Assignment 1-5 Worksheet (1) (1)
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Assignment 1.5 Exercises
Problem 1: Building an Income Statement
5 Points
Complete the full Income Statement for Viola's Medical Supplies. What is Use the Template Provided Below to Create Your Solution - Pay close
Input area:
Product Sales ($)
$ 817,000 Rental Sales ($)
121,000 Cost of Goods Sold ($)
389,000 Wages Expense ($)
143,000 Utilities Expense ($)
14,000 Warehouse Lease ($)
83,000 Management Salaries ($)
85,000 Depreciation expense ($)
51,000 Interest expense ($)
38,000 Tax rate (%)
21%
Output area:
Viola's Medical Supplies, Inc.
Income Statement
For Year Ended Dec 31st, 2019
Product Sales Revenue
$ 817,000 Rental Sales Revenue
121,000 Total Revenue
$ 938,000 Expenses:
Costs of Goods Sold
$ 389,000 Wages Expense
143,000 Utilities Expense
14,000 Viola's Medical Supplies, Inc., had product sales of $817,000 and rental sa
cost of the products sold was $389,000. In addition, the company incurred
workers, $14,000 for utilities, and $83,000 to lease its warehouse space. V
management of the business. The company purchased $80,000 of new eq
Depreciation of warehouse equipment was $51,000, and interest expense $38,000. The company has an effective tax rate of 21 percent.
Warehouse Expense
83,000 Management Salaries
85,000 Depreciation expense
51,000 EBIT
$ 173,000 Interest expense
38,000 EBT
$ 135,000 Taxes (21%)
28,350 Net income
$ 106,650
the Net Income for this firm?
e attention to the formulas and formatting of the inputs.
ales of $121,000 for 2019. The d $143,000 in expense for its Viola was paid $85,000 for his quipment during the year. on the company's credit line was
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Assignment 1.5 Exercises
Problem 2: Building a Balance Sheet
5 P
Complete the full Balance Sheet for Spooner Company. W
Use the Template Provided Below to Create Your Solut
Input area:
Accounts Payable ($)
$ 1,070 Wages Payable ($)
1,420 Cash ($)
8,400 Inventory ($)
5,470 Net Fixed Assets ($)
27,000 Bank Loan ($)
15,000 Output area:
Spoone
Balan
Januar
Current Assets:
Cash
$ 8,400 Inventory
5,470 Total Current Assets
$ 13,870 Net Fixed Assets
27,000 Total Assets
$ 40,870 As of January 31st, 2020, Spooner Company owes its supp
$8400 in cash on hand and is storing $5470 of inventory. E
operation. The company also has an outstanding loan to it
Points
What is the Owner's Equity for this firm?
tion - Pay close attention to the formulas and formatting of the inputs.
er Company
nce Sheet
ry 31st, 2020
Current Liabilities:
Accounts Payable
$ 1,070 Wages Payable
1,420 Total Current Liabilities
$ 2,490 Long-Term Debt
15,000 Owner's Equity
$ 23,380 Total Liabilities and Equity
40,870 pliers $1070, and owes its employees $1420 in future wages. The company has Equipment worth $27,000, net of accumulated depreciation, is supporting the ts local bank of $15,000. Sales in 2019 was $432,000.
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Assignment 1.5 Exercises
Problem 3: Building an Income Sheet
10 Points
The following financial data has been provided for Twanger Building Supply, Inc.:
Cost of goods sold
$ 983,095 Cash
141,860 Depreciation
277,530 Interest expense
60,335 Selling & Administrative Expenses
193,340 Accounts payable
100,715 Net fixed assets
1,224,405 Sales
1,928,620 Accounts receivable
100,520 Short-term Notes payable
114,275 Long-term debt
618,035 Inventory
193,530 Intangible Assets
223,450 Wages Payable
21,780 Common Stock
1,750 Additional Paid-In Capital
291,680 Retained Earnings
735,530 Tax Rate (average)
30%
All data is for the year ended Dec 31st, 2019.
Create your Original Solution Below - Be sure to show all calculations and cl
Twanger Building Supply, Inc.
Income Statement
For Year Ended Dec 31st, 2019
Cost of goods sold
$ 193,530 Total Revenue
$ 193,530 Expenses:
Costs of Goods Sold
$ 983,095 Selling & Administrative Expenses
193,340 Depreciation
277,530 ------------------------- Complete the full Income Statement for Twanger Building Supply. What is the Net
Total Expense
1,453,965 EBIT
$ 474,655 Interest expense
60,335 EBT
$ 414,320 Taxes (30%)
124,296 Net income
$ 290,024
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learly indicate answers.
t Income for this firm?
Assignment 1.5 Exercises
Problem 4: Building a Balance Sheet
10 Points
The following financial data has been provided for Twanger Building Supply, Inc.:
Cost of goods sold
$ 983,095 Cash
141,860 Depreciation
277,530 Interest expense
60,335 Selling & Administrative Expenses
193,340 Accounts payable
100,715 Net fixed assets
1,224,405 Sales
1,928,620 Accounts receivable
100,520 Short-term Notes payable
114,275 Long-term debt
618,035 Inventory
193,530 Intangible Assets
223,450 Wages Payable
21,780 Common Stock
1,750 Additional Paid-In Capital
291,680 Retained Earnings
735,530 Tax Rate (average)
30%
All data is for the year ended Dec 31st, 2019.
Complete the full Balance Sheet for Twanger Building Supply. What is the total O
Create your Original Solution Below - Be sure to show all calculations and c
Twanger Building
Balance Sh
December 31,
Current Assets:
Cash
$ 141,860 Account receivable
$ 100,520 Inventory
193,530 Total Current Assets
$ 435,910 Intangible Assets
223,450 Net Fixed Assets
1,224,405 1,447,855
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Total Assets
$ 1,883,765
Owner's Equity for this firm? clearly indicate answers.
g Supply
heet
, 2019
Current Liabilities:
Accounts Payable
$ 100,715 Short term Payable
$ 114,275 Wages Payable
21,780 Total Current Liabilities
$ 236,770 Long-Term Debt
618,035
Owner's Equity
$ 1,028,960 Total Liabilities and Equity
1,883,765
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Assignment 1.5 Exercises
Problem 5: Sources and Uses
5 Points
Summary data for Hummer Corp.'s Assets, Liabilities, and Equity is given below (in $ m
2018
2019
Current Assets
$ 2,866 $ 3,228 Fixed Assets
1,855 1,863 Current Liabilities
1,065 1,618 Long Term Debt
1,992 1,610 Shareholders’ Equity
1,664 1,863 All data is for the fiscal year ending Dec 31st.
Complete a Sources and Uses Statement for Hummer Corp. Use the Template Provided Below to Create Your Solution - Pay close attention t
Input area:
Hummer Corp.
Balance Sheet ($ millions)
2018
2019
Change
Current Assets
$ 2,866 $ 3,228 $ 362 Fixed Assets
1,855 1,863 8 Total Assets
4,721 5,091 370 Current Liabilities
1,065 1,618 553 Long Term Debt
1,992 1,610 (382)
Shareholders’ Equity
1,664 1,863 199 Total Liabilities and Equity
4,721 5,091 370 Output area:
Hummer Corp. Sources and Uses Statement December 31st, 2019 ($ millions) Sources: Increase in Current Liabilties $ 553
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Increase in Shareholder's Equity 199 Total Sources 752 Uses: Increase in Current Assets 362 Increase in Fixed Assets 8 Decrease in Long-Term Debt 382 Total Uses 752
millions):
to the formulas and formatting of the inputs.
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Assignment 1.5 Exercises
Problem 6: Sources and Uses
5 Points
A Balance Sheet for Whistler Corp. is given below:
Whistler Corporation
Balance Sheets
For Years Ended December 31st
2018
2019
Cash
$ 47,500 $ 76,700 Accounts receivable
$ - $ 43,100 Inventories
$ 49,000 $ 36,500 Total Current Assets
$ 96,500 $ 156,300 Land
$ 15,800 $ 15,800 Buildings
$ 103,600 $ 164,600 Equipment
$ 52,400 $ 53,300 Patents
$ 5,200 $ 5,200 Total Long-Term Assets
$ 177,000 $ 238,900 Total assets
$ 273,500 $ 395,200 Accounts payable to suppliers
$ 48,000 $ 25,900 Income taxes payable
$ - $ 10,700 Total current liabilities
$ 48,000 $ 36,600 Long term debt
$ 100,100 $ 134,000 Total liabilities
$ 148,100 $ 170,600 Common stock
$ 125,400 $ 177,400 Retained earnings
$ - $ 47,200 Total shareholders’ equity
$ 125,400 $ 224,600 Total Liabilities and Equity
$ 273,500 $ 395,200 Complete a Sources and Uses Statement for Whistler Corp. Create your Original Solution Below - Be sure to show all calculations Whistler Corp
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Sources and Uses Statement December 31st, 2019 Sources: Decrease in inventories $ 12,500 Increase in Retained earning $ 47,200 Increase in common stock $ 52,000 Increase in income taxes payable $ 10,700 Increase in long term debt 33,900 Total Sources 156,300 Uses: Increase in Cash 29,200 Increase in equipments 900 Increase in building 61,000 Increase in Accounts receivable 43,100 Decrease in accounts payable (suppliers) 22,100 Total Uses 156,300
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Change
$ 29,200 $ 43,100 $ (12,500)
$ 59,800 $ - $ 61,000 $ 900 $ - $ 61,900 $ 121,700 $ (22,100)
$ 10,700 $ (11,400)
$ 33,900 $ 22,500 $ 52,000 $ 47,200 $ 99,200 $ 121,700 and clearly indicate answers.
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Assignment 1.5 Exercises
Problem 7: Cash Flow Statement
Balance Sheets and an Income Statement for Bongo Company are provide
Bongo Company
Balance Sheet ($ millions)
December 31st
2018
Cash
$ 1,270 Accounts Receivable
1,584 Other Current Assets
872 Total Current Assets
3,726 Property, Plant, & Equipment
1,275 Intangible Assets
1,136 Less: Accumulated Depreciation
240 Total Fixed Assets
2,171 Total Assets
5,897 Accounts Payable
313 Other Short-Term Debt
831 Total Current Liabilities
1,144 Long Term Debt
2,590 Common Stock
210 Retained Earnings
1,953 Shareholders’ Equity
2,163 Total Liabilities and Equity
5,897 Create a Cash Flow Statement for Bongo Company. Be careful of the dir
Use the Template Provided Below to Create Your Solution - Pay close
Input / Output area:
Bongo Company
Statement of Cash Flows ($ millions)
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For Year Ended December 31st, 2019
Cash Flows from Operating Activities
Net Income
$ 585 Add Back Depreciation
202 (Increase) Decrease in Accounts Receivable
599 (Increase) Decrease in Other Current Assets
58 Increase (Decrease) in Accounts Payable
103 Increase (Decrease) in Short-Term Debt
415 Cash Flow from Operations
1,962 Cash Flows from Investing Activities
(Increase) Decrease in Property, Plant, Equipment
85 (Increase) Decrease in Intangible Assets
74 Cash Flow from Investing
159 Cash Flows from Financing Activities
Increase (Decrease) in Long-Term Debt
497 Increase (Decrease) in Common Stock
30 Subtract Dividends Paid
154 Cash Flow from Financing
681 Net Increase (Decrease) in Cash
2,802 Cash at Beginning of Year
1,270 Cash at End of Year
1,869 Net Change in Cash
599
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5 Points
ed below (in $ millions):
Bongo Company
Income Statement ($ m
For Year Ended December
2019
Change
$ 1,869 $ 599 Net Sales 1,716 132 Cost of Goods Sold 814 (58)
Selling and Admin Expenses 4,399 673 Depreciation EBIT (Operating Income) 1,360 85 1,062 (74)
Interest Expense 442 202 Other Non-Operating Expenses 1,980 (191)
EBT (Taxable Income) 6,379 482 Income Taxes Net Income 416 103 1,246 415 Dividends Paid 1,662 518 Addition to Retained Earnings 2,093 (497)
240 30 2,384 431 2,624 461 6,379 482 rection of the cash flows (source or use). e attention to the formulas and formatting of the inputs.
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y millions) r 31st, 2019 $ 6,526 2,900 2,359 202 1,065 126 78 861 276 585 154 431
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Assignment 1.5 Exercises
Problem 8: Cash Flow Statement
Balance Sheets and an Income Statement for Whistler Corporation are provided bel
Whistler Corporation
Balance Sheet ($ thousands)
December 31st
2018
Cash
$ 47,500 Accounts Receivable
- Inventories
49,000 Total Current Assets
96,500 Land
15,800 Buildings
103,600 Equipment
63,200 Patents
5,200 Less: Accumulated Depreciation
10,800 Total Fixed Assets
177,000 Total Assets
273,500 Accounts Payable
48,000 Income Taxes Payable
- Total Current Liabilities
48,000 Long Term Debt
100,100 Common Stock
125,400 Retained Earnings
- Shareholders’ Equity
125,400 Total Liabilities and Equity
273,500 Create a Cash Flow Statement for Whistler Corporation. Create your Original Solution Below - Be sure to show all calculations and clea
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Whistler Corporation
.
Statement of Cash Flows ($ thousands)
For Year Ended December 31st
Cash Flows from Operating Activities
Net Income
$ 69,200 Add Back Depreciation
1,400 Increase in Accounts Receivable
43,100 Decrease in Inventories
-12,500 Decrease in Accounts Payable
-22,100 Increase in Income Taxes Payable
10,700 Cash Flow from Operations
95,400 Cash Flows from Investing Activities
Purchase of Equipment
2,300 Purchase of Buildings and Land
61,000 Cash Flow from Investing
63,300 Cash Flows from Financing Activities
Increase in Long-Term Debt
33,900 Increase (Decrease) in Common Stock
52,000 Increase in Retained earning
47,200 Subtract Dividends Paid
-22,000 Cash Flow from Financing
111,100 Cash at Beginning of Year
47,500 Cash at End of Year
190,700 Net Change in Cash
143,200
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5 Points
low (in $ thousands):
Whistler Corporati
Income Statement ($ tho
For Year Ended December
2019
Change
$ 76,700 $ 29,200 Net Sales 43,100 43,100 Cost of Goods Sold 36,500 (12,500)
Depreciation 156,300 59,800 EBIT (Operating Income) 15,800 - Interest Expense 164,600 61,000 Other Non-Operating Expenses 65,500 2,300 EBT (Taxable Income) 5,200 - 12,200 1,400 Income Taxes 238,900 61,900 Net Income 395,200 121,700 Dividends Paid Addition to Retained Earnings 25,900 (22,100)
10,700 10,700 36,600 (11,400)
134,000 33,900 177,400 52,000 47,200 47,200 224,600 99,200 395,200 121,700 arly indicate answers.
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ion ousands) r 31st, 2019 $ 165,300 46,200 1,400 117,700 2,000 5,600 110,100 40,900 69,200 22,000 47,200
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- dit J... View History es 2 Chapter 5 Assignment i Men | Ethika | With You... Bookmarks 2 F2 W O 1. Contribution margin ratio 2. Estimated change in net operating income # 3 Window Help Thank you for your pur... 80 F3 E Last month when Holiday Creations, Incorporated, sold 41,000 units, total sales were $164,000, total variable expenses were $137,760, and fixed expenses were $37,300. Required: 1. What is the company's contribution margin (CM) ratio? 2. What is the estimated change in the company's net operating income if it can increase sales volume by 575 units and total sales by $2,300? (Do not round intermediate calculations.) $ 4 30 a F4 R % 5 % ezto.mheducation.com UO iets frans... Embroidere.... Ⓒ F7 U * DII F8 ( 59 M Question 4 - ACC 202... I O 9 Help Save F9 ) Toarrow_forwardCleveland Foods Data Note: You can download the Excel file containing Cleveland Foods' data by clicking the above link and perform the necessary calculations for answering the upcoming questions. Question 12 (1 point) □ What is the unit contribution of BlueLiq, considering the given information? $0.70 $2.50 $ 1.00 $1.70 $ $ J 0 20% Retail Margin 2.50 Price to consumers (Retail Price) 15% Wholesale Margin 2.00 Price to retailers (Wholesale Price) $ 1.70 Price to Wholesalers Variable Costs $ 0.70 per unit Fixed Costs Variable Manufacturing Costs $300,000 annual $200,000 Corporate Overhead $250,000 Marketing and Advertising $750,000 Total Fixed Costs Cleveland Foods Data Fixed Manufacturing Costs Note: You can download the Excel file containing Cleveland Foods' data by clicking the above link and perform the necessary calculations for answering the upcoming questions. Question 11 (1 point). Listen 4 What is the price at which Cleveland Foods sells BlueLiq to wholesalers? $1.70 $2.50 $1.00arrow_forwardUsing the following information, determine the activity rate for the purchasing activity. Activity Estimated Activity Cost Estimated Activity-Base Usage Setup $80,000 1,000 Purchasing 130,000 10,000 Inspecting 50,000 2,000 a.$2.00 b.$8.00 c.$130.00 d.$13.00arrow_forward
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- View Policies Current Attempt in Progress Blossom's Medical operates three support departments and two operating units, Surgery and ER. The support departments are allocated based on the hours used. The cost of operating the accounting (acct), administration (admin), and human resources (HR) departments is $274500, $164700, and $66000, respectively. Information on the hours used are as follows: Acct Admin HR Surgery ER Hours in Acct 20 48 360 220 Hours in Admin 16 8 120 80 Hours in HR 8 4 65 130 What amount of costs would be allocated from the HR department to the other support departments (Acct and Admin) using the reciprocal method to allocate costs? (Do not round the intermediate calculations.) $5438. $0. $7203. $6894. eTextbook and Mediaarrow_forwardChap. 3 Homework Assignment i Saved Help Save & Exit Submit Check my work 5 ! Required information Part 2 of 2 [The following information applies to the questions displayed below.] Warner Clothing is considering the introduction of a new baseball cap for sales by local vendors. The company has collected the following price and cost characteristics. 1.66 points Sales price 15 per unit 3 per unit 42,000 per month Skipped 2$ Variable costs Fixed costs еВook Assume that the company plans to sell 5,000 units per month. Consider requirements (b), (c), and (d) independently of each other. Print Required: a. What will be the operating profit? b. What is the impact on operating profit if the sales price decreases by 10 percent? Increases by 20 percent? c. What is the impact on operating profit if variable costs per unit decrease by 10 percent? Increase by 20 percent? d. Suppose that fixed costs for the year are 10 percent lower than projected, and variable costs per unit are 10 percent higher…arrow_forwardCost Driver Rate Cost Driver Volume Resources used 395 per run 35 per page 450 runs Setups Clerical Resources supplied Setups Clerical 3,000 pages typed $181,200 113,900 Sales revenue totaled $340,000. Required: a. Prepare a traditional income statement. b. Prepare an activity-based income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an activity-based income statement. Activity-Based Income Statement Resources Used Unused Resource Resources Supplied Capacity Sales revenue Costs Volume related - Clerical Batch related - Setups Total costs Operating profitsarrow_forward
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