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Problem Solving_Solutions




Question;Problem SolvingPlease solve the following: A, B, C, D. I need the asnwer by tomorrow around 10:00 am. I am solving them now and actually answered some but I would like to get a second opinion or another work by someone else. Thank you!A.The following data are from the income statements of Haskin Company.20152014Sales$6,420,000$6,240,000Beginning inventory940,000860,000Purchases4,340,0004,661,000Ending inventory1,020,000940,000Compute for each year the inventory turnover (Round answers to 1 decimal place).1. 2015 __________2. 2014 __________B. 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) 3. Cash dividends ________ 4. Average Assets ________C.Operating data for Navarro Corporation are presented below.20152014Net sales$750,000$600,000Cost of goods sold465,000390,000Selling expenses105,00066,000Administrative expenses60,00054,000Income tax expense36,00027,000Net income84,00063,000Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place)NAVARRO CORPORATIONCondensed Income StatementsFor the Years Ended December 3120152014AmountPercentAmountPercentNet sales$750,000%$600,000%Cost of goods sold465,000%390,000%Gross profit285,000%210,000%Selling expenses105,000%66,000%Administrative expenses60,000%54,000%Total operating expenses165,000%120,000%Income before income taxes120,000%90,000%Income taxes expense36,000%27,000%Net income$84,000%$63,000%D.SupposeNordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014.NORDSTORM, INC.Balance Sheet (partial)(in millions)End-of-YearBeginning-of-YearCash and cash equivalents$ 795$ 72Accounts receivable (net)2,0351,942Inventory898900Prepaid expenses8893Other current assets238210Total 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).Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g. 1.6.)1. Current ratio ________ 3. Accounts receivable turnover _______2. Acid-test ratio ________ 4. Inventory turnover


Paper#41673 | Written in 18-Jul-2015

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