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The document provides information about Beach Day Coolers, including its trial balance, adjusting entries, income statement, statement of owner's equity, and balance sheet for the year ended December 31, 2012. Key points covered include adjusting the inventory account based on a physical count, and carrying other merchandising accounts like sales revenue and cost of goods sold. The worksheet procedures are the same as for a service business.

Business

Copyright © 2012 Pearson Education
Chapter 5
1

Copyright © 2012 Pearson Education
2
Prepare worksheets for a merchandiser

Copyright © 2012 Pearson Education
Similar to the worksheet for a service business
New accounts
Inventory
Sales revenue
Cost of goods sold
Procedures are the same as for a service business

Copyright © 2012 Pearson Education
Beach Day Coolers’ trial balance as of December 31,
2012 is provided.
1. Complete the accounting worksheet for the year
ended December 31, 2012. Key adjusting entries by
letter.
2. Prepare the multi-step income statement, statement
of owner’s equity, and balance sheet for the year.
3. Prepare closing entries for the year.

Copyright © 2012 Pearson Education
TRIAL
BALANCE ADJUSTMENTS
ADJUSTED
TRIAL
BALANCE
INCOME
STATEMENT
BALANCE
SHEET
ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
Cash $2,800 $2,800 $2,800
Accounts receivable 10,300 10,300 10,300
Inventory 72,000 (d)
3,500
68,500 68,500
Prepaid rent 3,600 (a) 2,100 1,500 1,500
Equipment 23,900 23,900 23,900
Accumulated
depreciation
$7,000 (b)
4,900
$11,900 $11,900
Accounts payable 9,600 9,600 9,600
Salary payable 0 (c) 1,200 1,200 1,200
Note payable, long-term 20,400 20,400 20,400
Common Stock 9,900 9,900 9,900
Retained earnings 48,500 48,500 48,500
Dividends 36,600 36,600 36,600
Sales revenue 191,000 191,000 $191,000
Cost of goods sold 66,000 (d) 3,500 69,500 $69,500
Salary expense 46,700 (c) 1,200 47,900 47,900
Rent expense 14,300 (a) 2,100 16,400 16,400
Utilities expense 6,800 6,800 6,800
Depreciation expense 0 (b) 4,900 4,900 4,900
Interest expense 3,400 3,400 3,400
$286,400 $286,400 $11,700 $11,700 $292,500 $292,500 $148,900 $191,000 $143,600 $101,500
Net income $42,100 $42,100
$191,000 $191,000 $143,600 $143,600

Copyright © 2012 Pearson Education
Beach Day Coolers, Inc.
Income Statement
Year Ended December 31, 2012
Revenue:
Sales revenue $191,000
Cost of goods sold _ 69,500
Gross profit $ 121,500
Operating expenses:
Salary expense $47,900
Rent expense 16,400
Utilities expense 6,800
Depreciation expense _4,900 _76,000
Operating income 45,500
Other revenue (expenses):
Interest expense 3,400 __(3,400)
Net income $ 42,100

Copyright © 2012 Pearson Education
Beach Day Coolers, Inc.
Statement of Retained Earnings
Year Ended December 31, 2012
Retained earnings, January 1, 2012 $ 48,500
Net income 42,100
90,600
Dividends (36,600)
Retained earnings, December 31, 2012 $54,000

Copyright © 2012 Pearson Education
Beach Day Coolers, Inc.
Balance Sheet
December 31, 2012
Assets
Current assets:
Cash $ 2,800
Accounts receivable 10,300
Inventory 68,500
Prepaid rent __1,500
Total current assets 83,100
Plant assets:
Equipment $23,900
Less: Accumulated depreciation 11,900 _12,000
Total assets $95,100
Liabilities
Current liabilities:
Accounts payable $ 9,600
Salary payable _1,200
Total current liabilities 10,800
Long-term liabilities:
Note payable, long-term 20,400
Total liabilities $ 31,200
Stockholders' Equity
Common stock 9,900
Retained earnings _54,000
Total stockholders’ equity _63,900
Total liabilities and stockholders’ equity $95,100

Copyright © 2012 Pearson Education
Dec 31 Sales revenue 191,000
Income summary 191,000
31 Income summary 148,900
Cost of goods sold 69,500
Salary expense 47,900
Rent expense 16,400
Utilities expense 6,800
Interest expense 3,400
Depreciation
expense
4,900
31 Income summary
($191,000 − $148,900) 42,100
Retained earnings 42,100
31 Retained earnings 36,600
Dividends 36,600

Copyright © 2012 Pearson Education
The worksheet of a merchandiser is similar to the
worksheet for a service business.
The main new account is the Inventory account, which
must be adjusted based on a physical count.
The merchandiser’s worksheet carries the other new
merchandising accounts (Sales revenue, Cost of goods
sold, etc).
Worksheet procedures are the same as for a service
business.
11

Copyright © 2012 Pearson Education
13
Copyright
All rights reserved. No part of this publication may be reproduced,
stored in a retrieval system, or transmitted, in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise,
without the prior written permission of the publisher. Printed in the
United States of America.

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.

I apologize this 1 question has numerous parts. I didnt want to s.pdf

jeetumordhani

I apologize: this 1 question has numerous parts. I didn\'t want to split it up in to separate questions and confuse others. Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balanoe sheet amounts at December 31, 2014, were inventory, S53,900; total assets, $199,400; common stock, 588,000; and retained earnings, 344,392.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015 Sales Cost of goods sold S453,600 298,850 Gross profit Operating expenses Interest expense 158,750 98,800 4,600 Income before taxes Income taxes 53,350 21,492 Net income S 31,858 CABOT CORPORATION Balance Sheet December 31, 2015 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade) S 18,000 9,200 32,200 000 38,150 2,800 151,300 Liabilities and Equity Accounts payable Accrued Income taxes payable Long- term note payable, secured S 17,500 4,800 4,700 wages payable 5, Prepaid expenses Plant assets, net by mortgage on plant assets Common stod Retained earnings 83,400 88,000 76,250 Total assets S254,650 Total liabilities and equity S254,650 These are short-term notes receivable arising from customer (trade) sales. Required: Compute the following: (1) current ratio, (2) acid- test ratio, (3) days sales uncollected, (4) inventory turnover, (5) days\' sales in inventory, (8) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders\' equity Do not round intermediate calculations.) Choose Numerator: | Choose Denominator: | = Current Ratio Current ratio 2015 to 1 Solution Answer to Part 1. Current Ratio = Current Assets / Current Liabilities Current Assets = Cash + Short Term Investments + Accounts Receivable, net + Notes Receivable (Trade) + Merchandise Inventory + Prepaid Expenses Current Assets = $16,000 + $9,200 + $32,200 + $5,000 + $38,150 + $2,800 Current Assets = $103,350 Current Liabilities = Accounts Payable + Accrued Wages Payable + Income Taxes Payable Current Liabilities = $17,500 + $4,800 + $4,700 Current Liabilities = $27,000 Current Ratio = 103,350 / 27,000 Current Ratio = 3.83 to 1 Answer to Part 2. Acid-Test Ratio = Quick Assets / Current Liabilities Quick Assets = Current Assets – Merchandise Inventory – Prepaid Expenses Quick Assets = $103,350 - $38,150 - $2,800 Quick Assets = $62,400 Acid-Test Ratio = 62,400 /27,000 Acid-Test Ratio = 2.31 to 1 Answer to Part 3. Days Collected Sales = Current Receivable / Net Sales * 365 Current Receivable = $32,200 + $5,000 = $37,200 Days Collected Sales = 37,200 / 453,600 * 100 Days Collected Sales = 29.93 days Answer to Part 4. Inventory Turnover Ratio = Cost of goods sold / Average Inventory Average Inventory = (38,150 + 53,900) / 2 Average Inventory = $46,025 Inventory Turnover Ratio = 296,850 / 46,025 Inventory Turnover Ratio = 6.45 times Answer to Part 5. Days’ Sales in Inventory = Average Inventory / Cost of Goods Sol.

Required 1. prepare the Income Statement for the year ended Decembe.pdf

alphaagenciesindia

Required: 1. prepare the Income Statement for the year ended December 31, 2014 2. Prepare the Statement of Financial Position as at Decenber, 31, 2014. 3.Prepare the Statement of Financial Position as at December 31, 2012. Question 3 Millsborough Limited list of balances year ended December 31,2012 3 Prepaid insurance during 2012 amounted to $2,400 4 Provide for Corporation tax of $28,602 for 2012 5 Transfer $2,000 to general reserve. 6 Weighted average number of ordinary shares in issue during 2012 amounted to 50,000 Femmiter1201yro 14 8 Requlred: I Prepare the Statement of Comprehensive income for the year ended December 31,2012. (19 marks) I Prepare the Statement of Changes in Equity for the year ended December 31, 2012. (11 marks) ) Prepare the Statement of Financial Position as at December 31, 2012. (10 marks).

CP1-2CP1-2 Finding Financial Information LO 1-1Refer to the financ.docx

vanesaburnand

CP1-2CP1-2 Finding Financial Information LO 1-1Refer to the financial statements of Urban Outfitters in Appendix C at the end of this book.Required:1. What is the amount of net income for the most recent year?Net incomeThis information can be found on the2. What amount of revenue was earned in the most recent year?Net salesThis information can be found on the3. How much inventory (in dollars) does the company have as of January 31, 2012?InventoryThis information can be found on the4. By what amount did cash and cash equivalents * change during the most recent year?Cash and Cash EquivalentsbyThis information can be found on the5. Who is the auditor for the company?* Cash equivalents are short-term investments readily convertible to cash whose value is unlikely to change. Check FiguresCP 1-2 Finding Financial InformationRequirement 2: Net Sales = $2,473,801,000. Sheet2list1list2name new listFinancial StatementsAccounts payableNet incomePretax incomeAuditor's ReportincreasedCashNet lossPretax lossBalance SheetdecreasedCommon stockIncome StatementEquipmentAdd: Net IncomeNotes to Financial StatementsIncome tax expenseAdd: Net lossStatement of Cash FlowsIncome taxes payableLess: Net incomeStatement of Shareholders' EquityInterest payableLess: Net lossInventory of merchandiseInvestmentsAdd: DividendsLong-term debtLess: DividendsNote payableReceivables from customersRetained earningsSalary payableStock issuanceTotal expensesTotal sales revenue P1-1P1-1 Preparing an Income Statement, Statement of Stockholders Equity, and Balance Sheet LO1-1Assume that you are the president of Highlight Construction Company. At the end of the first year (December 31, 2014) of operations, the following financial data for the company are available: Cash$25,600 Receivables from customers (all considered collectible)10,800 Inventory of merchandise (based on physical count and priced at cost)81,000 Equipment owned, at cost less used portion42,000 Accounts payable owed to suppliers46,140 Salary payable for 2014 (on December 31, 2014, this was owed to an employee2,520 who was away because of an emergency; will return around January 10, 2015, at which time the payment will be made) Total sales revenue128,400 Expenses, including the cost of the merchandise sold (excluding income taxes)80,200 Income taxes expense at 30% × pretax income; all paid during 2014? Common stock (December 31, 2014)87,000 Dividends declared and paid during 201410,000(Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.)Required:1. Prepare a summarized income statement for the year 2014.HIGHLIGHT CONSTRUCTION COMPANYIncome StatementFor the Year Ended December 31, 20142. Prepare a statement of stockholders' equity for the year 2014HIGHLIGHT CONSTRUCTION COMPANYStatement of Stockholders’ EquityFor the Year Ended December 31, 2014Common StockRetained EarningsBalance December 31, 2013Balance December 31, 20143. Prepare a ba.

Chapter 9 Exercise 3 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-Term Investments 3,000 2,500 2,000 Accounts Receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid Expenses 800 800 800 Accounts Payable 200 200 200 Notes Payable: Short-Term 3,100 3,100 3,100 Accrued Payables 300 300 300 Long-Term Liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies. c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner. Chapter 9 Exercise 4 1. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.: 20X5 20X4 Net Credit Sales $832,000 $760,000 Cost of Goods Sold 440,000 350,000 Cash, Dec. 31 125,000 110,000 Accounts Receivable, Dec. 31 180,000 140,000 Inventory, Dec. 31 70,000 50,000 Accounts Payable, Dec. 31 115,000 108,000 2. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs. a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days. c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss. Chapter 9 Problem 1 1. Horizontal and vertical analysis. The following financial statements pertain to Waterloo Corporation: WATERLOO CORPORATION Comparative Balance Sheets December 31,20X5 and 20X4 20X5 20X4 Assets Current Assets Cash $ 11,250 $ 12,500 Accounts Receivable (net) 18,500 25,000 Inventories 38,500 35,000 Prepaid Expense __3,750 __3,750 Total Current Assets $ 72,000 $ 76,250 Property, Plant, and Equipment Buildings (net) $ 102,750 $ 101,250 Equipment (net) 28,500 30,000 Vehicles (net) 32,000 40,000 Total Property, Plant, and Equipment $ 163,250 $ 171,250 Trademarks (net) __$ 14,750 __$ 2,500 Total assets $ 250,000 $ 250,000 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ 49,000 $ 70,000 Notes Payable 13,500 40,000 Federal Taxes Payable __2,500 __25,000 Total Current Liabilities $ 65,000 $ 135,000 Long-Term Debt __$ 50,000 __$ 25,000 Total Liabilities $ 115,000 $ 160,000 Stockholders' Equity Common Stock, $10 par $ 25,000 $ 25,000 Retained Earnings __110,000 __65,000 Total Stockholders' Equity $ 135,000 $ 90,000 Total Liabilities a ...

hho_acctg09GE_inppt05_ppt.ppt

JiaJunWang17

Acc week 7Shu Shin

Exercise 12-5 Evaluate risk ratios [LO3]The 2012 income statem.docx

gitagrimston

Exercise 12-5 Evaluate risk ratios [LO3] The 2012 income statement of Adrian Express reports sales of $16 million, cost of goods sold of $9.6 million, and net income of $1.6 million. Balance sheet information is provided in the following table. All amounts are in thousands. ADRIAN EXPRESS Balance Sheets December 31, 2012 and 2011 ($ in 000s) 2012 2011 Assets Current assets: Cash $ 600 $ 760 Accounts receivable 1,400 1,000 Inventory 1,800 1,400 Long-term assets 4,800 4,240 Total assets $ 8,600 $ 7,400 Liabilities and Stockholders' Equity Current liabilities $ 2,020 $ 1,660 Long-term liabilities 2,300 2,400 Common stock 2,000 2,000 Retained earnings 2,280 1,340 Total liabilities and stockholders' equity $ 8,600 $ 7,400 Industry averages for the following four risk ratios are as follows: Average collection period 25 days Average days in inventory 60 days Current ratio 2 to 1 Debt to equity ratio 50% Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2012. (Use 365 days in a year. Round your answers to 1 decimal place. Omit the "%" sign in your response.) Risk Ratios Average collection period days Average days in inventory days Current ratio to 1 Debt to equity ratio % 2. Do you think the company is more risky or less risky than the industry averages? The 2012 income statement of Adrian Express reports sales of $16 million, cost of goods sold of $9.6 million, and net income of $1.6 million. Balance sheet information is provided in the following table. All amounts are in thousands. ADRIAN EXPRESS Balance Sheet December 31, 2012 and 2011 ($ in 000s) 2012 2011 Assets Current assets: Cash $ 600 $ 760 Accounts receivable 1,400 1,000 Inventory 1,800 1,400 Long-term assets 4,800 4,240 Total assets $ 8,600 $ 7,400 Liabilities and Stockholders' Equity Current liabilities $ 2,020 $ 1,660 Long-term liabilities 2,300 2,400 Common stock 2,000 2,000 Retained earnings 2,280 1,340 Total liabilities and stockholders' equity $ 8,600 $ 7,400 Industry averages for the following four risk ratios are as follows: Gross profit ratio 45 % Return on assets 25 % Profit margin 15 % Asset turnover 2.5 times Return on equity 35 % Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to the nearest whole number. Omit the "%" sign in your response.) Profitability Ratios Gross profit ratio % Return on assets % Profit margin % Asset turnover times Return on equity % 2. Do you think the company is more profitable or less profitable than the industry averages? The balance sheet for P ...

Due Tues., May 2- 7 questions Big Time Picture Frames h.docx

sagarlesley

Due Tues., May 2- 7 questions Big Time Picture Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2009. To answer this question, you gather the following data: ______________________________________________2009__________2008 Cash $52, 000 51, 000 Short-term investments 30,000 -- Net receivables 110,000 120, 000 Inventory 217,000 262,000 Total assets 540,000 490,000 Total current liabilities 265,000 202,000 Long-term note payable 44,000 54,000 Income from operations 165,000 153,000 Interest expense 44,000 37,000 Requirement 1. Compute the following ratios for 2009 and 2008: a. Current ratio b. Acid-test ratio c. Debt ratio d. Times-interest-earned ratio a. Calculate the current ratio for both years. (Round your answers to two decimal places.) 2009: nothing 2008: nothing The Variline Inc., comparative income statement follows. 2010 data are given as needed. Variline, Inc. Comparative Income Statement Years Ended December 31, 2012 and 2011 (Dollars in thousands) 2012 2011 2010 Net sales $176,000 $160,000 Cost of goods sold 93,600 86,000 Selling and general expenses 46,800 41,400 Interest expense 9,600 10,900 Income tax expense 10,200 9,200 Net income $15,800 $12,500 Additional data: Total assets $201,000 $192,000 $174,000 Common stockholders' equity $96,900 $89,800 $79,500 Preferred dividends $3,400 $3,400 $0 Common shares outstanding during the year 20,000 20,000 18,000 Requirements 1. Calculate the rate of return on net sales. 2. Calculate the rate of return on total assets. 3. Calculate the rate of return on common stockholders' equity. 4. Calculate the EPS. 5. Did the company's operating performance improve or deteriorate during 2012? Requirement 1. Calculate the rates of return on net sales for 2012 and 2011. (Round your answers to three decimal places.) 2012: nothing 2011: nothing The Specialty Department Stores, Inc., chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the company's income statement and balance sheet, as well as the industry average data for retailers. Specialty Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2010 Industry Specialty Average Net sales $782,000 100.0 % Cost of goods sold 526,286 65.8 Gross profit 255,714 34.2 Operating expenses 164,220 19.7 Operating income 91,494 14.5 Other expenses 6,256 0.4 Net income $85,238 14.1 % Specialty Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2010 ...

Chapter 2Problems Set BP2-1B Suppose the following items are .docx

walterl4

Chapter 2 Problems: Set B P2-1B Suppose the following items are taken from the 2014 balance sheet of Starbucks Corporation. (All dollars are in millions.) Goodwill $ 477 Common stock 40 Equipment 3,036 Accounts payable 391 Stock investments (long-term) 280 Accounts receivable 288 Prepaid rent 278 Debt investments (current) 157 Retained earnings 2,244 Cash 281 Notes payable (noncurrent) 550 Notes payable (current) 1,468 Unearned sales revenue (current) 297 Bonds payable 354 Inventory 692 Accumulated depreciation—equipment 145 Instructions Prepare a classified balance sheet for Starbucks Corporation as of September 30, 2014. P2-2B These items are taken from the financial statements of Mueller, Inc. Prepaid insurance $ 2,400 Equipment 30,000 Salaries and wages expense 34,000 Utilities expense 2,100 Accumulated depreciation—equipment 7,600 Accounts payable 7,200 Cash 6,100 Accounts receivable 2,900 Salaries and wages payable 3,000 Common stock 6,000 Depreciation expense 4,300 Retained earnings (beginning) 14,000 Dividends 2,600 Service revenue 51,000 Maintenance and repairs expense 2,600 Insurance expense 1,800 Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2014. P2-3B You are provided with the following information for Vern Corporation, effective as of its April 30, 2014, year-end. Accounts payable $ 3,100 Accounts receivable 10,150 Accumulated depreciation—equipment 6,600 Depreciation expense 3,200 Cash 20,955 Common stock 20,000 Dividends 2,800 Equipment 24,250 Sales revenue 20,450 Income tax expense 700 Income taxes payable 300 Interest expense 350 Interest payable 175 Notes payable (due in 2018) 4,700 Prepaid rent 380 Rent expense 660 Retained earnings, beginning 13,960 Salaries and wages expense 5,840 Instructions (a) Prepare an income statement and a retained earnings statement for Vern Corporation for the year ended April 30, 2014. (b) Prepare a classified balance sheet for Vern as of April 30, 2014. P2-4B Comparative statement data for Omaz Company and Wise Company, two competitors, are presented below. All balance sheet data are as of December 31, 2014. Omaz Company Wise Company 2014 2014 Net sales $450,000 $900,000 Cost of goods sold 225,000 450,000 Operating expenses 130,000 150,000 Interest expense 6,000 10,000 Income tax expense 15,000 75,000 Current assets 180,000 700,000 Plant assets (net) 600,000 800,000 Current liabilities 75,000 230,000 Long-term liabilities 190,000 200,000 Net cash provided by operating activities 46,000 180,000 Capital expenditures 20,000 50,000 Dividends paid -0- 5,000 Average number of shares outstanding 200,000 500,000 Instructions (a) Compute the net income and earnings per share for each company for 2014. (b) Comment on the relative liquidity of the companies by computing working capital and the current ratio for each company for 2014. (c) Comment on the relative solvency of the.

Project I The trial balance of the Elker Fashions Inc.docx

briancrawford30935

Project I The trial balance of the Elker Fashions Incorporated contained the following accounts at December 31, 2008 the end of the company’s calendar year. Elker Fashions Incorporated Trial Balance December 31, 2008 Debit Credit Cash $ 26,500 Accounts Receivable 42,200 Merchandise Inventory (Beginning) 52,500 Land 94,000 Buildings 183,000 Accumulated Depreciation-Buildings $ 56,400 Equipment 84,500 Accumulated Depreciation-Equipment 42,400 Notes Payable 40,000 Accounts Payable 37,500 Common Stock 205,500 Retained Earnings 67,800 Dividends 11,000 Sales 865,800 Sales Discounts 6,100 Purchases 720,000 Purchase Discounts 16,400 Freight-in 12,900 Salaries Expense 70,700 Utilities Expense 11,400 Repair Expense 5,900 Gas and Oil Expense 7,600 Insurance Expense 3,500 $ 1,331,800 $ 1,331,800 Adjustment data: 1. Depreciation is $12,000 on buildings and $10,000 on equipment. (Both are administrative expenses.) 2. Interest of $9,000 is unpaid on notes payable at December 31. Other data: 1. The beginning balance of accounts receivable is $26,750. 2. The amount of total assets at the beginning of the year is $378,231. 3. Merchandise inventory on hand at December 31, 2008 is $80,000. 4. Salaries are 70% selling and 30% administrative. 5. $12,000 of the notes payable are payable next year. 6. Gas and oil expense is a selling expense. 7. Utilities expense, repair expense, and insurance expense are 100% administrative. Instructions 1) Journalize the adjusting entries. 2) Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of December 31, 2008. 3) Journalize the closing entries. 4) Prepare a post-closing trial balance. 5) Prepare the following ratios and show all support for your computations: (No partial credit given without work/computations) a) Current Ratio b) Quick Ratio c) Working Capital d) Accounts Receivable Turnover e) Average Collection Period f) Inventory Turnover g) Days in Inventory h) Debt to Total Assets Ratio i) Gross Profit Ratio j) Profit Margin Ratio k) Return on Assets Ratio l) Asset Turnover Ratio 6) Based on the ratios computed in 5) above, answer the following questions and use the financial statement ratios to support your answers where appropriate: Do you feel that the company is able to meet its current and long term obligations as they become due? Comment on the profitability of the company with respect to the various profitability ratios that you computed. Would you lend money to this company for the long term? Comment on the ability.

01_Chapter_01_Intro_to_FA_1007_3.ppt

Miladrazi1

Measuring, Projecting, and Evaluating New Venture Financial Performance

Tim R. Holcomb, Ph.D.

Akaun Chapter 7WanBK Leo

Exercise 12-1Putnam Corporation had these transactions during 20.docx

gitagrimston

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 $ $ Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC.Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 127,664 $ 76,472 Accounts receivable 138,724 60,040 Inventory 177,750 162,503 Prepaid expenses 44,872 41,080 Long-term investments 218,040 172,220 Plant assets 450,300 383,150 Accumulated depreciation (79,000 ) (82,160 ) Total $1,078,350 $813,305 Liabilities and Stockholders’ Equity Accounts payable $ 161,160 $ 106,334 Accrued expenses payable 26,070 33,180 Bonds payable 173,800 230,680 Common stock 347,600 276,500 Retained earnings 369,720 166,611 Total $1,078,350 $813,305 ODGERS INC.Income Statement Data For the Year Ended December 31, 2014 Sales revenue $613,767 Less: Cost of goods sold $214,027 Operating expenses, excluding depreciation 19,608 Depreciation expense 73,470 Income tax expense 43,102 Interest expense 7,473 Loss on disposal of plant assets 11,850 369,530 Net income $ 244,237 Additional information: 1. New plant assets costing $158,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $41,128 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 $ ...

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PAGE 1Practice exerciseChapter 1 and 2 practice exercis.docx

alfred4lewis58146

PAGE 1 Practice exercise Chapter 1 and 2 practice exercise Name ACC: 201 Instructor: Date Exercise 1-2: Assume that Kennedy Company acquires $1,600 cash from creditors and $1,800 cash from investors. Required a. Explain the primary differences between investors and creditors. Answer: a) The primary difference between creditors and investors is a creditor you must pay back the money borrowed and most of the time there is interest. An investor is someone that is investing in the company and normally has stock from doing so. If the company does not make it and dissolves creditors get paid first, and if there is still money left, investors get it. b. If Kennedy has a net loss of $1,600 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Answer: b) The creditors will get $1,600, or all of their money, and the investors will get $200. c. If Kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Answer: c) The creditors will get all of their money ($1,600), and the investors will get all of the rest which is their original $1,800 + 1,600 = $3,400. Exercise 1-4: Kenneth Chang recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang Enterprises. Chang Enterprises borrowed $40,000 from First Bank. Mr. Chang’s father-in-law, Jim Harwood, invested $64,000 into the business for which he received a 25 percent ownership interest. Chang Enterprises purchased a building from Morton Realty Company. The building cost $120,000 cash. Chang Enterprises earned $28,000 in revenue from the company's customers and paid its employees $25,000 for salaries expense. Answer 1. $30,000 from Kenneth Changs personal account – goes into Assets under Cash and in the Statement of cash flows. 2. $40,000 Borrowed from First Bank – goes into Assets under Cash and in the Statement of cash flows. 3. $64,000 from Jim Harwood (father-in-law) He received 25% ownership interest – goes into Assets and Common Stock and then in the Statement of cash flows. 4. $120,000 went toward buying a building – this would be in the Land column 5. $28,000 Revenue – would be in the Income statement under Rev. and Net Inc., and back in the Balance sheet under Cash and Ret, Earn. Columns. This is also listed in the Statement of cash flows 6. $25,000 Employee salaries – is listed in Assets under Cash and Ret. Earn. Then in the Income Statement under Exp. And Net Inc., and then under the Statement of cash flows. Required: Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify. Exercise 1-9: The December 31, 2012, balance sheet for Classic Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increa.

Running head ETHICAL AND LEGAL ISSUES1ETHICAL AND LEGAL ISSUES.docx

charisellington63520

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 Net Income $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities 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 Cash Flows from Investing Activities Purchase of Investments Purchase of Plant Assets Sale of Plant Assets Net Cash used by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Sale of Common Stock Payment of Cash Dividends Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period 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 .

StatementsWidgit Corporations December 31 Balance SheetsAssets201.docx

whitneyleman54422

StatementsWidgit Corporation's December 31 Balance SheetsAssets20122011Cash$ 72,000$ 65,000Accounts receivable439,000328,000Inventories894,000813,000 Total current assets$ 1,405,000$ 1,206,000Land and building238,000271,000Machinery132,000133,000Other fixed assets61,00057,000Total assets$ 1,836,000$ 1,667,000Liabilities and equityAccounts payable$ 432,000$ 409,500Accrued liabilities170,000162,000 Total current liabilities$ 602,000$ 571,500Long-term debt404,290258,898Common stock575,000575,000Retained earnings254,710261,602Total liabilities and equity$ 1,836,000$ 1,667,000Widgit Corporation's December 31 Income Statements20122011Sales$ 4,240,000$ 3,635,000Cost of goods sold3,680,0002,980,000Gross profit$ 560,000$ 655,000General admin. and selling expenses236,320213,550Depreciation159,000154,500Miscellaneous134,000127,000 EBT$ 30,680$ 159,950Taxes (40%)12,27263,980 Net income$ 18,408$ 95,970 HorizontalWidgit Corporation's December 31 Balance SheetsAssets20122011 Dr. Letsch: Dr. Letsch: Step 1: Set up your financial statements in this format.Dollar Change Dr. Letsch: Dr. Letsch: Determine the dollar amount of change between periods.Percentage Change Dr. Letsch: Dr. Letsch: Determine the percentage change by dividing the Dollar Change by the initial year data.Cash$ 72,000$ 65,0007,00010.8%Accounts receivable439,000328,000111,00033.8%Inventories894,000813,00081,00010.0% Total current assets$ 1,405,000$ 1,206,000199,00016.5%Land and building238,000271,000(33,000)-12.2%Machinery132,000133,000(1,000)-0.8%Other fixed assets61,00057,0004,0007.0%Total assets$ 1,836,000$ 1,667,000169,00010.1%Liabilities and equityAccounts payable$ 432,000$ 409,50022,5005.5%Accrued liabilities170,000162,0008,0004.9% Total current liabilities$ 602,000$ 571,50030,5005.3%Long-term debt404,290258,898145,39256.2%Common stock575,000575,00000.0%Retained earnings254,710261,602(6,892)-2.6%Total liabilities and equity$ 1,836,000$ 1,667,000169,00010.1%Widgit Corporation's December 31 Income Statements20122011Sales$ 4,240,000$ 3,635,000605,00016.6%Cost of goods sold3,680,0002,980,000700,00023.5%Gross profit$ 560,000$ 655,000(95,000)-14.5%General admin. and selling expenses236,320213,55022,77010.7%Depreciation159,000154,5004,5002.9%Miscellaneous134,000127,0007,0005.5% EBT$ 30,680$ 159,950(129,270)-80.8%Taxes (40%)12,27263,980(51,708)-80.8% Net income$ 18,408$ 95,970(77,562)-80.8% VerticalWidgit Corporation's December 31 Balance SheetsAssets2012Percent2011Percent Dr. Letsch: Dr. Letsch: Separate columns; add percent columns; calculate percentages based on total assets, total L&E, and total sales depending on the statement or part of statement analyzed.Cash$ 72,0003.9%$ 65,0003.9%Accounts receivable439,00023.9%328,00019.7%Inventories894,00048.7%813,00048.8% Total current assets$ 1,405,00076.5%$ 1,206,00072.3%Land and building238,00013.0%271,00016.3%Machinery132,0007.2%133,0008.0%Other fi.

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annetnash8266

ACCT 221 Final Exam Sum13 1 Final Examination Principles of Accounting lI ACCT 221 Summer 2013 Administrative Notes:  You may use a calculator, your textbook, WileyPLUS resources, and anything posted in our WebTycho classroom.  The exam must be completed and submitted within 4 hours of the time you open the private message that contains your exam.  Type all answers on the Answer Sheet, which is also attached to the Private Message.  Attach your completed Answer Sheet in your assignment folder in WebTycho.  Late submissions will be penalized 10% per hour and any portion of an hour. ACCT 221 Final Exam Sum13 2 Multiple Choice: 2 points each 1. On January 1, 2013, Daniels Corporation issued $5,000,000, 10-year, 8% bonds at 103. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2013 is a. Cash ............................................................................ 5,000,000 Bonds Payable ..................................................... 5,000,000 b. Cash ............................................................................ 5,150,000 Bonds Payable ..................................................... 5,150,000 c. Premium on Bonds Payable ........................................ 150,000 Cash ............................................................................ 5,000,000 Bonds Payable ..................................................... 5,150,000 d. Cash ............................................................................ 5,150,000 Bonds Payable ..................................................... 5,000,000 Premium on Bonds Payable ................................ 150,000 2. Levin Company issued 500 shares of no-par common stock for $5,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share? a. Cash 5,500 Common Stock 5,500 b. Cash 5,500 Common Stock 1,000 Paid-in Capital in Excess of Par 4,500 c. Cash 5,500 Common Stock 1,000 Paid-in Capital in Excess of Stated Value 4,500 d. Common Stock 5,500 Cash 5,500 ACCT 221 Final Exam Sum13 3 3. Motes industries owns 45% of Newton Company. For the current year, Newton reports net income of $250,000 and declares and pays a $60,000 cash dividend. Which of the following correctly presents the journal entries to record Motes’ equity in Newton’s net income and the receipt of dividends from Newton? a. Dec. 31 Stock Investments .......................... 112,500 Revenue from Stock Investments 112,500 Dec. 31 Cash ................................................ 27,000 Stock Investments .................... 27,000 b. Dec. 31 Stock Investments ........................... 112,500 Revenue from Stock In.

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6. Copyright © 2012 Pearson Education TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash $2,800 $2,800 $2,800 Accounts receivable 10,300 10,300 10,300 Inventory 72,000 (d) 3,500 68,500 68,500 Prepaid rent 3,600 (a) 2,100 1,500 1,500 Equipment 23,900 23,900 23,900 Accumulated depreciation $7,000 (b) 4,900 $11,900 $11,900 Accounts payable 9,600 9,600 9,600 Salary payable 0 (c) 1,200 1,200 1,200 Note payable, long-term 20,400 20,400 20,400 Common Stock 9,900 9,900 9,900 Retained earnings 48,500 48,500 48,500 Dividends 36,600 36,600 36,600 Sales revenue 191,000 191,000 $191,000 Cost of goods sold 66,000 (d) 3,500 69,500 $69,500 Salary expense 46,700 (c) 1,200 47,900 47,900 Rent expense 14,300 (a) 2,100 16,400 16,400 Utilities expense 6,800 6,800 6,800 Depreciation expense 0 (b) 4,900 4,900 4,900 Interest expense 3,400 3,400 3,400 $286,400 $286,400 $11,700 $11,700 $292,500 $292,500 $148,900 $191,000 $143,600 $101,500 Net income $42,100 $42,100 $191,000 $191,000 $143,600 $143,600

7. Copyright © 2012 Pearson Education Beach Day Coolers, Inc. Income Statement Year Ended December 31, 2012 Revenue: Sales revenue $191,000 Cost of goods sold _ 69,500 Gross profit $ 121,500 Operating expenses: Salary expense $47,900 Rent expense 16,400 Utilities expense 6,800 Depreciation expense _4,900 _76,000 Operating income 45,500 Other revenue (expenses): Interest expense 3,400 __(3,400) Net income $ 42,100

8. Copyright © 2012 Pearson Education Beach Day Coolers, Inc. Statement of Retained Earnings Year Ended December 31, 2012 Retained earnings, January 1, 2012 $ 48,500 Net income 42,100 90,600 Dividends (36,600) Retained earnings, December 31, 2012 $54,000

9. Copyright © 2012 Pearson Education Beach Day Coolers, Inc. Balance Sheet December 31, 2012 Assets Current assets: Cash $ 2,800 Accounts receivable 10,300 Inventory 68,500 Prepaid rent __1,500 Total current assets 83,100 Plant assets: Equipment $23,900 Less: Accumulated depreciation 11,900 _12,000 Total assets $95,100 Liabilities Current liabilities: Accounts payable $ 9,600 Salary payable _1,200 Total current liabilities 10,800 Long-term liabilities: Note payable, long-term 20,400 Total liabilities $ 31,200 Stockholders' Equity Common stock 9,900 Retained earnings _54,000 Total stockholders’ equity _63,900 Total liabilities and stockholders’ equity $95,100

10. Copyright © 2012 Pearson Education Dec 31 Sales revenue 191,000 Income summary 191,000 31 Income summary 148,900 Cost of goods sold 69,500 Salary expense 47,900 Rent expense 16,400 Utilities expense 6,800 Interest expense 3,400 Depreciation expense 4,900 31 Income summary ($191,000 − $148,900) 42,100 Retained earnings 42,100 31 Retained earnings 36,600 Dividends 36,600

11. Copyright © 2012 Pearson Education The worksheet of a merchandiser is similar to the worksheet for a service business. The main new account is the Inventory account, which must be adjusted based on a physical count. The merchandiser’s worksheet carries the other new merchandising accounts (Sales revenue, Cost of goods sold, etc). Worksheet procedures are the same as for a service business. 11

13. Copyright © 2012 Pearson Education 13 Copyright All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America.

Editor's Notes

Appendix 5B shows how to prepare a worksheet for a merchandising business.
The only learning objective for Chapter 5 is to prepare worksheets for a merchandiser.
The worksheet of a merchandiser is similar to the worksheet for a service business. The primary new account is the Inventory account, which must be adjusted based on a physical count, as discussed in the chapter. Also, the merchandiser’s worksheet carries the other new merchandising accounts (such as Sales revenue and Cost of goods sold). Worksheet procedures are the same as for a service business. The sum of the trial balance amounts, plus or minus the adjustments, equals the adjusted trial balance amounts. Then we move the revenues and the expenses to the income statement and the assets, liabilities, and equity amounts to the balance sheet.
The sum of the trial balance amounts, plus or minus the adjustments, equals the adjusted trial balance amounts. Then, we move the revenues and the expenses to the income statement and the assets, liabilities, and equity amounts to the balance sheet.
Problem 5B-2A focuses on preparing a merchandiser’s worksheet.
The exercise continues on this slide.
The exercise continues.
The exercise continues.
The exercise continues.
The exercise continues.
The worksheet of a merchandiser is similar to the worksheet for a service business. The main new account is the Inventory account, which must be adjusted based on a physical count The merchandiser’s worksheet carries the other new merchandising accounts (Sales revenue, Cost of goods sold, and so on). Worksheet procedures are the same as for a service business.
Do you have any questions?

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