Presentation Chapters 7-8 Bond and Stock Valuation BITSoM OCT 2021
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BITSoM – Finance for Global companies
Take-Home Problem Set One (THPS-1)
Due DATE Dec 2
nd
2022
Directions:
This problem set covers Chapter 2 (Financial Statements) in the textbook and basic math skills that
you will use throughout this course. Determine or compute an answer for each question/problem. I will answer
questions about the THPS and/or provide hints for how to solve certain problems during Chat Sessions.
_____________________________________________________________
Financial statement data for Delicious Dishes, Inc. are given below. All figures are in dollars. Use this data to
construct an Income Statement for the year ending December 31, 2016 and use your constructed statement to
answer
the following 4 questions.
1.
What was
gross profit
from income statement for the year ending December 31, 2016?
2.
What
was
operating
profit
(i.e.,
EBIT)
from
Delicious
Dishes
income
statement
for
the
year
ending
December 31, 2016?
3.
What
was
profit
before
taxes
(i.e.,
EBT) from
Delicious
Dishes
income
statement for the
year
ending
December 31, 2016?
4.
What was
net income
from
Delicious Dishes
income statement for the year ending December 31, 2016?
5.
On
December
10,
2016,
Jennings,
Inc.
paid
out
total
dividends
of
$550,000
(this
was
the
only
dividend
payment made during the year). If Jennings reported Retained earnings of $2,168,000 for 2015 and Retained
earnings of $2,380,000 for 2016, what was Jennings reported net income in 2016?
6.
In 2016, Variman, Incorporated had Gross Accounts receivable of $136,200 and management estimated the
Allowance for Doubtful accounts to be $12,500. Compute the ratio of Allowance of Doubtful accounts to Net
Accounts receivable for Variman, Inc. for 2016 (that is, compute Allowance/Net Accounts receivable – record
your answer as a percent rounded to one decimal place; for example, record 0.234567 as 23.5%).
7.
In 2016, the Whaddock Company purchased 10,200,000 units from its supplier at a cost of $10.00 per unit.
Whaddock sold 10,525,000 units of its product in 2016 at a price of $14.50 per unit. Whaddock began 2016
with 1,425,000 units in inventory (inventory is carried at a cost of $10.00 per unit). Using this information,
compute Whaddock’s gross profit for 2016.
Advertising
16,400
Beginning of year inventory
128,700
Depreciation
5,200
End of year inventory
124,600
General and administrative expenses
21,900
Gross sales
824,500
Interest expense
21,700
Lease payments
12,000
Management salaries
104,600
Purchases
524,700
Research and development
12,600
Returns and allowances
3,600
Taxes
35,900
2
8.
Referring
back
to
the
previous
question,
compute
Whaddock’s
2016
ending
inventory
balance
in
dollars
(valued at cost per unit of $10.00).
9.
In 2016, Timmers, Inc. (a retail clothing company) sold 500,000 units of its product at an average price of
$50.00 per unit. The company reported estimated returns and allowances in 2016 of 1.5 percent of gross
revenue. Timmers actually purchased 510,000 units of its product from its manufacturer in 2016 at an average
cost of $35.00 per unit. Timmers began 2016 with 52,000 units of its product in inventory (carried at an
average cost of $35.00 per unit). Operating expenses (excluding depreciation) for Timmers, Inc. in 2016 were
$2,250,000 and depreciation expense was $750,000. Timmers had $8,400,000 in debt outstanding throughout
all of 2016. This debt carried an average interest rate of 7.5 percent. Finally, Timmers’ tax rate was 40 percent.
Timmers’ fiscal year runs from January 1 through December 31. Given this information, compute net income
for Timmers for 2016.
10.
Referring back to the previous problem, compute Timmers’ ending inventory balance for 2016 (that is, what
did Timmers report as inventory on its December 31, 2016 balance sheet).
Financial data for Jade’s Jeans are given below. All figures are in dollars. Use this data to construct a Balance
Sheet for the company for the year ending December 31, 2016 and use your constructed statement
to answer the
following 5 questions (i.e., 11 through 15)
. NOTE: Not every item in the list below belongs on the balance sheet
– you have to use some given data to determine needed accounts for the balance sheet. However, other than what
is listed and/or can be derived, there are no other accounts on Jade’s balance sheet - use cash as a plug figure to
balance the balance sheet.
11.
What did Jade’s Jeans record as
Total Current Assets
on December 31, 2016 balance sheet?
12.
What did Jade’s Jeans record as
Total Current Liabilities
on December 31, 2016 balance sheet?
13.
What did Jade’s Jeans record as
Total Assets
on December 31, 2016 balance sheet?
14.
What was
Total Shareholder’s Equity
on Jade’s Jeans December 31, 2016 balance sheet?
15.
Jade’s Jeans Company reported net income for 2016 of $71,800 and the company paid dividends of
$0.006
per share
in 2016. Given this information (along with the data provided above), compute what Jade’s Jeans
Company reported as
retained earnings
on its
December 31, 2015
balance sheet? (Assume that no additional
Accounts payable
955,000
Accruals
294,600
Accumulated depreciation
12,975,300
Additional paid in capital
19,476,200
Beginning of year inventory
9,471,600
Common stock ($2.00 par value)
14,200,000
Cost of goods sold
71,359,800
Current portion of Long-term debt
1,475,600
Gross accounts receivable
1,995,600
Gross fixed assets
64,851,200
Long-term debt (excluding current portion)
15,148,600
Purchases
70,384,700
Retained earnings
11,017,600
Returns and allowances
12,600
Short-term bank loan
866,000
Cash
???
3
shares of stock were issued between December 31, 2015 and December 31, 2016).
16.
The year-end 2016 balance sheet for Brad’s Copy, Inc. lists common stock ($1.25 par value) at $7,626,000
capital surplus at $86,543,126 and retained earnings at $218,546,280. On the 2015 year-end balance sheet,
retained earnings is listed as $214,368,900. The firm’s net income in 2016 was $12,050,120. No stock was
issued or repurchased in 2016. What were dividends per share paid by the firm in 2016 (rounded to the nearest
cent)?
17.
The
Lunder
Company
has
total
assets
of
$21,542,000,
current
liabilities
of
$2,547,000,
and
long-term
liabilities of $7,410,000. The firm has 1,280,000 shares of common stock outstanding. Compute the firm’s
book value per share.
18.
Referring back to the previous question, if Lunder’s net income equals $1,600,000 and Lunder has a P/E ratio
of 17.0 (note that P/E ratio = stock price per share divided by earnings per share), what is the current price of
the stock?
USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 19 - 22
The Devlin Corporation, a diversified distribution company, purchases cartons of canned tennis balls from the
Questor Company and markets the balls under the Devlin brand name. Devlin started operations on January 1,
2016. In the table below, Quarter 1 represents the time period from January 1, 2016 to March 31, 2016 and Quarter
2 represents the time period from April 1, 2016 to June 30, 2016. Devlin began operations on January 1, 2016
with no inventory.
Purchases and sales data for Devlin's first two quarters of business are shown below:
Quarter 1
Sales
24,000 cartons at $50 per carton
Purchases
January
9,000 cartons at $25
February
10,000 cartons at $30
March
12,000 cartons at $35
Quarter 2
Sales
56,000 cartons at $65 per carton
Purchases
April
14,000 cartons at $40
May
16,000 cartons at $45
June
20,000 cartons at $50
19.
Calculate the Quarter 2 ending inventories (in dollars) using the LIFO inventory valuation method.
20.
Calculate Quarter 2
GROSS PROFIT
using the LIFO inventory valuation method.
21.
Calculate the Quarter 2 ending inventories (in dollars) using the FIFO inventory valuation method.
22.
Calculate Quarter 2
GROSS PROFIT
using the FIFO inventory valuation method.
For each of the algebra problems below, round your answer to 2 decimal places and record your ans
without (if applicable) a comma. Thus, enter 3.24765 as 3.25 or .18763 as 0.19 or 3,214.842876 as
23.
Suppose that A = D + E and that D/A = 0.55.
Solve for A/E.
24.
Suppose that A = D + E and that D/A = 0.40.
Solve for D/E.
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4
25.
Suppose that D + E = A, that N/A = .15 and that D/A = 0.75.
Solve for N/E.
26.
Suppose that S/A = 5.0 and N/S = .08. Solve for N/A.
27.
Suppose A – D = E, that N = 20,000, E/A = .75 and N/E = .40. Compute D/A.
28.
Assume that S/A = 6.5, D/A = .40, N/E = .75 and A = D + E. Solve for N/S.
29.
Given that: 2y + 10x + 18 = 4 and 4x – y + 11 = 0, solve for x.
30.
Referring back to the prior problem, what is y?
31.
Given that: 4(3g + 104) - 90 = 504 + 6(g - 14), solve for g.
32.
Bill can mow his mother's lawn in 45 minutes. His brother Jim can mow it in 75 minutes. How long will it
take them to do it together, if each has his own lawnmower? (Record your answer in minutes rounded to one
decimal place. For example, if the answer you find is 14.2835 minutes, record 14.3).
33.
On a particular day, the campus bookstore sold 30 T-shirts. White ones cost $9.95 and yellow ones cost
$10.50. Total sales of T-shits were $310.60. How many white shirts were sold?
34.
Referring back to the prior problem, how many yellow shirts were sold?
35.
If working alone, Marcus can paint a room in 3.15 hours. Working together with Claudia, they can both
paint the room in 2.09 hours. How long would it take Claudia working alone to paint the room?
36.
The weight of a bag of bricks plus 20% of its weight is 30 pounds. How much does the bag of bricks weigh,
in pounds?
37.
A rich merchant had collected many gold coins. He did not want anybody to know about them. One day, his
wife asked, "How many gold coins do you have?" After pausing a moment, he replied, "Well! If I divide the
coins into two unequal numbers, then 25 times the difference between the two numbers equals the difference
between the squares of the two numbers." How many gold coins does the rich merchant have?
38.
Suppose that you go out and buy 100 lbs. of cucumbers that are 99% water. Unfortunately, you do not observe
the rules of caring for your cucumbers so after some time they dehydrate until they are only 98% water. How
much do they then weigh?
39.
Ed invests $57,000 in stocks paying 8%. How much additional money should he invest in certificates of
deposit paying 3% so that the average return on Ed’s investments is 4%?
40.
In a lake, there is a patch of lily pads. Every day, the patch doubles in size. If it takes 48 days for the patch
to cover the entire lake, how long would it take for the patch to cover half of the lake?
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Credit Payment Interest Principal Balance
$500.00
$0.00
$0.00
$500.00
Payment 1
$100.00
$7.40
$92.60
$407.40
Payment 2
$100.00
$6.23
$93.77
$313.63
Payment 3
$100.00
$4.79
$95.21
$218.42
Payment 4
$100.00
$3.02
$96.98
$121.44
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$100.00
$1.86
$98.14
$23.30
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$0.34
$23.30
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$523.64
$23.64
$500.00
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
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38,000
17,000
21,000
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$112,000
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Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
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rise to 8% or fall to 6% Based on the above information, answer the following questions: i) What type of risk
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On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
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4. Computing Balance Sheet Amounts. For each of the following situations, compute the missing amount.
a. Assets $48,000; liabilities $12,800; net worth $
b. Assets $78,780; liabilities $
; net worth $13,700.
C. Assets $44,280; liabilities $12,265; net worth $
d. Assets $
: liabilities $38,374; net worth $53,795.
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Exercise 10-13 a1-a2 (Part Level Submission) (Video)
Gill Company, organized in 2020, has the following transactions related to intangible assets.
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Purchased patent (7-year life)
$595,000
4/1/20
Goodwill purchased (indefinite life)
360,000
7/1/20
10-year franchise
480,000
9/1/20
Research and development costs
185,000
- (a1)
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required,
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Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year,
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$2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is
$1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts
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A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly.
Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.)
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logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 5.175% compounded monthly. Find the month
ayment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.)
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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