The statements of financial position of Amapa Ltd. are presented bel.pdf
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The statements of financial position of Amapa Ltd. are presented below: Amapa Ltd. Statements of Financial Position as at December 31 2021 2020 $ $ $ Non-current Assets Property, plant & equipment, at cost 888,800 600,000 Less: Accumulated depreciation 138,800 36,000 750,000 564,000 Current Assets Inventory 127,200 86,400 Trade receivables 102,000 56,400 Bank 2,400 26,400 231,600 169,200 TOTAL ASSETS 981,600 733,200 Equity Ordinary share capital ($1 each) 788,400 582,000 Retained earnings 117,600 48,000 906,000 630,000 Non-current Liabilities 8% Loan notes - 24,000 Current Liabilities Trade payables 45,600 56,400 Taxation 30,000 22,800 75,600 79,200 Total Liabilities and Equity 981,600 733,200 Additional information for year ended 2021 December 31: (i) Net profit before tax amounted to $136,800. (ii) Interest paid was $2,400. (iii) Taxation paid was $22,800. (iv) Dividends of $37,200 were paid. (v) Depreciation for the year was $112,800. (vi) Non-current assets which had cost $40,000 and had accumulated depreciation of $10,000 were sold at a profit of $7,200. Required: Prepare a statement of cash flows for Amapa Ltd. for the year ended 31 December 2021 in accordance with IAS 7 Statement of Cash Flows, using the indirect method..
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Final Exam Take Home Problem (20 points)Based on the information p.docx
Final Exam Take Home Problem (20 points)
Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
Gulp-it-Down Coffee Co.
Comparative Balance Sheet
For the Year Ended December 31, 2012
2012
2011
Assets
Cash
140,000
160,000
Accounts Receivables
400,000
380,000
Inventory
480,000
420,000
Fixed Assets (net of accumulated Depreciation)
1,860,000
1,720,000
Less: Accumulated Depreciation
(1,000,000)
(900,000)
Total
1,880,000
1,780,000
Liabilities & Owner’s Equity
Accounts Payable
240,000
260,000
Accrued expense
120,000
100,000
Bonds Payable
780,000
720,000
Capital Stock
420,000
420,000
Retained Earnings
320,000
280,000
Total
1,880,000
1,780,000
Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year.
.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
PART C 1- Petra Corporation paid $500-000 for 80- of the outstanding.pdf
PART C
1- Petra Corporation paid $500,000 for 80% of the outstanding voting common stock of Sizable
Corporation on January 2, 2022 when the book value of Sizable's net assets was $460,000. The
fair values of Sizable's identifiable net assets were equal to their book values except as indicated
below.
Book Fair
Value Value
Inventories (sold in 2022) $80,000 $112,000
Buildings-net (15-year life) 200,000 170,000
Note Payable (paid in 2022) 20,000 21,250
Sizable reported net income of $75,000 during 2022; dividends of $35,000 were declared and
paid during the year. (10 Marks)
Required:
1. Prepare a schedule to allocate the fair value/book value differential to the specific identifiable
assets and liabilities.
2. Determine Petra's income from Sizable for 2022.
3. Determine the correct balance in the Investment in Sizable account as of December 31, 2022.
2- On December 31, 2021, Paladium International purchased 70% of the outstanding common
stock of Sennex Chemical. Paladium paid $140,000 for the shares and determined that the fair
value of all recorded Sennex assets and liabilities approximated their book values, with the
exception of a customer list that was not recorded and had a fair value of $10,000, and an
expected remaining useful life of 5 years. At the time of purchase, Sennex had stockholders'
equity consisting of capital stock amounting to $20,000 and retained earnings amounting to
$80,000. Any remaining excess fair value was attributed to goodwill. The separate financial
statements at December 31, 2022 appear in the first two columns of the consolidation
workpapers shown below. (10 Marks)
Required:
Complete the consolidation working papers for Paladium and Sennex for the year 2022.
Paladium
Sennex
Eliminations
Consolidated
Debit
Credit
INCOME STATEMENT Sales
331,900
48,000
Income of Sennex
9,100
Cost of Sales
(148,000)
(25,000)
Other Expenses
(72,000)
( 8,000)
Noncontrolling Interest Share
Net income
121,000
15,000
Retained Earnings 1/1
846,000
80,000
Add:Net income
121,000
15,000
Less: Dividends
(9,000)
(4,000)
Retained Earnings 12/31
958,000
91,000
BALANCE SHEET
Cash
135,000
64,000
Accounts Receivable-net
227,000
160,000
Inventories
316,000
86,000
Land
80,000
40,000
Equipment and Buildings-net
469,000
230,000
Investment in Sennex
146,300
Customer List
Goodwill
TOTAL ASSETS
1,373,300
580,000
LIAB. & EQUITY Accounts payable
305,300
469,000
Capital
Stock
110,000
20,000
Retained Earnings
958,000
91,000
1/1 Noncontrol.
Interest
12/31 Noncontrol. Int.
TOTAL LIAB. & EQUITY
1,373,300
580,000
Eliminations C onsolidated
Paladium S ennex
Debit Credit
INCOME STATEMENT Sales 331,900 48,000
Income of Sennex 9,100
Cost of Sales (148,000) ( 25,000)
Other Expenses (72,000) ( 8,000)
Noncontrolling Interest Share
Net income 121,000 15,000
Retained Earnings 1/1 846,000 80,000
Add:Net income 121,000 15,000
Less: Dividends (9,000) (4,000)
Retained Earnings 12/31 958,000 91,000
BALANCE SHEET
135,000 64,000
Cash
Accounts Receivable-net 227,000 160,000
Invento.
Assignment 08Accounting for ManagersDirections Unless otherwis.docx
Assignment 08
Accounting for Managers
Directions Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the "Assignment Format" page for specific format requirements.
Horizontal and Vertical Analysis
Sanborn Corporation’s condensed comparative income statements for 20x8 and 20x7 appear below. The corporation’s condensed comparative balance sheets for 20x8 and 20x7 appear on the next page.
Sanborn Corporation
Comparative Income Statements
For the Years Ended December 31, 20x8 and 20x7
(in thousands of dollars)
20x8
20x7
Net sales
$3,276,800
$3,146,400
Cost of goods sold
2,088,800
2,008,400
Gross margin
$1,188,000
$1,138,000
Operating expenses
Selling expenses
$ 476,800
$ 518,000
Administrative expenses
447,200
423,200
Total operating expenses
$ 924,000
$ 941,200
Income from operations
$ 264,000
$ 196,800
Interest expense
65,600
39,200
Income before income taxes
$ 198,400
$ 157,600
Income taxes expense
62,400
56,800
Net income
$ 136,000
$ 100,800
Earnings per share
$3.40
$2.52
Sanborn Corporation
Comparative Balance Sheets
December 31, 20x8 and 20x7
20x8
20x7
Assets
Cash
$ 81,200
$ 40,800
Accounts receivable (net)
235,600
229,200
Inventory
574,800
594,800
Property, plant, and
equipment (net)
750,000
720,000
Total assets
$1,641,600
$1,584,800
Liabilities and Stockholders' Equity
Accounts payable
$ 267,600
$ 477,200
Notes payable (short-term)
200,000
400,000
Bonds payable
400,000
—
Common stock, $10 par value
400,000
400,000
Retained earnings
374,000
307,600
Total liabilities and
stockholders' equity
$1,641,600
$1,584,800
1.
Prepare schedules showing the amount and percentage changes from 20x7 to 20x8 for the comparative income statements and the balance sheets. You may use the forms below. (40 points)
Sanborn Corporation
Comparative Income Statements
For the Years Ended December 31, 20x8 and 20x7
(in thousands of dollars)
20x8
20x7
Increase or Decrease
Amount
Percentage
Net sales
$3,276,800
$3,146,400
Cost of goods sold
2,088,800
2,008,400
Gross margin
$1,188,000
$1,138,000
Operating expenses
Selling expenses
$ 476,800
$ 518,000
Administrative expenses
447,200
423,200
Total operating expenses
$ 924,000
$ 941,200
Income from operations
$ 264,000
$ 196,800
Interest expense
65,600
39,200
Income before income taxes
$ 198,400
$ 157,600
Income taxes expense
62,400
56,800
Net income
$ 136,000
$ 100,800
Earnings per share
$3.40
$2.52
Sanborn Corporation
Comparative Balance Sheets
December 31, 20x8 and 20x7
20x8
20x7
Increase or Decrease
Amount
Percentage
Assets
Cash
$ 81,200
$ 40,800
Accounts ...
Ch02 P14 Build a Model Spring 1, 201372212Chapter 2. Ch 02 P14.docx
Ch02 P14 Build a Model Spring 1, 20137/22/12Chapter 2. Ch 02 P14 Build a ModelExcept for charts and answers that must be written, only Excel formulas that use cell references or functions will be accepted for credit. Numeric answers in cells will not be accepted.a. Cumberland Industries' most recent sales were $455,000,000; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $67,000,000; depreciation amounted to 10% of net fixed assets; interest expenses were $8,550,000; the state-plus-federal corporate tax rate was 40% and Cumberland paid 25% of its net income out in dividends. Given this information, construct Cumberland's income statement. Also calculate total dividends and the addition to retained earnings.The input information required for the problem is outlined in the "Key Input Data" section below. Using this data and the balance sheet above, we constructed the income statement shown below.Key Input Data for Cumberland Industries2010 (Thousands of dollars)Sales Revenue$455,000Expenses (excluding depreciation) as a percent of sales85.0%Net fixed assest$67,000Depr. as a % of net fixed assets10.0%Tax rate40.0%Interest expense$8,550Dividend Payout Ratio25%Cumberland Industries: Income Statement (Thousands of dollars)2010SalesOperating costs excluding depreciation EBITDADepreciation (Cumberland has no amortization charges) EBITInterest expense EBTTaxes (40%) Net incomeCommon dividendsAddition to retained earningsb. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $10,000,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity. Dollar value of common stock issued (in thousands of dollars)$10,000Cumberland Industries December 31 Balance Sheets(in thousands of dollars)20102009AssetsCash and cash equivalents$91,450$74,625Short-term investments11,40015,100Accounts Receivable108,47085,527Inventories38,45034,982 Total current assets$249,770$210,234 Net fixed assets67,00042,436Total assets$316,770$252,670Liabilities and equityAccounts payable$30,761$23,109Accruals30,40522,656Notes payable12,71714,217 Total current liabilities$73,883$59,982Long-term debt80,26363,914 Total liabilities$154,146$123,896Common stock$90,000Retained earnings38,774 Total common equity$128,774Total liabilities and equity$252,670Check for balancing (this should be zero):c. Construct the statement of cash flows for the most recent year. Statement of Cash Flows(in thousands of dollars)Operating ActivitiesNet IncomeAdjustments: Noncash adjustment: Depreciation Due to changes in working capital: Due to change in accounts receivable
Kenneth D. Jackson: An increase in accounts receivable from the pevious year to the current year reduces the net cash provided by operating activities
Due to change in inventories
Kenneth D. ...
Cash flow information Direct and indirect methodsThe comparat.docx
Cash flow information: Direct and indirect methods
The comparative year-end balance sheets of USA Graphics, Inc., revealed the following activity in the company's current accounts:
20X8
20X7
Increase / Decrease)
Current assets
Cash
$55,400
$35,200
$20,200
Accounts receivable (net)
83,800
88,000
-4,200
Inventory
243,400
233,800
9,600
Prepaid expenses
25,400
24,200
1,200
Current liabilities
Accounts payable
$123,600
$140,600
($17,000)
Taxes payable
43,600
49,200
-5,600
Interest payable
9,000
6,400
2,600
Accrued liabilities
38,800
60,400
-21,600
Note payable
44,000
—
44,000
The accounts payable were for the purchase of merchandise. Prepaid expenses and accrued liabilities relate to the firm's selling and administrative expenses. The company's condensed income statement follows.
USA GRAPHICS INC.
Income Statement
for the Year Ended December 31, 20X8
Sales
$691,800
Less: Cost of goods sold
223,000
Gross profit
$468,800
Less: Selling & administrative expenses
$177,000
Depreciation expense
18,000
Interest expense
27,000
222,000
Add: gain on sale of land
$246,800
18,800
Income before taxes
$265,600
Income taxes
38,300
Net income
$227,300
Other data:
1.
Long-term investments were purchased for cash at a cost of $64,200.
2.
Cash proceeds from the sale of land totaled $74,200.
3.
Store equipment of $34,000 was purchased by signing a short-term note payable. Also, a $140,000 telecommunications system was acquired by issuing 3,000 shares of preferred stock.
4.
A long-term note of $42,200 was repaid.
5.
Twenty thousand shares of common stock were issued at $5.19 per share.
6.
The company paid cash dividends amounting to $125,000.
Instructions:
a.
Prepare the operating activities section of the company's statement of cash flows, assuming use of:
1.
The direct method.
2.
The indirect method.
b.
Prepare the investing and financing activities sections of the statement of cash flows.
.
Recommended
Final Exam Take Home Problem (20 points)Based on the information p.docx
Final Exam Take Home Problem (20 points)
Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
Gulp-it-Down Coffee Co.
Comparative Balance Sheet
For the Year Ended December 31, 2012
2012
2011
Assets
Cash
140,000
160,000
Accounts Receivables
400,000
380,000
Inventory
480,000
420,000
Fixed Assets (net of accumulated Depreciation)
1,860,000
1,720,000
Less: Accumulated Depreciation
(1,000,000)
(900,000)
Total
1,880,000
1,780,000
Liabilities & Owner’s Equity
Accounts Payable
240,000
260,000
Accrued expense
120,000
100,000
Bonds Payable
780,000
720,000
Capital Stock
420,000
420,000
Retained Earnings
320,000
280,000
Total
1,880,000
1,780,000
Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year.
.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
PART C 1- Petra Corporation paid $500-000 for 80- of the outstanding.pdf
PART C
1- Petra Corporation paid $500,000 for 80% of the outstanding voting common stock of Sizable
Corporation on January 2, 2022 when the book value of Sizable's net assets was $460,000. The
fair values of Sizable's identifiable net assets were equal to their book values except as indicated
below.
Book Fair
Value Value
Inventories (sold in 2022) $80,000 $112,000
Buildings-net (15-year life) 200,000 170,000
Note Payable (paid in 2022) 20,000 21,250
Sizable reported net income of $75,000 during 2022; dividends of $35,000 were declared and
paid during the year. (10 Marks)
Required:
1. Prepare a schedule to allocate the fair value/book value differential to the specific identifiable
assets and liabilities.
2. Determine Petra's income from Sizable for 2022.
3. Determine the correct balance in the Investment in Sizable account as of December 31, 2022.
2- On December 31, 2021, Paladium International purchased 70% of the outstanding common
stock of Sennex Chemical. Paladium paid $140,000 for the shares and determined that the fair
value of all recorded Sennex assets and liabilities approximated their book values, with the
exception of a customer list that was not recorded and had a fair value of $10,000, and an
expected remaining useful life of 5 years. At the time of purchase, Sennex had stockholders'
equity consisting of capital stock amounting to $20,000 and retained earnings amounting to
$80,000. Any remaining excess fair value was attributed to goodwill. The separate financial
statements at December 31, 2022 appear in the first two columns of the consolidation
workpapers shown below. (10 Marks)
Required:
Complete the consolidation working papers for Paladium and Sennex for the year 2022.
Paladium
Sennex
Eliminations
Consolidated
Debit
Credit
INCOME STATEMENT Sales
331,900
48,000
Income of Sennex
9,100
Cost of Sales
(148,000)
(25,000)
Other Expenses
(72,000)
( 8,000)
Noncontrolling Interest Share
Net income
121,000
15,000
Retained Earnings 1/1
846,000
80,000
Add:Net income
121,000
15,000
Less: Dividends
(9,000)
(4,000)
Retained Earnings 12/31
958,000
91,000
BALANCE SHEET
Cash
135,000
64,000
Accounts Receivable-net
227,000
160,000
Inventories
316,000
86,000
Land
80,000
40,000
Equipment and Buildings-net
469,000
230,000
Investment in Sennex
146,300
Customer List
Goodwill
TOTAL ASSETS
1,373,300
580,000
LIAB. & EQUITY Accounts payable
305,300
469,000
Capital
Stock
110,000
20,000
Retained Earnings
958,000
91,000
1/1 Noncontrol.
Interest
12/31 Noncontrol. Int.
TOTAL LIAB. & EQUITY
1,373,300
580,000
Eliminations C onsolidated
Paladium S ennex
Debit Credit
INCOME STATEMENT Sales 331,900 48,000
Income of Sennex 9,100
Cost of Sales (148,000) ( 25,000)
Other Expenses (72,000) ( 8,000)
Noncontrolling Interest Share
Net income 121,000 15,000
Retained Earnings 1/1 846,000 80,000
Add:Net income 121,000 15,000
Less: Dividends (9,000) (4,000)
Retained Earnings 12/31 958,000 91,000
BALANCE SHEET
135,000 64,000
Cash
Accounts Receivable-net 227,000 160,000
Invento.
Assignment 08Accounting for ManagersDirections Unless otherwis.docx
Assignment 08
Accounting for Managers
Directions Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the "Assignment Format" page for specific format requirements.
Horizontal and Vertical Analysis
Sanborn Corporation’s condensed comparative income statements for 20x8 and 20x7 appear below. The corporation’s condensed comparative balance sheets for 20x8 and 20x7 appear on the next page.
Sanborn Corporation
Comparative Income Statements
For the Years Ended December 31, 20x8 and 20x7
(in thousands of dollars)
20x8
20x7
Net sales
$3,276,800
$3,146,400
Cost of goods sold
2,088,800
2,008,400
Gross margin
$1,188,000
$1,138,000
Operating expenses
Selling expenses
$ 476,800
$ 518,000
Administrative expenses
447,200
423,200
Total operating expenses
$ 924,000
$ 941,200
Income from operations
$ 264,000
$ 196,800
Interest expense
65,600
39,200
Income before income taxes
$ 198,400
$ 157,600
Income taxes expense
62,400
56,800
Net income
$ 136,000
$ 100,800
Earnings per share
$3.40
$2.52
Sanborn Corporation
Comparative Balance Sheets
December 31, 20x8 and 20x7
20x8
20x7
Assets
Cash
$ 81,200
$ 40,800
Accounts receivable (net)
235,600
229,200
Inventory
574,800
594,800
Property, plant, and
equipment (net)
750,000
720,000
Total assets
$1,641,600
$1,584,800
Liabilities and Stockholders' Equity
Accounts payable
$ 267,600
$ 477,200
Notes payable (short-term)
200,000
400,000
Bonds payable
400,000
—
Common stock, $10 par value
400,000
400,000
Retained earnings
374,000
307,600
Total liabilities and
stockholders' equity
$1,641,600
$1,584,800
1.
Prepare schedules showing the amount and percentage changes from 20x7 to 20x8 for the comparative income statements and the balance sheets. You may use the forms below. (40 points)
Sanborn Corporation
Comparative Income Statements
For the Years Ended December 31, 20x8 and 20x7
(in thousands of dollars)
20x8
20x7
Increase or Decrease
Amount
Percentage
Net sales
$3,276,800
$3,146,400
Cost of goods sold
2,088,800
2,008,400
Gross margin
$1,188,000
$1,138,000
Operating expenses
Selling expenses
$ 476,800
$ 518,000
Administrative expenses
447,200
423,200
Total operating expenses
$ 924,000
$ 941,200
Income from operations
$ 264,000
$ 196,800
Interest expense
65,600
39,200
Income before income taxes
$ 198,400
$ 157,600
Income taxes expense
62,400
56,800
Net income
$ 136,000
$ 100,800
Earnings per share
$3.40
$2.52
Sanborn Corporation
Comparative Balance Sheets
December 31, 20x8 and 20x7
20x8
20x7
Increase or Decrease
Amount
Percentage
Assets
Cash
$ 81,200
$ 40,800
Accounts ...
Ch02 P14 Build a Model Spring 1, 201372212Chapter 2. Ch 02 P14.docx
Ch02 P14 Build a Model Spring 1, 20137/22/12Chapter 2. Ch 02 P14 Build a ModelExcept for charts and answers that must be written, only Excel formulas that use cell references or functions will be accepted for credit. Numeric answers in cells will not be accepted.a. Cumberland Industries' most recent sales were $455,000,000; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $67,000,000; depreciation amounted to 10% of net fixed assets; interest expenses were $8,550,000; the state-plus-federal corporate tax rate was 40% and Cumberland paid 25% of its net income out in dividends. Given this information, construct Cumberland's income statement. Also calculate total dividends and the addition to retained earnings.The input information required for the problem is outlined in the "Key Input Data" section below. Using this data and the balance sheet above, we constructed the income statement shown below.Key Input Data for Cumberland Industries2010 (Thousands of dollars)Sales Revenue$455,000Expenses (excluding depreciation) as a percent of sales85.0%Net fixed assest$67,000Depr. as a % of net fixed assets10.0%Tax rate40.0%Interest expense$8,550Dividend Payout Ratio25%Cumberland Industries: Income Statement (Thousands of dollars)2010SalesOperating costs excluding depreciation EBITDADepreciation (Cumberland has no amortization charges) EBITInterest expense EBTTaxes (40%) Net incomeCommon dividendsAddition to retained earningsb. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $10,000,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity. Dollar value of common stock issued (in thousands of dollars)$10,000Cumberland Industries December 31 Balance Sheets(in thousands of dollars)20102009AssetsCash and cash equivalents$91,450$74,625Short-term investments11,40015,100Accounts Receivable108,47085,527Inventories38,45034,982 Total current assets$249,770$210,234 Net fixed assets67,00042,436Total assets$316,770$252,670Liabilities and equityAccounts payable$30,761$23,109Accruals30,40522,656Notes payable12,71714,217 Total current liabilities$73,883$59,982Long-term debt80,26363,914 Total liabilities$154,146$123,896Common stock$90,000Retained earnings38,774 Total common equity$128,774Total liabilities and equity$252,670Check for balancing (this should be zero):c. Construct the statement of cash flows for the most recent year. Statement of Cash Flows(in thousands of dollars)Operating ActivitiesNet IncomeAdjustments: Noncash adjustment: Depreciation Due to changes in working capital: Due to change in accounts receivable
Kenneth D. Jackson: An increase in accounts receivable from the pevious year to the current year reduces the net cash provided by operating activities
Due to change in inventories
Kenneth D. ...
Cash flow information Direct and indirect methodsThe comparat.docx
Cash flow information: Direct and indirect methods
The comparative year-end balance sheets of USA Graphics, Inc., revealed the following activity in the company's current accounts:
20X8
20X7
Increase / Decrease)
Current assets
Cash
$55,400
$35,200
$20,200
Accounts receivable (net)
83,800
88,000
-4,200
Inventory
243,400
233,800
9,600
Prepaid expenses
25,400
24,200
1,200
Current liabilities
Accounts payable
$123,600
$140,600
($17,000)
Taxes payable
43,600
49,200
-5,600
Interest payable
9,000
6,400
2,600
Accrued liabilities
38,800
60,400
-21,600
Note payable
44,000
—
44,000
The accounts payable were for the purchase of merchandise. Prepaid expenses and accrued liabilities relate to the firm's selling and administrative expenses. The company's condensed income statement follows.
USA GRAPHICS INC.
Income Statement
for the Year Ended December 31, 20X8
Sales
$691,800
Less: Cost of goods sold
223,000
Gross profit
$468,800
Less: Selling & administrative expenses
$177,000
Depreciation expense
18,000
Interest expense
27,000
222,000
Add: gain on sale of land
$246,800
18,800
Income before taxes
$265,600
Income taxes
38,300
Net income
$227,300
Other data:
1.
Long-term investments were purchased for cash at a cost of $64,200.
2.
Cash proceeds from the sale of land totaled $74,200.
3.
Store equipment of $34,000 was purchased by signing a short-term note payable. Also, a $140,000 telecommunications system was acquired by issuing 3,000 shares of preferred stock.
4.
A long-term note of $42,200 was repaid.
5.
Twenty thousand shares of common stock were issued at $5.19 per share.
6.
The company paid cash dividends amounting to $125,000.
Instructions:
a.
Prepare the operating activities section of the company's statement of cash flows, assuming use of:
1.
The direct method.
2.
The indirect method.
b.
Prepare the investing and financing activities sections of the statement of cash flows.
.
Exam 061684RR - THE IMPACT OF MANAGEMENT Questions 1 to 20 S.docx
Exam: 061684RR - THE IMPACT OF MANAGEMENT
Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer.
1. Brittman Corporation makes three products that use the current constraint-a particular type of machine. Data concerning those products appear below:
IP
NI
YD
Selling price per unit
$183.57
$207.74
$348.15
Variable cost per unit
$144.42
$155.04
$269.50
Minutes on the constraint
2.90
3.40
5.50
Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource?
A. $39.15 per unit
B. $15.50 per minute
C. $78.65 per unit
D. $13.50 per minute
2. A project profitability index greater than zero for a project indicates that
A. there has been a calculation error.
B. the project is unattractive and shouldn't be pursued.
C. the company should reevaluate its discount rate.
D. the discount rate is less than the internal rate of return.
3. A company's current ratio and acid-test ratios are both greater than 1. If obsolete inventory is written off, this would
A. decrease the current ratio.
B. increase net working capital.
C. decrease the acid-test ratio.
D. increase the acid-test ratio.
Use the following information to answer this question.
Financial statements for Larkins Company appear below:
Larkins Company
Statement of Financial Position
December 31, Year 2 and Year 1
(dollars in thousands)
Year 2 Year 1
Current assets:
Cash and marketable securities $180 $180
Accounts receivable, net 210 180
Inventory 130 120
Prepaid expenses 5050
Total current assets 570 530
Noncurrent assets:
Plant & equipment, net 1,540 1,480
Total assets $2,110 $2,010
Current liabilities:
Accounts payable $100 $130
Accrued liabilities 60 60
Notes payable, short term 90120
Total current liabilities 250 310
Noncurrent liabilities:
Bonds payable 480500
Total liabilities 730810
Stockholders' equity:
Preferred stock, $20 par, 10% 120 120
Common stock, $10 par 180 180
Additional paid-in capital--common stock 240 240
Retained earnings 840660
Total stockholders' equity 1,3801,200
Total liabilities & stockholders' equity $2,110 $2,010
Larkins Company
Income Statement
For the Year Ended December 31, Year 2
(dollars in thousands)
Sales (all on account) $2,760
Cost of goods sold 1,930
Gross margin 830
Selling and administrative expense 330
Net operating income 500
Interest expense 50
Net income before taxes 450
Income taxes (30%)
135
$315
Net income
Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.
4. Larkins Company's dividend payout ...
Exercise 18-1Financial information for Sinead Inc. is pr.docx
Exercise 18-1
Financial information for Sinead Inc. is presented below.
December 31, 2013
December 31, 2012
Current assets
$123,920
$100,970
Plant assets (net)
394,340
328,550
Current liabilities
89,510
70,740
Long-term liabilities
129,370
87,560
Common stock, $1 par
166,530
116,400
Retained earnings
132,850
154,820
Prepare a schedule showing a horizontal analysis for 2013 using 2012 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)
SINEAD INC.
Condensed Balance Sheets
December 31
Increase or (Decrease)
2013
2012
Amount
Percentage
Assets
Current Assets
$123,920
$100,970
$
%
Plant Assets (net)
394,340
328,550
%
Total assets
$518,260
$429,520
$
%
Liabilities
Current Liabilities
$89,510
$70,740
$
%
Long-term Liabilities
129,370
87,560
%
Total liabilities
218,880
158,300
%
Stockholders' Equity
Common Stock, $1 par
166,530
116,400
%
Retained Earnings
132,850
154,820
%
Total stockholders' equity
299,380
271,220
%
Total liabilities and stockholders' equity
$518,260
$429,520
$
%
Exercise 18-2
Operating data for Krystal Corporation are presented below.
2013
2012
Net sales
$747,550
$596,800
Cost of goods sold
466,890
393,490
Selling expenses
123,640
70,370
Administrative expenses
56,450
54,540
Income tax expense
30,120
25,260
Net income
70,450
53,140
Prepare a schedule showing a vertical analysis for 2013 and 2012. (Round all answers to 1 decimal place, e.g. 48.5%.)
KRYSTAL CORPORATION
Condensed Income Statements
For the Years Ended December 31
2013
2012
Amount
Percent
Amount
Percent
Net sales
$747,550
%
$596,800
%
Cost of goods sold
466,890
%
393,490
%
Gross margin
280,660
%
203,310
%
Selling expenses
123,640
%
70,370
%
Administrative expenses
56,450
%
54,540
%
Total operating expenses
180,090
%
124,910
%
Income before income taxes
100,570
%
78,400
%
Income taxes expense
30,120
%
25,260
%
Net income
$70,450
%
$53,140
%
Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below. All balance sheet data are as of December 31, 2013, and December 31, 2012.
Lionel Company
Barrymore Company
2013
2012
2013
2012
Net sales
$1,576,018
$339,804
Cost of goods sold
1,008,289
240,939
Operating expenses
300,593
78,336
Interest expense
8,640
2,920
Income tax expense
54,924
6,370
Current assets
320,222
$314,105
83,452
$ 78,542
Plant assets (net)
519,420
498,249
139,245
125,702
Current liabilities
64,200
74,053
34,295
28,136
Long-term liabilities
107,950
90,407
28,915
25,879
Common stock, $10 par
496,000
496,000
120,000
120,000
Retained earnings
171,492
151,894
39,487
30,229
Warning
Don't show me this message again for the assi ...
Question 3Q=50,000 - (25 P)FC=2,750,000VC=200unitTC=FC+VCTVC=VC.docx
Question 3Q=50,000 - (25 * P)FC=2,750,000VC=200/unitTC=FC+VCTVC=VC/unit * # of Units ProducedTC=$2,750,000 + 200QQ=50,000 - (25 * P)25P=50,000-QP=(50,000/25) - (1Q/25)P=2000 - 0.04QTR=P * QTR=(2000 - 0.04Q) * QTR=2000Q-0.04Q2MR=dTR=2000 - 0.08QdQMC=dTC=200dQMR = MC at profit maximizing levelQ2000 - 0.08Q = 200Q0.08Q = 2000 - 200Q0.08Q = 1800Q1800/0.08 = 25,500Q=25,500P=2000 - 0.04QP=2000 - 0.04 (22,500)P=2000 - 900P=$1,100AC=TC/QTC=$2,750,000 + 200 (22,500)TC=$2,750,000 + 4,500,000TC=7,250,000AC=MCAC=$200Profit=TR - TCTR=P * QTR=$1,100 * 22,500TR=24,750,000.00Profit=24,750,000 - 7,250,000Profit=17,500,000====
Question 4Impacts of the ransactions on the major financial statementsStatement of cash flowsCash flows from operating activitiesRevenuesDiscount on goods$ (800,000.00)Total operating cash inflowsCash flows from investing activitiesIncrease in the value ofProperty, Plant, and Equipment$ 2,100,000.00Net flow from other non operating activitiesDecrease in accounts receivable$ (1,500,000.00)Total cash flows $ (200,000.00)Income statementRevenues$ (800,000.00)ExpensesBad debt expense$ 1,500,000.00Gross profit$ (2,300,000.00)Add: Income from non-operating activities$ 2,100,000.00Net income$ (200,000.00)Balance sheetsCurrent assetsLiabilities and stockholders equityCash$ 2,100,000.00Dividends & retained earnings$ 2,100,000.00$ (800,000.00)Less:$ (1,500,000.00)Net change in cash$ 1,300,000.00$ (800,000.00)Accounts receivable$ (1,500,000.00)Change in the Total assets$ (200,000.00)Change in stockholders equity$ (200,000.00)A write-off of an Accounts Receivable amount of $1.5 millionThis reduces the accounts receivable in the balance sheet by $1.5 million.In the income statement, the operating expense (bad debts expense increases by $1.5 million) thus decreasing the net income by the same amount.In the statement of cash flows, the change in the accounts receivable decreases by $1. millionProperty, Plant, and Equipment asset valued at $5 million for cash, which generated a profit of $2.1 million.Cash flow from the sale of property, plant and equipmet increases in the statement of cash flows by $2.1 millionIncome from non operating activities increases by $2.1 million Cash in the balance sheet will increase by $2.1 millionIPS gave a 10% discount to a customerThe revenues in the income statement will decrease by $0.8 millionCash in the balance sheet statement will decrease by $0.8 millionIn the statement of cash flows, the net income will decrease by $0.8 million
AMD Income StatementConsolidated Statements of Operations - USD ($) shares in Millions, $ in Millions12 Months EndedDec. 31, 2016Dec. 26, 2015Dec. 27, 2014Income Statement [Abstract]Net revenue$4,272$3,991$5,506Cost of sales3,2742,9113,667Gross margin9981,0801,839Research and development1,0089471,072Marketing, general and administrative460482604Amortization of acquired intangible assets0314Restructuring and other special charges, net-1012971Licensing gain- ...
The comparative balance sheet of Iglesias Inc for December .pdf
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as
follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$186,000.00
$180,000.00
4
Accounts receivable (net)
540,000.00
480,000.00
5
Inventories
924,000.00
900,000.00
6
Investments
0.00
120,000.00
7
Land
600,000.00
0.00
8
Equipment
1,680,000.00
1,440,000.00
9
Accumulated depreciation-equipment
(720,000.00)
(600,000.00)
10
Total assets
$3,210,000.00
$2,520,000.00
11
Liabilities and Stockholders Equity
12
Accounts payable
$408,000.00
$360,000.00
13
Accrued expenses payable
54,000.00
60,000.00
14
Dividends payable
36,000.00
30,000.00
15
Common stock, $4 par
840,000.00
720,000.00
16
Excess of paid-in capital over par
240,000.00
210,000.00
17
Retained earnings
1,632,000.00
1,140,000.00
18
Total liabilities and stockholders equity
$3,210,000.00
$2,520,000.00
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as
follows:
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used
for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use
the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each
section, if required.
Statement of Cash Flows Shaded cells have feedback. 1. Cash flows from (used for) operating
activities: 2 Net income 3 Adjustments to reconcile net income to net cash flows from operating
activitie: 12 Cash flows from (used for) irnesting activities:.
AnsConsolidated financial statements are the aggregated or combin.pdf
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Consolidated income statement
For the year ended 31/12/2020
Particulars
P
S
Total
Revenue:
Sales
2,804,200
2,100,000
4,904,200
Royalties
210,000
--
210,000
Dividends
100,800
--
100,800
3,115,000
2,100,000
5,215,000
Expenses:
Cost of sales
1,680,000
1,260,000
2,940,000
Other
784,000
575,400
1,359,400
2,464,000
1,835,400
4,299,400
Net income
651,000
264,600
915,600
Retained earnings statement
For the year ended 31/12/2020
P
S
Total
Opening retained earnings
3,353,000
897,400
4,250,400
Net income
651,000
264,600
915,600
Dividends declared
(420,000)
(126,000)
(546,000)
Closing retained earnings
3,584,000
1,036,000
4,620,000
Figures are added. P + S = Total.
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Solution
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,00.
Anexo practica-pares
Práctica individual con evaluación entre pares curso Información financiera y su análisis edX
Balance SheetCompany ABC, Inc,Balance SheetAs of12311312311212.docx
Balance SheetCompany ABC, Inc,Balance SheetAs of12/31/1312/31/1212/31/1112/31/10AssetsCurrent AssetsCash And Cash Equivalents1,587,0001,670,000906,0001,156,000Short Term Investments61,00049,00052,00064,000Net Receivables2,027,0001,899,0001,821,0001,858,000Inventory2,634,0002,486,0002,502,0002,119,000Other Current Assets271,000277,000350,000250,000Total Current Assets6,580,0006,381,0005,631,0005,447,000Property Plant and Equipment486,000528,000484,000508,000Long Term Investments120,000113,00099,000101,000Goodwill1,204,0001,281,0001,553,0001,539,000Total Assets8,390,0008,303,0007,767,0007,595,000LiabilitiesCurrent LiabilitiesAccounts Payable1,825,0001,790,0001,887,0001,694,000Short/Current Long Term Debt1,347,0001,505,0001,291,0001,621,000Other Current Liabilities1,265,0001,033,0001,017,0001,310,000Total Current Liabilities4,437,0004,328,0004,195,0004,625,000Long Term Debt653,0001,207,000991,0001,342,000Total Liabilities5,090,0005,535,0005,186,0005,967,000Stockholders' EquityCommon Stock209,000209,000209,000931,000Retained Earnings2,761,0001,905,0001,577,000535,000Treasury Stock321,000641,000791,000159,000Capital Surplus9,00013,0004,0003,000Total Stockholder Equity3,300,0002,768,0002,581,0001,628,000Total Liabilities and Equity8,390,0008,303,0007,767,0007,595,000
BS - HorizontalCompany ABC, Inc,Balance SheetAs of12/31/1312/31/1212/31/1112/31/10AssetsCurrent AssetsCash And Cash Equivalents137.28%144.46%78.37%100.00%Short Term Investments95.31%76.56%81.25%100.00%Net Receivables109.10%102.21%98.01%100.00%Inventory124.30%117.32%118.07%100.00%Other Current Assets108.40%110.80%140.00%100.00%Total Current Assets120.80%117.15%103.38%100.00%Property Plant and Equipment95.67%103.94%95.28%100.00%Long Term Investments118.81%111.88%98.02%100.00%Goodwill78.23%83.24%100.91%100.00%Total Assets110.47%109.32%102.26%100.00%LiabilitiesCurrent LiabilitiesAccounts Payable107.73%105.67%111.39%100.00%Short/Current Long Term Debt83.10%92.84%79.64%100.00%Other Current Liabilities96.56%78.85%77.63%100.00%Total Current Liabilities95.94%93.58%90.70%100.00%Long Term Debt48.66%89.94%73.85%100.00%Total Liabilities85.30%92.76%86.91%100.00%Stockholders' EquityCommon Stock22.45%22.45%22.45%100.00%Retained Earnings516.07%356.07%294.77%100.00%Treasury Stock201.89%403.14%497.48%100.00%Capital Surplus300.00%433.33%133.33%100.00%Total Stockholder Equity202.70%170.02%158.54%100.00%Total Liabilities and Equity110.47%109.32%102.26%100.00%
Income StatementCompany ABC, Inc,Income StatementFor the year ending12/31/1312/31/1212/31/1112/31/10Total Revenue14,492,00014,883,00013,322,00011,990,000Cost of Goods Sold7,352,0007,780,0006,993,0006,260,000Gross Profit7,140,0007,103,0006,329,0005,730,000Operating Expenses1,825,0001,790,0001,887,0001,694,000Research Development1,347,0001,505,0001,291,000621,000Selling General and Administrative1,265,0001,033,0001,017,0001,310,000Interest Expense134,000120,00087,00014,000Other Expenses145,0001,450,000234,0001,344,000Total Operating Expenses4,716,0005,89 ...
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
...
Problems Problem 14-4AFinancial information for Ernie Bisho.docx
Problems:
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 137,900
$ 128,050
Short-term investments
102,440
78,800
Receivables (net)
193,060
157,600
Inventory
246,250
265,950
Prepaid expenses
57,130
45,310
Land
256,100
256,100
Building and equipment (net)
330,960
344,750
$1,323,840
$1,276,560
Liabilities and Stockholders’ Equity
Notes payable
$197,000
197,000
Accounts payable
94,560
82,740
Accrued liabilities
86,680
78,800
Bonds payable, due 2016
295,500
295,500
Common stock, $10 par
394,000
394,000
Retained earnings
256,100
228,520
$1,323,840
$1,276,560
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$1,690,260
$1,572,060
Cost of goods sold
1,203,670
1,132,750
Gross profit
486,590
439,310
Operating expenses
402,865
356,570
Net income
$ 83,725
$ 82,740
Additional information:
1.
Inventory at the beginning of 2012 was $232,460.
2.
Total assets at the beginning of 2012 were $1,245,040.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $173,360.
(a) Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
:1
:1
Acid-test
:1
:1
Receivables turnover
times
times
Inventory turnover
times
times
PROFITABILITY
Profit margin
%
%
Asset turnover
times
times
Return on assets
%
%
Earnings per share
$
$
(b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $98,500. Total assets on December 31, 2014, were $1,379,000.
Situation
Ratio
(1)
35,460 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $18 on December 31, 2013, and $24.63 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
%
%
Debt to total assets
%
%
Price-earnings ratio
times
times
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Problem 14-6A
The comparative statements of Beulah Company are presented below.
BEULAH COMPANY
Income Statement
For the Years Ended December 31
2014
2013
Net sales (all on account)
$501,000
...
ABC Companys current financial information (beforewithout expansio.docx
ABC Company's current financial information (before/without expansion)
Dec. 31,20X2 Dec. 31,20X1
Cash $50,000 $70,000
Accounts receivable (net) $120,000 $180,000
Merchandise inventory $350,000 $280,000
Property plant, & equipment $400,000 $300,000
Less: Accumulated depreciation $(170,000) $(100,000)
Total assets $750,000 $730,000
Accounts payable $250,000 $210,000
Income taxes payable $40,000 $10,000
Common stock $240,000 $240,000
Retained earnings $220,000 $270,000
Total liabilities & stock, equity $750,000 $730,000
The firm's accrual-basis income statement revealed the following data:
Sales $1,200,000
Cost of goods sold $800,000
selling and administrative expenses $250,000
Depreciation expense $70,000
Income taxes $30,000
Dividends declared and paid during 19X2 $100,000
ABC purchased $100,000 of equipment for cash on August 14.
(There was no interest expense.)
.
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 127,664
$ 76,472
Accounts receivable
138,724
60,040
Inventory
177,750
162,503
Prepaid expenses
44,872
41,080
Long-term investments
218,040
172,220
Plant assets
450,300
383,150
Accumulated depreciation
(79,000
)
(82,160
)
Total
$1,078,350
$813,305
Liabilities and Stockholders’ Equity
Accounts payable
$ 161,160
$ 106,334
Accrued expenses payable
26,070
33,180
Bonds payable
173,800
230,680
Common stock
347,600
276,500
Retained earnings
369,720
166,611
Total
$1,078,350
$813,305
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$613,767
Less:
Cost of goods sold
$214,027
Operating expenses, excluding depreciation
19,608
Depreciation expense
73,470
Income tax expense
43,102
Interest expense
7,473
Loss on disposal of plant assets
11,850
369,530
Net income
$ 244,237
Additional information:
1.
New plant assets costing $158,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $41,128 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
...
Conversion worksheetGreen shaded cells are from Chapter 5 financia.docx
Conversion worksheetGreen shaded cells are from Chapter 5 financial StatementsEnter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equityRefr. Account TitlesDebitsCreditsGov'tal Fund Balances Adjustments & EliminationsGovern-mental Funds AdjustedInternal Service FundsBalances for Gov't-wide StmtsDebitsCreditsDebitsCreditsACapital asset64,200,000DEBITS:Accumulated Depreciation28,700,000Cash657,720657,72035,000692,720Net Position35,500,000Cash with Fiscal Agent928,000928,000928,000Investments259,000259,000259,000BCapital asset5,823,100Taxes Receivable, net262,000262,000262,000Capital Outlay Expenditures5,823,100Interest Receivable, net16,85016,85016,850Inventories-37,54037,540CDepreciation Expense4,900,000Due from State Govt.559,000559,000559,000Accumulated Depreciation4,900,000Due from Other Funds-11,200(3,200)14,400Capital Assets64,200,00070,023,10078,40070,101,500DProceeds of bonds4,000,000 both rows5,823,100Other Financing sources- premium on bonds200,000--Bonds payable4,000,000Expenditures (expenses) Current-Premium on bonds200,000 General Govt.1,646,9001,646,900(1,240)1,648,140 Public Safety3,026,9003,026,9003,026,900ENet position12,000,000 Highway and Streets2,481,9002,481,9002,481,900Bonds payable12,000,000 Sanitation591,400591,400591,400 Health724,100724,100724,100FBonds payable800,000 Welfare374,300374,300374,300Bonds Principal800,000 Culture and Recreation917,300917,300917,300Compensated Absences Exp42,00042,00042,000GInterest Expense328,000Other Expenditures (expenses)--Accrued Interest Payable328,000 - Debt Service Principal800,000(800,000)1,600,0001,600,000 - Interest (expenditure/expense)514,000328,000(180,000)1,032,0001,032,000HNet position180,000 both rows(10,000)Interest Expense180,000 - Capital Outlay5,823,100(5,823,100)11,646,20011,646,200 - Depreciation4,900,0004,900,0004,900,000IBonds Payable10,000Other Fin. Uses - Transfers Out1,871,7001,871,700(1,871,700)3,743,400Interest Expense10,000-Total Debits21,454,170105,598,650JDeferred Revenues10,500CREDITS:Revenues- Property Taxes10,500Accounts Payable326,800326,800(19,400)307,400Due to Other Funds40,20040,2003,20037,000KRevenues- Property Taxes21,000Accrued Interest Payable(328,000)(328,000)(328,000)Net Position21,000Bonds Payalbe(12,000,000) both rows800,000(4,000,000)(16,800,000)(16,800,000)LCompensated Absenese Expense42,000Premium on Bonds10,000(200,000)(210,000)(210,000)Compensated Absences Payable42,000Compensated Absence Payable(42,000)(42,000)(42,000)Advance from Water Utility Fund-(15,000)(15,000)MCash35,000Deferred Inflows: Property Taxes10,50010,500-(15,000)Due from Other Funds11,200Accumulated Depreciation(28,700,000)Inventories37,540 both rows(4,900,000)(33,600,000)(33,600,000)Capital assets78,400Revenues-Accounts Payable19,400Property Taxes6,657,50021,000(10,500)6,626,0006,626,000Advance from Water Utility Fund15,000Sales .
Question 1 Your answer is correct. Indicate whether each o.docx
Question 1
Your answer is correct.
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
True
2.
The liability of stockholders is normally limited to their investment in the corporation.
True
3.
The relative lack of government regulation is an advantage of the corporate form of business.
False
4.
There is no journal entry to record the authorization of capital stock.
True
5.
No-par value stock is quite rare today.
False
Question 2
Your answer is correct.
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
103,320
Capital Stock
103,320
(Issued 7,380 shares of $11 par value common stock at $14 per share)
10
Cash
736,170
Capital Stock
736,170
(Issued 13,890 shares of $19 par value preferred stock at $53 per share)
15
Capital Stock
7,800
Cash
7,800
(Purchased 600 shares of common stock for the treasury at $13 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 2
Cash
103320
Common Stock
81180
Paid-in Capital in Excess of Par Value-Common Stock
22140
May 10
Cash
736170
Preferred Stock
263910
Paid-in Capital in Excess of Par Value-Preferred Stock
472260
May 15
Treasury Stock
7800
Cash
7800
Question 3
Your answer is correct.
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $787,200 and retained earnings $424,200.
Pele is considering the following two courses of action:
(1)
Declaring a 6% stock dividend on the 98,400 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $18 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$ 787200
$ 893472
$ 787200
Retained earnings
424200
317928
424200
Total stockholders’ equity
$ 1211400
$ 1211400
$ 1211400
Outstanding shares
98400
104304
196800
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position. (N ...
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.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)
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
178,704
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
CURRE.
The speed control of an induction motor has input signals defined as.pdf
The speed control of an induction motor has input signals defined as error E and change in error
CE and the output control signal as DU. If the input signals are defined by the fuzzy sets
Z=ZERO,PS=POSITIVE SMALL, PM= POSITVE MEDIUM, PB=POSITIVE BIG,
NS=NEGATIVE SMALL, NM =NEGATIVE MEDIUM, NB= NEGATIVE BIG PVS=POSIVE
VERY SMALL, NVS=NEVATIVE VERY SMALL If there are seven membership functions
(MFS) for e (pn) and another seven (MFS) for Ce (pn) and seven (MFS) for the output du, Then.
i. Draw an appropriate Fuzzy Associative matrix (FAM) to represents e, ce and du. ii. Draw
triangular fuzzy sets for error e (pu), change in error ce (pu) and the output du..
The Smith manufacturing company has estimated the following componen.pdf
The Smith manufacturing company has estimated the following components for a new product.
Fixed cost = $47,500 Material cost per unit = $3.27 Labor cost per unit = $2.55 Price per unit =
$7.87
PLEASE HELP ME WITH THIS
Implement an Excel spreadsheet model to show the resulting profit if the company decides to
make 20,000 units of the new product? Name this sheet as Basic Model. [20].
The Scientific Revolution led directly to the cultural period that f.pdf
The Scientific Revolution led directly to the cultural period that followed--the Age of
Enlightenment. During this period, people outside the disciplines of science began to realize that
just as scientific methodology helped Kepler and Newton discover "natural laws" which govern
the physical universe, the same methodology can and should be applied to all other aspects of
life, such as economic and political theories, and to the improvement of human society in
general. We are still living with the consequences of that way of thinking to this very day. For
example, because of the emphasis on scientific thinking in our culture, many people tend to view
morality as absolute/universal/unchanging, and therefore, we leave it to a court of law--the
Supreme Court--to decide an issue that some people may consider to be better left to individuals
to decide for themselves based on their personal moral code, which is often based on his/her
religious beliefs. Discuss this idea by thinking of an example of an issue that exists in our society
today that has been ruled on by a court of law, but is not agreed upon and accepted by everyone
because of differing moral codes. Provide the name and date of the ruling. (Example: Miranda
vs. Arizona, June 13, 1966).
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Exam 061684RR - THE IMPACT OF MANAGEMENT Questions 1 to 20 S.docx
Exam: 061684RR - THE IMPACT OF MANAGEMENT
Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer.
1. Brittman Corporation makes three products that use the current constraint-a particular type of machine. Data concerning those products appear below:
IP
NI
YD
Selling price per unit
$183.57
$207.74
$348.15
Variable cost per unit
$144.42
$155.04
$269.50
Minutes on the constraint
2.90
3.40
5.50
Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource?
A. $39.15 per unit
B. $15.50 per minute
C. $78.65 per unit
D. $13.50 per minute
2. A project profitability index greater than zero for a project indicates that
A. there has been a calculation error.
B. the project is unattractive and shouldn't be pursued.
C. the company should reevaluate its discount rate.
D. the discount rate is less than the internal rate of return.
3. A company's current ratio and acid-test ratios are both greater than 1. If obsolete inventory is written off, this would
A. decrease the current ratio.
B. increase net working capital.
C. decrease the acid-test ratio.
D. increase the acid-test ratio.
Use the following information to answer this question.
Financial statements for Larkins Company appear below:
Larkins Company
Statement of Financial Position
December 31, Year 2 and Year 1
(dollars in thousands)
Year 2 Year 1
Current assets:
Cash and marketable securities $180 $180
Accounts receivable, net 210 180
Inventory 130 120
Prepaid expenses 5050
Total current assets 570 530
Noncurrent assets:
Plant & equipment, net 1,540 1,480
Total assets $2,110 $2,010
Current liabilities:
Accounts payable $100 $130
Accrued liabilities 60 60
Notes payable, short term 90120
Total current liabilities 250 310
Noncurrent liabilities:
Bonds payable 480500
Total liabilities 730810
Stockholders' equity:
Preferred stock, $20 par, 10% 120 120
Common stock, $10 par 180 180
Additional paid-in capital--common stock 240 240
Retained earnings 840660
Total stockholders' equity 1,3801,200
Total liabilities & stockholders' equity $2,110 $2,010
Larkins Company
Income Statement
For the Year Ended December 31, Year 2
(dollars in thousands)
Sales (all on account) $2,760
Cost of goods sold 1,930
Gross margin 830
Selling and administrative expense 330
Net operating income 500
Interest expense 50
Net income before taxes 450
Income taxes (30%)
135
$315
Net income
Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.
4. Larkins Company's dividend payout ...
Exercise 18-1Financial information for Sinead Inc. is pr.docx
Exercise 18-1
Financial information for Sinead Inc. is presented below.
December 31, 2013
December 31, 2012
Current assets
$123,920
$100,970
Plant assets (net)
394,340
328,550
Current liabilities
89,510
70,740
Long-term liabilities
129,370
87,560
Common stock, $1 par
166,530
116,400
Retained earnings
132,850
154,820
Prepare a schedule showing a horizontal analysis for 2013 using 2012 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)
SINEAD INC.
Condensed Balance Sheets
December 31
Increase or (Decrease)
2013
2012
Amount
Percentage
Assets
Current Assets
$123,920
$100,970
$
%
Plant Assets (net)
394,340
328,550
%
Total assets
$518,260
$429,520
$
%
Liabilities
Current Liabilities
$89,510
$70,740
$
%
Long-term Liabilities
129,370
87,560
%
Total liabilities
218,880
158,300
%
Stockholders' Equity
Common Stock, $1 par
166,530
116,400
%
Retained Earnings
132,850
154,820
%
Total stockholders' equity
299,380
271,220
%
Total liabilities and stockholders' equity
$518,260
$429,520
$
%
Exercise 18-2
Operating data for Krystal Corporation are presented below.
2013
2012
Net sales
$747,550
$596,800
Cost of goods sold
466,890
393,490
Selling expenses
123,640
70,370
Administrative expenses
56,450
54,540
Income tax expense
30,120
25,260
Net income
70,450
53,140
Prepare a schedule showing a vertical analysis for 2013 and 2012. (Round all answers to 1 decimal place, e.g. 48.5%.)
KRYSTAL CORPORATION
Condensed Income Statements
For the Years Ended December 31
2013
2012
Amount
Percent
Amount
Percent
Net sales
$747,550
%
$596,800
%
Cost of goods sold
466,890
%
393,490
%
Gross margin
280,660
%
203,310
%
Selling expenses
123,640
%
70,370
%
Administrative expenses
56,450
%
54,540
%
Total operating expenses
180,090
%
124,910
%
Income before income taxes
100,570
%
78,400
%
Income taxes expense
30,120
%
25,260
%
Net income
$70,450
%
$53,140
%
Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below. All balance sheet data are as of December 31, 2013, and December 31, 2012.
Lionel Company
Barrymore Company
2013
2012
2013
2012
Net sales
$1,576,018
$339,804
Cost of goods sold
1,008,289
240,939
Operating expenses
300,593
78,336
Interest expense
8,640
2,920
Income tax expense
54,924
6,370
Current assets
320,222
$314,105
83,452
$ 78,542
Plant assets (net)
519,420
498,249
139,245
125,702
Current liabilities
64,200
74,053
34,295
28,136
Long-term liabilities
107,950
90,407
28,915
25,879
Common stock, $10 par
496,000
496,000
120,000
120,000
Retained earnings
171,492
151,894
39,487
30,229
Warning
Don't show me this message again for the assi ...
Question 3Q=50,000 - (25 P)FC=2,750,000VC=200unitTC=FC+VCTVC=VC.docx
Question 3Q=50,000 - (25 * P)FC=2,750,000VC=200/unitTC=FC+VCTVC=VC/unit * # of Units ProducedTC=$2,750,000 + 200QQ=50,000 - (25 * P)25P=50,000-QP=(50,000/25) - (1Q/25)P=2000 - 0.04QTR=P * QTR=(2000 - 0.04Q) * QTR=2000Q-0.04Q2MR=dTR=2000 - 0.08QdQMC=dTC=200dQMR = MC at profit maximizing levelQ2000 - 0.08Q = 200Q0.08Q = 2000 - 200Q0.08Q = 1800Q1800/0.08 = 25,500Q=25,500P=2000 - 0.04QP=2000 - 0.04 (22,500)P=2000 - 900P=$1,100AC=TC/QTC=$2,750,000 + 200 (22,500)TC=$2,750,000 + 4,500,000TC=7,250,000AC=MCAC=$200Profit=TR - TCTR=P * QTR=$1,100 * 22,500TR=24,750,000.00Profit=24,750,000 - 7,250,000Profit=17,500,000====
Question 4Impacts of the ransactions on the major financial statementsStatement of cash flowsCash flows from operating activitiesRevenuesDiscount on goods$ (800,000.00)Total operating cash inflowsCash flows from investing activitiesIncrease in the value ofProperty, Plant, and Equipment$ 2,100,000.00Net flow from other non operating activitiesDecrease in accounts receivable$ (1,500,000.00)Total cash flows $ (200,000.00)Income statementRevenues$ (800,000.00)ExpensesBad debt expense$ 1,500,000.00Gross profit$ (2,300,000.00)Add: Income from non-operating activities$ 2,100,000.00Net income$ (200,000.00)Balance sheetsCurrent assetsLiabilities and stockholders equityCash$ 2,100,000.00Dividends & retained earnings$ 2,100,000.00$ (800,000.00)Less:$ (1,500,000.00)Net change in cash$ 1,300,000.00$ (800,000.00)Accounts receivable$ (1,500,000.00)Change in the Total assets$ (200,000.00)Change in stockholders equity$ (200,000.00)A write-off of an Accounts Receivable amount of $1.5 millionThis reduces the accounts receivable in the balance sheet by $1.5 million.In the income statement, the operating expense (bad debts expense increases by $1.5 million) thus decreasing the net income by the same amount.In the statement of cash flows, the change in the accounts receivable decreases by $1. millionProperty, Plant, and Equipment asset valued at $5 million for cash, which generated a profit of $2.1 million.Cash flow from the sale of property, plant and equipmet increases in the statement of cash flows by $2.1 millionIncome from non operating activities increases by $2.1 million Cash in the balance sheet will increase by $2.1 millionIPS gave a 10% discount to a customerThe revenues in the income statement will decrease by $0.8 millionCash in the balance sheet statement will decrease by $0.8 millionIn the statement of cash flows, the net income will decrease by $0.8 million
AMD Income StatementConsolidated Statements of Operations - USD ($) shares in Millions, $ in Millions12 Months EndedDec. 31, 2016Dec. 26, 2015Dec. 27, 2014Income Statement [Abstract]Net revenue$4,272$3,991$5,506Cost of sales3,2742,9113,667Gross margin9981,0801,839Research and development1,0089471,072Marketing, general and administrative460482604Amortization of acquired intangible assets0314Restructuring and other special charges, net-1012971Licensing gain- ...
The comparative balance sheet of Iglesias Inc for December .pdf
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as
follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$186,000.00
$180,000.00
4
Accounts receivable (net)
540,000.00
480,000.00
5
Inventories
924,000.00
900,000.00
6
Investments
0.00
120,000.00
7
Land
600,000.00
0.00
8
Equipment
1,680,000.00
1,440,000.00
9
Accumulated depreciation-equipment
(720,000.00)
(600,000.00)
10
Total assets
$3,210,000.00
$2,520,000.00
11
Liabilities and Stockholders Equity
12
Accounts payable
$408,000.00
$360,000.00
13
Accrued expenses payable
54,000.00
60,000.00
14
Dividends payable
36,000.00
30,000.00
15
Common stock, $4 par
840,000.00
720,000.00
16
Excess of paid-in capital over par
240,000.00
210,000.00
17
Retained earnings
1,632,000.00
1,140,000.00
18
Total liabilities and stockholders equity
$3,210,000.00
$2,520,000.00
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as
follows:
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used
for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use
the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each
section, if required.
Statement of Cash Flows Shaded cells have feedback. 1. Cash flows from (used for) operating
activities: 2 Net income 3 Adjustments to reconcile net income to net cash flows from operating
activitie: 12 Cash flows from (used for) irnesting activities:.
AnsConsolidated financial statements are the aggregated or combin.pdf
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Consolidated income statement
For the year ended 31/12/2020
Particulars
P
S
Total
Revenue:
Sales
2,804,200
2,100,000
4,904,200
Royalties
210,000
--
210,000
Dividends
100,800
--
100,800
3,115,000
2,100,000
5,215,000
Expenses:
Cost of sales
1,680,000
1,260,000
2,940,000
Other
784,000
575,400
1,359,400
2,464,000
1,835,400
4,299,400
Net income
651,000
264,600
915,600
Retained earnings statement
For the year ended 31/12/2020
P
S
Total
Opening retained earnings
3,353,000
897,400
4,250,400
Net income
651,000
264,600
915,600
Dividends declared
(420,000)
(126,000)
(546,000)
Closing retained earnings
3,584,000
1,036,000
4,620,000
Figures are added. P + S = Total.
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Solution
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,00.
Anexo practica-pares
Práctica individual con evaluación entre pares curso Información financiera y su análisis edX
Balance SheetCompany ABC, Inc,Balance SheetAs of12311312311212.docx
Balance SheetCompany ABC, Inc,Balance SheetAs of12/31/1312/31/1212/31/1112/31/10AssetsCurrent AssetsCash And Cash Equivalents1,587,0001,670,000906,0001,156,000Short Term Investments61,00049,00052,00064,000Net Receivables2,027,0001,899,0001,821,0001,858,000Inventory2,634,0002,486,0002,502,0002,119,000Other Current Assets271,000277,000350,000250,000Total Current Assets6,580,0006,381,0005,631,0005,447,000Property Plant and Equipment486,000528,000484,000508,000Long Term Investments120,000113,00099,000101,000Goodwill1,204,0001,281,0001,553,0001,539,000Total Assets8,390,0008,303,0007,767,0007,595,000LiabilitiesCurrent LiabilitiesAccounts Payable1,825,0001,790,0001,887,0001,694,000Short/Current Long Term Debt1,347,0001,505,0001,291,0001,621,000Other Current Liabilities1,265,0001,033,0001,017,0001,310,000Total Current Liabilities4,437,0004,328,0004,195,0004,625,000Long Term Debt653,0001,207,000991,0001,342,000Total Liabilities5,090,0005,535,0005,186,0005,967,000Stockholders' EquityCommon Stock209,000209,000209,000931,000Retained Earnings2,761,0001,905,0001,577,000535,000Treasury Stock321,000641,000791,000159,000Capital Surplus9,00013,0004,0003,000Total Stockholder Equity3,300,0002,768,0002,581,0001,628,000Total Liabilities and Equity8,390,0008,303,0007,767,0007,595,000
BS - HorizontalCompany ABC, Inc,Balance SheetAs of12/31/1312/31/1212/31/1112/31/10AssetsCurrent AssetsCash And Cash Equivalents137.28%144.46%78.37%100.00%Short Term Investments95.31%76.56%81.25%100.00%Net Receivables109.10%102.21%98.01%100.00%Inventory124.30%117.32%118.07%100.00%Other Current Assets108.40%110.80%140.00%100.00%Total Current Assets120.80%117.15%103.38%100.00%Property Plant and Equipment95.67%103.94%95.28%100.00%Long Term Investments118.81%111.88%98.02%100.00%Goodwill78.23%83.24%100.91%100.00%Total Assets110.47%109.32%102.26%100.00%LiabilitiesCurrent LiabilitiesAccounts Payable107.73%105.67%111.39%100.00%Short/Current Long Term Debt83.10%92.84%79.64%100.00%Other Current Liabilities96.56%78.85%77.63%100.00%Total Current Liabilities95.94%93.58%90.70%100.00%Long Term Debt48.66%89.94%73.85%100.00%Total Liabilities85.30%92.76%86.91%100.00%Stockholders' EquityCommon Stock22.45%22.45%22.45%100.00%Retained Earnings516.07%356.07%294.77%100.00%Treasury Stock201.89%403.14%497.48%100.00%Capital Surplus300.00%433.33%133.33%100.00%Total Stockholder Equity202.70%170.02%158.54%100.00%Total Liabilities and Equity110.47%109.32%102.26%100.00%
Income StatementCompany ABC, Inc,Income StatementFor the year ending12/31/1312/31/1212/31/1112/31/10Total Revenue14,492,00014,883,00013,322,00011,990,000Cost of Goods Sold7,352,0007,780,0006,993,0006,260,000Gross Profit7,140,0007,103,0006,329,0005,730,000Operating Expenses1,825,0001,790,0001,887,0001,694,000Research Development1,347,0001,505,0001,291,000621,000Selling General and Administrative1,265,0001,033,0001,017,0001,310,000Interest Expense134,000120,00087,00014,000Other Expenses145,0001,450,000234,0001,344,000Total Operating Expenses4,716,0005,89 ...
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
...
Problems Problem 14-4AFinancial information for Ernie Bisho.docx
Problems:
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 137,900
$ 128,050
Short-term investments
102,440
78,800
Receivables (net)
193,060
157,600
Inventory
246,250
265,950
Prepaid expenses
57,130
45,310
Land
256,100
256,100
Building and equipment (net)
330,960
344,750
$1,323,840
$1,276,560
Liabilities and Stockholders’ Equity
Notes payable
$197,000
197,000
Accounts payable
94,560
82,740
Accrued liabilities
86,680
78,800
Bonds payable, due 2016
295,500
295,500
Common stock, $10 par
394,000
394,000
Retained earnings
256,100
228,520
$1,323,840
$1,276,560
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$1,690,260
$1,572,060
Cost of goods sold
1,203,670
1,132,750
Gross profit
486,590
439,310
Operating expenses
402,865
356,570
Net income
$ 83,725
$ 82,740
Additional information:
1.
Inventory at the beginning of 2012 was $232,460.
2.
Total assets at the beginning of 2012 were $1,245,040.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $173,360.
(a) Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
:1
:1
Acid-test
:1
:1
Receivables turnover
times
times
Inventory turnover
times
times
PROFITABILITY
Profit margin
%
%
Asset turnover
times
times
Return on assets
%
%
Earnings per share
$
$
(b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $98,500. Total assets on December 31, 2014, were $1,379,000.
Situation
Ratio
(1)
35,460 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $18 on December 31, 2013, and $24.63 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
%
%
Debt to total assets
%
%
Price-earnings ratio
times
times
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Problem 14-6A
The comparative statements of Beulah Company are presented below.
BEULAH COMPANY
Income Statement
For the Years Ended December 31
2014
2013
Net sales (all on account)
$501,000
...
ABC Companys current financial information (beforewithout expansio.docx
ABC Company's current financial information (before/without expansion)
Dec. 31,20X2 Dec. 31,20X1
Cash $50,000 $70,000
Accounts receivable (net) $120,000 $180,000
Merchandise inventory $350,000 $280,000
Property plant, & equipment $400,000 $300,000
Less: Accumulated depreciation $(170,000) $(100,000)
Total assets $750,000 $730,000
Accounts payable $250,000 $210,000
Income taxes payable $40,000 $10,000
Common stock $240,000 $240,000
Retained earnings $220,000 $270,000
Total liabilities & stock, equity $750,000 $730,000
The firm's accrual-basis income statement revealed the following data:
Sales $1,200,000
Cost of goods sold $800,000
selling and administrative expenses $250,000
Depreciation expense $70,000
Income taxes $30,000
Dividends declared and paid during 19X2 $100,000
ABC purchased $100,000 of equipment for cash on August 14.
(There was no interest expense.)
.
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 127,664
$ 76,472
Accounts receivable
138,724
60,040
Inventory
177,750
162,503
Prepaid expenses
44,872
41,080
Long-term investments
218,040
172,220
Plant assets
450,300
383,150
Accumulated depreciation
(79,000
)
(82,160
)
Total
$1,078,350
$813,305
Liabilities and Stockholders’ Equity
Accounts payable
$ 161,160
$ 106,334
Accrued expenses payable
26,070
33,180
Bonds payable
173,800
230,680
Common stock
347,600
276,500
Retained earnings
369,720
166,611
Total
$1,078,350
$813,305
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$613,767
Less:
Cost of goods sold
$214,027
Operating expenses, excluding depreciation
19,608
Depreciation expense
73,470
Income tax expense
43,102
Interest expense
7,473
Loss on disposal of plant assets
11,850
369,530
Net income
$ 244,237
Additional information:
1.
New plant assets costing $158,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $41,128 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
...
Conversion worksheetGreen shaded cells are from Chapter 5 financia.docx
Conversion worksheetGreen shaded cells are from Chapter 5 financial StatementsEnter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equityRefr. Account TitlesDebitsCreditsGov'tal Fund Balances Adjustments & EliminationsGovern-mental Funds AdjustedInternal Service FundsBalances for Gov't-wide StmtsDebitsCreditsDebitsCreditsACapital asset64,200,000DEBITS:Accumulated Depreciation28,700,000Cash657,720657,72035,000692,720Net Position35,500,000Cash with Fiscal Agent928,000928,000928,000Investments259,000259,000259,000BCapital asset5,823,100Taxes Receivable, net262,000262,000262,000Capital Outlay Expenditures5,823,100Interest Receivable, net16,85016,85016,850Inventories-37,54037,540CDepreciation Expense4,900,000Due from State Govt.559,000559,000559,000Accumulated Depreciation4,900,000Due from Other Funds-11,200(3,200)14,400Capital Assets64,200,00070,023,10078,40070,101,500DProceeds of bonds4,000,000 both rows5,823,100Other Financing sources- premium on bonds200,000--Bonds payable4,000,000Expenditures (expenses) Current-Premium on bonds200,000 General Govt.1,646,9001,646,900(1,240)1,648,140 Public Safety3,026,9003,026,9003,026,900ENet position12,000,000 Highway and Streets2,481,9002,481,9002,481,900Bonds payable12,000,000 Sanitation591,400591,400591,400 Health724,100724,100724,100FBonds payable800,000 Welfare374,300374,300374,300Bonds Principal800,000 Culture and Recreation917,300917,300917,300Compensated Absences Exp42,00042,00042,000GInterest Expense328,000Other Expenditures (expenses)--Accrued Interest Payable328,000 - Debt Service Principal800,000(800,000)1,600,0001,600,000 - Interest (expenditure/expense)514,000328,000(180,000)1,032,0001,032,000HNet position180,000 both rows(10,000)Interest Expense180,000 - Capital Outlay5,823,100(5,823,100)11,646,20011,646,200 - Depreciation4,900,0004,900,0004,900,000IBonds Payable10,000Other Fin. Uses - Transfers Out1,871,7001,871,700(1,871,700)3,743,400Interest Expense10,000-Total Debits21,454,170105,598,650JDeferred Revenues10,500CREDITS:Revenues- Property Taxes10,500Accounts Payable326,800326,800(19,400)307,400Due to Other Funds40,20040,2003,20037,000KRevenues- Property Taxes21,000Accrued Interest Payable(328,000)(328,000)(328,000)Net Position21,000Bonds Payalbe(12,000,000) both rows800,000(4,000,000)(16,800,000)(16,800,000)LCompensated Absenese Expense42,000Premium on Bonds10,000(200,000)(210,000)(210,000)Compensated Absences Payable42,000Compensated Absence Payable(42,000)(42,000)(42,000)Advance from Water Utility Fund-(15,000)(15,000)MCash35,000Deferred Inflows: Property Taxes10,50010,500-(15,000)Due from Other Funds11,200Accumulated Depreciation(28,700,000)Inventories37,540 both rows(4,900,000)(33,600,000)(33,600,000)Capital assets78,400Revenues-Accounts Payable19,400Property Taxes6,657,50021,000(10,500)6,626,0006,626,000Advance from Water Utility Fund15,000Sales .
Question 1 Your answer is correct. Indicate whether each o.docx
Question 1
Your answer is correct.
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
True
2.
The liability of stockholders is normally limited to their investment in the corporation.
True
3.
The relative lack of government regulation is an advantage of the corporate form of business.
False
4.
There is no journal entry to record the authorization of capital stock.
True
5.
No-par value stock is quite rare today.
False
Question 2
Your answer is correct.
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
103,320
Capital Stock
103,320
(Issued 7,380 shares of $11 par value common stock at $14 per share)
10
Cash
736,170
Capital Stock
736,170
(Issued 13,890 shares of $19 par value preferred stock at $53 per share)
15
Capital Stock
7,800
Cash
7,800
(Purchased 600 shares of common stock for the treasury at $13 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 2
Cash
103320
Common Stock
81180
Paid-in Capital in Excess of Par Value-Common Stock
22140
May 10
Cash
736170
Preferred Stock
263910
Paid-in Capital in Excess of Par Value-Preferred Stock
472260
May 15
Treasury Stock
7800
Cash
7800
Question 3
Your answer is correct.
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $787,200 and retained earnings $424,200.
Pele is considering the following two courses of action:
(1)
Declaring a 6% stock dividend on the 98,400 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $18 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$ 787200
$ 893472
$ 787200
Retained earnings
424200
317928
424200
Total stockholders’ equity
$ 1211400
$ 1211400
$ 1211400
Outstanding shares
98400
104304
196800
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position. (N ...
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.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)
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
178,704
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
CURRE.
Similar to The statements of financial position of Amapa Ltd. are presented bel.pdf (19)
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Exercise 18-1Financial information for Sinead Inc. is pr.docx
Exercise 18-1Financial information for Sinead Inc. is pr.docx
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Question 3Q=50,000 - (25 P)FC=2,750,000VC=200unitTC=FC+VCTVC=VC.docx
The comparative balance sheet of Iglesias Inc for December .pdf
The comparative balance sheet of Iglesias Inc for December .pdf
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Exercise 8-4The ledger of Wainwright Company at the end of the c.docx
Exercise 8-4The ledger of Wainwright Company at the end of the c.docx
Problems Problem 14-4AFinancial information for Ernie Bisho.docx
Problems Problem 14-4AFinancial information for Ernie Bisho.docx
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ABC Companys current financial information (beforewithout expansio.docx
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Conversion worksheetGreen shaded cells are from Chapter 5 financia.docx
Conversion worksheetGreen shaded cells are from Chapter 5 financia.docx
Question 1 Your answer is correct. Indicate whether each o.docx
Question 1 Your answer is correct. Indicate whether each o.docx
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docx
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docx
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There is no more information provided to me other then what i alread.pdf
There is no more information provided to me other then what i already provided. Thank you
Given the following information, determine the value of X in the table for item C below..
There is no more information provided to me. Determine the value of .pdf
There is no more information provided to me. Determine the value of X in the table for item D
below. (Hint: you will need to complete the table for item D in order to find the answer)..
There is a period between when animals become infected and when they.pdf
There is a period between when animals become infected and when they are infectious
themselves. This is because the virus, parasite, bacteria, or whatever is infecting them needs
time to reproduce, make enough of itself, and then make its way to a point where it can come
into contact with another individual. Or it might have to go through another phase of its life
within an individual before it can be passed on to another individual. In worm parasites, this is
called the prepatent period. TRUE OR FALSE.
There is a link between security and quality.1. Examine the relati.pdf
There is a link between security and quality.
1. Examine the relationship between nonfunctional requirements and quality attributes of
ISO/IEC 9126-1.
2. Analyze the different categories of nonfunctional requirements as they relate to software
resilience.
3. Tie the concepts together and explain what happens when a system does not have proper
security requirements.
Give examples, using current events and hacking news..
There are advantages to buying an existing business. Which of the fo.pdf
There are advantages to buying an existing business. Which of the following is NOT an
advantage that entrepreneurs should consider when they are considering buying an existing
business?
a) employees and suppliers are in place
b) trade credit needs to be established
c) installed equipment with known production capacity
d) superior location(s)
e) inventory is in place.
There are different types of Intrusion DetectionPrevention Systems..pdf
There are different types of Intrusion Detection/Prevention Systems. Write a report about:
1. Signature-Based IDS/IPS
2. Anomaly-Based IDS/IPS
Discuss why Anomaly-Based IDS/IPS are effective in mitigating Zero-Day attacks.
[* The originality of work is essential. Copy/paste from the internet will result in zero grades]
**I want one full document that have a report with connected paragraphs about those 3 points.
There are 4200 college instructors in Canada that teach at local com.pdf
There are 4200 college instructors in Canada that teach at local community colleges. These
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Then we need the rules that will allow for the queries that will ans.pdf
Then we need the rules that will allow for the queries that will answer the following:
Find the Father of any of the man.
Find the Sons of any man
Find the Grandfather of any of the man
Find the Mother of any man.
Display a list of all the pairs of siblings.
Display a list of all the men.
in my program the
findson and list_siblings predicates care not working
find son should look like
findson(jacob).
and then list all of jacobs sons
list_siblings should look like
perez and zerah are siblings. judah and reuban are siblings, etc....
please use this code to modify and include it in your answer :) i dont want to make too much of a
drastic change unless necessary.
gender(male,[abraham, isaac, jacob,judah, reuben, simeon, levi, dan, naphtali, gad, asher,
issachar, zebulun, joseph, benjamin, perez, zerah, hezron, ram,amminadab,nahshon,
salmon,
boaz, obed, jesse, david, solomon, rehoboam, abijah, asa, jehoshaphat, jehoram,
uzziah,jotham,ahaz,
hezehiah, manasseh, amon,
josiah,jeconiah,shealtiel,zerubbabel,abihud,eliakim,azor,zadok,akim,
elihud, eleazar,matthan,jacob,joseph,jesus]).
gender(female,[dinah,tamar,rahab,ruth,bathsheeba,mary]).
%father facts
father(abraham, isaac).
father(isaac, jacob).
father(jacob, judah).
father(jacob, reuben).
father(jacob, simeon).
father(jacob, levi).
father(jacob, dan).
father(jacob, naphtali).
father(jacob, gad).
father(jacob, asher).
father(jacob, issachar).
father(jacob, zebulun).
father(jacob, dinah).
father(jacob, joseph).
father(jacob, benjamin).
father(judah, perez).
father(judah, zerah).
father(perez, hezron).
father(herzon, ram).
father(ram, amminadab).
father(amminadab, nahshon).
father(nahshon, salmon).
father(salmon, boaz).
father(boaz, obed).
father(obed, jesse).
father(jesse, david).
father(david, solomon).
father(solomon, rehoboam).
father(rehoboam, abijah).
father(abijah, asa).
father(asa, jehoshaphat).
father(jehoshaphat, jehoram).
father(jehoram, uzziah).
father(uzziah, jotham).
father(jotham, ahaz).
father(ahaz, hezekiah).
father(hezekiah, manasseh).
father(manasseh, amon).
father(amon, josiah).
father(josiah, jeconiah).
father(jeconiah, shealtiel).
father(shealtiel, zerubbabel).
father(zerubbabel, abihud).
father(abihud, eliakim).
father(eliakim, azor).
father(azor, zadok).
father(zadok, akim).
father(akim, elihud).
father(elihud, eleazar).
father(eleazar, matthan).
father(matthan, jacobNew).%New for new Testement - fixes duplicates
father(jacobNew, josephNew).
father(josephNew, jesus).
%mother facts
mother(tamar, zerah).
mother(tamar, perez).
mother(rahab, boaz).
mother(ruth, obed).
mother(bathsheeba, solomon).
mother(mary, jesus).
sibling(X, Y) :- father(Z, X), father(Z, Y), X = Y.
sibling(X, Y) :- mother(Z, X), mother(Z, Y), X = Y.
grandfather(X, Y) :- father(X, Z), father(Z, Y).
grandfather(X, Y) :- father(X, Z), mother(Z, Y).
son(X, Y) :- father(Y, X).
son(X, Y) :- mother(Y, X).
findson(X):-father(X,Y), siblings(Y,Z), format("~w are the sons of ~w",[Z,X]). %find multiple
sons
findfather(X) :- .
The X axis shows how far away from the equator the population lives..pdf
The X axis shows how far away from the equator the population lives. The Y axis captures the
skin pigmentation of the population. Note that this data is recorded as "skin reflectance," which
is a measure of skin lightness (i.e., high values indicate lighter skin). Two curves should be
drawn, one for populations living in the Northern Hemisphere and one for populations in the
Southern hemisphere. Part II - Is UV Radiation Linked to Skin Pigmentation? Nina has a hunch
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can account for the variability in human skin pigmentation only if different populations are
exposed to different levels of UV light. Is there evidence that the amount of UV light varies
across different environments on this planet? Nina asked her husband, Penn State University
geographer George Chaplin, for help. At her request, he created a map showing the UV Index, a
standard- ized scale that forecasts the intensity of UV radiation at any given time and location on
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Figure 1. UV Radiation Index across the World. Recorded on July 15,2017 , this map shows the
amount of UV light reaching the Earth's surface throughout the world. The legend at the bottom
indicates that reddish areas receive the greatest amount of UV radiation and bluc areas receive
the least. (Sounce: European Space Agency, .).
The World Values Survey interviewed a random sample of people from n.pdf
The World Values Survey interviewed a random sample of people from nations around the world
about a variety is issues. One of the questions was about whether marriage is an outdated
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marriage is an outdated institution. Calculate the 95% confidence interval upper limit, expressed
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The Yellow Company made year-end adjusting entries affecting each of.pdf
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The Worst Part Was That She Often Was Right. The Winston County Bank.pdf
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