Brief Exercise 18-11 (Part.docx

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The document provides financial statement data for Rainsberger Company and Haskin Company for 2015 and 2014. It includes accounts receivable, net sales, inventory, purchases, and cost of goods sold amounts. It asks to calculate accounts receivable turnover and inventory turnover for each company and year. It also provides data for Guo Company and asks to calculate cash dividends and average assets. Finally, it provides income statement data for Navarro Corporation for 2015 and 2014 and asks to prepare a vertical analysis for each year.

Education

Brief Exercise 18-11 (Part Level Submission)
The following data are taken from the financial statements of
Rainsberger Company.
2015
2014
Accounts receivable (net), end of year
$550,000
$520,000
Net sales on account

3,960,000
3,100,000
Terms for all sales are 1/10, n/60.
Warning
[removed]Don't show me this message again for the assignment
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(a1)
Compute for each year the accounts receivable turnover. At the
end of 2013, accounts receivable (net) was $480,000.
(Round answers to 1 decimal place, e.g. 1.6.)
2015
2014
Accounts receivable turnover
[removed]

times
[removed]
times
Brief Exercise 18-12 (Part Level Submission)
The following data are from the income statements of Haskin
Company.
2015
2014
Sales
$6,420,000
$6,240,000
Beginning inventory
940,000
860,000
Purchases

4,340,000
4,661,000
Ending inventory
1,020,000
940,000
Warning
[removed]Don't show me this message again for the assignment
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(a1)
Compute for each year the inventory turnover.
(Round answers to 1 decimal place, e.g. 1.6.)
2015
2014

Inventory turnover
[removed]
times
[removed]
times
(a2)
The parts of this question must be completed in order. This part
will be available when you complete the part above.
Brief Exercise 18-13
Guo Company has owners’ equity of $400,000 and net income
of $66,000. It has a payout ratio of 20% and a return on assets
of 15%.
How much did Guo pay in cash dividends, and what were its
average assets?
(Round answers to 0 decimal places, e.g. 125.)
Cash dividends

$
[removed]
Average assets
$
[removed]
Exercise 18-2
Operating data for Navarro Corporation are presented below.
2015
2014
Net sales
$750,000
$600,000
Cost of goods sold
465,000
390,000
Selling expenses
105,000
66,000

Administrative expenses
60,000
54,000
Income tax expense
36,000
27,000
Net income
84,000
63,000
Prepare a schedule showing a vertical analysis for 2015 and
2014.
(Round answers to 1 decimal place, e.g. 48.5%.)
NAVARRO CORPORATION
Condensed Income Statements
For the Years Ended December 31
2015
2014
Amount
Percent
Amount
Percent

Net sales
$
750,000
[removed]
%
$
600,000
[removed]
%
Cost of goods sold
465,000
[removed]
%
390,000
[removed]
%
Gross profit
285,000
[removed]
%
210,000
[removed]
%
Selling expenses
105,000
[removed]

%
66,000
[removed]
%
Administrative expenses
60,000
[removed]
%
54,000
[removed]
%
Total operating expenses
165,000
[removed]
%
120,000
[removed]
%
Income before income taxes
120,000
[removed]
%
90,000
[removed]
%

Income taxes expense
36,000
[removed]
%
27,000
[removed]
%
Net income
$
84,000
[removed]
%
$
63,000
[removed]
%
Exercise 18-5
Suppose
Nordstrom, Inc.
, which operates department stores in numerous states, has the
following selected financial statement data for the year ending
January 30, 2014.
NORDSTORM, INC.

Balance Sheet (partial)
(in millions)
End-of-Year
Beginning-of-Year
Cash and cash equivalents
$ 795
$ 72
Accounts receivable (net)
2,035
1,942
Inventory
898
900
Prepaid expenses

88
93
Other current assets
238
210
Total current assets
$4,054
$3,217
Total current liabilities
$2,014
$1,601
For the year, net sales were $8,258 and cost of goods sold was
$5,328 (in millions).

(a)
Compute the four liquidity ratios at the end of the year.
(Round answers to 1 decimal place, e.g. 1.6 .)
Current ratio
[removed]
:1
Acid-test ratio
[removed]
:1
Accounts receivable turnover
[removed]
times
Inventory turnover
[removed]
times
Warning
[removed]Don't show me this message again for the assignment
Ok
Cancel

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The document provides financial statement data for Schellhammer Corporation for 2013, 2014, and 2015 including current assets, current liabilities, and total assets. It asks the student to perform horizontal analysis, vertical analysis, and calculate current ratios for current assets for each year. It also provides additional financial statement data for other companies and asks students to calculate various ratios and percentages.

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Brief Exercise 18-11 (Part.docx