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Category > Accounting Posted 10 Sep 2017 My Price 7.00

Daley, Inc.

AICPA Adapted Ratios (Appendix) Daley, Inc., is consistently profitable. Daley’s normal financial statement relationships are as follows:

I. Current ratio: 3 to 1

II. Inventory turnover: 4 times

III. Total debt/total assets ratio: 0.5 to 1

In 2010, Daley was involved in the following transactions and events:

1. Daley issued a stock dividend.

2. Daley declared, but did not pay, a cash dividend.

3. Customers returned invoiced goods for which they had not paid.

4. Accounts payable were paid on December 31, 2010.

5. Daley recorded both a receivable from its insurance company and a loss from fire damage to a factory building.

6. Early in 2010, Daley increased the selling price of one of its products that had a demand in excess of capacity. The number of units sold in 2009 and 2010 was the same.

Required

For items 1 through 6, determine whether each 2010 transaction or event increased (I), decreased (D), or had no effect (N) on each of the 2010 ratios.

 

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Maurice Tutor
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Status NEW Posted 10 Sep 2017 02:09 PM My Price 7.00

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