AC202 Homework

 

Problem #1 

Comparative statements for Kool Corporation are shown below:

    

Calculate trend percentages for all income statement amounts shown. Use 2010 as the base year.

 

 

Problem #2 

 

. Express the following income statement information in common-size percents (round to nearest whole percent). 

    

 

Problem #3

 

Shown below are selected data from the balance sheet of Certain Value Hardware, a small retail store (dollar amounts are in thousands):

Cash$  40

Accounts receivable200

Inventory390

Total assets900

Current liabilities300

Non-current liabilities240

From this information, compute the

(a) acid test ratio 

(b) the current ratio 

(c) the working capital (in thousands)

Shown below are selected data from the financial statements of Beck Intelligent Systems (dollar amounts are in millions, except for the per-share data).

Income statement data:

Net sales$4,000

Cost of goods sold1,800

Operating expenses1,400

Net income600

Balance sheet data:

Average total equity3,000

Average total assets5,000

Per share data (these amounts stated in actual dollars, not millions):

Beck Intelligent Systems reported earnings per share for the year of $2 and paid cash dividends of $1 per share.  At year-end, the Wall Street Journal listed Beck Intelligent Systems’ capital stock as trading at $100 per share.

From this information, compute the:

(d) Gross margin ratio

(e) Return on total assets

(f) Return on equity

(g) Price/earnings ratio at year end

Given below are comparative balance sheets and an income statement for Ringer Corporation

Ringer Corporation

Balance Sheets - 2011

                                       Dec. 31             Jan. 1 Ringer Corporation

Income Statement for 2011

Cash $  15,000 $ 14,000 Sales $205,000

Accounts receivable 45,000 37,000 Cost of goods sold (117,250)

Inventory 32,000 35,000 Gross profit on sales $  87,750

Equipment (net) 55,000 65,000 Operating expenses (57,950)

$147,000

$151,000

Operating income$  29,800

Accounts payable 25,000 28,000 Interest expense and        income taxes (6,225)

Dividends payable 8,000 4,000 Net income $  23,575

Long-term note 

     payable14,00014,000

Capital stock, $5 par70,00070,000

Retained earnings30,00035,000

$147,000$151,000

All sales were made on account.  Cash dividends declared during the year totaled $28,575.

From this information, compute the:

(h) Accounts receivable turnover

(i) Inventory turnover

(j) Debt ratio rounded to the nearest percent

(k) Earnings per share

(l) Return on common stockholders’ equity 

 

Problem #4

 

Account balances from Jolly B Manufacturing Company’s accounting records for the month ended December 31, 2011 appear below: 

 

 

 

Finished Goods Inventory, December 31                  $  15,600 

Factory Supervisory Salaries                    22,000 

Income Tax Expense                    12,000 

Raw Materials Inventory, December 1                      8,800 

Work In Process Inventory, December 31                    22,400 

Sales Salaries Expense                    12,300 

Factory Depreciation Expense                      2,000 

Finished Goods Inventory, December 1                    12,500 

Raw Materials Purchases                  234,000 

Work In Process Inventory, December 1                    16,000 

Factory Utilities Expense                      3,200 

Direct Labor                    54,000 

Raw Materials Inventory, December 31                    10,200 

Sales Returns and Allowances                      1,200 

Indirect Labor                      3,600 

 

Instructions:  Prepare a schedule of cost of goods manufactured for Jolly B Manufacturing Company for the month ended December 31, 2011.

 

 

Problem #5

The following cost items relate to the Brock Company. Classify each cost as a variable cost, a fixed cost, or a mixed cost by placing an X in the appropriate column. Each cost should be evaluated in terms of the volume of units of finished products produced. Also indicate with an X for each item if it is a product cost or a period cost.  (if you click on the graph twice, you can mark on it)

 

  

 

 

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Status NEW Posted 02 May 2017 07:05 PM My Price 6.00

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