Riordan Manufacturing, Inc.Income StatementFor the 12 months e.docx
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Riordan Manufacturing, Inc. Income Statement For the 12 months ending September 30th 2011 2010 Sales $66,608,660 $56,534,254 Direct Cost of Goods Sold 51,592,470 43,970,250 Gross Margin $15,016,190 $12,564,004 Operating Expenses Sales, Marketing & Other $1,328,615 $1,265,348 Depreciation 1,378,616 1,152,125 Quality Assurance 1,151,176 1,112,247 Research & Development 1,039,637 962,627 General & Administrative 4,954,751 4,674,293 Machining & Systems 143,808 125,050 Total Operating Expenses $9,996,603 $9,291,690 Profit Before Interest & Taxes $5,019,587 $3,272,314 Non-Operating Expenses Interest Expense $604,616 $121,533 Taxes 1,104,309 719,909 Total Non-Operating Expenses $1,708,925 $841,442 Net Profit After Taxes $3,310,662 $2,430,872 Riordan Manufacturing, Inc. Consolidated Balance Sheet Fiscal Year Ending September 30th 2011 2010 Assets Current Assets Cash $3,725,406 $2,807,029 Accounts Receivable 3,192,094 2,695,342 Current Portion of Notes Receivable 84,255 102,976 Inventories 9,709,611 8,517,203 Prepaid Expenses and Other Items 666,591 402,240 Total Current Assets $17,377,957 $14,524,790 Notes Receivable, less current portion $842,551 $936,168 Investment in Joint Venture 1,734,004 1,609,004 Property, Plant and Equipment - net 26,366,949 16,658,218 Intangible Assets - net 904,473 904,473 Other Assets 183,203 192,845 Total Assets $47,409,137 $34,825,498 Liabilities and Stockholders' Equity Current Liabilities Current Portion of Long-Term Debt $1,560,959 $474,032 Accounts Payable 1,141,561 1,391,385 Accrued Liabilities 430,477 524,685 Income Taxes Payable 552,155 359,955 Total Current Liabilities $3,685,152 $2,750,057 Bank Line of Credit $114,759 $295,865 Long-Term Debt - less current portion 9,500,741 1,006,955 Deferred Income Taxes - net 660,503 825,629 Total Liabilities $13,961,155 $4,878,506 Common Stock Stated par value is $.01. 20,000,000 shares authorized. Issued and Outstanding 15,801,332 net of treasury shares. $29,055,488 $29,055,488 Retained Earnings / (Accumulated Deficit) 4,392,494 891,504 Total Stockholders' Equity $33,447,982 $29,946,992 Total Liabilities and Stockholders' Equity $47,409,137 $34,825,498 Balance SheetRiordan Manufacturing, Inc.Consolidated Balance SheetFiscal Year Ending September 30th20102009200820072006200520042003AssetsCurrent AssetsCash$2,807,029$1,511,253$1,040,639$1,442,507$1,336,319$305,563$357,216$85,632Accounts Receivable$2,695,342$2,644,307$2,883,964$4,544,138$4,855,334$6,062,838$5,657,216$6,556,160Current Portion of Notes Receivable$102,976$117,475$107,107$109,293$95,538$70,825$117,888$13,184Inventories$8,517,203$7,123,790$8,305,690$7,919,987$7,224,947$7,850,970$7,854,112$8,074,880Deferred Income Taxes - net$0$0$0$0$0$0$328,832$349,184Pre-paid Expenses and Other Items$402,240$458,875$279,336$294,038$256,903$264,896$328,192$336,128Total Current Assets$14,524,790$11,855,700$12,616,736$14,309,963$13,769,041$14,555,092$14,643,456$1 ...
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Broadening Your Perspective 8-1The financial statements of Toots.docx
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar officer life insurance
74,209
.
Exercise 8-4The ledger of Wainwright Company at the end of the c.docx
Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $986,000; and Sales Returns and Allowances $42,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $950 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,678
$ 4,608
Accounts receivable (net)
3,374
4,330
Allowance for doubtful accounts
304
278
Sales revenue
34,275
37,054
Total current assets
7,104
7,206
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
...
Below are two questions that includes financial statements, that i.docx
Below are two questions that includes financial statements, that is why it is so many pages.
Question 1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Inv ...
i just need the 4 questions answered. please helpBroad.docx
i just need the 4 questions answered. please help
Broadening Your Perspective 6-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 20.
Homework Set 1Directions Answer the following questions on a se.docx
Homework Set 1
Directions: Answer the following questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in the course shell. This homework assignment is worth 100 points.
Use the following information for Questions 1 through 8:
Assume that you recently graduated and have just reported to work as an investment advisor at the one of the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Sheets of one of the firm’s clients. Your boss has developed the following set of questions you must answer.
Income Statements and Balance Sheet
Balance Sheet
2012
2013
2014
Cash
$9,000
$7,282
$14,000
Short-term investments
48,600
20,000
71,632
Accounts receivable
351,200
632,160
878,000
Inventories
715,200
1,287,360
1,716,480
Total current assets
$1,124,000
$1,946,802
$2,680,112
Gross fixed assets
491,000
1,202,950
1,220,000
Less: Accumulated depreciation
146,200
263,160
383,160
Net fixed assets
$344,800
$939,790
$836,840
Total assets
$1,468,800
$2,886,592
$3,516,952
Liabilities and Equity
Accounts payable
$145,600
$324,000
$359,800
Notes payable
200,000
720,000
300,000
Accruals
136,000
284,960
380,000
Total current liabilities
$481,600
$1,328,960
$1,039,800
Long-term debt
323,432
1,000,000
500,000
Common stock (100,000 shares)
460,000
460,000
1,680,936
Retained earnings
203,768
97,632
296,216
Total equity
$663,768
$557,632
$1,977,152
Total liabilities and equity
$1,468,800
$2,886,592
$3,516,952
Income Statements
2012
2013
2014
Sales
$3,432,000
$5,834,400
$7,035,600
Cost of goods sold except depr.
2,864,000
4,980,000
5,800,000
Depreciation and amortization
18,900
116,960
120,000
Other expenses
340,000
720,000
612,960
Total operating costs
$3,222,900
$5,816,960
$6,532,960
EBIT
$209,100
$17,440
$502,640
Interest expense
62,500
176,000
80,000
EBT
$146,600
($158,560)
$422,640
Taxes (40%)
58,640
-63,424
169,056
Net income
$87,960
($95,136)
$253,584
Other Data
2012
2013
2014
Stock price
$8.50
$6.00
$12.17
Shares outstanding
100,000
100,000
250,000
EPS
$0.88
($0.95)
$1.104
DPS
$0.22
0.11
0.22
Tax rate
40%
40%
40%
Book value per share
$6.64
$5.58
$7.909
Lease payments
$40,000
$40,000
$40,000
Ratio Analysis
2012
2013
Industry Average
Current
2.3
1.5
2.7
Quick
0.8
0.5
1.0
Inventory turnover
4
4
6.1
Days sales outstanding
37.3
39.6
32.0
Fixed assets turnover
10
6.2
7.0
Total assets turnover
2.3
2
2.5
Debt ratio
35.60%
59.60%
32.0%
Liabilities-to-assets ratio
54.80%
80.70%
50.0%
TIE
3.3
0.1
6.2
EBITDA coverage
2.6
0.8
8.0
Profit margin
2.60%
−1.6%
3.6%
Basic earning power
14.20%
0.60%
17.8%
ROA
6.00%
−3.3%
9.0%
ROE
13.30%
−17.1%
17.9%
Price/Earnings (P/E).
Broadening Your Perspective 91 The financial statements of Tootsie.pdf
Broadening Your Perspective 91
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011 2010 2009
Net product sales $528,369 $517,149 $495,592
Rental and royalty revenue 4,136 4,299 3,739
Total revenue 532,505 521,448 499,331
Product cost of goods sold 365,225 349,334 319,775
Rental and royalty cost 1,038 1,088 852
Total costs 366,263 350,422 320,627
Product gross margin 163,144 167,815 175,817
Rental and royalty gross margin 3,098 3,211 2,887
Total gross margin 166,242 171,026 178,704
Selling, marketing and administrative expenses 108,276 106,316 103,755
Impairment charges — — 14,000
Earnings from operations 57,966 64,710 60,949
Other income (expense), net 2,946 8,358 2,100
Earnings before income taxes 60,912 73,068 63,049
Provision for income taxes 16,974 20,005 9,892
Net earnings $43,938 $53,063 $53,157
Net earnings $43,938 $53,063 $53,157
Other comprehensive earnings (loss) (8,740) 1,183 2,845
Comprehensive earnings $35,198 $54,246 $56,002
Retained earnings at beginning of year. $135,866 $147,687 $144,949
Net earnings 43,938 53,063 53,157
Cash dividends (18,360) (18,078) (17,790)
Stock dividends (47,175) (46,806) (32,629)
Retained earnings at end of year $114,269 $135,866 $147,687
Earnings per share $0.76 $0.90 $0.89
Average Common and Class B Common shares outstanding 57,892 58,685 59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share
data)
Assets December 31,
2011 2010
CURRENT ASSETS:
Cash and cash equivalents $78,612 $115,976
Investments 10,895 7,996
Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394
Other receivables 3,391 9,961
Inventories:
Finished goods and workinprocess
42,676 35,416
Raw materials and supplies 29,084 21,236
Prepaid expenses 5,070 6,499
Deferred income taxes 578 689
Total current assets 212,201 235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land 21,939 21,696
Buildings 107,567 102,934
Machinery and equipment 322,993 307,178
Construction in progress 2,598 9,243
455,097 440,974
Less—Accumulated depreciation 242,935 225,482
Net property, plant and equipment 212,162 215,492
OTHER ASSETS:
Goodwill 73,237 73,237
Trademarks 175,024 175,024
Investments 96,161 64,461
Split dollar officer life insurance 74,209 74,441
Prepaid expenses 3,212 6,680
Equity method investment 3,935 4,254
Deferred income taxes 7,715 9,203
Total other assets 433,493 407,300
Total assets $857,856 $857,959
Liabilities and Shareholders’ Equity December 31,
2011 2010
CURRENT LIABILITIES:
Accounts payable $10,683 $9,791
Dividends payable 4,603 4,529
Accrued liabilities 43,069 44,185
Total current liabilities 58,355 58,505
NONCURRENT LIABILITES:
Deferred income taxes 43,521 47,865
P.
Recommended
Broadening Your Perspective 8-1The financial statements of Toots.docx
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar officer life insurance
74,209
.
Exercise 8-4The ledger of Wainwright Company at the end of the c.docx
Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $986,000; and Sales Returns and Allowances $42,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $950 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,678
$ 4,608
Accounts receivable (net)
3,374
4,330
Allowance for doubtful accounts
304
278
Sales revenue
34,275
37,054
Total current assets
7,104
7,206
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
...
Below are two questions that includes financial statements, that i.docx
Below are two questions that includes financial statements, that is why it is so many pages.
Question 1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Inv ...
i just need the 4 questions answered. please helpBroad.docx
i just need the 4 questions answered. please help
Broadening Your Perspective 6-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 20.
Homework Set 1Directions Answer the following questions on a se.docx
Homework Set 1
Directions: Answer the following questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in the course shell. This homework assignment is worth 100 points.
Use the following information for Questions 1 through 8:
Assume that you recently graduated and have just reported to work as an investment advisor at the one of the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Sheets of one of the firm’s clients. Your boss has developed the following set of questions you must answer.
Income Statements and Balance Sheet
Balance Sheet
2012
2013
2014
Cash
$9,000
$7,282
$14,000
Short-term investments
48,600
20,000
71,632
Accounts receivable
351,200
632,160
878,000
Inventories
715,200
1,287,360
1,716,480
Total current assets
$1,124,000
$1,946,802
$2,680,112
Gross fixed assets
491,000
1,202,950
1,220,000
Less: Accumulated depreciation
146,200
263,160
383,160
Net fixed assets
$344,800
$939,790
$836,840
Total assets
$1,468,800
$2,886,592
$3,516,952
Liabilities and Equity
Accounts payable
$145,600
$324,000
$359,800
Notes payable
200,000
720,000
300,000
Accruals
136,000
284,960
380,000
Total current liabilities
$481,600
$1,328,960
$1,039,800
Long-term debt
323,432
1,000,000
500,000
Common stock (100,000 shares)
460,000
460,000
1,680,936
Retained earnings
203,768
97,632
296,216
Total equity
$663,768
$557,632
$1,977,152
Total liabilities and equity
$1,468,800
$2,886,592
$3,516,952
Income Statements
2012
2013
2014
Sales
$3,432,000
$5,834,400
$7,035,600
Cost of goods sold except depr.
2,864,000
4,980,000
5,800,000
Depreciation and amortization
18,900
116,960
120,000
Other expenses
340,000
720,000
612,960
Total operating costs
$3,222,900
$5,816,960
$6,532,960
EBIT
$209,100
$17,440
$502,640
Interest expense
62,500
176,000
80,000
EBT
$146,600
($158,560)
$422,640
Taxes (40%)
58,640
-63,424
169,056
Net income
$87,960
($95,136)
$253,584
Other Data
2012
2013
2014
Stock price
$8.50
$6.00
$12.17
Shares outstanding
100,000
100,000
250,000
EPS
$0.88
($0.95)
$1.104
DPS
$0.22
0.11
0.22
Tax rate
40%
40%
40%
Book value per share
$6.64
$5.58
$7.909
Lease payments
$40,000
$40,000
$40,000
Ratio Analysis
2012
2013
Industry Average
Current
2.3
1.5
2.7
Quick
0.8
0.5
1.0
Inventory turnover
4
4
6.1
Days sales outstanding
37.3
39.6
32.0
Fixed assets turnover
10
6.2
7.0
Total assets turnover
2.3
2
2.5
Debt ratio
35.60%
59.60%
32.0%
Liabilities-to-assets ratio
54.80%
80.70%
50.0%
TIE
3.3
0.1
6.2
EBITDA coverage
2.6
0.8
8.0
Profit margin
2.60%
−1.6%
3.6%
Basic earning power
14.20%
0.60%
17.8%
ROA
6.00%
−3.3%
9.0%
ROE
13.30%
−17.1%
17.9%
Price/Earnings (P/E).
Broadening Your Perspective 91 The financial statements of Tootsie.pdf
Broadening Your Perspective 91
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011 2010 2009
Net product sales $528,369 $517,149 $495,592
Rental and royalty revenue 4,136 4,299 3,739
Total revenue 532,505 521,448 499,331
Product cost of goods sold 365,225 349,334 319,775
Rental and royalty cost 1,038 1,088 852
Total costs 366,263 350,422 320,627
Product gross margin 163,144 167,815 175,817
Rental and royalty gross margin 3,098 3,211 2,887
Total gross margin 166,242 171,026 178,704
Selling, marketing and administrative expenses 108,276 106,316 103,755
Impairment charges — — 14,000
Earnings from operations 57,966 64,710 60,949
Other income (expense), net 2,946 8,358 2,100
Earnings before income taxes 60,912 73,068 63,049
Provision for income taxes 16,974 20,005 9,892
Net earnings $43,938 $53,063 $53,157
Net earnings $43,938 $53,063 $53,157
Other comprehensive earnings (loss) (8,740) 1,183 2,845
Comprehensive earnings $35,198 $54,246 $56,002
Retained earnings at beginning of year. $135,866 $147,687 $144,949
Net earnings 43,938 53,063 53,157
Cash dividends (18,360) (18,078) (17,790)
Stock dividends (47,175) (46,806) (32,629)
Retained earnings at end of year $114,269 $135,866 $147,687
Earnings per share $0.76 $0.90 $0.89
Average Common and Class B Common shares outstanding 57,892 58,685 59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share
data)
Assets December 31,
2011 2010
CURRENT ASSETS:
Cash and cash equivalents $78,612 $115,976
Investments 10,895 7,996
Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394
Other receivables 3,391 9,961
Inventories:
Finished goods and workinprocess
42,676 35,416
Raw materials and supplies 29,084 21,236
Prepaid expenses 5,070 6,499
Deferred income taxes 578 689
Total current assets 212,201 235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land 21,939 21,696
Buildings 107,567 102,934
Machinery and equipment 322,993 307,178
Construction in progress 2,598 9,243
455,097 440,974
Less—Accumulated depreciation 242,935 225,482
Net property, plant and equipment 212,162 215,492
OTHER ASSETS:
Goodwill 73,237 73,237
Trademarks 175,024 175,024
Investments 96,161 64,461
Split dollar officer life insurance 74,209 74,441
Prepaid expenses 3,212 6,680
Equity method investment 3,935 4,254
Deferred income taxes 7,715 9,203
Total other assets 433,493 407,300
Total assets $857,856 $857,959
Liabilities and Shareholders’ Equity December 31,
2011 2010
CURRENT LIABILITIES:
Accounts payable $10,683 $9,791
Dividends payable 4,603 4,529
Accrued liabilities 43,069 44,185
Total current liabilities 58,355 58,505
NONCURRENT LIABILITES:
Deferred income taxes 43,521 47,865
P.
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Financial Analysis with Microsoft Excel 7th Edition Mayes Solutions Manual
Full download : https://goo.gl/YZbFdh
Financial Analysis with Microsoft Excel 7th Edition Mayes Solutions Manual
NAME_____________________________________________________________.docx
NAME_____________________________________________________________
Financial Statement Analysis
Exam 1
1. The 2011 financial statements for Leggett & Platt, Inc. report the following information:
Year ended December 31,
2011
2010
(In millions)
Depreciation and amortization expense
$ 98.1
$ 103.0
Property and equipment, net
580.6
624.2
Land
45.2
48.5
Accumulated depreciation and amortization
1,193.2
1.173.9
a. By what percentage are the assets ‘used up’ at the year-end 2011? What implication does this ratio have for future cash flows at Leggett & Platt?
b. Estimate the useful life on average for the Leggett & Platt depreciable assets.
2. Leggett & Platt, Inc. reported net sales of $3,636.0 million in 2011 and $3,359.1 million in 2010. The asset side of the balance sheet follows, below. Use this information to answer the required.
LEGGETT & PLATT, INCORPORATED
Consolidated Balance Sheets
December 31
2011
2010
(in millions)
Cash and cash equivalents
$ 236.3
$ 244.5
Accounts and other receivables, net of allowance of $24.3 and $22.1
503.6
478.9
Finished goods
261.3
241.1
Work in process
41.5
47.7
Raw materials and supplies
223.9
218.2
LIFO reserve
(85.7)
(71.7)
Total inventories, net
441.0
435.3
Other current assets
43.1
60.4
Total current assets
1,224.0
1,219.1
Machinery and equipment
1,120.1
1,136.6
Buildings and other
608.5
613.0
Land
45.2
48.5
Total property, plant and equipment
1,773.8
1,798.1
Less accumulated depreciation
1,193.2
1,173.9
Net property, plant and equipment
580.6
624.2
Goodwill
926.6
930.3
Other intangibles, less accumulated amortization of $76.9 and $65.9 at December 31, 2008 and 2007, respectively
116.6
152.3
Sundry
67.3
75.1
TOTAL ASSETS
$2,915.1
$3,001.0
Required:
a. What is the company’s gross amount of receivables at the end of 2011 and 2010?
b. Compute the common-sized gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.
c. Compute the allowance for doubtful accounts to gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.
d. Based on the ratios you calculated, form an opinion about the quality of the company’s accounts receivable.
3. Use the following selected balance sheet and income statement data for Mattel Inc. (in $ thousands) to compute:
a. return on equity
b. profit margin (PM)
c. asset turnover (AT)
d. financial leverage (FL) for fiscal 2011. Show that ROE = PM × AT × FL.
(in thousands)
2011
2010
Net sales
$ 6,266,037
$ 5,856,195
Operating income
1,041,101
901,902
Interest expense
75,332
64,839
Net income
768,508
684,863
Total assets
5,671,638
5,417,733
Total liabilities
3,061,035
2,789,149
4. Income statements and balance sheets follow for Snap-On Incorporated. Refer to these financial statements to answer the requirements.
Snap-On Incorporated
Cons.
I am working on a Supply Chain problem and I am struggling to find t.pdf
I am working on a Supply Chain problem and I am struggling to find the following:
Profit Margin
Asset Turnover
Cash to Cash (C2C)
Accounts Receivable Turnover (ART)
Inventory Turnover (INVT)
Property, plant, and equipment Turnover (PPET)
Please show work so I can follow! Year End January 31, 2013 ($ millions) Net Operating
Revenues Cost of Goods Sold Gross Profit Selling, General and administrative expense
Operating Income Interest Expense Other income (loss) net Income before income taxes ncome
taxes Net Income Walmart 469,162 352,488 1,166,745 88,873 27,801 2,251 187 25,737 7,981
17,756 Assets Cash and cash equivalents Net receivables Inventories Total current assets
Property, plant, and equipment Goodwill Other assets Total assets 7,781 6,768 43,803 59,940
116,681 20,497 5,987 203,105 Liabilities and Stockholder Equity Accounts payable Short-term
debt Total current liability Long-termm debt Total liabilities Stockholder equity 59,099 12,719
71,818 41,417 126,243 76,343
Solution
= Net income/net sales x100
=$17,756/$469,162 x 100
=3.78
=Net sales/Average total assets
=$469,162/$203,105
=2.31
= Cash + Cash equivalents/
=$7,781/$71,818=0.11
4.Accounts receivable turnover
=Net credit sales/Average accounts receivables
=$469,162/$6,768=69.32
5.Inventory Turnover
=Cost of Goods sold/Average inventory
=$352,488/$43,803
=8.05
6.Property ,Plant and equipment Turnover
=Net sales/ Net Property ,Plant and equipment
=$469,162/$116,681
=4.02.
(10-8)(10-13) (10-22) (10-24) (BYP 10-1) .docx
(10-8)
(10-13)
(10-22)
(10-24)
(BYP 10-1)
(10-2)
Print by:
ACC/291 - 46047347 / Assignment: Week 3 Assignment
Broadening Your Perspective 10-2
The financial statements of The Hershey Company and Tootsie Roll are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none ...
1Exercise 8-4The ledger of Wainwright Company at the end of .docx
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-4
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debt Expense
Cash
Common Stock
Cost of Goods Sold
Dividends
Income Tax Expense
Income Taxes Payable
Interest Receivable
Interest Revenue
Inventory
No Entry
Notes Receivable
Other Operating Expenses
Other Receivables
Retained Earnings
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Charge Expense
Supplies
Supplies Expense
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,480
$ 4,430
Accounts receivable (net)
3,472
4,401
Allowance for doubtful accounts
8
29
Sales revenue
34,728
37,059
Total current assets
7,883
7,166
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Is accounts receivable a material component of the company’s total current assets?
2
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178.
Question 4The stockholders’ equity section of Tootsie Roll Industr.docx
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
.
Appendix BOrganizational CharMinitrexVP Marketing(Jon .docx
Appendix B
Organizational Char
Minitrex
VP Marketing
(Jon Bettman)
Director Sales
(Georges Degas)
VP Insurance
(Harold Blumfen)
VP Financing
(Mariella Hopkins)
CFO
Director IT
(Denny Khan)
Exercise 13-13
The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.
ELLIOTT COMPANY
Balance Sheets
December 31 (in thousands)
2014
2013
Current assets
Cash and cash equivalents
$330
$360
Accounts receivable (net)
506
436
Inventory
519
449
Prepaid expenses
130
160
Total current assets
1,485
1,405
Property, plant, and equipment (net)
410
380
Investments
46
46
Intangibles and other assets
530
510
Total assets
$2,471
$2,341
Current liabilities
$856
$826
Long-term liabilities
539
439
Stockholders’ equity—common
1,076
1,076
Total liabilities and stockholders’ equity
$2,471
$2,341
ELLIOTT COMPANY
Income Statements
For the Year Ended December 31 (in thousands)
2014
2013
Sales revenue
$3,859
$3,519
Costs and expenses
Cost of goods sold
1,006
926
Selling & administrative expenses
2,400
2,330
Interest expense
10
20
Total costs and expenses
3,416
3,276
Income before income taxes
443
243
Income tax expense
177
97
Net income
$ 266
$ 146
Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)
(a)
Current ratio.
(b)
Inventory turnover. (Inventory on December 31, 2012, was $430.)
(c)
Profit margin.
(d)
Return on assets. (Assets on December 31, 2012, were $2,790.)
(e)
Return on common stockholders’ equity. (Equity on December 31, 2012, was $970.)
(f)
Debt to assets ratio.
(g)
Times interest earned.
2014
2013
Current ratio.
:1
:1
Inventory turnover.
Profit margin.
%
%
Return on assets.
%
%
Return on common stockholders’ equity.
%
%
Debt to assets ratio.
%
%
Times interest earned.
times
times
Click if you would like to Show Work for this question:
Open Show Work
Exercise 13-9
Kinder Company has these comparative balance sheet data:
KINDER COMPANY
Balance Sheets
December 31
2014
2013
Cash
$ 36,210
$ 72,420
Accounts receivable (net)
168,980
144,840
Inventory
144,840
120,700
Plant assets (net)
482,800
434,520
$832,830
$772,480
Accounts payable
$ 120,700
$ 144,840
Mortgage payable (15%)
241,400
241,400
Common stock, $10 par
337,960
289,680
Retained earnings
132,770
96,560
$832,830
$772,480
Additional information for 2014:
1.
Net income was $32,000.
2.
Sales on account were $386,100. Sales returns and allowances amounted to $28,100.
3.
Cost of goods sold was $228,200.
4.
Net cash provided by operating activities was $57,600.
5.
Capital expenditures were $28,600, and cash dividends were $20,900.
Compute the following ratios at December 31, 2014. (Round all answers to 2 decimal places, e.g. 1.83.)
(a)
Current ratio.
:1
(b)
Accounts receivable turnover.
times
(c)
Avera.
The following are the financial statements for Nederland Consumer .docx
The following are the financial statements for Nederland Consumer Products Company for the fiscal year ended September 30, 2011.
Nederland Consumer Products Company
Income Statement for the Fiscal Year
Ended September 30, 2011
Net sales
$
62,141
Cost of goods sold
26,906
Gross margin
$
35,235
Marketing, research, administrative exp.
15,715
Depreciation
776
Operating income(loss)
$
18,744
Interest expense
499
Earnings(loss) before income taxes
$
18,245
Income taxes
5,623
Net earnings(loss)
$
12,622
Nederland Consumer Products Company
Balance Sheet as of September 30, 2011
Assets:
Liabilities and Stockholder's Equity:
Cash and marketable securities
$
6,807
Accounts payable
$
2,776
Investment securities
353
Accrued and other liabilities
7,780
Accounts receivable
3,288
Taxes payable
2,047
Total inventories
5,376
Debt due within one year
7,490
Deferred income taxes
882
Prepaid expenses & other receivables
1,991
Total current assets
$
18,697
Total current liabilities
$
20,093
Property, plant, and equip., at cost
30,215
Long-term debt
12,217
Less: Accumulated depreciation
9,653
Deferred income taxes
2,543
Net plant and equipment
$
20,562
Other non-current liabilities
3,504
Net goodwill & other intangible assets
23,970
Total liabilities
$
38,357
Other non-current assets
1,622
Convertible Class A preferred stock
1,696
Common stock
1,608
Retained earnings
23,190
Total stockholders’ equity (deficit)
$
26,494
Total assets
$
64,851
Total liabilities and stockholders’ equity
$
64,851
Calculate all the ratios, for which industry figures are available below, for Nederland and compare the firm’s ratios with the industry ratios.
(Round current ratio, quick ratio, debt ratio, long term debt ratio answers to 2 decimal places, e.g. 12.25 and other answers to 1 decimal place, e.g.12.5 or 12.5%.)
Industry Average
Current Ratio
2.05
[removed]
times
Quick Ratio
0.78
[removed]
times
Gross margin
23.9
%
[removed]
%
Net profit margin
12.3
%
[removed]
%
Debt ratio
0.23
[removed]
times
Long-term debt to equity
0.98
[removed]
times
Interest coverage
5.62
[removed]
ROA
5.3
%
[removed]
%
ROE
18.8
%
[removed]
%
.
Top of FormBottom of FormBroadening Your Perspective.docx
Top of Form
Bottom of Form
Broadening Your Perspective 4-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar o ...
ED-16 Computing trend analysisMagic Oaks Realty’s net revenue a.docx
ED-16 Computing trend analysis
Magic Oaks Realty’s net revenue and net income for the following five year period using 2012 as the base year, follow:
2016 2015 2014 2013 2012
Net Revenue $ 1,310,000 $ 1,187,000 $ 1,110,000 $ 1,011,000 $ 1,045,000
Net Income 122,000 113,000 84,000 72,000 83,000
Requirements
1. Compute trend analysis for net revenue and net income. Round to the nearest full percent.
2. Which grew faster during the period, net revenue or net income?
Comprehensive Problem D
Analyzing a company for its investment potential
In its annual report WRS Athletic Supply Inc includes the following five year financial summary.
WRS ATHLETIC SUPPLY, INC.
Five-Year Financial Summary (Partial; adapted)
(Dollar amounts in thousands except per share data)
2018 2017 2016 2015 2014 2013
Net Sales $244,524 $217,799 $191,329 $165,013 $137,634
Net Sales Increase 12% 14% 16% 20% 17%
Domestic Comparative Store Sales Increase 5% 6% 5% 8% 9%
Other Income—Net 2,001 1,873 1,787 1,615 1,391
Cost of Goods Sold 191,838 171,562 150,255 129,664 108,725
Operating, Selling, and General and Administrative Expenses 41,236 36,356 31,679 27,408 22,516
Interest:
Interest Expense (1,063) (1,357) (1,383) (1,045) (803)
Interest Income 138 171 188 204 189
Income Tax Expense 4,487 3,897 3,692 3,338 2,740
Net Income 8,039 6,671 6,295 5,377 4,430
Per Share of Common Stock:
Net Income 1.81 1.49 1.41 1.21 0.99
Dividends 0.30 0.28 0.24 0.20 0.16
Financial Position
Current Assets, Excluding Merchandise Inventory $ 30,483 $ 27,878 $ 26,555 $ 24,356 $ 21,132
Merchandise Inventory at LIFO Cost 24,891 22,614 21,442 19,793 17,076 $16,497
Property, Plant, and Equipment, Net 51,904 45,750 40,934 35,969 25,973
Total Assets 94,685 83,527 78,130 70,349 49,996
Current Liabilities 32,617 27,282 28,949 25,803 16,762
Long-term Debt 22,731 21,143 17,838 18,712 12,122
Shareholders’ Equity 39,337 35,102 31,343 25,834 21,112
Financial Ratios
Acid-test Ratio 0.9 1.0 0.9 0.9 1.3
Rate of Return on Total Assets 10.2% 9.9% 10.3% 10.7% 9.6%
Rate of Return on Shareholders’ Equity 21.6% 20.1% 22.0% 22.9% 22.4%
Requirements
1. Analyze the company’s financial summary for the fiscal years 2014–2018 to decide whether to invest in the common stock of WRS Include the following sections in your analysis, and fully explain your final decision.
1. Trend analysis for net sales and net income (use 2014 as the base year).
2. Profitability analysis.
3. Evaluation of the ability to sell merchandise inventory (WRS uses the LIFO method).
4. Evaluation of the ability to pay debts.
5. Evaluation of dividends.
...
The material for this moduleweek has led us from Europe, through fi.docx
The material for this module/week has led us from Europe, through first contacts, to the establishment of a solid English presence in the Americas. After reading and thinking about the Reading & Study materials for this module/week, what strikes you most about the founding of the American colonies? Did anything surprise you? Did your reading challenge your ideas or visions about colonial America?
.
The media informs many viewers of deviance and crime, victims of cri.docx
The media informs many viewers of deviance and crime, victims of crime, and justice in society. Consider and describe the following:
Where do you get your information about:
Deviant behavior
Crime
Victims of crime
Justice for victims
Describe your perception of
Deviant behavior
What behavior is deviant according to your values?
Crime
What do you believe is the root or cause of crime?
What types of crimes do you believe happen most?
Who do you believe commits crime?
Victims of crime
Who do you believe is likely to be a victim?
Have you ever been fearful of a crime occurring to you or your family?
What do you believe about victims that you hear about?
Justice for victims
How do you see justice handled in our society?
What form of punishment do you see as being effective or ineffective?
Did you learn anything specific from the textbook that has changed your perception? What did you learn and which perception did it change?
Write a 500 or more word paper that addresses the above questions.
.
More Related Content
Similar to Riordan Manufacturing, Inc.Income StatementFor the 12 months e.docx
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Financial Analysis with Microsoft Excel 7th Edition Mayes Solutions Manual
Full download : https://goo.gl/YZbFdh
Financial Analysis with Microsoft Excel 7th Edition Mayes Solutions Manual
NAME_____________________________________________________________.docx
NAME_____________________________________________________________
Financial Statement Analysis
Exam 1
1. The 2011 financial statements for Leggett & Platt, Inc. report the following information:
Year ended December 31,
2011
2010
(In millions)
Depreciation and amortization expense
$ 98.1
$ 103.0
Property and equipment, net
580.6
624.2
Land
45.2
48.5
Accumulated depreciation and amortization
1,193.2
1.173.9
a. By what percentage are the assets ‘used up’ at the year-end 2011? What implication does this ratio have for future cash flows at Leggett & Platt?
b. Estimate the useful life on average for the Leggett & Platt depreciable assets.
2. Leggett & Platt, Inc. reported net sales of $3,636.0 million in 2011 and $3,359.1 million in 2010. The asset side of the balance sheet follows, below. Use this information to answer the required.
LEGGETT & PLATT, INCORPORATED
Consolidated Balance Sheets
December 31
2011
2010
(in millions)
Cash and cash equivalents
$ 236.3
$ 244.5
Accounts and other receivables, net of allowance of $24.3 and $22.1
503.6
478.9
Finished goods
261.3
241.1
Work in process
41.5
47.7
Raw materials and supplies
223.9
218.2
LIFO reserve
(85.7)
(71.7)
Total inventories, net
441.0
435.3
Other current assets
43.1
60.4
Total current assets
1,224.0
1,219.1
Machinery and equipment
1,120.1
1,136.6
Buildings and other
608.5
613.0
Land
45.2
48.5
Total property, plant and equipment
1,773.8
1,798.1
Less accumulated depreciation
1,193.2
1,173.9
Net property, plant and equipment
580.6
624.2
Goodwill
926.6
930.3
Other intangibles, less accumulated amortization of $76.9 and $65.9 at December 31, 2008 and 2007, respectively
116.6
152.3
Sundry
67.3
75.1
TOTAL ASSETS
$2,915.1
$3,001.0
Required:
a. What is the company’s gross amount of receivables at the end of 2011 and 2010?
b. Compute the common-sized gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.
c. Compute the allowance for doubtful accounts to gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.
d. Based on the ratios you calculated, form an opinion about the quality of the company’s accounts receivable.
3. Use the following selected balance sheet and income statement data for Mattel Inc. (in $ thousands) to compute:
a. return on equity
b. profit margin (PM)
c. asset turnover (AT)
d. financial leverage (FL) for fiscal 2011. Show that ROE = PM × AT × FL.
(in thousands)
2011
2010
Net sales
$ 6,266,037
$ 5,856,195
Operating income
1,041,101
901,902
Interest expense
75,332
64,839
Net income
768,508
684,863
Total assets
5,671,638
5,417,733
Total liabilities
3,061,035
2,789,149
4. Income statements and balance sheets follow for Snap-On Incorporated. Refer to these financial statements to answer the requirements.
Snap-On Incorporated
Cons.
I am working on a Supply Chain problem and I am struggling to find t.pdf
I am working on a Supply Chain problem and I am struggling to find the following:
Profit Margin
Asset Turnover
Cash to Cash (C2C)
Accounts Receivable Turnover (ART)
Inventory Turnover (INVT)
Property, plant, and equipment Turnover (PPET)
Please show work so I can follow! Year End January 31, 2013 ($ millions) Net Operating
Revenues Cost of Goods Sold Gross Profit Selling, General and administrative expense
Operating Income Interest Expense Other income (loss) net Income before income taxes ncome
taxes Net Income Walmart 469,162 352,488 1,166,745 88,873 27,801 2,251 187 25,737 7,981
17,756 Assets Cash and cash equivalents Net receivables Inventories Total current assets
Property, plant, and equipment Goodwill Other assets Total assets 7,781 6,768 43,803 59,940
116,681 20,497 5,987 203,105 Liabilities and Stockholder Equity Accounts payable Short-term
debt Total current liability Long-termm debt Total liabilities Stockholder equity 59,099 12,719
71,818 41,417 126,243 76,343
Solution
= Net income/net sales x100
=$17,756/$469,162 x 100
=3.78
=Net sales/Average total assets
=$469,162/$203,105
=2.31
= Cash + Cash equivalents/
=$7,781/$71,818=0.11
4.Accounts receivable turnover
=Net credit sales/Average accounts receivables
=$469,162/$6,768=69.32
5.Inventory Turnover
=Cost of Goods sold/Average inventory
=$352,488/$43,803
=8.05
6.Property ,Plant and equipment Turnover
=Net sales/ Net Property ,Plant and equipment
=$469,162/$116,681
=4.02.
(10-8)(10-13) (10-22) (10-24) (BYP 10-1) .docx
(10-8)
(10-13)
(10-22)
(10-24)
(BYP 10-1)
(10-2)
Print by:
ACC/291 - 46047347 / Assignment: Week 3 Assignment
Broadening Your Perspective 10-2
The financial statements of The Hershey Company and Tootsie Roll are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none ...
1Exercise 8-4The ledger of Wainwright Company at the end of .docx
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-4
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debt Expense
Cash
Common Stock
Cost of Goods Sold
Dividends
Income Tax Expense
Income Taxes Payable
Interest Receivable
Interest Revenue
Inventory
No Entry
Notes Receivable
Other Operating Expenses
Other Receivables
Retained Earnings
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Charge Expense
Supplies
Supplies Expense
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,480
$ 4,430
Accounts receivable (net)
3,472
4,401
Allowance for doubtful accounts
8
29
Sales revenue
34,728
37,059
Total current assets
7,883
7,166
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Is accounts receivable a material component of the company’s total current assets?
2
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178.
Question 4The stockholders’ equity section of Tootsie Roll Industr.docx
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
.
Appendix BOrganizational CharMinitrexVP Marketing(Jon .docx
Appendix B
Organizational Char
Minitrex
VP Marketing
(Jon Bettman)
Director Sales
(Georges Degas)
VP Insurance
(Harold Blumfen)
VP Financing
(Mariella Hopkins)
CFO
Director IT
(Denny Khan)
Exercise 13-13
The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.
ELLIOTT COMPANY
Balance Sheets
December 31 (in thousands)
2014
2013
Current assets
Cash and cash equivalents
$330
$360
Accounts receivable (net)
506
436
Inventory
519
449
Prepaid expenses
130
160
Total current assets
1,485
1,405
Property, plant, and equipment (net)
410
380
Investments
46
46
Intangibles and other assets
530
510
Total assets
$2,471
$2,341
Current liabilities
$856
$826
Long-term liabilities
539
439
Stockholders’ equity—common
1,076
1,076
Total liabilities and stockholders’ equity
$2,471
$2,341
ELLIOTT COMPANY
Income Statements
For the Year Ended December 31 (in thousands)
2014
2013
Sales revenue
$3,859
$3,519
Costs and expenses
Cost of goods sold
1,006
926
Selling & administrative expenses
2,400
2,330
Interest expense
10
20
Total costs and expenses
3,416
3,276
Income before income taxes
443
243
Income tax expense
177
97
Net income
$ 266
$ 146
Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)
(a)
Current ratio.
(b)
Inventory turnover. (Inventory on December 31, 2012, was $430.)
(c)
Profit margin.
(d)
Return on assets. (Assets on December 31, 2012, were $2,790.)
(e)
Return on common stockholders’ equity. (Equity on December 31, 2012, was $970.)
(f)
Debt to assets ratio.
(g)
Times interest earned.
2014
2013
Current ratio.
:1
:1
Inventory turnover.
Profit margin.
%
%
Return on assets.
%
%
Return on common stockholders’ equity.
%
%
Debt to assets ratio.
%
%
Times interest earned.
times
times
Click if you would like to Show Work for this question:
Open Show Work
Exercise 13-9
Kinder Company has these comparative balance sheet data:
KINDER COMPANY
Balance Sheets
December 31
2014
2013
Cash
$ 36,210
$ 72,420
Accounts receivable (net)
168,980
144,840
Inventory
144,840
120,700
Plant assets (net)
482,800
434,520
$832,830
$772,480
Accounts payable
$ 120,700
$ 144,840
Mortgage payable (15%)
241,400
241,400
Common stock, $10 par
337,960
289,680
Retained earnings
132,770
96,560
$832,830
$772,480
Additional information for 2014:
1.
Net income was $32,000.
2.
Sales on account were $386,100. Sales returns and allowances amounted to $28,100.
3.
Cost of goods sold was $228,200.
4.
Net cash provided by operating activities was $57,600.
5.
Capital expenditures were $28,600, and cash dividends were $20,900.
Compute the following ratios at December 31, 2014. (Round all answers to 2 decimal places, e.g. 1.83.)
(a)
Current ratio.
:1
(b)
Accounts receivable turnover.
times
(c)
Avera.
The following are the financial statements for Nederland Consumer .docx
The following are the financial statements for Nederland Consumer Products Company for the fiscal year ended September 30, 2011.
Nederland Consumer Products Company
Income Statement for the Fiscal Year
Ended September 30, 2011
Net sales
$
62,141
Cost of goods sold
26,906
Gross margin
$
35,235
Marketing, research, administrative exp.
15,715
Depreciation
776
Operating income(loss)
$
18,744
Interest expense
499
Earnings(loss) before income taxes
$
18,245
Income taxes
5,623
Net earnings(loss)
$
12,622
Nederland Consumer Products Company
Balance Sheet as of September 30, 2011
Assets:
Liabilities and Stockholder's Equity:
Cash and marketable securities
$
6,807
Accounts payable
$
2,776
Investment securities
353
Accrued and other liabilities
7,780
Accounts receivable
3,288
Taxes payable
2,047
Total inventories
5,376
Debt due within one year
7,490
Deferred income taxes
882
Prepaid expenses & other receivables
1,991
Total current assets
$
18,697
Total current liabilities
$
20,093
Property, plant, and equip., at cost
30,215
Long-term debt
12,217
Less: Accumulated depreciation
9,653
Deferred income taxes
2,543
Net plant and equipment
$
20,562
Other non-current liabilities
3,504
Net goodwill & other intangible assets
23,970
Total liabilities
$
38,357
Other non-current assets
1,622
Convertible Class A preferred stock
1,696
Common stock
1,608
Retained earnings
23,190
Total stockholders’ equity (deficit)
$
26,494
Total assets
$
64,851
Total liabilities and stockholders’ equity
$
64,851
Calculate all the ratios, for which industry figures are available below, for Nederland and compare the firm’s ratios with the industry ratios.
(Round current ratio, quick ratio, debt ratio, long term debt ratio answers to 2 decimal places, e.g. 12.25 and other answers to 1 decimal place, e.g.12.5 or 12.5%.)
Industry Average
Current Ratio
2.05
[removed]
times
Quick Ratio
0.78
[removed]
times
Gross margin
23.9
%
[removed]
%
Net profit margin
12.3
%
[removed]
%
Debt ratio
0.23
[removed]
times
Long-term debt to equity
0.98
[removed]
times
Interest coverage
5.62
[removed]
ROA
5.3
%
[removed]
%
ROE
18.8
%
[removed]
%
.
Top of FormBottom of FormBroadening Your Perspective.docx
Top of Form
Bottom of Form
Broadening Your Perspective 4-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar o ...
ED-16 Computing trend analysisMagic Oaks Realty’s net revenue a.docx
ED-16 Computing trend analysis
Magic Oaks Realty’s net revenue and net income for the following five year period using 2012 as the base year, follow:
2016 2015 2014 2013 2012
Net Revenue $ 1,310,000 $ 1,187,000 $ 1,110,000 $ 1,011,000 $ 1,045,000
Net Income 122,000 113,000 84,000 72,000 83,000
Requirements
1. Compute trend analysis for net revenue and net income. Round to the nearest full percent.
2. Which grew faster during the period, net revenue or net income?
Comprehensive Problem D
Analyzing a company for its investment potential
In its annual report WRS Athletic Supply Inc includes the following five year financial summary.
WRS ATHLETIC SUPPLY, INC.
Five-Year Financial Summary (Partial; adapted)
(Dollar amounts in thousands except per share data)
2018 2017 2016 2015 2014 2013
Net Sales $244,524 $217,799 $191,329 $165,013 $137,634
Net Sales Increase 12% 14% 16% 20% 17%
Domestic Comparative Store Sales Increase 5% 6% 5% 8% 9%
Other Income—Net 2,001 1,873 1,787 1,615 1,391
Cost of Goods Sold 191,838 171,562 150,255 129,664 108,725
Operating, Selling, and General and Administrative Expenses 41,236 36,356 31,679 27,408 22,516
Interest:
Interest Expense (1,063) (1,357) (1,383) (1,045) (803)
Interest Income 138 171 188 204 189
Income Tax Expense 4,487 3,897 3,692 3,338 2,740
Net Income 8,039 6,671 6,295 5,377 4,430
Per Share of Common Stock:
Net Income 1.81 1.49 1.41 1.21 0.99
Dividends 0.30 0.28 0.24 0.20 0.16
Financial Position
Current Assets, Excluding Merchandise Inventory $ 30,483 $ 27,878 $ 26,555 $ 24,356 $ 21,132
Merchandise Inventory at LIFO Cost 24,891 22,614 21,442 19,793 17,076 $16,497
Property, Plant, and Equipment, Net 51,904 45,750 40,934 35,969 25,973
Total Assets 94,685 83,527 78,130 70,349 49,996
Current Liabilities 32,617 27,282 28,949 25,803 16,762
Long-term Debt 22,731 21,143 17,838 18,712 12,122
Shareholders’ Equity 39,337 35,102 31,343 25,834 21,112
Financial Ratios
Acid-test Ratio 0.9 1.0 0.9 0.9 1.3
Rate of Return on Total Assets 10.2% 9.9% 10.3% 10.7% 9.6%
Rate of Return on Shareholders’ Equity 21.6% 20.1% 22.0% 22.9% 22.4%
Requirements
1. Analyze the company’s financial summary for the fiscal years 2014–2018 to decide whether to invest in the common stock of WRS Include the following sections in your analysis, and fully explain your final decision.
1. Trend analysis for net sales and net income (use 2014 as the base year).
2. Profitability analysis.
3. Evaluation of the ability to sell merchandise inventory (WRS uses the LIFO method).
4. Evaluation of the ability to pay debts.
5. Evaluation of dividends.
...
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Top of FormBottom of FormBroadening Your Perspective.docx
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Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
.
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- 1. Riordan Manufacturing, Inc. Income Statement For the 12 months ending September 30th 2011 2010 Sales $66,608,660 $56,534,254 Direct Cost of Goods Sold 51,592,470 43,970,250 Gross Margin $15,016,190 $12,564,004 Operating Expenses Sales, Marketing & Other $1,328,615 $1,265,348 Depreciation 1,378,616 1,152,125 Quality Assurance 1,151,176 1,112,247 Research & Development 1,039,637 962,627 General & Administrative 4,954,751 4,674,293
- 2. Machining & Systems 143,808 125,050 Total Operating Expenses $9,996,603 $9,291,690 Profit Before Interest & Taxes $5,019,587 $3,272,314 Non-Operating Expenses Interest Expense $604,616 $121,533 Taxes 1,104,309 719,909 Total Non-Operating Expenses $1,708,925 $841,442 Net Profit After Taxes $3,310,662 $2,430,872 Riordan Manufacturing, Inc. Consolidated Balance Sheet Fiscal Year Ending September 30th 2011 2010 Assets Current Assets
- 3. Cash $3,725,406 $2,807,029 Accounts Receivable 3,192,094 2,695,342 Current Portion of Notes Receivable 84,255 102,976 Inventories 9,709,611 8,517,203 Prepaid Expenses and Other Items 666,591 402,240 Total Current Assets $17,377,957 $14,524,790 Notes Receivable, less current portion $842,551 $936,168 Investment in Joint Venture 1,734,004 1,609,004 Property, Plant and Equipment - net 26,366,949 16,658,218 Intangible Assets - net 904,473 904,473 Other Assets 183,203 192,845 Total Assets $47,409,137
- 4. $34,825,498 Liabilities and Stockholders' Equity Current Liabilities Current Portion of Long-Term Debt $1,560,959 $474,032 Accounts Payable 1,141,561 1,391,385 Accrued Liabilities 430,477 524,685 Income Taxes Payable 552,155 359,955 Total Current Liabilities $3,685,152 $2,750,057 Bank Line of Credit $114,759 $295,865 Long-Term Debt - less current portion 9,500,741 1,006,955 Deferred Income Taxes - net 660,503 825,629 Total Liabilities $13,961,155 $4,878,506 Common Stock Stated par value is $.01. 20,000,000 shares authorized.
- 5. Issued and Outstanding 15,801,332 net of treasury shares. $29,055,488 $29,055,488 Retained Earnings / (Accumulated Deficit) 4,392,494 891,504 Total Stockholders' Equity $33,447,982 $29,946,992 Total Liabilities and Stockholders' Equity $47,409,137 $34,825,498 Balance SheetRiordan Manufacturing, Inc.Consolidated Balance SheetFiscal Year Ending September 30th20102009200820072006200520042003AssetsCurrent AssetsCash$2,807,029$1,511,253$1,040,639$1,442,507$1,336,3 19$305,563$357,216$85,632Accounts Receivable$2,695,342$2,644,307$2,883,964$4,544,138$4,855,3 34$6,062,838$5,657,216$6,556,160Current Portion of Notes Receivable$102,976$117,475$107,107$109,293$95,538$70,825 $117,888$13,184Inventories$8,517,203$7,123,790$8,305,690$7 ,919,987$7,224,947$7,850,970$7,854,112$8,074,880Deferred Income Taxes - net$0$0$0$0$0$0$328,832$349,184Pre-paid Expenses and Other Items$402,240$458,875$279,336$294,038$256,903$264,896$32 8,192$336,128Total Current Assets$14,524,790$11,855,700$12,616,736$14,309,963$13,769, 041$14,555,092$14,643,456$15,415,168Notes Receivable, less current portion$936,168$1,067,953$1,102,260$1,124,755$986,627$256, 583$177,408$431,104Investment in Joint Venture$1,609,004$1,333,504$1,183,504$1,058,504$858,504$2 83,504$133,504$139,136Property, Plant & Equipment - net$16,658,218$17,767,486$18,869,612$18,424,594$24,510,83
- 6. 0$19,114,830$18,511,360$19,205,120Intangible Assets - net$904,473$904,473$550,590$550,590$550,590$329,405$336, 128$395,136Other Assets$192,845$175,314$106,721$108,899$107,821$52,768$54 ,400$51,840Total Assets$34,825,498$33,104,430$34,429,423$35,577,305$40,783, 413$34,592,182$33,856,256$35,637,504Liabilities and Stockholders' EquityCurrent LiabilitiesCurrent Portion of Long- Term Debt$474,032$484,894$497,480$495,515$538,046$1,219,258$1 ,106,304$1,737,728Accounts Payable$1,391,385$1,636,923$1,694,523$1,783,708$3,930,399$ 3,650,073$3,573,248$2,676,096Accrued Liabilities$524,685$617,276$638,997$631,108$1,390,648$1,35 0,144$1,350,144$1,257,344Income Taxes Payable$359,955$99,113$243,440$855,504$1,351,775$754,619 $164,864Total Current Liabilities$2,750,057$2,838,206$3,074,440$3,765,835$7,210,86 8$6,974,094$6,029,696$5,836,032Bank Line of Credit$295,865$477,069$598,423$109,528$100,836$253,727$4 87,936$245,760Long-Term Debt - less current portion$1,006,955$1,354,461$1,719,851$1,926,618$2,278,481$ 2,763,752$2,535,552$4,793,856Deferred Income Taxes - net$825,629$917,366$917,366$1,067,449$2,485,354$2,485,354 $3,107,072$3,283,328Total Liabilities$4,878,506$5,587,102$6,310,080$6,869,430$12,075,5 39$12,476,927$12,160,256$14,158,976Common Stock (Stated par value is $.01. 20,000,000 shares authorized. Issued and Outstanding 15,801,332 net of treasury shares.)$29,055,488$29,055,488$29,055,488$29,055,488$29,05 5,488$29,055,488$29,055,488$29,491,328Other Accummulated Comprehensive Losses($202,496)($163,840)Retained Earnings /(Accummulated Deficit)$891,504($1,538,160)($936,145)($347,613)($347,614)( $6,940,233)($7,156,992)($7,848,960)Total Stockholders'
- 7. Equity$29,946,992$27,517,328$28,119,343$28,707,875$28,707, 874$22,115,255$21,696,000$21,478,528Total Liabilities and Stockholders' Equity$34,825,498$33,104,430$34,429,423$35,577,305$40,783, 413$34,592,182$33,856,256$35,637,504© 2005, 2006, 2012 Apollo Group, Inc. All rights reserved. Income StatmentRiordan Manufacturing, Inc.Income Statement For the 12 months ending September 30thFiscal Year Ending September 30th201020092008200720062005200420032002Sales$56,534,25 4$50,468,000$61,727,010$61,127,960$60,642,820$50,823,685$ 46,044,288$43,418,370$39,481,276Direct Cost of Goods Sold$43,970,250$39,345,460$48,324,660$42,462,480$41,843,5 46$42,037,624$37,480,050$34,517,604$30,953,320Gross Margin$12,564,004$11,122,540$13,402,350$18,665,480$18,799 ,274$8,786,061$8,564,238$8,900,766$8,527,956Operating ExpensesSales, Marketing & Other$1,265,348$1,405,942$1,528,198$1,455,427$1,212,856$1, 012,974$920,886$1,085,459$1,105,476Depreciation$1,152,125$ 1,152,125$1,144,983$1,122,235$1,099,378$343,445$349,937$3 29,980$312,612Quality Assurance$1,112,247$1,208,964$1,422,311$1,376,874$1,359,87 6$1,139,688$1,095,854$1,033,357$1,085,459Research & Development$962,627$1,069,585$1,125,879$1,093,086$1,061,2 49$911,676$828,797$868,367$1,065,994General & Administrative$4,674,293$5,193,659$5,770,732$5,642,402$5,7 00,306$1,706,953$1,524,066$1,085,459$829,107Machining & Systems$125,050$191,244$197,159$198,150$685,070$628,505$ 598,576$477,602$434,294Total Operating Expenses$9,291,690$10,221,519$11,189,262$10,888,174$11,11 8,735$5,743,241$5,318,116$4,880,224$4,832,942Profit Before Interest & Taxes$3,272,314$901,021$2,213,088$7,777,306$7,680,539$3,0 42,820$3,246,122$4,020,542$3,695,014Non-Operating ExpensesInterest
- 8. Expense$121,533$149,962$134,816$157,605$179,312$143,175 $230,221$217,092$197,406Taxes$719,909$198,225$486,879$1, 711,007$1,689,719$943,274$1,025,406$1,293,173$1,189,186To tal Non-Operating Expenses$841,442$348,187$621,695$1,868,612$1,869,031$1,08 6,449$1,255,627$1,510,265$1,386,592Net Profit After Taxes$2,430,872$552,834$1,591,393$5,908,694$5,811,508$1,9 56,371$1,990,495$2,510,277$2,308,422© 2005, 2006, 2012 Apollo Group, Inc. All rights reserved.