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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;%;Don't show me this;message again for the assignment;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 %;Don't show me this;message again for the assignment;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;\$;\$;Don't show me this;message again for the assignment;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;Don't show me this;message again for the assignment;Click if you would like to Show Work for this question: Open Show Work

Paper#48670 | Written in 18-Jul-2015

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