Pizza balance
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The cash flow statement shows that in the fiscal year ended December 31, 2013 the company had net cash from operations of $55,250. This was derived from net earnings of $50,000 plus depreciation of $2,000 and increases in accounts payable, taxes payable, offset by decreases in accounts receivable and increases in inventory. The company spent $20,000 on new equipment and took on $5,000 in new notes payable, resulting in a net increase in cash of $40,250 for the year. The opening balance sheet shows the company had total assets of $102,000, with current assets of $80,000 including $50,000 cash and $20,
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The condensed financial statements of Leeward Corporation for 2006 a.docx
The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below.
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2006 For the Year Ended December 31, 2006
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,080,000
investments $ 50,000 Selling and administrative
Accounts receivable 70,000 expenses 495,000
Inventories 120,000 Interest expense 30,000
Total current assets 240,000 Total expenses 1,605,000
Property, plant, and Income before income taxes 895,000
equipment (net) 780,000 Income tax expense 268,500
Total assets $1,020,000 Net income $ 626,500
Liabilities and Stockholders' Equity
Current liabilities $ 100,000
Long-term liabilities 300,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,020,000
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2005 For the Year Ended December 31, 2005
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,750,000
investments $ 40,000 Selling and administrative
Accounts receivable 90,000 expenses 500,000
Inventories 150,000 Interest expense 30,000
Total current assets 280,000 Total expenses 2,280,000
Property, plant, and Income before income taxes 220,000
equipment (net) 800,000 Income tax expense 66,000
Total assets $1,080,000 Net income $ 154,000
Liabilities and Stockholders' Equity
Current liabilities $ 140,000
Long-term liabilities 320,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,080,000
Instructions
1. Compute the following listed ratios for 2006.
(a) Current ratio = .
(b) Debt to total assets = .
(d) Profit margin ratio = .
(e) Return on common stockholders' equity = .
(f) Return on assets = .
2. Perform horizontal analysis on both the balance sheet and income statement.
Leeward Corporation
Balance Sheet
Horizontal Analysis
2006 2005 Change Percent
Assets
Cash and temporary investments $50,000 $40,000
Accounts receivable $70,000 $90,000
Inventories $120,000 $150,000
Total current assets $240,000 $280,000
Property, plant and equipment $780,000 $800,000
Total assets $1,020,000 $1,080,000
Liabilities & Stockholder’s Equity
Current liabilities $100,000 $140,000
Long-term liabilities $300,000 $320,000
Common stockholder’s equity $620,000 $620,000
Total liabilities and stockholder’s equity $1,020,000 $1,080,000
Leeward Corporation
Income Statement
.
The financial statements of ABC Co. appear belowABC Co.Comp.docx
The financial statements of ABC Co. appear below:
ABC Co.
Comparative Balance Sheet
December 31, 2014
ASSETS
2014
2013
Cash
$25,000
$40,000
Marketable Securities
20,000
60,000
Accounts Receivable (net)
40,000
30,000
Inventory
150,000
170,000
Property, Plant and Equipment (net)
170,000
200,000
Total assets
$405,000
$500,000
Liabilities and Stockholders’ equity
Accounts Payable
$25,000
$30,000
Short Term Notes Payable
40,000
90,000
Bonds Payable
75,000
160,000
Common Stock
175,000
145,000
Retained Earnings
90,000
75,000
Total Liabilities and Stockholders’ Equity
$405,000
$500,000
ABC Co.
Income Statement
For the Year Ended December 31, 2014
Net Sales
$360,000
Cost of Goods Sold
184,000
Gross Profit
176,000
Expenses
Interest Expense
21,000
Selling Expense
30,000
Administrative Expense
20,000
Total Expenses
71,000
Income before income taxes
105,000
Income tax expense
30,000
Net income
$75,000
Additional information:
a. Cash dividends of $50,000 were declared and paid in 2014.
b. Weighted average number of shares of common stock outstanding during 2014 was 62,000 shares
c. Market value of common stock on December 31, 2014 was $15 per share.
d. Net cash provided by operating activities for 2014 was $65,000
Instructions:
Using the financial statements and additional information, compute the following ratios for ABC Co. for 2014. Show all computations.
1. Current ratio
2. Return on common stockholders equity
3. Price earnings ratio
4. Inventory turnover ratio
5. Receivables turnover
6. Times interest earned
7. Profit margin ratio
8. Average days in inventory
9. Payout ratio
10. Return on assets
...
The financial statements of ABC Co. appear belowABC Co.Compar.docx
The financial statements of ABC Co. appear below:
ABC Co.
Comparative Balance Sheet
December 31, 2014
ASSETS
2014
2013
Cash
$25,000
$40,000
Marketable Securities
20,000
60,000
Accounts Receivable (net)
40,000
30,000
Inventory
150,000
170,000
Property, Plant and Equipment (net)
170,000
200,000
Total assets
$405,000
$
500,000
Liabilities and Stockholders’ equity
Accounts Payable
$25,000
$30,000
Short Term Notes Payable
40,000
90,000
Bonds Payable
75,000
160,000
Common Stock
175,000
145,000
Retained Earnings
90,000
75,000
Total Liabilities and Stockholders’ Equity
$405,000
$500,000
ABC Co.
Income Statement
For the Year Ended December 31, 2014
Net Sales
$360,000
Cost of Goods Sold
184,000
Gross Profit
176,000
Expenses
Interest Expense
21,000
Selling Expense
30,000
Administrative Expense
20,000
Total Expenses
71,000
Income before income taxes
105,000
Income tax expense
30,000
Net income
$75,000
Additional information:
a.
Cash dividends of $50,000 were declared and paid in 2014.
b.
Weighted average number of shares of common stock outstanding during 2014 was 62,000 shares
c.
Market value of common stock on December 31, 2014 was $15 per share.
d.
Net cash provided by operating activities for 2014 was $65,000
Instructions:
Using the financial statements and additional information, compute the following ratios for ABC Co. for 2014.
Show all computations.
1.
Current ratio
2.
Return on common stockholders equity
3.
Price earnings ratio
4.
Inventory turnover ratio
5.
Receivables turnover
6.
Times interest earned
7.
Profit margin ratio
8.
Average days in inventory
9.
Payout ratio
10.
Return on assets
.
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The condensed financial statements of Leeward Corporation for 2006 a.docx
The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below.
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2006 For the Year Ended December 31, 2006
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,080,000
investments $ 50,000 Selling and administrative
Accounts receivable 70,000 expenses 495,000
Inventories 120,000 Interest expense 30,000
Total current assets 240,000 Total expenses 1,605,000
Property, plant, and Income before income taxes 895,000
equipment (net) 780,000 Income tax expense 268,500
Total assets $1,020,000 Net income $ 626,500
Liabilities and Stockholders' Equity
Current liabilities $ 100,000
Long-term liabilities 300,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,020,000
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2005 For the Year Ended December 31, 2005
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,750,000
investments $ 40,000 Selling and administrative
Accounts receivable 90,000 expenses 500,000
Inventories 150,000 Interest expense 30,000
Total current assets 280,000 Total expenses 2,280,000
Property, plant, and Income before income taxes 220,000
equipment (net) 800,000 Income tax expense 66,000
Total assets $1,080,000 Net income $ 154,000
Liabilities and Stockholders' Equity
Current liabilities $ 140,000
Long-term liabilities 320,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,080,000
Instructions
1. Compute the following listed ratios for 2006.
(a) Current ratio = .
(b) Debt to total assets = .
(d) Profit margin ratio = .
(e) Return on common stockholders' equity = .
(f) Return on assets = .
2. Perform horizontal analysis on both the balance sheet and income statement.
Leeward Corporation
Balance Sheet
Horizontal Analysis
2006 2005 Change Percent
Assets
Cash and temporary investments $50,000 $40,000
Accounts receivable $70,000 $90,000
Inventories $120,000 $150,000
Total current assets $240,000 $280,000
Property, plant and equipment $780,000 $800,000
Total assets $1,020,000 $1,080,000
Liabilities & Stockholder’s Equity
Current liabilities $100,000 $140,000
Long-term liabilities $300,000 $320,000
Common stockholder’s equity $620,000 $620,000
Total liabilities and stockholder’s equity $1,020,000 $1,080,000
Leeward Corporation
Income Statement
.
The financial statements of ABC Co. appear belowABC Co.Comp.docx
The financial statements of ABC Co. appear below:
ABC Co.
Comparative Balance Sheet
December 31, 2014
ASSETS
2014
2013
Cash
$25,000
$40,000
Marketable Securities
20,000
60,000
Accounts Receivable (net)
40,000
30,000
Inventory
150,000
170,000
Property, Plant and Equipment (net)
170,000
200,000
Total assets
$405,000
$500,000
Liabilities and Stockholders’ equity
Accounts Payable
$25,000
$30,000
Short Term Notes Payable
40,000
90,000
Bonds Payable
75,000
160,000
Common Stock
175,000
145,000
Retained Earnings
90,000
75,000
Total Liabilities and Stockholders’ Equity
$405,000
$500,000
ABC Co.
Income Statement
For the Year Ended December 31, 2014
Net Sales
$360,000
Cost of Goods Sold
184,000
Gross Profit
176,000
Expenses
Interest Expense
21,000
Selling Expense
30,000
Administrative Expense
20,000
Total Expenses
71,000
Income before income taxes
105,000
Income tax expense
30,000
Net income
$75,000
Additional information:
a. Cash dividends of $50,000 were declared and paid in 2014.
b. Weighted average number of shares of common stock outstanding during 2014 was 62,000 shares
c. Market value of common stock on December 31, 2014 was $15 per share.
d. Net cash provided by operating activities for 2014 was $65,000
Instructions:
Using the financial statements and additional information, compute the following ratios for ABC Co. for 2014. Show all computations.
1. Current ratio
2. Return on common stockholders equity
3. Price earnings ratio
4. Inventory turnover ratio
5. Receivables turnover
6. Times interest earned
7. Profit margin ratio
8. Average days in inventory
9. Payout ratio
10. Return on assets
...
The financial statements of ABC Co. appear belowABC Co.Compar.docx
The financial statements of ABC Co. appear below:
ABC Co.
Comparative Balance Sheet
December 31, 2014
ASSETS
2014
2013
Cash
$25,000
$40,000
Marketable Securities
20,000
60,000
Accounts Receivable (net)
40,000
30,000
Inventory
150,000
170,000
Property, Plant and Equipment (net)
170,000
200,000
Total assets
$405,000
$
500,000
Liabilities and Stockholders’ equity
Accounts Payable
$25,000
$30,000
Short Term Notes Payable
40,000
90,000
Bonds Payable
75,000
160,000
Common Stock
175,000
145,000
Retained Earnings
90,000
75,000
Total Liabilities and Stockholders’ Equity
$405,000
$500,000
ABC Co.
Income Statement
For the Year Ended December 31, 2014
Net Sales
$360,000
Cost of Goods Sold
184,000
Gross Profit
176,000
Expenses
Interest Expense
21,000
Selling Expense
30,000
Administrative Expense
20,000
Total Expenses
71,000
Income before income taxes
105,000
Income tax expense
30,000
Net income
$75,000
Additional information:
a.
Cash dividends of $50,000 were declared and paid in 2014.
b.
Weighted average number of shares of common stock outstanding during 2014 was 62,000 shares
c.
Market value of common stock on December 31, 2014 was $15 per share.
d.
Net cash provided by operating activities for 2014 was $65,000
Instructions:
Using the financial statements and additional information, compute the following ratios for ABC Co. for 2014.
Show all computations.
1.
Current ratio
2.
Return on common stockholders equity
3.
Price earnings ratio
4.
Inventory turnover ratio
5.
Receivables turnover
6.
Times interest earned
7.
Profit margin ratio
8.
Average days in inventory
9.
Payout ratio
10.
Return on assets
.
Calculating EFN The most recent financial statements for Moose Tours.pdf
Calculating EFN The most recent financial statements for Moose Tours, Inc., appear below.
Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax
rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets,
fixed assets, and accounts payable increase spontaneously with sales. MOOSE TOURS, INC.
2011 Income Statement Sales $ 836,100 Costs 650,700 Other expenses 17,100 Earnings before
interest and taxes $ 168,300 Interest expense 12,600 Taxable income $ 155,700 Taxes 54,495
Net income $ 101,205 Dividends $ 30,300 Addition to retained earnings 70,905 MOOSE
TOURS, INC. Balance Sheet as of December 31, 2011 Assets Liabilities and Owners’ Equity
Current assets Current liabilities Cash $ 24,035 Accounts payable $ 64,600 Accounts receivable
38,665 Notes payable 16,150 Inventory 82,555 Total $ 80,750 Total $ 145,255 Long-term debt $
150,000 Fixed assets Owners’ equity Net plant and equipment $ 392,350 Common stock and
paid-in surplus $ 130,000 Retained earnings 176,855 Total $ 306,855 Total assets $ 537,605
Total liabilities and owners’ equity $ 537,605 If the firm is operating at full capacity and no new
debt or equity is issued, what external financing is needed to support the 20 percent growth rate
in sales?
Solution
EFN = Total assets – Total liabilities and equity
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,600
Interest
12,600
Taxable Income
155,700
Taxable Income
189,360
Taxes
54,495
35.00
Taxes
66,276
Net Income
101,205
Net Income
123,084
Dividends
30,300
29.94
Dividends
36,850
Additon to retain earnings
70,905
Additon to retain earnings
86,234
Balance Sheet
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
24,035
Accounts Payable
64,600
Accounts Receivable
38,665
Notes Payable
16,150
Inventory
82,555
80,750
15.02
145,255
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
392,350
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings
176,855
306,855
537,605
100.00
537,605
Balance Sheet(Projected)
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
28,842
Accounts Payable
77,520
Accounts Receivable
46,398
Notes Payable
19,380
Inventory
99,066
96,900
15.141
174,306
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
470,820
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings(176,855+86,234)
263,089
393,089
645,126
100.00
639,989
EFN
5,137
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,.
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.
The condensed financial statements of Leeward Corporation for .docx
The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below.
Leeward Corporation
Leeward Corporation
Balance Sheet
Income Statement
December 31, 2006
For the Year Ended December 31, 2006
Assets
Revenues
$2,500,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,080,000
investments
$
50,000
Selling and administrative
Accounts receivable
70,000
expenses
495,000
Inventories
120,000
Interest expense
30,000
Total current assets
240,000
Total expenses
1,605,000
Property, plant, and
Income before income taxes
895,000
equipment (net)
780,000
Income tax expense
268,500
Total assets
$1,020,000
Net income
$
626,500
Liabilities and Stockholders' Equity
Current liabilities
$
100,000
Long-term liabilities
300,000
Common stockholders' equity
620,000
Total liabilities and
stockholders' equity
$1,020,000
Leeward Corporation
Leeward Corporation
Balance Sheet
Income Statement
December 31, 2005
For the Year Ended December 31, 2005
Assets
Revenues
$2,500,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,750,000
investments
$
40,000
Selling and administrative
Accounts receivable
90,000
expenses
500,000
Inventories
150,000
Interest expense
30,000
Total current assets
280,000
Total expenses
2,280,000
Property, plant, and
Income before income taxes
220,000
equipment (net)
800,000
Income tax expense
66,000
Total assets
$1,080,000
Net income
$
154,000
Liabilities and Stockholders' Equity
Current liabilities
$
140,000
Long-term liabilities
320,000
Common stockholders' equity
620,000
Total liabilities and
stockholders' equity
$1,080,000
Instructions
Compute the following listed ratios for 2006.
(a)
Current ratio =
___________________________________________________________
.
(b)
Debt to total assets =
_____________________________________________________
.
(c)
Profit margin ratio =
______________________________________________________
.
(d)
Return on common stockholders' equity =
____________________________________
.
(e)
Return on assets =
_______________________________________________________
.
Perform horizontal analysis on both the balance sheet and income statement.
Leeward Corporation
Balance Sheet
Horizontal Analysis
2006
2005
Change
Percent
Assets
Cash and temporary investments
$50,000
$40,000
Accounts receivable
$70,000
$90,000
Inventories
$120,000
$150,000
Total current assets
$240,000
$280,000
Property, plant and equipment
$780,000
$800,000
Total assets
$1,020,000
$1,080,000
Liabilities & Stockholder’s Equity
Current liabilities
$100,000
$140,000
Long-term liabilities
$300,000
$320,000
Common stockholder’s equity
$620,000
$620,000
Total liabilities and
stockholder’.
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 ...
Successful Cash Management For Your Business
Timely content providing strategies and tools to implement an effective cash management strategy for your business
Sheet1BUSI 320 Comprehensive Problem 1 2016 Spring BUse the follo.docx
Sheet1BUSI 320 Comprehensive Problem 1 2016 Spring BUse the following information to answer the questions below: note: all sales are credit salesIncome Stmt info:20142015Sales $ 1,000,000$ 1,050,000less Cost of Goods Sold:400,000424,000Gross Profit600,000626,000Operating Expenses350,000365,750Earnings before Interest & Taxes250,000260,250Interest exp25,00025,500earnings before Taxes225,000234,750Taxes90,00093,900Net Income$ 135,000$ 140,850Balance Sheet info:12/31/1412/31/15Cash25,000$ 30,000Accounts Receivable50,000$ 51,000Inventory125,000$ 137,500Total Current Assets$ 200,000$ 218,500Fixed Assets (Net)$ 300,000$ 315,000Total Assets$ 500,000$ 533,500Current Liabilities$ 110,000$ 117,700Long Term Liabilities$ 180,000$ 183,000Total Liabilities$ 290,000$ 300,700Stockholder's Equity$ 210,000$ 232,800Total Liab & Equity:$ 500,000$ 533,500Compute each of the following ratios for 2014 and 2015 and indicate whether each ratio was getting "better" or "worse" from 2014 to 2015 and was "good" or "bad" compared to the Industry Avg in 2015 (round all numbers to 2 digits past the decimal place)20142015Getting Better or Getting Worse?2015 Industry Avg "Good" or "Bad" compared to Industry AvgProfit Margin0.11Current Ratio1.90Quick Ratio0.66Return on Assets.28Debt to Assets.50Receivables turnover18.00Avg. collection period*21.20Inventory Turnover**8.25Return on Equity0.55Times Interest Earned11.15*Assume a 360 day year**Inventory Turnover can be computed 2 different ways. Use the formula listed in the text (the one the text indicates many credit reporting agencies generally use)
Sheet2
Sheet3
BUSI 320 Comprehensive Problem 1
Use the following information to answer the questions below:
note: all sales are credit sales
Income Stmt info:
2013
2014
Sales
$ 1,050,000
$ 1,128,750
less Cost of Goods Sold:
325,000
346,125
Gross Profit
725,000
782,625
Operating Expenses
575,000
609,500
Earnings before Interest & Taxes
150,000
173,125
Interest exp
25,000
29,000
earnings before Taxes
125,000
144,125
Taxes
50,000
57,650
Net Income
$ 75,000
$ 86,475
Balance Sheet info:
12/31/2013
12/31/2014
Cash
60,000
$ 66,000
Accounts Receivable
80,000
$ 83,200
Inventory
110,000
$ 119,900
Total Current Assets
$ 250,000
$ 269,100
Fixed Assets (Net)
$ 300,000
$ 318,000
Total Assets
$ 550,000
$ 587,100
Current Liabilities
$ 130,000
$ 136,500
Long Term Liabilities
$ 150,000
$ 170,000
Total.
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
$
$
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
$
...
Moran Enterprises Inc. (All values in $) Multi Step Income Sta.pdf
Moran Enterprises Inc. (All values in $) Multi Step Income Statement for the year ended 31
December 2012 Sales Revenue 220000 Cost of Goods Sold 120000 Gross Profit
100000 Less : Operating Expenses 47000 Net Profit before Interest, Depreciation 53000
and Taxation Less : Depreciation Expense 0 Less : Interest Expense 5000 5000
Net Profit before Taxation 48000 Taxation Expense 10000 Profit after Taxation 38000
Dividends Paid 14000 Transferred to Retained Earnings 24000 Classified Balance
Sheet as on 31 December 2012 Current Assets Accounts Receivable 24000
Inventory 33000 Cash 12000 Total Current Assets 69000 Tangible and
Intangible Assets Equipment, Net of Depreciation 75000 Total Assets 144000
Current Liabilities Accounts Payable 15000 Unearned Revenue 21000 Total Current
Liabilities 36000 Equity and Retained Earnings Capital Stock 65000 Retained
Earnings Opening Balance 19000 Profit for the year 24000 43000 Total
Liabilities and Equity 144000
Solution
Moran Enterprises Inc. (All values in $) Multi Step Income Statement for the year ended 31
December 2012 Sales Revenue 220000 Cost of Goods Sold 120000 Gross Profit
100000 Less : Operating Expenses 47000 Net Profit before Interest, Depreciation 53000
and Taxation Less : Depreciation Expense 0 Less : Interest Expense 5000 5000
Net Profit before Taxation 48000 Taxation Expense 10000 Profit after Taxation 38000
Dividends Paid 14000 Transferred to Retained Earnings 24000 Classified Balance
Sheet as on 31 December 2012 Current Assets Accounts Receivable 24000
Inventory 33000 Cash 12000 Total Current Assets 69000 Tangible and
Intangible Assets Equipment, Net of Depreciation 75000 Total Assets 144000
Current Liabilities Accounts Payable 15000 Unearned Revenue 21000 Total Current
Liabilities 36000 Equity and Retained Earnings Capital Stock 65000 Retained
Earnings Opening Balance 19000 Profit for the year 24000 43000 Total
Liabilities and Equity 144000.
Final Exam Take Home Problem (20 points)Based on the information p.docx
Final Exam Take Home Problem (20 points)
Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
Gulp-it-Down Coffee Co.
Comparative Balance Sheet
For the Year Ended December 31, 2012
2012
2011
Assets
Cash
140,000
160,000
Accounts Receivables
400,000
380,000
Inventory
480,000
420,000
Fixed Assets (net of accumulated Depreciation)
1,860,000
1,720,000
Less: Accumulated Depreciation
(1,000,000)
(900,000)
Total
1,880,000
1,780,000
Liabilities & Owner’s Equity
Accounts Payable
240,000
260,000
Accrued expense
120,000
100,000
Bonds Payable
780,000
720,000
Capital Stock
420,000
420,000
Retained Earnings
320,000
280,000
Total
1,880,000
1,780,000
Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year.
.
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Pizza balance
- 1. Cash Flow Statement Cash Flow From Operation Net Earning Additions to Cash Depreciation Decrease in Accounts Receivable Increase in Accounts Payable Increase in Taxes Payable Subtractions From Cash Increase in Inventory NET CASH FROM OPERATION Cash Flow Investing Equipment Cash Flow From Financing Notes Payable CaS Flow for FY Ended 31 DEC 2013 50,000 2,000 1,500 1,500 250 (1,500) 55,250 20,000 5,000 40,250 5,00
- 2. OPENING DAY BALANCE SHEET Mamma’s Pizzeria ASSETS Current Assets Cash in Bank $ 50,000 Inventory 20,000 Prepaid Expenses 10,000 Other - 0 Total Current Assets $ 80,000 Fixed Assets Machinery & Equipment $ 20,000 Furniture & Fixtures 2,000 Leasehold Improvements - 0 Real Estate / Buildings - 0 Other - 0 Total Fixed Assets $ 22,000 Other Assets Specify $ 0 Specify - 0 Total Other Assets $ 0 Total Assets $ 102,000 LIABILITIES & NET WORTH Current Liabilities Accounts Payable $ 10,000 Taxes Payable 5,000 Notes Payable (due within 12 months) 12,000 Current Portion Long-term Debt - 0 Other current liabilities (specify) - 0 Total Current Liabilities $ 27,000 Long-term Liabilities Bank Loans Payable (greater than 12 months) $ 50,000 Less: Short-term Portion 5,000 Notes Payable to Stockholders - 0 Other long-term debt (specify) - 0 Total Long-term Liabilities $ 55,000 Total Liabilities $ 82,000 Owners' Equity (Net Worth) $ 20,000 Total Liabilities & Net Worth $ 102,000