Sherwood- Inc-- the parent company of Frito-Lay snack foods and Sherwo.pdf

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Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the following current assets and current liabilities at the end of two recent years: a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. b. The liquidity of Sherwood has increaseddecreasedremained constant some over this time period. Both the current and quick ratios have increaseddecreasedremained constant . Sherwood is a strongweak company with ampleinsufficient resources for meeting short-term obligations. Its liquidity as measured by the current and quick ratios has improveddeterioratedremained constant during this period. Current Year Previous Year (in millions) (in millions) Cash and cash equivalents $5,149 $5,599 Short-term investments, at cost 3,658 10,397 Accounts and notes receivable, net 11,626 10,664 Inventories 1,460 973 Prepaid expenses and other current assets 486 360 Short-term obligations 389 4,132 Accounts payable 9,341 9,198 .

Sherwood- Inc-- the parent company of Frito-Lay snack foods and Sherwo.pdf

This document provides an assignment classification table, assignment characteristics table, and answers to questions for Chapter 2 of the textbook "Kimmel, Weygandt, Kieso, Trenholm, Irvine Financial Accounting, Sixth Canadian Edition". The tables and answers cover topics such as classifying accounts, calculating financial ratios, frameworks for financial statements, and bases of measurement. The document is designed to help students understand and answer questions related to Chapter 2.

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Dion Favalli

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Balance Sheet 2012 2013 2014 1. What is the free cash flow for 2014? Cash $9,000 $7,282 $14,000 Short-term investments 48,600 20,000 71,632 2. Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No changes in operations occurred. What would happen to reported profit and to net cash flow? Accounts receivable 351,200 632,160 878,000 Inventories 715,200 1,287,360 1,716,480 3. Calculate the 2014 current and quick ratios based on the projected balance sheet and income statement data. What can you say about the company’s liquidity position in 2013? Total current assets $1,124,000 $1,946,802 $2,680,112 Gross fixed assets 491,000 1,202,950 1,220,000 4. Use the extended DuPont equation to provide a summary and overview of company’s financial condition as projected for 2014. What are the firm’s major strengths and weaknesses? 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 $486,600 $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 Toltal liabilities and equity $1,468,800 $2,886,592 $3,516,952 Income Statements 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 0.21 0.22 Tax rate 40% 40% 40% Book value per share $6.64 $5.58 $7.909 Lease payments $40,000 ...

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Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $494,800, what is the amount of current liabilities? Current Liabilities $ [removed] (b) A company had an average inventory last year of $159,000 and its inventory turnover was 6. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) Average Inventory $ [removed] (c) A company has current assets of $89,370 (of which $36,250 is inventory and prepaid items) and current liabilities of $36,250. What is the current ratio? What is the acid-test ratio? If the company borrows $10,270 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be? (Round answers to 2 decimal places, e.g. 2.50.) Current Ratio [removed] :1 Acid Test Ratio [removed] :1 New Current Ratio [removed] :1 New Acid Test Ratio [removed] :1 (d) A company has current assets of $583,200 and current liabilities of $235,100. The board of directors declares a cash dividend of $173,600. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.) Current ratio after the declaration but before payment [removed] :1 Current ratio after the payment of the dividend [removed] :1 Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $142,310,000 and $97,650,000, respectively. Short-term interest rates are expected to average 10%. If Heartland can increase inventory turnover from its present level of 9 times a year to a level of 12 times per year. Compute its expected cost savings for the coming year. Expected Cost Savings $ [removed] The following information pertains to Wamser Company: Cash $22,000 Accounts receivable 125,500 Inventory 74,500 Plant assets (net) 384,000 Total assets $606,000 Accounts payable $74,500 Accrued taxes and expenses payable 24,500 Long-term debt 49,500 Common stock ($10 par) 165,000 Paid-in capital in excess of par 89,000 Retained earnings 203,500 Total equities $606,000 Net sales (all on credit) $801,000 Cost of goods sold 605,000 Net income 80,500 Compute the following: (Round answers to 2 decimal places e.g. 15.25.) (a) Current ratio [removed] : 1 (b) Inventory turnover [removed] times (c) Accounts receivable turnover [removed] times (d) Book value per share $ [removed] (e) Earnings per share $ [removed] (f) Debt to assets [removed] % (g) Profit margin on sales [removed] % (h) Return on common stock equity [removed] % Your answer is incorrect. Try again. The following data is given: December 31, 2015 2014 Cash $65,500 $51,000 Accounts .

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AP2-5 Recording Transactions, Preparing Journal Entries, Posting to T.Accounts, Preparing a Statement of Financial Position, and Evaluating the Current Rabo G9 (P2-5) LO2-5, ) 2-6 BCE Ine. iesidential business, and povernnient custoiners in Canada. The followne is BCE s (simplified) stateinent of financial position from a recent sear Non-current assets Property, plant, and equipment, net 27.513 Long-term investments 756 Intangible assets 13,102 Goodwill 10,604 Other non-current assets Total assets 3,002560,665 LIABILITIES AND SHAREHOLDERS' EQUTTY Current liabilities Trade payables and other liabilities \$ 3,935 Interest payable 222 Current tax liabilities 214 Dividends payable 766 Debt due within one year 2,417 Other current liabilities Total current liabilities 7178,271 Non-current liabilities Long-term debt 23.906 Other non-current liabilities Total non-current liabilities Total liabilities 31,0657.159 Shareholders' equity $60,66521,329 Total liabilities and shareholders' equity Assume that the followne transactions (in mallions of dollars) occurred in fiscal year 2021 (ended on December 31. 2021) a. Issued additional shares for $200 in cash. 6. Borrowed $6,300 from creditors, due in 10 years c. Purchased additionalamestments for $1,500 cash, one-fifth were long-term and the rest were short-tern a Purchased property; plant, and equpment, paid $+650 in cash and $50 with additional loneterim bank loans c Lent $250 to associated companies that siened a sixmonth note f Sold thonterm investments costune $200 for $200cash Required: 1 Prepare a journai entry for each transaction 2 Create a Taccount for each itein on the statement of fnancial position and include the December 31,2020 balances Post each journal entry to the appropriate T. account 3 Prepare a trial balance as at December J1, 2021 4. Prepare a atateinent of financial postion for BCE based on the T-accountendine balances at December 31,2021 5. Compute BCE's curcent ratio for flscaljesr 2021 What does thes superat about the company?.

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