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Question;Brief Exercise 18-4;Using the following data from the comparative balance sheet of;Goody Company.;December 31, 2015;December 31, 2014;Accounts receivable;\$405,324;\$435,168;Inventory;\$778,122;\$616,488;Total assets;\$2,502,000;\$3,022,000;Illustrate vertical analysis.(Round percentages to 1;decimal place, e.g. 12.1%.);December 31, 2015;December 31, 2014;Goody Company;Balance Sheets;Amount;Percentage;Amount;Percentage;Accounts 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 Work;Brief Exercise 18-5;Net 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 Work;Brief Exercise 18-7;Horizontal analysis (trend analysis) percentages for Dody;Company?s sales revenue, cost of goods sold, and expenses are shown below.;Horizontal Analysis;2015;2014;2013;Sales;94.9;106.7;100.0;Cost of goods sold;102.6;97.8;100.0;Expenses;107.5;97.4;100.0;Did Dody?s net income increase, decrease, or remain unchanged over the 3-year;period?;2014;2015;Click if you would like to Show Work for this question;Open Show Work;Brief Exercise 18-9;Selected condensed data taken from a recent balance sheet of;Heidebrecht Inc. are as follows.;HEIDEBRECHT INC.;Balance Sheet (partial);Cash;\$7,930,000;Short-term investments;4,930,900;Accounts receivable;12,188,000;Inventory;14,419,000;Other current assets;5,418,900;Total current assets;\$44,886,800;Total current liabilities;\$39,606,000;What 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;1;Click if you would like to Show Work for this question;Open Show Work;Brief Exercise 18-10;Linebarger 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 turnover;times;Profit margin;%;Click if you would like to Show Work for this question;Open Show Work;Exercise 18-3;The;comparative condensed balance sheets of Gurley Corporation are presented;below.;GURLEY CORPORATION;Comparative Condensed Balance Sheets;December 31;2015;2014;Assets;Current assets;\$ 73,640;\$ 79,650;Property, plant, and equipment;(net);98,500;89,720;Intangibles;26,210;39,910;Total assets;\$198,350;\$209,280;Liabilities and stockholders? equity;Current 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;Prepare 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;CORPORATION;Condensed Balance Sheets;December 31;2015;2014;Increase;(Decrease);Percentage;Change from 2014;Assets;Current 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' Equity;Current 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 TEXT;Prepare 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;CORPORATION;Condensed Balance Sheet;December 31, 2015;Amount;Percent;Assets;Current;Assets;\$73,640;%;Property;Plant, and Equipment;98,500;%;Intangibles;26,210;%;Total assets;\$198,350;%;Liabilities and;Stockholders' Equity;Current;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 Work;Exercise 18-4;The;comparative condensed income statements of Emley Corporation are shown;below.;EMLEY CORPORATION;Comparative Condensed Income Statements;For the Years Ended December 31;2015;2014;Net 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;Prepare 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 CORPORATION;Condensed Income Statements;For the Years Ended December 31;Increase or (Decrease);During 2015;2015;2014;Amount;Percentage;Net 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 18-2;Schellhammer;Corporation reported the following amounts in 2013, 2014, and 2015.;2013;2014;2015;Current assets;\$200,000;\$210,000;\$240,000;Current liabilities;\$150,000;\$168,000;\$184,000;Total 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;2015;Horizontal Analysis;Current assets;%;%;%;Vertical Analysis;Current assets;%;%;%;Ratio Analysis;Current ratio;Click if you would like to Show Work for this question;Open Show Work;Brief Exercise 18-3;Using the following data from the comparative balance sheet of;Goody Company.;December 31, 2015;December 31, 2014;Accounts receivable;\$520,000;\$400,000;Inventory;\$840,000;\$600,000;Total assets;\$3,000,000;\$2,500,000;Illustrate horizontal analysis.(Round percentages to 0;decimal places, e.g. 12%.);Increase or (Decrease);Goody CompanyBalance Sheet;December 31, 2015;December 31, 2014;Amount;Percentage;Accounts 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 Work;Brief Exercise 18-8;Vertical analysis (common size) percentages for Kochheim Company?s;sales, cost of goods sold, and expenses are shown below.;Vertical Analysis;2015;2014;2013;Sales;100.0;100.0;100.0;Cost of goods sold;60.2;62.4;63.5;Expenses;25.0;25.6;27.5;(a) Calculate net income.;2015;2014;2013;Net 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 Work;Brief Exercise;18-11 (Part Level Submission);The;following data are taken from the financial statements of Rainsberger;Company.;2015;2014;Accounts receivable (net), end of year;\$550,000;\$520,000;Net sales on account;3,960,000;3,100,000;Terms 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;2014;Accounts receivable turnover;times;times;Click if you would like to Show Work for this question;Open;Show Work;Brief Exercise;18-12 (Part Level Submission);The;following data are from the income statements of Haskin Company.;2015;2014;Sales;\$6,420,000;\$6,240,000;Beginning inventory;940,000;860,000;Purchases;4,340,000;4,661,000;Ending 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;2014;Inventory turnover;times;times;Click if you would like to Show Work for this question;Open;Show Work;Brief Exercise 18-13;Guo 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 Work;Exercise 18-2;Operating;data for Navarro Corporation are presented below.;2015;2014;Net sales;\$750,000;\$600,000;Cost of goods sold;465,000;390,000;Selling expenses;105,000;66,000;Administrative expenses;60,000;54,000;Income tax expense;36,000;27,000;Net income;84,000;63,000;Prepare a schedule showing a vertical analysis for 2015 and 2014.(Round;answers to 1 decimal place, e.g. 48.5%.);NAVARRO CORPORATION;Condensed Income Statements;For the Years Ended December 31;2015;2014;Amount;Percent;Amount;Percent;Net 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 Work;Exercise 18-5;SupposeNordstrom, 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-Year;Cash and cash equivalents;\$ 795;\$ 72;Accounts receivable (net);2,035;1,942;Inventory;898;900;Prepaid expenses;88;93;Other current assets;238;210;Total current assets;\$4,054;\$3,217;Total current liabilities;\$2,014;\$1,601;For 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;1;Acid-test ratio;1;Accounts receivable turnover;times;Inventory turnover;times;Click if you would like to Show Work for this question;Open Show Work

Paper#38639 | Written in 18-Jul-2015

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