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Wiley AC330 - Ex.14-3. 14-1A, 14-5




Question;*Exercise 14-3The comparative condensed balance sheets of Garcia Corporation are presented below.GARCIA CORPORATIONComparative Condensed Balance SheetsDecember 312014AssetsCurrent assets2013$ 73,52091,47039,000$211,210$ 40,080143,25016,570Total assets98,81027,570$199,900Property, plant, and equipment (net)Intangibles$ 80,740$ 47,690149,47014,050$199,900$211,210Liabilities and stockholders? equityCurrent liabilitiesLong-term liabilitiesStockholders? equityTotal liabilities and stockholders? equity(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If am ount and percentage are a decrease show the num bers as negativ e, e.g. - 55,000, - 20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)GARCIA CORPORATIONCondensed Balance SheetsDecember 3120142013Increase(Decrease)PercentageChange from 2013AssetsCurrent AssetsProperty, Plant &Equipment (net)IntangiblesTotal assets$73,520$80,74098,81091,47027,57039,000$199,900$211,210$40,080$47,690143,250149,470Liabilities andStockholders'EquityCurrent LiabilitiesLong-termLiabilities1/24/30/2014Exercise 14-3Stockholders'EquityTotal liabilitiesandstockholders'equity16,57014,050$199,900$211,210(b) Prepare a vertical analysis of the balance sheet data for Garcia Corporation in columnar form for 2014. (Round percentages to 1 decim al place, e.g. 12.3%.)GARCIA CORPORATIONCondensed Balance SheetDecember 31, 2014AmountPercentAssetsCurrent Assets $73,520Property, Plant, and Equipment (net) 98,810Intangibles 27,570Total assets $199,900Liabilities and Stockholders' EquityCurrent Liabilities $40,080Long-term Liabilities 143,250Stockholders' Equity Total liabilities and stockholders' equity16,570$199,900*Problem 14-1A (Part Level Submission)Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below. All balancesheet data are as of December 31, 2014, and December 31, 2013.Lionel Company BarrymoreCompany2014 2013 2014 2013Net sales $1,500,730 $339,796Cost of goods sold 1,021,462 236,917Operatingexpenses276,354 76,026Interest expense 7,560 2,380Income taxexpense60,151 7,670Current assets 409,776 $386,259 86,417 $ 82,659Plant assets (net) 594,702 574,664 142,667 126,552Current liabilities 64,688 75,227 18,448 13,884Long-term liabilities 101,560 83,767 15,295 10,732Common stock, $5par580,000 580,000 132,000 132,000Retained earnings 258,230 221,929 63,341 52,595*(a)Prepare a vertical analysis of the 2014 income statement data for Lionel Company and Barrymore Company in columnarform. (Round percentages to 1 decimal place, e.g. 12.1%.)Exercise 14-5Nordstrom, Inc. operates department stores in numerous states. Selected financialstatement data for the year ending January 30, 2010, are shown below.Nordstrom, Inc.Balance Sheet (partial)(in millions) End-of-Year Beginning-of-YearCash and cash equivalents $ 795 $ 72Accounts receivable (net) 2,035 1,942Merchandise inventory 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).Compute the four liquidity ratios at the end of the year. (Round all answers to 1 decimalplace, e.g. 1.6.)Current ratio:1Acid-test ratio:1Receivables turnover timesInventory turnover times


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