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Question;Exercise;14-3;The comparative condensed balance sheets of Garcia;Corporation are presented below.;GARCIA CORPORATION;Comparative Condensed Balance Sheets;December 31;2014;2013;Assets;Current;assets;$ 76,000;$ 80,000;Property;plant, and equipment (net);100,000;90,000;Intangibles;24,000;40,000;Total;assets;$200,000;$210,000;Liabilities and;stockholders? equity;Current;liabilities;$ 40,000;$ 48,000;Long-term;liabilities;140,000;150,000;Stockholders?;equity;20,000;12,000;Total;liabilities and stockholders? equity;$200,000;$210,000;(a) Prepare a horizontal analysis of the balance sheet data for;Garcia Corporation using 2013 as a base.(If;amount and percentage are a decrease show the numbers as negative, e.g.;-55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place;e.g. 12.3%.);GARCIA CORPORATION;Condensed Balance Sheets;December 31;2014;2013;Increase;(Decrease);Percentage;Change from 2013;Assets;Current Assets;$76,000;$80,000;$;%;Property, Plant & Equipment (net);100,000;90,000;%;Intangibles;24,000;40,000;%;Total assets;$200,000;$210,000;$;%;Liabilities and Stockholders' Equity;Current Liabilities;$40,000;$48,000;$;%;Long-term Liabilities;140,000;150,000;%;Stockholders' Equity;20,000;12,000;%;Total liabilities and stockholders;equity;$200,000;$210,000;$;%;(b) Prepare a vertical analysis of the balance sheet data for;Garcia Corporation in columnar form for 2014.(Round percentages to 0 decimal places, e.g. 12%.);GARCIA CORPORATION;Condensed Balance Sheet;December 31, 2014;Amount;Percent;Assets;Current Assets;$76,000;%;Property, Plant, and Equipment (net);100,000;%;Intangibles;24,000;%;Total assets;$200,000;%;Liabilities and Stockholders' Equity;Current Liabilities;$40,000;%;Long-term Liabilities;140,000;%;Stockholders' Equity;20,000;%;Total liabilities and stockholders' equity;$200,000;%;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Click if you would;like to Show Work for this question;Open Show;Work;Exercise 14-4;The comparative condensed income statements of Hendi Corporation;are shown below.;HENDI CORPORATION;Comparative Condensed Income Statements;For the Years Ended December 31;2014;2013;Net sales;$600,000;$500,000;Cost of goods sold;468,000;400,000;Gross profit;132,000;100,000;Operating expenses;60,000;54,000;Net income;$ 72,000;$ 46,000;(a) Prepare a horizontal analysis of the income statement data for Hendi;Corporation using 2013 as a base. (Show the amounts of increase or decrease.)(If amount and percentage are a decrease show the numbers as;negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal;place, e.g. 12.3%.);HENDI CORPORATION;Condensed Income Statements;For the Years Ended December 31;Increase or (Decrease);During 2013;2014;2013;Amount;Percentage;Net sales;$600,000;$500,000;$;%;Cost of goods sold;468,000;400,000;%;Gross profit;132,000;100,000;%;Operating expenses;60,000;54,000;%;Net income;$72,000;$46,000;$;%;(b) Prepare a vertical analysis of the income statement data for Hendi;Corporation in columnar form for both years.(Round;percentages to 1 decimal place, e.g. 12.3%.);HENDI CORPORATION;Condensed Income Statements;For the Years Ended December 31;2014;2013;Amount;Percent;Amount;Percent;Net sales;$600,000;%;$500,000;%;Cost of goods sold;468,000;%;400,000;%;Gross profit;132,000;%;100,000;%;Operating expenses;60,000;%;54,000;%;Net income;$72,000;%;$46,000;%;Warning;Don't show;me this message again for the assignment;Ok;Cancel;Click if you would like to Show Work for this question;Open Show Work;Exercise 14-13;Maulder Corporation has income from continuing operations of;$290,000 for the year ended December 31, 2014. It also has the following;items (before considering income taxes).;1.;An extraordinary loss of $70,000.;2.;A gain of $35,000 on the discontinuance of a division.;3.;A correction of an error in last year?s financial statements;that resulted in a $25,000 understatement of 2013 net income.;Assume all items are subject to income taxes at a 30% tax rate.;Prepare an income statement, beginning with income from continuing operations.;MAULDER CORPORATION;Partial Income Statement;For the Year Ended December 31, 2014;Discontinued Operations;Dividends;Expenses;Extraordinary Item;Extraordinary Loss;Gain on Discontinued Division;Income Before Extraordinary Item;Income Before Income Taxes;Income From Continuing Operations;Income Tax Expense;Loss from Operations of Music Division;Net Income / (Loss);Retained Earnings;Total Expenses;Total Revenues;$;Discontinued Operations;Dividends;Expenses;Extraordinary Item;Extraordinary Loss;Gain on Discontinued Division;Income Before Extraordinary Item;Income Before Income Taxes;Income From Continuing Operations;Income Tax Expense;Loss from Operations of Music Division;Net Income / (Loss);Retained Earnings;Total Expenses;Total Revenues;Discontinued Operations;Dividends;Expenses;Extraordinary Item;Extraordinary Loss;Gain on Discontinued Division;Income Before Extraordinary Item;Income Before Income Taxes;Income From Continuing Operations;Income Tax Expense;Loss from Operations of Music Division;Net Income / (Loss);Retained Earnings;Total Expenses;Total Revenues;Discontinued Operations;Dividends;Expenses;Extraordinary Item;Extraordinary Loss;Gain on Discontinued Division;Income Before Extraordinary Item;Income Before Income Taxes;Income From Continuing Operations;Income Tax Expense;Loss from Operations of Music Division;Net Income / (Loss);Retained Earnings;Total Expenses;Total Revenues;Discontinued Operations;Dividends;Expenses;Extraordinary Item;Extraordinary Loss;Gain on Discontinued Division;Income Before Extraordinary Item;Income Before Income Taxes;Income From Continuing Operations;Income Tax Expense;Loss from Operations of Music Division;Net Income / (Loss);Retained Earnings;Total Expenses;Total Revenues;Discontinued Operations;Dividends;Expenses;Extraordinary Item;Extraordinary Loss;Gain on Discontinued Division;Income Before Extraordinary Item;Income Before Income Taxes;Income From Continuing Operations;Income Tax Expense;Loss from Operations of Music Division;Net Income / (Loss);Retained Earnings;Total Expenses;Total Revenues;Discontinued Operations;Dividends;Expenses;Extraordinary Item;Extraordinary Loss;Gain on Discontinued Division;Income Before Extraordinary Item;Income Before Income Taxes;Income From Continuing Operations;Income Tax Expense;Loss from Operations of Music Division;Net Income / (Loss);Retained Earnings;Total Expenses;Total Revenues;$;Warning;Don't show;me this message again for the assignment;Ok;Cancel;Click if you would like to Show Work for this question;Open Show Work;Problem;14-6A;The comparative statements of Beulah Company are presented;below.;BEULAH COMPANY;Income Statement;For the Years Ended December 31;2014;2013;Net sales (all on;account);$500,000;$420,000;Expenses;Cost;of goods sold;315,000;254,000;Selling;and administrative;120,800;114,800;Interest;expense;7,500;6,500;Income;tax expense;20,000;15,000;Total;expenses;463,300;390,300;Net income;$ 36,700;$ 29,700;BEULAH COMPANY;Balance Sheets;December 31;Assets;2014;2013;Current assets;Cash;$ 21,000;$ 18,000;Short-term;investments;18,000;15,000;Accounts;receivable (net);85,000;75,000;Inventory;80,000;60,000;Total;current assets;204,000;168,000;Plant assets (net);423,000;383,000;Total assets;$627,000;$551,000;Liabilities and;Stockholders? Equity;Current liabilities;Accounts;payable;$122,000;$110,000;Income;taxes payable;12,000;11,000;Total;current liabilities;134,000;121,000;Long-term;liabilities;Bonds;payable;120,000;80,000;Total;liabilities;254,000;201,000;Stockholders?;equity;Common;stock ($5 par);150,000;150,000;Retained;earnings;223,000;200,000;Total;stockholders? equity;373,000;350,000;Total liabilities;and stockholders? equity;$627,000;$551,000;Additional data;The common stock recently sold at $19.50 per share.;Compute the following ratios for 2014.(Round;Earnings per share and Acid-test ratio to 2 decimal places, e.g. 1.65;and all others to 1 decimal place, e.g. 6.8 or 6.8%.);(a);Current ratio;1;(b);Acid-test ratio;1;(c);Accounts receivable;turnover;times;(d);Inventory turnover;times;(e);Profit margin;%;(f);Asset turnover;times;(g);Return on assets;%;(h);Return on common;stockholders? equity;%;(i);Earnings per share;$;(j);Price-earnings;ratio;times;(k);Payout ratio;%;(l);Debt to total;assets;%;(m);Times interest;earned;times;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Click if you would;like to Show Work for this question;Open Show;Work

 

Paper#48669 | Written in 18-Jul-2015

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