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Instructions for each section must be fully adhered to. Section 1 Instructions for Exercise 13: Prepare a statement of cash flows for 2011 using the indirect method. 13) Here are comparative balance sheets for Taguchi Company. TAGUCHI COMPANY Comparative Balance Sheets December 31 Assets 2011 2010 Cash $ 73,000 $ 22,000 Accounts receivable 85,000 76,000 Inventories 170,000 189,000 Land 75,000 100,000 Equipment 260,000 200,000 Accumulated depreciation (66,000) (32,000) Total $597,000 $555,000 Liabilities and Stockholders’ Equity Accounts payable $ 39,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 216,000 174,000 Retained earnings 192,000 134,000 Total $597,000 $555,000 Additional information: 1. Net income for 2011 was $103,000. 2. Cash dividends of $45,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2011, but land was sold at cost. Instructions for Exercise 14: (A) Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base. (B) Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012. 14) The comparative condensed balance sheets of Conard Corporation are presented below. CONARD CORPORATION Comparative Condensed Balance Sheets December 31 2012 2011 Assets Current assets $ 74,000 $ 80,000 Property, plant, and equipment (net) 99,000 .

Education

$555,000
Liabilities and Stockholders’ Equity
Accounts payable $ 39,000
$ 47,000
Bonds payable 150,000
200,000
Common stock ($1 par)
216,000 174,000
Retained earnings
192,000
134,000
Total
$597,000
$555,000
Additional information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash
$50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at
cost.
Instructions for Exercise 14:
(A)
Prepare a horizontal analysis of the balance sheet data for
Conard Corporation using 2011 as a base.
(B)
Prepare a vertical analysis of the balance sheet data for Conard

Corporation in columnar form for 2012.
14)
The comparative condensed balance sheets of Conard
Corporation are presented below.
CONARD CORPORATION
Comparative Condensed Balance Sheets
December 31
2012 2011
Assets
Current assets
$ 74,000
$ 80,000
Property, plant, and equipment (net)
99,000 90,000
Intangibles
27,000
40,000
Total assets
$200,000
$210,000
Liabilities and stockholders’ equity
Current liabilities
$
42,000 $ 48,000
Long-term liabilities
143,000
150,000
Stockholders’ equity
15,000

12,000
Total liabilities and stockholders’ equity
$200,000
$210,000
Section 2
Write
a 400-word response regarding the differences between the
direct and indirect presentation of cash flows. Why does the
Financial Accounting Standards Board allow both methods?
Which do you prefer? Why?
*****Response must be consistent with APA guidelines
complete with in-text citations as well as reference page. *****

This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.

ch17 (1).pdf

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This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.

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

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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.

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Eli- 16 httpedugen.wiley.comledugensharedJassignmentltest.docx

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Eli- 16 http://edugen.wiley.comledugen/sharedJassignmentltest/qprint.uni Print by: RANDALL LUCAS ACC/ 291 - 40918999 I Week Four Assignment E11-16 Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the accounts. 1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest Expense $50,000 and a credit to Cash $50,000. 2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and Dividend Payable (Cr.) $10,000. The shares have not been issued. 3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for 100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings $2,000,000 and a credit to Common Stock $2,000,000. Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.) CCoUflt/ DescriDtion Debit’ Credit Ii. Dec. bi I I I I I II 12. Dec. L31 I____________________________ I i___________________________________________________________________ I I I I I I Ii 13. Dec. bi I I I I Ii 1.1 I I Question Attempts: 0 of 3 used Copyright © 2000-2013 by John Wiley & Sons, Inc. or related companies. All rights reserved. 1 of 1 1/18/13 1:57 PM P1 3-9A http://edugen.wiley.comledugen/shared/assignmentltestlqprint.uni Print by: RANDALL LUCAS ACC/291. - 40918999 / Week Five Assignment P13-9A Condensed financial data of Arma Inc. follow. ARMA INC. Comparative Balance Sheets December 31 Assets 2011 2010 Cash $90,800 $48,400 Accounts receivable 92,800 33,000 Inventories 112,500 102,850 Prepaid expenses 28,400 26,000 Investments 138,000 114,000 Plant assets 270,000 242,500 Accumulated depreciation (50,000) (52,000) Total $682,500 $514,750 Liabilities and Stockholders’ Eauitv Accounts payable $112,000 $67,300 Accrued expenses payable 16,500 17,000 Bonds payable 110,000 150,000 Common stock 220,000 175,000 Retained earnings 224,000 105,450 Total $682,500 $514,750 ARMA INC. Income Statement For the Year Ended December 31, 2011 Sales $392,780 Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income taxes 27,280 Interest expense 4,730 Loss on sale of plant assets 7,500 233,880 Net income $158,900 Additional information: 1. New plant assets costing $85,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $40,350 was declared and paid during the year. Complete the statement of cash flows using the indirect method. (List amounts from largest I of 3 1/18/13 2:01 PM P13-9A http://edugen.w iley.comledugenfshared/assignment/restlqprint.uni positive ...

Acct504 final exam 100% correct answers

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Here are my evaluations of the internal control procedures: 1. Everyone has access to the petty cash fund. This is a weakness. The principle of segregation of duties is violated when everyone has access to the petty cash fund. A recommendation would be to assign one person as the custodian of the petty cash fund and require receipts for all disbursements. 2. Cash register codes are assigned to each cashier. This is a strength. The principle of accountability is upheld by assigning unique cash register codes to each cashier, allowing the business to track cash register activity to individual cashiers. 3. The treasurer is the only one allowed to sign checks. This is a

This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.

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

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Devry acct 550 final exam

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Devry acct 550 final exam

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Eli- 16 httpedugen.wiley.comledugensharedJassignmentltest.docx

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Acct504 final exam 100% correct answers

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Pararel quiz-intermediate-accounting-11

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This document provides information for an intermediate accounting exam including 4 problems related to financial statements, receivables, inventories, and accounting principles. Problem 1 asks students to prepare a statement of financial position. Problem 2 asks students to prepare a comprehensive income statement. Problem 3 involves calculating impairment of receivables. Problem 4 involves inventory costing methods and valuation. Problem 5 asks students to identify violations of accounting assumptions, principles, or constraints for various accounting practices.

Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docx

SANSKAR20

Exercises 1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $ 76,000 $ 80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders' Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work. 3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work. 4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-Term Investments 3,000 2,500 2,000 Accounts Receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid Expenses 800 800 800 Accounts Payable 200 200 200 Notes Payable: Short-Term 3,100 3,100 3,100 Accrued Payables 300 300 300 Long-Term Liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies. c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner. 5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.: 20X5 20X4 Net Credit Sales $832,000 $760,000 Cost of Goods Sold 440,000 350,000 Cash, Dec. 31 125,000 110,000 Accounts Receivable, Dec. 31 180,000 140,000 Inventory, Dec. 31 70,000 50,000 Accounts Payable, Dec. 31 115,000 108,000 6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs. a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days. c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss. 7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7: Net sales $1,500,000 Interest Expense 120,000 Income Tax Expense 80,000 Preferred Dividends 25,000 Net Income 130,000 Average Assets 1,100,000 Average Common Stockholders' Equity 400,000 a. Compute the net-profit-margin ratio and the rates of re ...

Edward F. T. Charfauros

Aqa accn3-qp-jan12

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This document provides instructions for the General Certificate of Education Advanced Level Examination in Accounting for January 2012. It outlines that the exam is 2 hours long and consists of 4 tasks assessing various accounting concepts related to partnerships, inventory valuation methods, statement of cash flows, and financial statement analysis. Candidates are expected to show all working and use accounting terminology appropriately.

Problem 1. Use the following information to prepare a s.docx

wkyra78

Problem 1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate. (a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable). (b) Issued capital stock for $4,000 of equipment. (c) Sold equipment for $8,000, book value $8,000. (d) Paid cash dividend, $3,000 (declared in prior year). (e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000. (f) Purchased equipment for $12,000 in exchange for a note payable due in two years. (g) The cash balance on January 1, 2010 was $10,000. 2. Mucky Corporation was just formed. The following accounts of Mucky Corporation, with code letters, are needed to record the transactions given below. You are to indicate the appropriate journal entry for each transaction by entering the code letters and the correct amounts. A. Cash G. Bonds payable B. Remaining assets H. Contributed capital in excess of par C. Retained earnings I. Treasury stock D. Common stock, par $20 J. Other accounts not listed E. Dividends payable K. Dividends declared F. Accounts payable L. No entry needed Transaction Debits Credits Code Amount Code Amount 1. Sold and issued 10 common shares at par. Disregard in subsequent transaction. A $200 D $200 2. Sold and issued 5,000 shares common stock at $26 per share. A $130000 D H $100000 $30000 3. Issued a 10% stock dividend when the stock was selling at $30 per share. K $10020 E $10020 4. Declared a cash dividend of $1 per share on the shares outstanding. K $5010 E $5010 5. Paid the cash dividend of $1 per share declared earlier (see above). E $5010 A $5010 6. Purchased 100 shares of treasury stock at $27 per share. I $2700 A $2700 7. Issued a 2-for-1 stock split when the market price was $30 per share. 3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars: Balance Sheet 2010 2011 Cash and cash equivalents $ 1,250 $ 1,432 Short-term investments 953 571 Accounts and other receivables 153 146 Merchandise inventories 1,884 2,094 Prepaid expenses and other current assets 167 486 Total current assets 4,407 4,729 Total property and equipment, net 4,339 4,439 Other assets 1,022 1,097 Total assets 9,768 10,265 Accounts payable 1,023 1,022 Accrued expenses and other current liabilities 881 866 Income taxes payable 245 319 Current portion of long-term debt 452 657 Total current liabilities 2,601 2,864 Total long-term liabilities 2,842 3,427 Total liabilities 5,443 6,291 Total stockholders’ equity 4,325 3,974 Total liabilities and stockholders’ equity 9,768 10,265 Income Statement Net sal ...

Devry acct 550 final exam

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Kazaam Company, a merchandiser, recently completed its calendar-year.docx

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Kazaam Company completed its 2011 calendar year operations. All sales and purchases were on credit, and credits/debits to accounts receivable/payable reflected cash receipts/payments. Expenses were initially debited to prepaid expenses. The document includes Kazaam's comparative balance sheets for 2011 and 2010 and income statement for 2011, as well as additional transaction details requiring preparation of a statement of cash flows.

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FAC 2122 Assignment Due Date: April 24, 2019 Instructions : Answer all questions Question 1 Arcade Corporation's balance sheet and income statement appear below: Income Statement Sales $723 Cost of goods sold 453 Gross margin 270 Selling and administrative expenses 163 Income before income taxes 107 Income tax expense 32 Net income $75 Balance Sheet Ending Balance Beginning Balance Cash $42 $36 Debtors 77 80 Inventories 54 58 Plant and equipment 581 480 less: accumulated depreciation (318) (294) Total Assets $436 $360 creditors $23 $28 Bonds payable 293 270 Common stock 61 60 Retained earnings 59 2 Total liabilities and equity $436 $360 The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18. Required: Prepare a statement of cash flow . (10 marks) Question 2 Comparative Balance Sheet Shiner Corporation Assets Dec 31, 1996 Dec 31, 1995 Cash $37,000 $49,000 Accounts Receivable $26,000 $36,000 Prepaid Expenses $6,000 $0 Land $70,000 $0 Building $200,000 $0 Accumulated Depreciation $11,000 $189,000 $0 Equipment $68,000 $0 Accumulated Depreciation $10,000 $58,000 $0 Total Assets $386,000 $85,000 Liabilities and Stockholder Equity Accounts Payable $40,000 $5,000 Bonds Payable $150,000 $0 Common Stock $60,000 $0 Retained Earnings $136,000 $20,000 Total Liabilities and Stockholder Equity $386,000 $85,000 Income Statement Shiner Corporation Revenue $492,000 Operating Expenses $269,000 Depreciation $21,000 $290,000 Income before Income Taxes $202,000 Income Tax Expense $68,000 Net Income $134,000 Additional information: 1. During the year Shiner Corporation paid dividends of $18,000. 2. Shiner also issued $150,000 in bonds. Copy and complete the statement below: (15 marks) Statement of Cash Flows Cash Flow from Operating Activities Net Income Adjustments to reconcile net income to net cash Depreciation Accts Receivable decrease Prepaid Expense increase Accts Payable Increase Net cash provided from Operating Activities Investing Activities Land Purchase Building Purchase Equipment Purchase Financing Activities Dividend payment to shareholders Issuance of Bonds Payable Net Decrease in Cash Cash Jan 1, 1996 Cash Dec 31, 1996 Question 3 Caribbean Distributors Balance Sheet for Assets20102009 Cash 191 000 159 000 Debtors/Accounts Receivables 12 000 15 000 Stock/Inventory 170 000 160 000 Prepaid expenses 6 000 8 000 Land 140 000 80 000 Equipment 160 000 0 Accumulated depreciation – equipment (16 000) 0 Total 663 000 422 000 Liabilities and Shareholders Equity Trade creditors/Accounts Payable 52 000 60 000 Accrued expenses payable/owing 15 000 20 000 Income tax .

Acct 504 final exam

scorpiosns123

This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.

Acct 504 final exam

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This document appears to be a study guide for an ACCT 504 final exam. It contains 14 multiple choice questions covering various accounting concepts related to sole proprietorships, dividends, financial statements, inventory cost flow assumptions, bonds, cash flows, ratio analysis, and internal controls. The questions would help test a student's understanding of topics like the advantages of different business forms, the accounting equation, accrual accounting, inventory methods, bond issuance, and financial statement analysis techniques.

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1nilB CHAPfER 12HOI4EWORK@lCHAPTER T2 HOMEWORKB..docx

hyacinthshackley2629

1nilB CHAPfER 12HOI\4EWORK @l CHAPTER T2 HOMEWORK B. Prablem 12-lA Statenent of cash flows (indirect method) L.O. 41 . Pl. P2, P3 Kazaam Company, a marchandiser, recenty comdeled its calendar-year2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receisbla roftect cash receipts f,om custonrers, (3) all prrchases of in\entory ara on cr€dit, (4) all debits to AccorJnts Payable relect cash payments for in/entory, and (5) Other Expensas are paid in adwrne and are initially dabitad to Pnpaid Exponser. The company's balance sheets ard income stat€ment blb\,- KAZAAM COMPAI,IY Comparatir,e B alarrco Sheets December 31, 2011 and 2010 2011 2010 $ 49,800 S 73,500 65,880 57,000 277,AOO 251,000 1,250 1,800 158,500 106,500 (35,875) (46,000) s 516,555 $443,800 $ 82,80s S 115,000 11,000 7,000 60,000 48,750 157,500 149,000 25,500 0 179,750 124,050 $ 516,555 $443,800 KAZAAM COMPANY hcome Statem€nt For Year Ended D€comber 31, 201 1 As3els Cash Accounts recei\EHe Marchandise insntory Prepaid expenses Equipment Accurn- depreciatN quipi"n€nt Total asssls LiabilitieBend Equity Accounts payabb Short-term notes payable Lorp-term notes payable C,ommon stock, $5 par raalue Paid-in capital in excess ofpar, cornmon stock R€tain€d eamings Total liabilities and Gquity Sales Cost of goods sold Gross profit Operating exp€nses Depreciatbn exp€nse Other expnses Other gains (losses) Loss on sale of€quipmant tr|come bebfe taxes tlcome taxes expanse Itlet incorns s 583,000 286,000 297,000 $ 20,000 134,000 154,0m 137,500 25,500 5,500 $ 1 12,000 l- _ __._, , -----,.__.- * - ,__., .-._-::::-:a Addllional hformafon on Yegr 2A11 Tnnsctions a. The loss on the cash sal€ of equiprylent was $5,50O (details in b). b, Sold equiprnent costing $47,250, with accumulated depreciation of$30,125, for 911,625 cash. c. Purchasod equipment costing $99,250 by paying $25,[email protected] cash and signing a long.term note payable br the balance- d. Borroued $4,000 cash by silnirE a short-t€rm note payabl€. e. Paid $63,@0 cesh to reducethe longiterm notes payabks. f. lssued 1,700 shar6 of cornmon stock br $20 cash per share. g. Daclarcd and paid cash dillderfrs of $ffi,300. Required: 1. Prcpare a compl€te statefitsnt of cash florvs; repon [s op€rating actirities using the indirect meth(/,. (Amounb to be deducted should be indicated with a minus sign. Omit the "3" sign in your response.) KAZAAM COMPANY Statement of Cash Flom 1t2 1nu13 CHAPTER 12HOMEWCIRK For Year Ended December 31, 201 1 fana- frs Cash forvs fiom operating actirities itbtincdns, '...,.., .,.. i .,, , 1v Adiustments to reconcile net income to net rua "on llGE-l]]]lil incstins activties Cash f,orls ftom fnancino actirities Cashbaid dl nde: .lw Ca*h'fioriorivedottshrt4eifi rde : r ..'ly C'6h frorni63drEstsf. , .l' Cash paid br d$d€rds tl.t ""sn li's-JElllTll l fnancins actirities Cash balance at beginning of2011 Cash balance at end of 201 1 $: _J.

2t5h32.a na l),s is.Exercise 13-4 Determination af.docx

gilbertkpeters11344

2t5h3 2. a na l),s is. Exercise 13-4 Determination af income effects from common-size and trend percents L.O. P1 , P2 Common+ize and lrend percents for Aziz Company's sales, cost of goods sold, and expenses fidlow. Sales Cost of gmds sold Total expenses 9:'T::"11: l:T:"1: 2012 2011 2010 100.0% 100.0% 100.0% 62.6 61.1 58.3 14.4 13.9 14.2 l'"::l.'::1"::ll: 20'.t2 2011 20'10 104.8% 103.6% 100.0% 102.4 108.5 100.0 106.4 10't.4 100.0 Determine net income as a percent of sales for the folloiving years. {Round your intermediate calculations to J decimal place and final ansvvers to 2 decimal places, Omit the "7o" sign in your response.) Years 2010 20'11 2012 Should the net income increased, decreased, or remained unchanged in this three'year period. '| Net income decreased '... Remained unchanged . Net income increased Workshaet Net incorne o/o Yo lo At December 31 Assets Cash Accounts recei\€ble, net Merchandise inentory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable LongFterm notes payable secured by mortgages on plant assets Common stock, $10 par \alue Retained eamings Total liabilities and equity Express the balance sheets in round your final an$/ars to 1 deci Cash Accounts receivable, net Merchandise inv-.ntory ezto.nheclciJd.nrcg rav*hill.con/hm.tpx 2011 2010 $ 35,079 $ 35,838 58,408 47,306 79,U4 51,4U 8.761 3,982 243,920 223,470 $ 425,712 $362,000 ,733 $ 71,945 97,914 163,500 92,353 place. Omit tlre "Yo" sign in your Sanderson Company Compaative Balance Sheels December 31, 2O1O - 20'12 2012 percents. {Do not round i ate calculations and 6.O Yo '16.s 21.9 $ 46,s50 79,202 163,500 72:s4:: $362,000 2011 8.2 % 13.7 18.7 2010 .9.9 To 13.1 14.2 217 215113 Assignnrent PrintMar :::J -"9 l' . , -,,,,..:.-, :i j:: ,jls. 9. 1o.oo points Problem 13-34 Transactions, vwrking capital, and liquidity ratios L.O. P3 Park Corporation began the month of May with $800,000 of cunent assets, a cunent ratio of2.50:1, and an aci+test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a perpetual in\entory system). May 2 Purchased $60,000 ofmerchandise inrentory on credit. 8 Sold merchandise in\,entory that cost $65,000 for $125,000 cash. 10 Collected $26,000 cash on an account recei\Eble. 15 Paid $23,500 cash to settle an account payable. 17 Wrote ofi a $5,000 bad debt against the Allowance for Ooubtful Accounts account. 22 Declared a $1 per share cash diridend on its 60,000 shares ofoutstanding common stock. 26 Paid the diVdend declared on May 22. 27 Bonowed $100,000 cash by giving the bank a 30day, 10% note. 28 Bonowed $125,000 cash by signing a long-term secured note. 29 Used the $225,000 cash proceeds ftom the notes to buy new machinery. Required: Prepare a table showing Park's (1) cunent ratio, (2) acid-test ratio, and (3) working capital, after each transaction. (Do not round intermediate calculations, Round your ratios .

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 ...

ACCT 221Midterm Problems1. Albert Corporation is author.docx

annetnash8266

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 .

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