, plant, and equipment (net) 1,080,000 972,000 Total assets $2,686,320 $2,440,953 Liabilities Current liabilities $293,920 $633,353
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