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Category > Accounting Posted 06 May 2018 My Price 10.00

Amherst Corporation

P13-63 (Learning Objectives 1, 2, 3, 4: Use trend percentages, common-size percentages, and ratios to reconstruct financial statements) An incomplete comparative income statement and balance sheet for Amherst Corporation follow:

 

 

 

 

 

 

 

 

 

2013

2012

 

ASSETS

 

 

 

Current:

 

 

 

Cash

$       ?

$  30,000

 

Accounts receivable, net Inventory

Total current assets Plant and equipment, net

Total assets LIABILITIES

Current liabilities 10% Bonds payable

Total liabilities

?

?

135,000

180,000

?

?

345,000

555,000

$       ?

$900,000

 

$160,000

?

 

$140,000 400,000

?

540,000

 

STOCKHOLDERS’ EQUITY

 

 

 

Common stock, $5 par Retained earnings

Total  stockholders’ equity

?

?

220,000

140,000

?

360,000

 

Total liabilities and stockholders’  equity

$       ?

$900,000

 

 

 

â–¶ Requirement

1.   Using the ratios, common-size percentages, and trend percentages given, complete the income statement and balance sheet for Amherst for 2013. Additional information:

 

 

 

Additional information:

2013

2012

 

Common size cost of goods sold   %:

65%

70%

 

Common size common stock   %:

30%

24.4%

 

Trend percentage, Operating income

135%

100%

 

Asset turnover

2

 

 

Accounts receivable turnover

14

 

 

Quick (acid-test) ratio

1.25

 

 

Current ratio

2.75

 

 

Return on equity (DuPont  model)

32.2%

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 May 2018 07:05 PM My Price 10.00

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