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Instructions be advised, the template workbooks and worksheets are
1. InstructionsBe advised, the template workbooks and worksheets
are not protected.
Overtyping any data may remove it.All of the cells have been
correctly formatted for presentation and should not require any
adjustment. For example, if the text requires one, two, or three
significant digits in a presentation, the template has been set for
that presentation in the appropriate cells.In general, the
highlighted cells are the cells which work and effort should be
presented. These entries may include date(s), account title(s),
values, memorandum appropriate to the entry, or text answers to
questions.And information or data which may be required by the
solution will be entered in cells with borders to help identify
them.Where a highlighted cell shows "Date" enter the
appropriate date for that step of the challenge. This may be any
date format that Microsoft Excel accepts. Some of these formats
include "1/1/12", "01/01/12", and "01/01/2012." All of these
will return January 01, 2012, in the format set in the
template.Where a highlighted cell shows "Acct Nbr" enter the
appropriate account number, provided in the template and in the
text for that step of the challenge. This is entry may be a "Look
to" formula to another cell where that information has been
provided or previously entered.Where a highlighted cell shows
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of the challenge. This is a text entry and most of those cells are
set for the proper indentation for that step. Frequently the chart
of accounts appropriate to the challenge is provided and you can
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formatted for proper presentation of the entered information. If
a dollar sign is appropriate, it should not be entered, Microsoft
Excel will place it there through formatting. Commas and
significant digits (decimals) are also set through formatting for
2. common presentation. Since the formatting of the templates is
not protected by any password, you may change any of the
formatting found in the templates to meet your desires.Where a
highlighted cell shows titles such as "Formula" you may enter
the appropriate formula or enter a numerical value appropriate
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the appropriate formula are located on the template in cells with
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be a simple "Look to" formula, an equal sign and a cell
reference, "=E27" or more complex as "=E27*5," or something
similar to the time-value-of-money formula. These are
addressed in the tutorial text provided for Microsoft
Excel.Where a highlighted cell shows "Text" enter the
appropriate text for that step of the challenge. This may be a
memorandum entry for a journal entry or a lengthy text answer
discussing the results of an analysis of a company's financials.
These titles can simply be typed over.Where a highlighted cell
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enter the appropriate number provided in the template and in the
text for that step of the challenge. In general this will appear in
instances such as "Record the following events in General
Journal number six."When negative values are required, enter
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created by putting a minus sign in front of the cell reference -
"=E10*-E11" will return a negative value if both cells E10 and
E11 contain positive values.
Solution
(Ratio Computations and Additional Analysis) Bradburn
Corporation was formed 5 years ago through a public
3. subscription of common stock. Daniel Brown, who owns15%of
the common stock, was one of the organizers of Bradburn and is
its current president. The company has been successful, but it
currently is experiencing a shortage of funds. On June 10, 2014
Daniel Brown approached the Topeka National Bank, asking for
a 24-month extension on two$35,000notes, which are due on
June 30, 2015, and September 30, 2015. Another note
of$6,000is due on March 31, 2016, but he expects no difficulty
in paying this note on its due date. Brown explained that
Bradburn’s cash flow problems are due primarily to the
company’s desire to finance a$300,000plant expansion over the
next 2 fiscal years through internally generated funds.The
commercial loan officer of Topeka National Bank requested
financial reports for the last 2 fiscal years.BRADBURN
CORPORATIONStatement of Financial PositionMarch
31Assets20152014Cash$18,200$12,500Notes
receivable148,000132,000Accounts receivable
(net)131,800125,500Inventories (at cost)105,00050,000Pl ant &
equipment (net of depreciation)1,449,0001,420,500Total
assets$1,852,000$1,740,500Liabilities and Stockholders'
EquityAccounts payable$79,000$91,000Notes
payable76,00061,500Accrued liabilities9,0006,000Common
stock (130,000 shares, $10 par)1,300,0001,300,000Retained
earningsa388,000282,000Total liabilities and stockholders'
equity$1,852,000$1,740,500aCash dividends were paid at the
4. rate of $1 per share in fiscal year 2014 and $2 per share in
fiscal year 2015.BRADBURN CORPORATIONIncome
StatementFor The Fiscal Year Ended March
3120152014Sales$3,000,000$2,700,000Cost of goods
sold1,530,0001,425,000Gross
margin1,470,0001,275,000Operating
expenses860,000780,000Income before income
taxes610,000495,000Income taxes244,000198,000Net income
after income taxes$366,000$297,000Depreciation charges on the
plant and equipment of$100,000and$102,500for the fiscal years
ended March 31, 2014, and 2015, respectively, are included in
cost of goods sold.Instructions:Fill in the provided matrix and
utilize it as the matrix for "VLOOKUP" formulas within the
cells below.Column 4Column 520152014Average inventory -
2015FormulaAverage total assetsFormulaFormulaTotal Assets =
Mar 31, 2013FormulaTotal Assets = Mar 31, 2014FormulaTotal
Assets = Mar 31, 2015AmountCost of goods
soldAmountAmountCurrent assetsAmountAmountCurrent
liabilitiesAmountAmountDividendsAmountAmountDepreciation
AmountAmountGross marginAmountAmountIncome before
taxesAmountAmountIncome taxes
(40%)AmountAmountInventories = EOY
2014AmountInventories = EOY 2015AmountNet income after
taxesAmountAmountOperating
expensesAmountAmountSalesAmountAmount(a) Compute the
5. following items for Bradburn Corporation:(1) Current ratio for
fiscal years 2014 and 2015.2014 Current ratio = Current assets
----------------------- =
Current liabilitiesAmount---------------- =Formulato
1Amount2015 Current ratio = Current assets
----------------------- =
Current liabilitiesFormula---------------- =Formulato
1Formula(2) Acid-test (quick) ratio for fiscal years 2014 and
2015.2014 Quick ratio = Current assets - Inventories
----------------------- =
Current liabilitiesFormula---------------- =FormulaFormulato
12015 Quick ratio = Current assets - Inventories
----------------------- =
Current liabilitiesFormula---------------- =FormulaFormulato
1(3) Inventory turnover for fiscal year 2015.2015 Inventory
Turnover = Cost of goods sold
------------------------------------ =
Average inventoryAmount----------------
=FormulaERROR:#N/Ato 1(4) Return on assets for fiscal years
2014 and 2015. (Assume total assets were$1,688,500 at March
31, 2013.)2014 Return on assets = Net income
----------------------- =
Average total assetsFormula----------------
=FormulaFormula2015 Return on assets = Net income
----------------------- =
6. Average total assetsFormula---------------- =FormulaFormula(5)
Percentage change in sales, cost of goods sold, gross margin,
and net income after taxes from fiscal year
2014 to 2015. Omit "000" from the
values.20142015ChangePercent
ChangeSalesFormulaFormulaFormulaFormulaCost of goods
soldFormulaFormulaFormulaFormulaGross
marginFormulaFormulaFormulaFormulaNet income after
taxesFormulaFormulaFormulaFormulaNote: The formulas in
some cell formulas are "live" and need values placed in their
source cells.(b) Identify and explain what other financial reports
and/or financial analyses might be helpful to the
commercial loan officer of Topeka National Bank in
evaluating Daniel Brown’s request for a time extension
on Bradburn’s notes.Other financial reports and financial
analyses which might be helpful to the commercial loan officer
of Spokane National Bank include:1Enter text answer as
appropriate.2Enter text answer as appropriate.3Enter text
answer as appropriate.4Enter text answer as appropriate.(c)
Assume that the percentage changes experienced in fiscal year
2015 as compared with fiscal year 2014
for sales and cost of goods sold will be repeated in each of
the next 2 years. Is Bradburn’s desire to
finance the plant expansion from internally generated funds
realistic? Discuss.Enter text answer as
