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Question;Brief Exercise 18-4Using the following data from the comparative balance sheet of Goody Company.December 31, 2015 December 31, 2014Accounts receivable $405,324 $435,168Inventory $778,122 $616,488Total assets $2,502,000 $3,022,000Illustrate vertical analysis. (Round percentages to 1 decimal place, e.g. 12.1%.)December 31, 2015 December 31, 2014Goody CompanyBalance SheetsAmountPercentageAmountPercentageAccounts receivable $405,324% $435,168%Inventory $778,122% $616,488%Total assets $2,502,000% $3,022,000%Click if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-5Net income was $499,160 in 2013, $452,610 in 2014, and $526,000 in 2015. What is the percentage of change from (a) 2013 to 2014 and (b) 2014 to 2015? Is the change an increase or a decrease? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentages to 0 decimal places, e.g. 12%.)Increase or (Decrease)Amount Percentage(a) 2013?2014%(b) 2014?2015%Click if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-7Horizontal analysis (trend analysis) percentages for Dody Company?s sales revenue, cost of goods sold, and expenses are shown below.Horizontal Analysis 2015 2014 2013Sales 94.9 106.7 100.0Cost of goods sold 102.6 97.8 100.0Expenses 107.5 97.4 100.0Did Dody?s net income increase, decrease, or remain unchanged over the 3-year period?20142015Click if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-9Selected condensed data taken from a recent balance sheet of Heidebrecht Inc. are as follows.HEIDEBRECHT INC.Balance Sheet (partial)Cash $7,930,000Short-term investments 4,930,900Accounts receivable 12,188,000Inventory 14,419,000Other current assets 5,418,900Total current assets $44,886,800Total current liabilities $39,606,000What are the (a) working capital, (b) current ratio, and (c) acid-test ratio? (Round ratios to 2 decimal places, e.g. 1.58: 1.)(a) Working capital $(b) Current ratio:1(c) Acid-test ratio:1Click if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-10Linebarger Corporation has net income of $10.46 million and net revenue of $83.65 million in 2014. Its assets are $12.16 million at the beginning of the year and $18.55 million at the end of the year.What are Linebarger?s asset turnover and profit margin? (Round answers to 1 decimal place, e.g. 1.6 or 1.6%.)Asset turnovertimesProfit margin%Click if you would like to Show Work for this question: Open Show WorkExercise 18-3The comparative condensed balance sheets of Gurley Corporation are presented below.GURLEY CORPORATIONComparative Condensed Balance SheetsDecember 312015 2014AssetsCurrent assets $ 73,640 $ 79,650Property, plant, and equipment (net) 98,500 89,720Intangibles 26,210 39,910Total assets $198,350 $209,280Liabilities and stockholders? equityCurrent liabilities $ 43,910 $ 47,580Long-term liabilities 142,160 148,540Stockholders? equity 12,280 13,160Total liabilities and stockholders? equity $198,350 $209,280Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2014 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)GURLEY CORPORATIONCondensed Balance SheetsDecember 312015 2014 Increase(Decrease) PercentageChange from 2014AssetsCurrent Assets $73,640 $79,650 $%Property, Plant & Equipment (net) 98,500 89,720%Intangibles 26,210 39,910%Total assets $198,350 $209,280 $%Liabilities and Stockholders' EquityCurrent Liabilities $43,910 $47,580 $%Long-term Liabilities 142,160 148,540%Stockholders' Equity 12,280 13,160%Total liabilities and stockholders' equity $198,350 $209,280 $%LINK TO TEXTPrepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2015. (Round percentages to 1 decimal place, e.g. 12.3%.)GURLEY CORPORATIONCondensed Balance SheetDecember 31, 2015Amount PercentAssetsCurrent Assets $73,640 %Property, Plant, and Equipment 98,500 %Intangibles 26,210 %Total assets $198,350 %Liabilities and Stockholders' EquityCurrent Liabilities $43,910 %Long-term Liabilities 142,160 %Stockholders' Equity 12,280 %Total liabilities and stockholders' equity $198,350 %Click if you would like to Show Work for this question: Open Show WorkExercise 18-4The comparative condensed income statements of Emley Corporation are shown below.EMLEY CORPORATIONComparative Condensed Income StatementsFor the Years Ended December 312015 2014Net sales $603,120 $500,740Cost of goods sold 483,720 416,900Gross profit 119,400 83,840Operating expenses 55,680 46,800Net income $ 63,720 $ 37,040Prepare a horizontal analysis of the income statement data for Emley Corporation using 2014 as a base. (Round percentages to 1 decimal place, e.g. 12.3%.)EMLEY CORPORATIONCondensed Income StatementsFor the Years Ended December 31Increase or (Decrease)During 20152015 2014 Amount PercentageNet sales $603,120 $500,740 $%Cost of goods sold 483,720 416,900%Gross profit 119,400 83,840%Operating expenses 55,680 46,800%Net income $63,720 $37,040 $%Brief Exercise 18-2Schellhammer Corporation reported the following amounts in 2013, 2014, and 2015.2013 2014 2015Current assets $200,000 $210,000 $240,000Current liabilities $150,000 $168,000 $184,000Total assets $500,000 $600,000 $620,000(b)Perform each of the three types of analysis on Schellhammer?s current assets. (Round percentages to 0 decimal places, e.g. 43% and ratios to 2 decimal places, e.g.1.58.)2013 2014 2015Horizontal AnalysisCurrent assets%%%Vertical AnalysisCurrent assets%%%Ratio AnalysisCurrent ratioClick if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-3Using the following data from the comparative balance sheet of Goody Company.December 31, 2015 December 31, 2014Accounts receivable $520,000 $400,000Inventory $840,000 $600,000Total assets $3,000,000 $2,500,000Illustrate horizontal analysis. (Round percentages to 0 decimal places, e.g. 12%.)Increase or (Decrease)Goody CompanyBalance Sheet December 31, 2015 December 31, 2014 Amount PercentageAccounts receivable $520,000 $400,000 $%Inventory $840,000 $600,000 $%Total assets $3,000,000 $2,500,000 $%Click if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-8Vertical analysis (common size) percentages for Kochheim Company?s sales, cost of goods sold, and expenses are shown below.Vertical Analysis 2015 2014 2013Sales 100.0 100.0 100.0Cost of goods sold 60.2 62.4 63.5Expenses 25.0 25.6 27.5(a) Calculate net income.2015 2014 2013Net income(b) Did Kochheim?s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period?Click if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-11 (Part Level Submission)The following data are taken from the financial statements of Rainsberger Company.2015 2014Accounts receivable (net), end of year $550,000 $520,000Net sales on account 3,960,000 3,100,000Terms for all sales are 1/10, n/60.(a1)Compute for each year the accounts receivable turnover. At the end of 2013, accounts receivable (net) was $480,000. (Round answers to 1 decimal place, e.g. 1.6.)2015 2014Accounts receivable turnover timestimesClick if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-12 (Part Level Submission)The following data are from the income statements of Haskin Company.2015 2014Sales $6,420,000 $6,240,000Beginning inventory 940,000 860,000Purchases 4,340,000 4,661,000Ending inventory 1,020,000 940,000(a1)Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.)2015 2014Inventory turnover timestimesClick if you would like to Show Work for this question: Open Show WorkBrief Exercise 18-13Guo Company has owners? equity of $400,000 and net income of $66,000. It has a payout ratio of 20% and a return on assets of 15%.How much did Guo pay in cash dividends, and what were its average assets? (Round answers to 0 decimal places, e.g. 125.)Cash dividends $Average assets $Click if you would like to Show Work for this question: Open Show WorkExercise 18-2Operating data for Navarro Corporation are presented below.2015 2014Net sales $750,000 $600,000Cost of goods sold 465,000 390,000Selling expenses 105,000 66,000Administrative expenses 60,000 54,000Income tax expense 36,000 27,000Net income 84,000 63,000Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.)NAVARRO CORPORATIONCondensed Income StatementsFor the Years Ended December 312015 2014Amount Percent Amount PercentNet sales $750,000 %$600,000 %Cost of goods sold 465,000 %390,000 %Gross profit 285,000 %210,000 %Selling expenses 105,000 %66,000 %Administrative expenses 60,000 %54,000 %Total operating expenses 165,000 %120,000 %Income before income taxes 120,000 %90,000 %Income taxes expense 36,000 %27,000 %Net income $84,000 %$63,000 %Click if you would like to Show Work for this question: Open Show WorkExercise 18-5Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014.NORDSTORM, INC.Balance Sheet (partial)(in millions) End-of-Year Beginning-of-YearCash and cash equivalents $ 795 $ 72Accounts receivable (net) 2,035 1,942Inventory 898 900Prepaid expenses 88 93Other current assets 238 210Total current assets $4,054 $3,217Total current liabilities $2,014 $1,601For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions).(a)Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g. 1.6.)Current ratio:1Acid-test ratio:1Accounts receivable turnovertimesInventory turnovertimesClick if you would like to Show Work for this question: Open Show Work

 

Paper#38607 | Written in 18-Jul-2015

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