What are this companys dividends per share for 2017Income State.pdf
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What are this company\'s dividends per share for 2017? Income Statement ($000s) Balance Sheet ($000s) 2017 2016 2017 2016 Revenues $ 200 $175 Cash $ 10 $150 Cost of Goods Sold 110 100 Accounts Receivable 30 40 Operating Expenses 30 28 Inventory 20 40 Interest Expense 20 12 Plant, Property, Equipment 180 200 Net Income 40 35 Total Assets $ 240 $430 Dividends 20 20 Accounts Payable $ 15 $ 25 Bank Debt Due in 6 Months 15 50 Long term Debt 80 245 Common Stock 60 60 Retained Earnings 70 50 Total Liabilities & Equity $ 240 $430 The company has 1,000,000 shares of common stock authorized, 500,000 shares issued, and 200,000 outstanding as of both 12/31/2017 and 12/31/2016.$1.00 Solution The company\'s dividends per share for 2017 is $0.10 which is calculated as below:- Dividend per share = (Common Dividends / Common Shares Outstanding) = (20,000 / 200,000) = $0.10.
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This is for $7.70 per share... not $7.20Thank you.. The Holtz .pdf
This is for $7.70 per share... not $7.20
Thank you.. The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares
of Devine, Inc., for $7.70 per share on January 1, 2014. The remaining 20 percent of Devine\'s
shares also traded actively at $7.70 per share before and after Holtz\'s acquisition. An appraisal
made on that date determined that all book values appropriately reflected the fair values of
Devine\'s underlying accounts except that a building with a 5-year life was undervalued by
remaining life had a $75,000 fair value. At the acquisition date, Devine reported common stock
of $100,000 and a retained earnings balance of $290,000 $81,000 and a fully amortized
trademark with an estimated 10-year Following are the separate financial statements for the year
ending December 31, 2015 HoltzDevine Corporation Inc. $ (760,000) $(365,250) Sales Cost of
goods sold Operating expenses Dividend income 234,000 133,000 319,000 107,250 (16,000) Net
income $ (223,000) $(125,000) Retained eamings, 1/1/15 Net income (above) Dividends
declared $ (709,000) $(360,000) (223,000) (125,000) 90,00020,000 Retained earnings, 12/31/15
S (842,000) $(465,000) Current assets Investment in Devine, Inc Buildings and equipment (net)
Trademarks s 166,000 $ 199,000 616,000 905,000389,000 160,000226,000 Total assets
$1,847,000 $ 814,000 s (685,000 $249.000) Liabilities Common stock Retained eamings,
12/31/15 (above) (320,000) (100,000) (842,000) (465,000) Total liabilities and equities
$(1,847,000) $(814,000) At year-end, there were no intra-entity receivables or payables
Solution
SOLUTION:
a) Consolidation Worksheet:
HOLTZ CORPORATION AND DEVINE INC
Consolidated Worksheet for the Year Ending December 31, 2015
Consolidated Entries
Holtz Corporation
Devine Inc.
Debit
Credit
NCI
Consolidated
Sales
-760000
-365250
-1125250
Cost of Goods Sold
234000
133000
367000
Operating Expense
319000
107250
23700
449950
Dividend Income
-16000
16000
0
Net Income
-223000
-125000
Consolidated Net Income
-308300
NCI in Consolidated Net Income
-20260
20260
Holtz\'s Interest in Consolidated Income
-288040
Retained Earnings on 1/1
-709000
-360000
360000
37040
-746040
Net Income (Consolidated Above)
-223000
-125000
-288040
Dividend Declared
90000
20000
16000
4000
70000
Retained earnings on 12/31
-842000
-465000
-964080
Current Assets
166000
199000
365000
Investment in Devine
616000
37040
653040
0
Building and Equipment
905000
389000
64800
16200
1342600
Trademarks
160000
226000
67500
7500
446000
Goodwill
0
0
224000
224000
Total Assets
1847000
814000
2377600
Liabilities
-685000
-249000
-934000
Common Stock
-320000
-100000
100000
-320000
Retained earnings (Consolidated Above)
-842000
-465000
-964080
NCI in Devine on 1/1
78000
71260
-149260
NCI in Devine on 12/31
-165520
-165520
Total Liabilities and Equities
-1847000
-814000
-2383600
Working Notes:
1. Calculation of Goodwill or Gain on Bargain purchase
Total
Holtz
NCI
Fair Value of Consideration
770000
616000
154000
Less: Book Val.
Chapter 18, Question 1- The following is the financial statement o.docx
Chapter 18, Question 1- The following is the financial statement of Executive Fruit Company for the year ended December 2014.
INCOME STATEMENT, 2014
(Figures in $ Thousands)
Revenue
$
3,500
Cost of goods sold
3,150
EBIT
$
350
Interest
70
Earnings before taxes
$
280
State and federal tax
112
Net income
$
168
Dividends
112
Additions to retained earnings
$
56
BALANCE SHEET (Year-End, 2014)
(Figures in $ Thousands)
Assets
Net working capital
$
350
Fixed assets
1,400
Total assets
$
1,750
Liabilities and shareholders' equity
Long-term debt
$
700
Shareholders' equity
1,050
Total liabilities and shareholders' equity
$
1,750
The following are the first stage and second stage pro forma financial statements of Executive Fruit Company for the year ended December 2015.
First stage pro forma statements:
PRO FORMA INCOME STATEMENT, 2015
(Figures in $ Thousands)
Revenue
$
3,850
Cost of goods sold
3,465
EBIT
$
385
Interest
70
Earnings before taxes
$
315
State and federal tax
126
Net income
$
189
Dividends
126
Additions to retained earnings
$
63
PRO FORMA BALANCE SHEET (Year-End, 2015)
(Figures in $ Thousands)
Assets
Net working capital
$
385
Fixed assets
1,540
Total assets
$
1,925
Liabilities and shareholders' equity
Long-term debt
$
700
Shareholders' equity
1,113
Total liabilities and shareholders' equity
$
1,813
Required external financing
$
112
Second stage pro forma balance sheet:
PRO FORMA BALANCE SHEET (Year-End, 2015)
(Figures in $ Thousands)
Assets
Net working capital
$
385
Fixed assets
1,540
Total assets
$
1,925
Liabilities and shareholders' equity
Long-term debt
$
812
Shareholders' equity
1,113
Total liabilities and shareholders' equity
$
1,925
How would Executive Fruit’s financial model change if the dividend payout ratio were cut to 1/3? Use the revised model to generate a new financial plan for 2015 assuming that debt is the balancing item. What would be the required external financing?
(Do not round intermediate calculations.)
Dividends fall by $ [removed]. Therefore, the requirement for external financing falls from $ [removed]to $ [removed]. On the other hand, shareholders' equity will be increased by $ [removed].
The right-hand side of the balance sheet becomes
(Do not round intermediate calculations. Enter your answers in thousands.)
:
Long-term debt
$ [removed]
Shareholders' equity
[removed]
Total
$ [removed]
Chapter 18, Question 2- Find the sustainable and internal growth rates for a firm with the following ratios: asset turnover = 1.60; profit margin = 6%; payout ratio = 30%; equity/assets = .50.
(Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)
Sustainable growth rate
[.
The financial statements of Hainz Company appear below HAINZ COMPANY .pdf
The financial statements of Hainz Company appear below HAINZ COMPANY Comparative
Balance Sheet December 31, Assets Cash... Short-term investments Accounts receivable (net)...
Inventory Property, plant and equipment (net) $ 40,000 60,000 30,000 0,000 260,000 300000
400.000 $500.000 20,000 20,000 40,000 60,000 ... Total assets... Liabilities and stockholders\'
equity Accounts payable Short-term notes payable. Bonds payable. $ 20,000 40,000 80,000
150,000 30,000 90,000 160,000 150,000 Common stock Retained earnings Total liabilities and
stockholders\' equity. $400,000 $500.000 HAINZ COMPANY Income Statement For the Year
Ended December 31, 2017 $400,000 t sales Cost of goods sold. Gross profit. Expenses 250,000
150,000 Operating expenses Interest expense $42,000 18,000 Total expenses 90,000 ncome
before income taxes... ncome tax expense et income $ 63.000 Weighted-average number of
shares of common stock outstanding during 2017 was 30.0 shares Cash dividends of $23,000
were declared and paid in 2017 Market value of common stock on December 31, 2017, was $21
per share
Solution
1 Current Ratio = Current Asset / Curret Liability = =140000/60000 = 2.33
2 Accounts receivable turnover ratio = the net credit sales/ average accounts
receivable = $400000/$35000 11.42857 times 3 accounts collection period
= 365/Accounts receivable turnover ratio =365/11.42857 31.9375 days 4
Inventoy Turnover Ratio = Cost of Goods Sold/Average Inventory = $2,50,000/$65000
3.846154 times 5 Average day to sell inventory = Inventory/Cost of Sales *365
=60000/250000*365 87.6 days 6 Times Interest Earned = (Income before taxes
and interest)/interest expense = ($90000+18000)/18000 6.00 times 7
Profit Margin = Net Income / Sales = 63000/400000 15.75% 8 Asset
Turnover = Sales or Revenues / Total Assets = $400000/400000 1 times
9 Debt to asset ration = Total Liability / Total asset = $140000/$400000 0.35
10 Return on asset ratio = Net Income/Averge total asset = 63000/450000 14%
WORKING total current assets = total assets - Net property, plant, equipment =
$400000-$260000 = $140000 Total current liabilities = [accounts payable + notes payable]
$20000 + 40000 = $60000 Average Account Receivable = (Opening Debtors+Closing
Debtors)/2 = ($30000+$40000)/2 = $35000 Average Inventory = (Opening Inventory+Closing
Inventory)/2 = ($70000+$60000)/2 = $65000 Long-term debt + Equity = Total liabilities and
equity – Total current liablities = $275.00 – 65 = $201.00 Total liability = Accounts Payable+
Notes Payable+Bonds Payable = $20000+40000+80000 = 140000 Average Total asset = (Total
opening asset+ total closing asset)/2 = ($400000+$500000)/2 = $4,50,000.
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 ...
Calculating EFN The most recent financial statements for Moose Tours.pdf
Calculating EFN The most recent financial statements for Moose Tours, Inc., appear below.
Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax
rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets,
fixed assets, and accounts payable increase spontaneously with sales. MOOSE TOURS, INC.
2011 Income Statement Sales $ 836,100 Costs 650,700 Other expenses 17,100 Earnings before
interest and taxes $ 168,300 Interest expense 12,600 Taxable income $ 155,700 Taxes 54,495
Net income $ 101,205 Dividends $ 30,300 Addition to retained earnings 70,905 MOOSE
TOURS, INC. Balance Sheet as of December 31, 2011 Assets Liabilities and Owners’ Equity
Current assets Current liabilities Cash $ 24,035 Accounts payable $ 64,600 Accounts receivable
38,665 Notes payable 16,150 Inventory 82,555 Total $ 80,750 Total $ 145,255 Long-term debt $
150,000 Fixed assets Owners’ equity Net plant and equipment $ 392,350 Common stock and
paid-in surplus $ 130,000 Retained earnings 176,855 Total $ 306,855 Total assets $ 537,605
Total liabilities and owners’ equity $ 537,605 If the firm is operating at full capacity and no new
debt or equity is issued, what external financing is needed to support the 20 percent growth rate
in sales?
Solution
EFN = Total assets – Total liabilities and equity
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,600
Interest
12,600
Taxable Income
155,700
Taxable Income
189,360
Taxes
54,495
35.00
Taxes
66,276
Net Income
101,205
Net Income
123,084
Dividends
30,300
29.94
Dividends
36,850
Additon to retain earnings
70,905
Additon to retain earnings
86,234
Balance Sheet
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
24,035
Accounts Payable
64,600
Accounts Receivable
38,665
Notes Payable
16,150
Inventory
82,555
80,750
15.02
145,255
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
392,350
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings
176,855
306,855
537,605
100.00
537,605
Balance Sheet(Projected)
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
28,842
Accounts Payable
77,520
Accounts Receivable
46,398
Notes Payable
19,380
Inventory
99,066
96,900
15.141
174,306
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
470,820
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings(176,855+86,234)
263,089
393,089
645,126
100.00
639,989
EFN
5,137
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,.
A company declared a $0.25 per share cash dividend. The company ha.docx
A company declared a $0.25 per share cash dividend. The company has 160,000 shares authorized, 152,000 shares issued, and 6,400 shares in treasury stock. The journal entry to record the dividend declaration is:
Debit Retained Earnings $38,000; credit Common Dividends Payable $38,000.
Debit Retained Earnings $40,000; credit Common Dividends Payable $40,000.
Debit Common Dividends Payable $38,000; credit Cash $38,000.
Debit Retained Earnings $36,400; credit Common Dividends Payable $36,400.
Debit Common Dividends Payable $36,400; credit Cash $36,400.
A company declared a $0.50 per share cash dividend. The company has 460,000 shares authorized, 437,000 shares issued, and 18,400 shares in treasury stock. The journal entry to record the payment of the dividend declaration is:
rev: 02_08_2014_QC_44760
Debit Retained Earnings $218,500; credit Common Dividends Payable $218,500.
Debit Common Dividends Payable $209,300; credit Cash $209,300.
Debit Common Dividends Payable $218,500; credit Cash $218,500.
Debit Retained Earnings $209,300; credit Common Dividends Payable $209,300.
Debit Retained Earnings $230,000; credit Common Dividends Payable $230,000.
A company has earnings per share of $8.70. Its dividend per share is $1.50, its market price per share is $100.92, and its book value per share is $77. Its price-earnings ratio equals:
11.60.
7.60.
8.85.
8.70.
5.80.
Xtreme Sports has $300,000 of 8% noncumulative, nonparticipating, preferred stock outstanding. Xtreme Sports also has $700,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, Xtreme Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
$27,000 preferred; $23,000 common.
$25,000 preferred; $25,000 common.
$0 preferred; $50,000 common.
$12,500 preferred; $37,500 common.
$24,000 preferred; $26,000 common.
A company has net income of $935,000; its weighted-average common shares outstanding are 187,000. Its dividend per share is $0.80, its market price per share is $95, and its book value per share is $86.50. Its price-earnings ratio equals
rev: 03_05_2014_QC_46271
17.30.
19.00.
9.30.
8.50.
7.70.
A company issued 260 shares of $100 par value stock for $31,000 cash. The total amount of paid-in capital in excess of par is:
$100.
$2,600.
$5,000.
$26,000.
$31,000.
A company issued 85 shares of $100 par value stock for $9,500 cash. The total amount of paid-in capital is:
$100.
$1,000.
$850.
$8,500.
$9,500.
The following data were reported by a corporation:
Authorized shares
33,000
Issued shares
28,000
Treasury shares
10,000
The number of outstanding shares is:
43,000.
23,000.
28,000.
18,000.
33,000.
A company's board of directors votes to declare a cash dividend of $1.10 per share. The company has 22,000 shares authorized, 17,000 issued, and 16,500 shares outstanding. The total amount of t.
Recommended
This is for $7.70 per share... not $7.20Thank you.. The Holtz .pdf
This is for $7.70 per share... not $7.20
Thank you.. The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares
of Devine, Inc., for $7.70 per share on January 1, 2014. The remaining 20 percent of Devine\'s
shares also traded actively at $7.70 per share before and after Holtz\'s acquisition. An appraisal
made on that date determined that all book values appropriately reflected the fair values of
Devine\'s underlying accounts except that a building with a 5-year life was undervalued by
remaining life had a $75,000 fair value. At the acquisition date, Devine reported common stock
of $100,000 and a retained earnings balance of $290,000 $81,000 and a fully amortized
trademark with an estimated 10-year Following are the separate financial statements for the year
ending December 31, 2015 HoltzDevine Corporation Inc. $ (760,000) $(365,250) Sales Cost of
goods sold Operating expenses Dividend income 234,000 133,000 319,000 107,250 (16,000) Net
income $ (223,000) $(125,000) Retained eamings, 1/1/15 Net income (above) Dividends
declared $ (709,000) $(360,000) (223,000) (125,000) 90,00020,000 Retained earnings, 12/31/15
S (842,000) $(465,000) Current assets Investment in Devine, Inc Buildings and equipment (net)
Trademarks s 166,000 $ 199,000 616,000 905,000389,000 160,000226,000 Total assets
$1,847,000 $ 814,000 s (685,000 $249.000) Liabilities Common stock Retained eamings,
12/31/15 (above) (320,000) (100,000) (842,000) (465,000) Total liabilities and equities
$(1,847,000) $(814,000) At year-end, there were no intra-entity receivables or payables
Solution
SOLUTION:
a) Consolidation Worksheet:
HOLTZ CORPORATION AND DEVINE INC
Consolidated Worksheet for the Year Ending December 31, 2015
Consolidated Entries
Holtz Corporation
Devine Inc.
Debit
Credit
NCI
Consolidated
Sales
-760000
-365250
-1125250
Cost of Goods Sold
234000
133000
367000
Operating Expense
319000
107250
23700
449950
Dividend Income
-16000
16000
0
Net Income
-223000
-125000
Consolidated Net Income
-308300
NCI in Consolidated Net Income
-20260
20260
Holtz\'s Interest in Consolidated Income
-288040
Retained Earnings on 1/1
-709000
-360000
360000
37040
-746040
Net Income (Consolidated Above)
-223000
-125000
-288040
Dividend Declared
90000
20000
16000
4000
70000
Retained earnings on 12/31
-842000
-465000
-964080
Current Assets
166000
199000
365000
Investment in Devine
616000
37040
653040
0
Building and Equipment
905000
389000
64800
16200
1342600
Trademarks
160000
226000
67500
7500
446000
Goodwill
0
0
224000
224000
Total Assets
1847000
814000
2377600
Liabilities
-685000
-249000
-934000
Common Stock
-320000
-100000
100000
-320000
Retained earnings (Consolidated Above)
-842000
-465000
-964080
NCI in Devine on 1/1
78000
71260
-149260
NCI in Devine on 12/31
-165520
-165520
Total Liabilities and Equities
-1847000
-814000
-2383600
Working Notes:
1. Calculation of Goodwill or Gain on Bargain purchase
Total
Holtz
NCI
Fair Value of Consideration
770000
616000
154000
Less: Book Val.
Chapter 18, Question 1- The following is the financial statement o.docx
Chapter 18, Question 1- The following is the financial statement of Executive Fruit Company for the year ended December 2014.
INCOME STATEMENT, 2014
(Figures in $ Thousands)
Revenue
$
3,500
Cost of goods sold
3,150
EBIT
$
350
Interest
70
Earnings before taxes
$
280
State and federal tax
112
Net income
$
168
Dividends
112
Additions to retained earnings
$
56
BALANCE SHEET (Year-End, 2014)
(Figures in $ Thousands)
Assets
Net working capital
$
350
Fixed assets
1,400
Total assets
$
1,750
Liabilities and shareholders' equity
Long-term debt
$
700
Shareholders' equity
1,050
Total liabilities and shareholders' equity
$
1,750
The following are the first stage and second stage pro forma financial statements of Executive Fruit Company for the year ended December 2015.
First stage pro forma statements:
PRO FORMA INCOME STATEMENT, 2015
(Figures in $ Thousands)
Revenue
$
3,850
Cost of goods sold
3,465
EBIT
$
385
Interest
70
Earnings before taxes
$
315
State and federal tax
126
Net income
$
189
Dividends
126
Additions to retained earnings
$
63
PRO FORMA BALANCE SHEET (Year-End, 2015)
(Figures in $ Thousands)
Assets
Net working capital
$
385
Fixed assets
1,540
Total assets
$
1,925
Liabilities and shareholders' equity
Long-term debt
$
700
Shareholders' equity
1,113
Total liabilities and shareholders' equity
$
1,813
Required external financing
$
112
Second stage pro forma balance sheet:
PRO FORMA BALANCE SHEET (Year-End, 2015)
(Figures in $ Thousands)
Assets
Net working capital
$
385
Fixed assets
1,540
Total assets
$
1,925
Liabilities and shareholders' equity
Long-term debt
$
812
Shareholders' equity
1,113
Total liabilities and shareholders' equity
$
1,925
How would Executive Fruit’s financial model change if the dividend payout ratio were cut to 1/3? Use the revised model to generate a new financial plan for 2015 assuming that debt is the balancing item. What would be the required external financing?
(Do not round intermediate calculations.)
Dividends fall by $ [removed]. Therefore, the requirement for external financing falls from $ [removed]to $ [removed]. On the other hand, shareholders' equity will be increased by $ [removed].
The right-hand side of the balance sheet becomes
(Do not round intermediate calculations. Enter your answers in thousands.)
:
Long-term debt
$ [removed]
Shareholders' equity
[removed]
Total
$ [removed]
Chapter 18, Question 2- Find the sustainable and internal growth rates for a firm with the following ratios: asset turnover = 1.60; profit margin = 6%; payout ratio = 30%; equity/assets = .50.
(Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)
Sustainable growth rate
[.
The financial statements of Hainz Company appear below HAINZ COMPANY .pdf
The financial statements of Hainz Company appear below HAINZ COMPANY Comparative
Balance Sheet December 31, Assets Cash... Short-term investments Accounts receivable (net)...
Inventory Property, plant and equipment (net) $ 40,000 60,000 30,000 0,000 260,000 300000
400.000 $500.000 20,000 20,000 40,000 60,000 ... Total assets... Liabilities and stockholders\'
equity Accounts payable Short-term notes payable. Bonds payable. $ 20,000 40,000 80,000
150,000 30,000 90,000 160,000 150,000 Common stock Retained earnings Total liabilities and
stockholders\' equity. $400,000 $500.000 HAINZ COMPANY Income Statement For the Year
Ended December 31, 2017 $400,000 t sales Cost of goods sold. Gross profit. Expenses 250,000
150,000 Operating expenses Interest expense $42,000 18,000 Total expenses 90,000 ncome
before income taxes... ncome tax expense et income $ 63.000 Weighted-average number of
shares of common stock outstanding during 2017 was 30.0 shares Cash dividends of $23,000
were declared and paid in 2017 Market value of common stock on December 31, 2017, was $21
per share
Solution
1 Current Ratio = Current Asset / Curret Liability = =140000/60000 = 2.33
2 Accounts receivable turnover ratio = the net credit sales/ average accounts
receivable = $400000/$35000 11.42857 times 3 accounts collection period
= 365/Accounts receivable turnover ratio =365/11.42857 31.9375 days 4
Inventoy Turnover Ratio = Cost of Goods Sold/Average Inventory = $2,50,000/$65000
3.846154 times 5 Average day to sell inventory = Inventory/Cost of Sales *365
=60000/250000*365 87.6 days 6 Times Interest Earned = (Income before taxes
and interest)/interest expense = ($90000+18000)/18000 6.00 times 7
Profit Margin = Net Income / Sales = 63000/400000 15.75% 8 Asset
Turnover = Sales or Revenues / Total Assets = $400000/400000 1 times
9 Debt to asset ration = Total Liability / Total asset = $140000/$400000 0.35
10 Return on asset ratio = Net Income/Averge total asset = 63000/450000 14%
WORKING total current assets = total assets - Net property, plant, equipment =
$400000-$260000 = $140000 Total current liabilities = [accounts payable + notes payable]
$20000 + 40000 = $60000 Average Account Receivable = (Opening Debtors+Closing
Debtors)/2 = ($30000+$40000)/2 = $35000 Average Inventory = (Opening Inventory+Closing
Inventory)/2 = ($70000+$60000)/2 = $65000 Long-term debt + Equity = Total liabilities and
equity – Total current liablities = $275.00 – 65 = $201.00 Total liability = Accounts Payable+
Notes Payable+Bonds Payable = $20000+40000+80000 = 140000 Average Total asset = (Total
opening asset+ total closing asset)/2 = ($400000+$500000)/2 = $4,50,000.
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 ...
Calculating EFN The most recent financial statements for Moose Tours.pdf
Calculating EFN The most recent financial statements for Moose Tours, Inc., appear below.
Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax
rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets,
fixed assets, and accounts payable increase spontaneously with sales. MOOSE TOURS, INC.
2011 Income Statement Sales $ 836,100 Costs 650,700 Other expenses 17,100 Earnings before
interest and taxes $ 168,300 Interest expense 12,600 Taxable income $ 155,700 Taxes 54,495
Net income $ 101,205 Dividends $ 30,300 Addition to retained earnings 70,905 MOOSE
TOURS, INC. Balance Sheet as of December 31, 2011 Assets Liabilities and Owners’ Equity
Current assets Current liabilities Cash $ 24,035 Accounts payable $ 64,600 Accounts receivable
38,665 Notes payable 16,150 Inventory 82,555 Total $ 80,750 Total $ 145,255 Long-term debt $
150,000 Fixed assets Owners’ equity Net plant and equipment $ 392,350 Common stock and
paid-in surplus $ 130,000 Retained earnings 176,855 Total $ 306,855 Total assets $ 537,605
Total liabilities and owners’ equity $ 537,605 If the firm is operating at full capacity and no new
debt or equity is issued, what external financing is needed to support the 20 percent growth rate
in sales?
Solution
EFN = Total assets – Total liabilities and equity
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,600
Interest
12,600
Taxable Income
155,700
Taxable Income
189,360
Taxes
54,495
35.00
Taxes
66,276
Net Income
101,205
Net Income
123,084
Dividends
30,300
29.94
Dividends
36,850
Additon to retain earnings
70,905
Additon to retain earnings
86,234
Balance Sheet
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
24,035
Accounts Payable
64,600
Accounts Receivable
38,665
Notes Payable
16,150
Inventory
82,555
80,750
15.02
145,255
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
392,350
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings
176,855
306,855
537,605
100.00
537,605
Balance Sheet(Projected)
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
28,842
Accounts Payable
77,520
Accounts Receivable
46,398
Notes Payable
19,380
Inventory
99,066
96,900
15.141
174,306
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
470,820
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings(176,855+86,234)
263,089
393,089
645,126
100.00
639,989
EFN
5,137
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,.
A company declared a $0.25 per share cash dividend. The company ha.docx
A company declared a $0.25 per share cash dividend. The company has 160,000 shares authorized, 152,000 shares issued, and 6,400 shares in treasury stock. The journal entry to record the dividend declaration is:
Debit Retained Earnings $38,000; credit Common Dividends Payable $38,000.
Debit Retained Earnings $40,000; credit Common Dividends Payable $40,000.
Debit Common Dividends Payable $38,000; credit Cash $38,000.
Debit Retained Earnings $36,400; credit Common Dividends Payable $36,400.
Debit Common Dividends Payable $36,400; credit Cash $36,400.
A company declared a $0.50 per share cash dividend. The company has 460,000 shares authorized, 437,000 shares issued, and 18,400 shares in treasury stock. The journal entry to record the payment of the dividend declaration is:
rev: 02_08_2014_QC_44760
Debit Retained Earnings $218,500; credit Common Dividends Payable $218,500.
Debit Common Dividends Payable $209,300; credit Cash $209,300.
Debit Common Dividends Payable $218,500; credit Cash $218,500.
Debit Retained Earnings $209,300; credit Common Dividends Payable $209,300.
Debit Retained Earnings $230,000; credit Common Dividends Payable $230,000.
A company has earnings per share of $8.70. Its dividend per share is $1.50, its market price per share is $100.92, and its book value per share is $77. Its price-earnings ratio equals:
11.60.
7.60.
8.85.
8.70.
5.80.
Xtreme Sports has $300,000 of 8% noncumulative, nonparticipating, preferred stock outstanding. Xtreme Sports also has $700,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, Xtreme Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
$27,000 preferred; $23,000 common.
$25,000 preferred; $25,000 common.
$0 preferred; $50,000 common.
$12,500 preferred; $37,500 common.
$24,000 preferred; $26,000 common.
A company has net income of $935,000; its weighted-average common shares outstanding are 187,000. Its dividend per share is $0.80, its market price per share is $95, and its book value per share is $86.50. Its price-earnings ratio equals
rev: 03_05_2014_QC_46271
17.30.
19.00.
9.30.
8.50.
7.70.
A company issued 260 shares of $100 par value stock for $31,000 cash. The total amount of paid-in capital in excess of par is:
$100.
$2,600.
$5,000.
$26,000.
$31,000.
A company issued 85 shares of $100 par value stock for $9,500 cash. The total amount of paid-in capital is:
$100.
$1,000.
$850.
$8,500.
$9,500.
The following data were reported by a corporation:
Authorized shares
33,000
Issued shares
28,000
Treasury shares
10,000
The number of outstanding shares is:
43,000.
23,000.
28,000.
18,000.
33,000.
A company's board of directors votes to declare a cash dividend of $1.10 per share. The company has 22,000 shares authorized, 17,000 issued, and 16,500 shares outstanding. The total amount of t.
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
...
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 ...
In.docx
Income Statement
Balance Sheet
Next Year
This Year
Next Year
Revenue
$5,000
Total assets
$1,000
$2,000
Operating expenses
4,000
Liabilities & equity:
EBIT
1,000
Current liabilities
$ 576
$ 200
Interest (8%)
?
Long-term debt
100
?
EBT
?
Equity
324
?
Taxes(40%)
?
Earnings after tax
?
Total liabilities
& equity
$1,000
$2,000
The firm pays 8% interest on all of its debt and is subject to a 40% tax rate. Complete the plan.
1. Emperor Corporation's financial statements for the last year are shown below. The firm paid a $1,000 dividend to its stockholders during the year. There were no sales of new stock.
Balance Sheets
ASSETS
Ending
Beginning
Income Statement
Cash
$ 2,000
$ 1,600
Sales
$100,000
Accounts receivable
12,000
5,200
COGS
80,000
Inventory
14,000
15,600
Gross Margin
$ 20,000
Current Assets
$28,000
$22,400
Cash Expenses
$ 8,000
Gross Fixed assets
$27,000
$20,000
Depreciation
1,600
Accumulated depreciation
(16,000
)
(14,400
)
EBIT
$ 10,400
Net fixed assets
11,000
5,600
Interest
800
Total assets
$39,000
$28,000
EBT
$ 9,600
LIABILITIES
Tax
2,600
Accounts payable
$ 3,000
$ 2,500
Net Income
$ 7,000
Accruals
1,000
1,500
Current Liabilities
$ 4,000
$ 4,000
Long term Debt
10,000
5,000
Equity
25,000
19,000
Total liabilities & equity
$39,000
$28,000
Develop Emperor's Statement of Cash Flows.
.
1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx
1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,600
$
352,000
$
352,000
a-1.
Prepare an income statement for the year ended December 31, 2015.
a-2.
Prepare a statement of retained earnings for the year ended December 31, 2015.
a-3.
Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)
b.
Does the company appear to be liquid?
No
Yes
c.
Has the company been profitable in the past?
No
Yes
2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,200
$
352,000
$
352,000
a.
Prepare all necessary closing entries at December 31, 2015.
1. Record the entry to close Lawn Care Revenue earned to income summary
2. REcord the entry to close all expense accounts to income summary
3. Record the entry to transfer net income earned in 2015 to retained earnings account
4. Record the entry to close dividends declared in 2015 to retained earnings account.
Prepare an after-closing trial balance dated December 31, 2015.
· Record the entry to close all expense accounts to income summary.
· Record the entry to close all expense accounts to income summary.
3) Cat Fancy, Inc., has provided the following information from its most current financial statements:
Total revenue
$
125,000
Total expenses
80,000
Total current assets
32,000
Total current liabilities
8,000
Total stockholders' equity, January 1, 2015
74,000
Total stockholders' equity, December 31, 2015
76,000
Compute the company’s net income per ...
Statement of retained earnings Hayes Enterprises began 2015 with a ret.docx
Statement of retained earnings Hayes Enterprises began 2015 with a retained earnings
balance of $928,000. During 2015, the firm earned $377,000 after taxes. From
this amount, preferred stockholders were paid $47,000 in dividends. At year-end
2015, the firm’s retained earnings totaled $1,048,000. The firm had 140,000 shares
of common stock outstanding during 2015.
a. Prepare a statement of retained earnings for the year ended December 31, 2015,
for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash
dividends paid in 2015.)
b. Calculate the firm’s 2015 earnings per share (EPS).
c. How large a per-share cash dividend did the firm pay on common stock during
2015?
Solution
a)
b) Earning per share = Earning attributable to Common stockholders/ No. of Common Stock
= (377000 - 47000) / 140000
= $ 2.36 per share
c) Cash dividend per share = 210000/140000
= $ 1.50
.
Statement of retained earnings Hayes Enterprises began 2015 with a ret.docx
Statement of retained earnings Hayes Enterprises began 2015 with a retained earnings
balance of $928,000. During 2015, the firm earned $377,000 after taxes. From
this amount, preferred stockholders were paid $47,000 in dividends. At year-end
2015, the firm’s retained earnings totaled $1,048,000. The firm had 140,000 shares
of common stock outstanding during 2015.
a. Prepare a statement of retained earnings for the year ended December 31, 2015,
for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash
dividends paid in 2015.)
b. Calculate the firm’s 2015 earnings per share (EPS).
c. How large a per-share cash dividend did the firm pay on common stock during
2015?
Solution
a)
b) Earning per share = Earning attributable to Common stockholders/ No. of Common Stock
= (377000 - 47000) / 140000
= $ 2.36 per share
c) Cash dividend per share = 210000/140000
= $ 1.50
.
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.
.
Dimitrov Corporation, a company that produces and sells a single p.docx
Dimitrov Corporation, a company that produces and sells a single product, has provided its contribution format income statement for July.
Sales (6,400 units)
$403,200
Variable expenses
275,200
Contribution margin
128,000
Fixed expenses
103,500
Net operating income
$24,500
If the company sells 6,300 units, its net operating income should be closest to:
$24,500
$23,979
$22,500
$20,000
A manufacturer of tiling grout has supplied the following data:
Kilograms produced and sold
370,000
Sales revenue
$1,880,000
Variable manufacturing expense
$953,000
Fixed manufacturing expense
$252,000
Variable selling and administrative expense
$330,000
Fixed selling and administrative expense
$218,000
Net operating income
$127,000
The company's contribution margin ratio is closest to:
49.3%
82.4%
31.8%
75.0%
Data concerning Runnells Corporation's single and sells a product. Data co cerning that product appear below:
Per Unit
Percent of Sales
Selling price
$140
100%
Variable expenses
70
50%
Contribution margin
$ 70
50%
The company is currently selling 5,700 units per month. Fixed expenses are $342,500 per month. The marketing manager believes that a $6,700 increase in the monthly advertising budget would result in a 120 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change?
Decrease of $6,700
Increase of $1,700
Increase of $8,400
Decrease of $1,700
Spartan Systems reported total sales of $365,000, at a price of $20 and per unit variable expenses of $14, for the sales of their single product.
Total
Per Unit
Sales
$365,000
$20
Variable expenses
219,000
14
Contribution margin
146,000
$6
Fixed expenses
113,000
Net operating income
$33,000
What is the amount of contribution margin if sales volume increases by 20%?
$146,000
$39,600
$175,200
$26,400
Lasseter Corporation has provided its contribution format income statement for August. The company produces and sells a single product.
Sales (4,600 units)
$
193,200
Variable expenses
87,400
Contribution margin
105,800
Fixed expenses
45,200
Net operating income
$
60,600
If the company sells 4,700 units, its total contribution margin should be closest to:
$61,917
$105,800
$108,100
$110,000
Darwin Inc. sells a particular textbook for $39. Variable expenses are $28 per book. At the current volume of 49,000 books sold per year the company is just breaking even. Given these data, the annual fixed expenses associated with the textbook total:
$539,000
$1,911,000
$2,450,000
$1,372,000
Puchalla Corporation sells a product for $120 per unit. The product's current sales are 12,300 units and its break-even sales are 10,824 units. The margin of safety as a percentage of sales is closest to:
88%
12%
14%
86%
Alpha Corporation reported the following data for its .
Income statementDonnas BoutiqueIncome statementFor the year ended.docx
Income statementDonna's BoutiqueIncome statementFor the year ended 31st December, 2014Sales revenueTotal sales$78,000Less. Sales returns/allowances$0Net sales revenue$78,000Less cost of goods soldBeginning stock14000Add. Purchases32000Less. Ending stock($18,000)Cost of goods sold($28,000)Gross profit$50,000Operating expensesemployees salaries21400Unpaid invoices16000Payment for operating expenses4000Total operating expenses($41,400)Operating Income$8,600Other income and expensesUncollected invoices24000Withdraw for personal use ($22,000)Net other income and expenses2000NET INCOME$10,600
statement of cash flowsDonna's Boutiquestatement of cash flowsFor period ended 31st December 2014cash flows from operating activities:operating income$8,600net cash from investing activities$32,000Net cash from financing activities0Net change in cash$40,600Beginning cash balance$60,000Ending cash balance$100,600out of the $100600 cash balance, $60000 belonged to Donna, so the ending balance for the business was$100600- $60000= $40600
Balance sheetDonna's BoutiqueBalance sheetFor the period ended 31st December, 2014ASSETSCurrent Assets:Cash60000accounts receivables24000prepaid rent4800inventory28000Total current assets116800non-current assetsEquipment32000total assets$148,800LIABILITIES AND OWNERS EQUITYAccounts payable16000salaries21400Operating expenses4000unearned revenues24000withdraws22000Total liabilities87400Owners equity60000Total liabilities & owners equity$147,400
financial ratiosReturn on owners equityit is a profitability ratio that measures the ability of a firm to generate profits from its shareholders investment in the company.ROE= Net income/Shareholder equity10600/6000= 0.18operating cash flow margin measures what percentage of total revenues is made by operating income. The ratio shows what proportion of revenues is available to cover non-operating costsoperating cash flow margin= operating income/Net sales8600/78000= 0.110.11*100= 11%cash return on total assetsit measures the efficieny of the business in using its assets to generate net income.Return on assets= Annual net income/ Average total assets10600/ (148800/2)= 0.140.14*100= 14%Higher value of return on assets shows that the business is more profitableCurrent ratioit measures a firm's ability to pay off its short-term liabilities with its current assets.current ratuo= current assets/ current liabilities116800/87400= 1.34A higher current ratio is always more favorable than a lower current ratio because it shows the company can more easily make current debt payments.Debt ratiomeasures a firm's total liabilities as a percentage of its total assetstotal liabilities/ total assets87400/148800= 0.59Donna's Boutique has a reasonable debt ratio.cash return on owner equityIt is the ratio of net income of a business during a year to its stockholders' equity during that year. It shows net income as percentage of shareholder equitycash return on owner equity= annual income/ average stock holder e.
Accounting for Partnerships
Accounting for formation,operation, and changes in membership of partnerships
Problem 3-2 (LO 2) Simple equity method adjustments, consolidated .docx
Problem 3-2 (LO 2) Simple equity method adjustments, consolidated worksheet.
On January 1, 2015, Paro Company purchases 80% of the common stock of Solar Company for $320,000. Solar has common stock, other paid-in capital in excess of par, and retained earnings of$50,000, $100,000, and $150,000, respectively. Net income and dividends for two years for Solar are as follows:
2015
2016
Net income
$60,000
$90,000
Dividends
20,000
30,000
On January 1, 2015, the only undervalued tangible assets of Solar are inventory and the building. Inventory, for which FIFO is used, is worth $10,000 more than cost. The inventory is sold in 2015. The building, which is worth $30,000 more than book value, has a remaining life of10 years, and straight-line depreciation is used. The remaining excess of cost over book value is attributed to goodwill.
Required
1. Using this information and the information in the following trial balances on December 31, 2016, prepare a value analysis and a determination and distribution of excess schedule:
Paro Company
Solar Company
Inventory, December 31
100,000
50,000
Other Current Assets
136,000
180,000
Investment in Solar Company
400,000
Land
50,000
50,000
Buildingsand Equipment
350,000
320,000
Accumulated Depreciation
(100,000)
(60,000)
Goodwill
Other Intangibles
20,000
Current Liabilities
(120,000)
(40,000)
Bonds Payable
(100,000)
Other Long-Term Liabilities
(200,000)
Common Stock—Paro Company
(200,000)
Other Paid-In Capital in Excess of Par—Paro Company
(100,000)
Retained Earnings—Paro Company
(214,000)
Common Stock—Solar Company
(50,000)
Other Paid-In Capital in Excess of Par—Solar Company
(100,000)
Retained Earnings—Solar Company
(190,000)
Net Sales
(520,000)
(450,000)
Cost of Goods Sold
300,000
260,000
Operating Expenses
120,000
100,000
Subsidiary Income
(72,000)
Dividends Declared—Paro Company
50,000
Dividends Declared—Solar Company
30,000
Totals
0
0
2. Complete a worksheet for consolidated financial statements for 2016. Include columns for eliminations and adjustments, consolidated income, NCI, controlling retained earnings, and consolidated balance sheet.
Problem 3-10 (LO3, 5) 100%, cost method worksheet, several adjustments, third year.
Refer to the preceding information for Paulcraft’s acquisition of Switzer’s common stock. Assume that Paulcraft pays $480,000 for 100% of Switzer common stock. Paulcraft uses the cost method to account for its investment in Switzer. Paulcraft and Switzer have the following trial balances on December 31, 2017 as shown on page 191.
Paulcraft
Switzer
Cash
100,000
110,000
Accounts Receivable
90,000
55,000
Inventory
120,000
86,000
Land
100,000
60,000
Investment in Switzer
480,000
Buildings
800,000
250,000
Accumulated Depreci.
help with 13. please Where are the photosynthetic pigments in Gre.pdf
help with 13. please Where are the photosynthetic pigments in Green sulfur bacteria? A.
Chlorosomes B. Chromatophores C. Chloroplasts D. phycobilisomes In cyanobacterial
anoxygenic photosynthesis where is the electron donated? A. PSI B. PSII C. Either PSI or PSII
D. Q E. NAD(P)^+ If cyanobacteria are photosynthesizing with sulfide, what is the byproduct?
A. water B. oxygen C. elemental sulfur D. ATP E. NAD(P)^+ Tube worms in deep sea
hydrothermal vent communities have no mouth or anus. How do they survive? A. even though
they are eukaryotes they can do chemolithotrophy B. endosymbiotic chemolithotrophs in their
trophosome C. endosymbiotic Chemolithotrophs in their gills D. Oxygen and sulfide can
diffuse in their skin E. both A and D Bioluminescent vibrio species use oxygen: A. to support
aerobic respiration B. to produce light C. for luciferase D. all of the above In the
Agrobacterium/plant symbiosis the Ti plasmid carries genes for opine catabolism and for opine
synthesis. Where are the genes expressed? A. opine synthesis in Agrobaterium, opine catabolism
in the plant B. opine catabolism in Agrobacterium, opine synthesis in the plant C. in both
Agrobacterium and in the plant D. only in the plant E. only in Agrobacterium E. colic has a
branched electron transport chain ending in what terminal electron acceptor(s)? A. oxygen B.
nitrate C. both A and B D. none of th eabove In the above question where is the branch? A. the
cytoplasm B. NADH C. after the Q cycle D. the terminal acceptor Phosphoadenosine
phosphosulfate is required for: A. assimilatory sulfate reduction B. dissimilatory sulfate
reduction D. dissimilatory nitrate reduction Why is APS formed? A. the phosphate group
activates sulfate B. APS reduces sulfate C. it is a byproduct D. to be an electron donor
Solution
Correct answer: A) PSI
Anoxygenic photosynthesis takes place in some cyanobacteria. PSII produce oxygen by
photolysis. So it is absent.
NAD(P) cannot act as a electron acceptor in photosynthesis..
How important is UNIX® to the Internet Explain why and support your.pdf
How important is UNIX® to the Internet? Explain why and support your position using
examples.
Solution
Ans. Importance of UNIX to internet:
A lot of web applications are built for UNIX OS. These applications serve only to UNIX
platform. These applications have static and dynamic content and UNIX OS does that very well.
Many ofthese applications can ne built to run on Windows too but it has a virus issue. Windows
can cause many viruses whereas there is no virus when it come to UNIX OS.
For example, APACHE server runs on both UNIX and WIndows but it finds its application more
on UNIX due to absence of viruses there..
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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
...
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 ...
In.docx
Income Statement
Balance Sheet
Next Year
This Year
Next Year
Revenue
$5,000
Total assets
$1,000
$2,000
Operating expenses
4,000
Liabilities & equity:
EBIT
1,000
Current liabilities
$ 576
$ 200
Interest (8%)
?
Long-term debt
100
?
EBT
?
Equity
324
?
Taxes(40%)
?
Earnings after tax
?
Total liabilities
& equity
$1,000
$2,000
The firm pays 8% interest on all of its debt and is subject to a 40% tax rate. Complete the plan.
1. Emperor Corporation's financial statements for the last year are shown below. The firm paid a $1,000 dividend to its stockholders during the year. There were no sales of new stock.
Balance Sheets
ASSETS
Ending
Beginning
Income Statement
Cash
$ 2,000
$ 1,600
Sales
$100,000
Accounts receivable
12,000
5,200
COGS
80,000
Inventory
14,000
15,600
Gross Margin
$ 20,000
Current Assets
$28,000
$22,400
Cash Expenses
$ 8,000
Gross Fixed assets
$27,000
$20,000
Depreciation
1,600
Accumulated depreciation
(16,000
)
(14,400
)
EBIT
$ 10,400
Net fixed assets
11,000
5,600
Interest
800
Total assets
$39,000
$28,000
EBT
$ 9,600
LIABILITIES
Tax
2,600
Accounts payable
$ 3,000
$ 2,500
Net Income
$ 7,000
Accruals
1,000
1,500
Current Liabilities
$ 4,000
$ 4,000
Long term Debt
10,000
5,000
Equity
25,000
19,000
Total liabilities & equity
$39,000
$28,000
Develop Emperor's Statement of Cash Flows.
.
1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx
1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,600
$
352,000
$
352,000
a-1.
Prepare an income statement for the year ended December 31, 2015.
a-2.
Prepare a statement of retained earnings for the year ended December 31, 2015.
a-3.
Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)
b.
Does the company appear to be liquid?
No
Yes
c.
Has the company been profitable in the past?
No
Yes
2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,200
$
352,000
$
352,000
a.
Prepare all necessary closing entries at December 31, 2015.
1. Record the entry to close Lawn Care Revenue earned to income summary
2. REcord the entry to close all expense accounts to income summary
3. Record the entry to transfer net income earned in 2015 to retained earnings account
4. Record the entry to close dividends declared in 2015 to retained earnings account.
Prepare an after-closing trial balance dated December 31, 2015.
· Record the entry to close all expense accounts to income summary.
· Record the entry to close all expense accounts to income summary.
3) Cat Fancy, Inc., has provided the following information from its most current financial statements:
Total revenue
$
125,000
Total expenses
80,000
Total current assets
32,000
Total current liabilities
8,000
Total stockholders' equity, January 1, 2015
74,000
Total stockholders' equity, December 31, 2015
76,000
Compute the company’s net income per ...
Statement of retained earnings Hayes Enterprises began 2015 with a ret.docx
Statement of retained earnings Hayes Enterprises began 2015 with a retained earnings
balance of $928,000. During 2015, the firm earned $377,000 after taxes. From
this amount, preferred stockholders were paid $47,000 in dividends. At year-end
2015, the firm’s retained earnings totaled $1,048,000. The firm had 140,000 shares
of common stock outstanding during 2015.
a. Prepare a statement of retained earnings for the year ended December 31, 2015,
for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash
dividends paid in 2015.)
b. Calculate the firm’s 2015 earnings per share (EPS).
c. How large a per-share cash dividend did the firm pay on common stock during
2015?
Solution
a)
b) Earning per share = Earning attributable to Common stockholders/ No. of Common Stock
= (377000 - 47000) / 140000
= $ 2.36 per share
c) Cash dividend per share = 210000/140000
= $ 1.50
.
Statement of retained earnings Hayes Enterprises began 2015 with a ret.docx
Statement of retained earnings Hayes Enterprises began 2015 with a retained earnings
balance of $928,000. During 2015, the firm earned $377,000 after taxes. From
this amount, preferred stockholders were paid $47,000 in dividends. At year-end
2015, the firm’s retained earnings totaled $1,048,000. The firm had 140,000 shares
of common stock outstanding during 2015.
a. Prepare a statement of retained earnings for the year ended December 31, 2015,
for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash
dividends paid in 2015.)
b. Calculate the firm’s 2015 earnings per share (EPS).
c. How large a per-share cash dividend did the firm pay on common stock during
2015?
Solution
a)
b) Earning per share = Earning attributable to Common stockholders/ No. of Common Stock
= (377000 - 47000) / 140000
= $ 2.36 per share
c) Cash dividend per share = 210000/140000
= $ 1.50
.
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.
.
Dimitrov Corporation, a company that produces and sells a single p.docx
Dimitrov Corporation, a company that produces and sells a single product, has provided its contribution format income statement for July.
Sales (6,400 units)
$403,200
Variable expenses
275,200
Contribution margin
128,000
Fixed expenses
103,500
Net operating income
$24,500
If the company sells 6,300 units, its net operating income should be closest to:
$24,500
$23,979
$22,500
$20,000
A manufacturer of tiling grout has supplied the following data:
Kilograms produced and sold
370,000
Sales revenue
$1,880,000
Variable manufacturing expense
$953,000
Fixed manufacturing expense
$252,000
Variable selling and administrative expense
$330,000
Fixed selling and administrative expense
$218,000
Net operating income
$127,000
The company's contribution margin ratio is closest to:
49.3%
82.4%
31.8%
75.0%
Data concerning Runnells Corporation's single and sells a product. Data co cerning that product appear below:
Per Unit
Percent of Sales
Selling price
$140
100%
Variable expenses
70
50%
Contribution margin
$ 70
50%
The company is currently selling 5,700 units per month. Fixed expenses are $342,500 per month. The marketing manager believes that a $6,700 increase in the monthly advertising budget would result in a 120 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change?
Decrease of $6,700
Increase of $1,700
Increase of $8,400
Decrease of $1,700
Spartan Systems reported total sales of $365,000, at a price of $20 and per unit variable expenses of $14, for the sales of their single product.
Total
Per Unit
Sales
$365,000
$20
Variable expenses
219,000
14
Contribution margin
146,000
$6
Fixed expenses
113,000
Net operating income
$33,000
What is the amount of contribution margin if sales volume increases by 20%?
$146,000
$39,600
$175,200
$26,400
Lasseter Corporation has provided its contribution format income statement for August. The company produces and sells a single product.
Sales (4,600 units)
$
193,200
Variable expenses
87,400
Contribution margin
105,800
Fixed expenses
45,200
Net operating income
$
60,600
If the company sells 4,700 units, its total contribution margin should be closest to:
$61,917
$105,800
$108,100
$110,000
Darwin Inc. sells a particular textbook for $39. Variable expenses are $28 per book. At the current volume of 49,000 books sold per year the company is just breaking even. Given these data, the annual fixed expenses associated with the textbook total:
$539,000
$1,911,000
$2,450,000
$1,372,000
Puchalla Corporation sells a product for $120 per unit. The product's current sales are 12,300 units and its break-even sales are 10,824 units. The margin of safety as a percentage of sales is closest to:
88%
12%
14%
86%
Alpha Corporation reported the following data for its .
Income statementDonnas BoutiqueIncome statementFor the year ended.docx
Income statementDonna's BoutiqueIncome statementFor the year ended 31st December, 2014Sales revenueTotal sales$78,000Less. Sales returns/allowances$0Net sales revenue$78,000Less cost of goods soldBeginning stock14000Add. Purchases32000Less. Ending stock($18,000)Cost of goods sold($28,000)Gross profit$50,000Operating expensesemployees salaries21400Unpaid invoices16000Payment for operating expenses4000Total operating expenses($41,400)Operating Income$8,600Other income and expensesUncollected invoices24000Withdraw for personal use ($22,000)Net other income and expenses2000NET INCOME$10,600
statement of cash flowsDonna's Boutiquestatement of cash flowsFor period ended 31st December 2014cash flows from operating activities:operating income$8,600net cash from investing activities$32,000Net cash from financing activities0Net change in cash$40,600Beginning cash balance$60,000Ending cash balance$100,600out of the $100600 cash balance, $60000 belonged to Donna, so the ending balance for the business was$100600- $60000= $40600
Balance sheetDonna's BoutiqueBalance sheetFor the period ended 31st December, 2014ASSETSCurrent Assets:Cash60000accounts receivables24000prepaid rent4800inventory28000Total current assets116800non-current assetsEquipment32000total assets$148,800LIABILITIES AND OWNERS EQUITYAccounts payable16000salaries21400Operating expenses4000unearned revenues24000withdraws22000Total liabilities87400Owners equity60000Total liabilities & owners equity$147,400
financial ratiosReturn on owners equityit is a profitability ratio that measures the ability of a firm to generate profits from its shareholders investment in the company.ROE= Net income/Shareholder equity10600/6000= 0.18operating cash flow margin measures what percentage of total revenues is made by operating income. The ratio shows what proportion of revenues is available to cover non-operating costsoperating cash flow margin= operating income/Net sales8600/78000= 0.110.11*100= 11%cash return on total assetsit measures the efficieny of the business in using its assets to generate net income.Return on assets= Annual net income/ Average total assets10600/ (148800/2)= 0.140.14*100= 14%Higher value of return on assets shows that the business is more profitableCurrent ratioit measures a firm's ability to pay off its short-term liabilities with its current assets.current ratuo= current assets/ current liabilities116800/87400= 1.34A higher current ratio is always more favorable than a lower current ratio because it shows the company can more easily make current debt payments.Debt ratiomeasures a firm's total liabilities as a percentage of its total assetstotal liabilities/ total assets87400/148800= 0.59Donna's Boutique has a reasonable debt ratio.cash return on owner equityIt is the ratio of net income of a business during a year to its stockholders' equity during that year. It shows net income as percentage of shareholder equitycash return on owner equity= annual income/ average stock holder e.
Accounting for Partnerships
Accounting for formation,operation, and changes in membership of partnerships
Problem 3-2 (LO 2) Simple equity method adjustments, consolidated .docx
Problem 3-2 (LO 2) Simple equity method adjustments, consolidated worksheet.
On January 1, 2015, Paro Company purchases 80% of the common stock of Solar Company for $320,000. Solar has common stock, other paid-in capital in excess of par, and retained earnings of$50,000, $100,000, and $150,000, respectively. Net income and dividends for two years for Solar are as follows:
2015
2016
Net income
$60,000
$90,000
Dividends
20,000
30,000
On January 1, 2015, the only undervalued tangible assets of Solar are inventory and the building. Inventory, for which FIFO is used, is worth $10,000 more than cost. The inventory is sold in 2015. The building, which is worth $30,000 more than book value, has a remaining life of10 years, and straight-line depreciation is used. The remaining excess of cost over book value is attributed to goodwill.
Required
1. Using this information and the information in the following trial balances on December 31, 2016, prepare a value analysis and a determination and distribution of excess schedule:
Paro Company
Solar Company
Inventory, December 31
100,000
50,000
Other Current Assets
136,000
180,000
Investment in Solar Company
400,000
Land
50,000
50,000
Buildingsand Equipment
350,000
320,000
Accumulated Depreciation
(100,000)
(60,000)
Goodwill
Other Intangibles
20,000
Current Liabilities
(120,000)
(40,000)
Bonds Payable
(100,000)
Other Long-Term Liabilities
(200,000)
Common Stock—Paro Company
(200,000)
Other Paid-In Capital in Excess of Par—Paro Company
(100,000)
Retained Earnings—Paro Company
(214,000)
Common Stock—Solar Company
(50,000)
Other Paid-In Capital in Excess of Par—Solar Company
(100,000)
Retained Earnings—Solar Company
(190,000)
Net Sales
(520,000)
(450,000)
Cost of Goods Sold
300,000
260,000
Operating Expenses
120,000
100,000
Subsidiary Income
(72,000)
Dividends Declared—Paro Company
50,000
Dividends Declared—Solar Company
30,000
Totals
0
0
2. Complete a worksheet for consolidated financial statements for 2016. Include columns for eliminations and adjustments, consolidated income, NCI, controlling retained earnings, and consolidated balance sheet.
Problem 3-10 (LO3, 5) 100%, cost method worksheet, several adjustments, third year.
Refer to the preceding information for Paulcraft’s acquisition of Switzer’s common stock. Assume that Paulcraft pays $480,000 for 100% of Switzer common stock. Paulcraft uses the cost method to account for its investment in Switzer. Paulcraft and Switzer have the following trial balances on December 31, 2017 as shown on page 191.
Paulcraft
Switzer
Cash
100,000
110,000
Accounts Receivable
90,000
55,000
Inventory
120,000
86,000
Land
100,000
60,000
Investment in Switzer
480,000
Buildings
800,000
250,000
Accumulated Depreci.
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-----------
One more error I saw is you have defined the prototype of \"setWindSpeed();\" as \"double\".
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Answer:
import java.awt.GridLayout;
import java.awt.event.ActionEvent;
import java.awt.event.ActionListener;
import javax.swing.*;
public class TicTacToe extends JPanel
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public TicTacToe()
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initializebuttons();
}
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*/
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terrorism on commercial air travel and general aviation?
Solution
Air Space Closed: On September 10, 2001, US airports handled 38,047 flights. On September
12, they handled 252 commercial flights. One week later (September 18) there were 34,743
flights.1
• Passenger Traffic: US passenger traffic, measured by revenue passenger kilometers (number of
travelers multiplied by the distance traveled) declined 5.9% in 20012 (compared to 2000) and a
further 1.4% in 2002. Airlines struggled to match this decline by cutting capacity (available seat
kilometers or number of seats multiplied by distance traveled) by 2.8% in 2001 and a further
3.9% in 2002. This was the first time since World War II that industry capacity declined for two
consecutive years. After stabilizing in 2003, capacity growth resumed in 2004 and continued
until 2008, when it declined again owing to soaring oil prices and the global financial crisis.
Capacity fell further in 2009, returning virtually to 2000 levels. Between 2000 and 2009, the US
commercial aircraft fleet shrank by around 700 units.
In addition to the casualties and physical destruction directly
caused by their attacks, terrorists seek to inflict wider psychological,
social, political, and economic damage upon the
societies they target.
Terrorists can hope to harm economies in various indirect
ways. These include:
Reducing consumers’ and firms’ expectations for the future
Forcing governments and the private sector to invest in
security measures, which reduce efficiency in vulnerable
industries (such as transportation and trade) and redirect
investment away from more productive economic uses
Altering behavior by inducing economic actors (consumers,
investors, businesses) to avoid areas of perceived
risk (either sectors, such as aviation or tourism, or geographic
areas affected by terrorism)
Triggering wider geopolitical conflict, which may cause
further economic disruptions
This paper examines the actual macroeconomic.
The PCAOB and SOX were created in 2002 and yet accounting frauds occ.pdf
The PCAOB and SOX were created in 2002 and yet accounting frauds occured, does that mean
that SOX and the PCAOB are a failure? Why or why not?
Solution
SOX- Sarbanes Oxley Act was made in 2002 to protect the investors from fraud after the Enron
scandal.
PCAOB- This is \"Public company accounting oversight board\", created by SOX to protect the
investors\' interest and also to analyze the audits of public companies. It is a not for profit
organization and its main motive is to minimize the risk and provide protection.
These laws were created for betterment and safety of people and companies but somehow and
somewhere, these acts failed because of the following reasons:.
The main purpose of welfare is to provide incomes O A. for people who.pdf
The main purpose of welfare is to provide incomes O A. for people who do not qualify for social
security or unemployment compensation O B. to the surviving spouses or children of retirees or
workers injured on the job O C. to unemployed workers O D. to retired or disabled workers
Click to select your answer APPLY Chapter 7 Chech port Problems and Muitiple Choice
APPLY Chapter 8 Checkpoint Problems and Multiple Choice Quiz
Solution
The main purpose of welfare is for people who do not qualify for social security or
unemployment compensation.
The following is the sample code for multithreading. Run it and expl.pdf
The following is the sample code for multithreading. Run it and explain how it works. Pick up
one of the programs that you generated so far (for any assignment, not limited to CPM4100), and
modify it into multithreaded version.
Solution
Example code for multithreading is
Multithreading is to provide simultaneous execution of two or more parts of a program to utilize
the CPU time is the main theam of Multithreading above program best example for
Multithreading..
A quantity of HI was sealed in a tube, heated to 425C, and held at t.pdf
A quantity of HI was sealed in a tube, heated to 425C, and held at this temperature until
equilibrium is reached. The concentration of HI in the tube at equilibrium was found to be
0.0706 moles/liter. Calculate the equilibrium concentration of H2 (and I2 ). For the reaction H2
(g) + I2 (g) 2HI(g), Kc = 54.6 at 425C.
I don\'t know how to work this without the initial [HI]. Please explain the answer.
Solution
Kc=[2HI]^2/[I2][H2]
BUT [I2]=[H2]
=>54.6=0.0706^2/[h2]^2
[H2]^2=9.128*10^-5
[H2]=[I2]=SQRT9.128*10^-5
=9.55*10^-3MOLES/LITRE.
a higher GDP means that the U.S. either produced more goods and serv.pdf
a higher GDP means that the U.S. either produced more goods and services, or
Solution
or
there is a higher income which will lead to rise in expenditure which implies that there is a rise in
the standard of living of the citizens and due to rise in income there will be a higher spending on
various goods and services..
All EXCEPT which of the following are stages of mitosis a) S ph.pdf
All EXCEPT which of the following are stages of mitosis? a) S phase b) Telophase c)
Prophase d) Metaphase Cytokinesis is a part of ___. a) M phase b) mitosis c) metaphase d)
Interphase e) diplotene A startup cell culture contains 1 cell. How many cells will this culture
contain after 5 rounds of mitotic cell division? a) 2 b) 5 c) 16 d) 32 e) 160 Somatic cells of an
organism contain 2n=4 chromosomes After M phase is completed, the daughter cells will contain
a) 2n=16 b) 4n=8 c) 2n=4 d) 2n=8 e) 1n=4 During S phase of the cell cycle, ___. A) DNA
recombines B) RNA replicates C) DNA content essentially doubles D) sister chromatids move
to opposite poles E) the nuclear membrane disappears The structure responsible for
organization of the mitotic spindle is called: a) centrosome b) centromere c) centrifuge d)
chromosome e) anaphase How many haploid sets of chromosomes are present in a diploid cell
with 12 chromosomes? a) 2 b) 6 c) 12 d) 24 e) 48
Solution
1.S Phase
2.M Phase
3.32(each cell produces 2 daughter cells)
4.2n=4
5.sister chromatids move to opposite sides.
6.centrosome
7.6 chromosomes(Haploid number (n) of a chromosome is one half the diploid number. ).
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