SavedAt December 31current Yr1 Yr Ago 2Yrs AgoASsets$434,455 $ 36, 25662,90084,009,044CashS 29,476Accounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, net89, 500114, 0009, 492267, 31851, 40056, 0004, 028249,072226,016Total assets$509, 76$ 439, 471 $ 373, 700Liabilities and EquityAccounts payableLong -term notes payable secured bynortgages on plant assetSConnon stock, $10 par valueRetained earnings$124, 398$ 72,765 S 46, 34293, 923162, 500126, 965$509, 78699, 057162, 500105, 129$ 439, 471 $ 373, 70080,936162, 50081,922Total liabilities and equityThe company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales ore on credit:1 YE AgoS 522, 970For Year Ended Decenber 31Salescost of goods soldother operating expensesInterest expenseIncome tax expenseTotal costs and expensescurrent Yr$ 662, 722404, 260205, 44411, 2668,615$ 339,931132, 31112,0287,845629, 585S 33, 137492, 115$30, 855Net inconeEarnings per shareS2.041.90 (4-a) Compute days' sales in inventory.(4-b) For each ratio, determine if it improved or worsened in the current year.Complete this question by entering your answers in the tabs below.Required 4ARequired 4BCompute days' sales in inventory.Days' Sales In Inventory.Choose Numerator:Choose Denominator:DaysDays' Sales In Inventory%3DX.Days' sales in inventory%3DCurrent Yr:0 days1 Yr Ago:0 days< Required 4ARequired 4B>(4-a) Compute days' sales in inventory.(4-b) For each ratio, determine if it improved or worsened in the current year.Complete this question by entering your answers in the tabs below.Required 4ARequired 4BFor each ratio, determine if it improved or worsened in the current year.Days' sales in inventory< Required 4ARequired 4B >

Answer Formula: Days’ Sales in Inventory = (Average Inventory/ Cost of Goods Sold) X 365 Days…

Current Yr 1 Yr Ago 2 Yrs Ago At Decenber 31 Assets $ 29,476 69,500 114, 000 9,492 267, 318 $509, 766 $ 34,455 3 36, 256 S1, 400 56,000 4,028 226,016 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 62,900 84,000 9,044 249,072 Total assets $ 439, 471 $373, 700 Liabilities and Equity $124, 398 $ 72, 765 S 46, 342 ACcounts payable Long -term notes payable secured by nortgages on plant assets Connon stock, $10 par value Retained earnings 99, 057 162, 500 105, 129 $439, 471 $ 373, 700 93, 923 162, 500 120, 965 80,936 162, 500 81,922 Total liabilities and equity $509, 766 The company's income statements for the Current Year and 1 Year Ago, folow. Assume thet all sales ore on credt: current Yr $ 662,722 1 YE ADO S 522, 970 For Year Ended Decenber 31 sales cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses 3 404, 260 205.444 11, 266 8,615 $ 339,931 332,311 32, 028 7,845 629, 58S $33,137 492, 115 $30, 855 S1.00 Net incone Earnings per share SHIEG

Current Yr 1 Yr Ago 2 Yrs Ago At Decenber 31 Assets $ 29,476 69,500 114, 000 9,492 267, 318 $509, 766 $ 34,455 3 36, 256 S1, 400 56,000 4,028 226,016 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 62,900 84,000 9,044 249,072 Total assets $ 439, 471 $373, 700 Liabilities and Equity $124, 398 $ 72, 765 S 46, 342 ACcounts payable Long -term notes payable secured by nortgages on plant assets Connon stock, $10 par value Retained earnings 99, 057 162, 500 105, 129 $439, 471 $ 373, 700 93, 923 162, 500 120, 965 80,936 162, 500 81,922 Total liabilities and equity $509, 766 The company's income statements for the Current Year and 1 Year Ago, folow. Assume thet all sales ore on credt: current Yr $ 662,722 1 YE ADO S 522, 970 For Year Ended Decenber 31 sales cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses 3 404, 260 205.444 11, 266 8,615 $ 339,931 332,311 32, 028 7,845 629, 58S $33,137 492, 115 $30, 855 S1.00 Net incone Earnings per share SHIEG

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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----- Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 24,930 71,524 89,927 8, 109 232,313 $29,435 $ 30,652 49,965 69,429 7,881 211,224 38,886 42,258 3,307 185,497 Total assets $426,803 $ 367,934 $ 300,600 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $105,211 $ 62,803 $ 40,473 81,844 162,500 77,248 $426,803 82,932 162,500 59,699 $ 367,934 $ 300,600 68,426 162,500 29,201 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 437,841 For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses Current Yr $554,844 $338,455 172,002 9,432 7,213 $284,597 110,774 10,070 6,568 527,102 $ 27,742 412,009 $ 25,832 Net…
WHAT IS TOTAL CURRENT ASSETS?
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured bymortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 (1-a) Compute the current ratio for each of the three years.(1-b) Did the current ratio improve or worsen over the three…
At December 31 1 Yr Ago 2 Yrs Ago Yr Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net ৪৪,900 77,748 10,555 340,897 $ 31,900 $ 34,400 $ 36,200 63,100 83,800 51,500 53,100 3,777 195,423 9,193 234,507 Total assets $550,000 $425,000 $340,000 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $134,211 $ 71,107 $ 45,778 104,434 162,500 148,855 $550,000 $425,000 $ 340,000 94,817 162,500 96,576 75,140 162,500 56,582 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales 1 Yr Ago $ 505,750 Current Yr $715,000 Cost of goods sold other operating expenses Interest expense $436,150 221,650 12,155 9,295 $328,738 127,955 11,632 7,586 Income tax expense Total costs and expenses 475,911 679,250 $ 35,750 Net income $ 29,839 Earnings per share $1 2.20 $4 1.84 *.........
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Comparative Balance Sheet Current Year Previous Year Year Before Current Assets Cash $50,000 $100,000 $90,000 Accounts Receivable, net $275,000 $150,000 $100,000 Inventory $580,000 $400,000 $250,000 Prepaid Expenses $25,000 $30,000 $10,000 Total Current Assets $930,000 $680,000 $450,000 Property & Equipment, net $115,000 $150,000 $140,000 Total Assets $1,045,000 $830,000 $590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable $410,000 $265,000 $190,000 Short-term Payables $175,000 $90,000 $50,000 Total Current Liabilities $585,000 $355,000 $240,000 Long Term Bonds Payable (12%) $50,000 $150,000 $150,000 Total Liabilities $635,000 $505,000 $390,000 Stockholder's Equity Common Stock (100,000 shares)…
(LO 8) E5-14 (Preparation of a Statement of Cash Flows) The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2007 appear on the next page.
Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 Accounts receivable $ 267,500 $ 230,000 Inventory 312,500 257,500 Total current assets 670,000 565,000 Intangible assets 50,000 60,000 Total assets 825,000 695,000 Current liabilities 252,500 200,000 Long-term liabilities 77,500 75,000 Sales 1,640,000 Cost of goods sold 982,500 Interest expense 10,000 Income tax expense 77,500 Net income 127,500 Cash flow from operations 71,000 Cash flow from investing activities (6,000 ) Cash flow from financing activities (62,500 ) Tax rate 30 % If there is no preferred stock, the return on common equity for 20X2 is (rounded): Multiple Choice 25.8% 27.9% 41.4% 43.4%
Comparative Balance Sheet Current Year Previous Year Year Before Current Assets Cash $50,000 $100,000 $90,000 Accounts Receivable, net $275,000 $150,000 $100,000 Inventory $580,000 $400,000 $250,000 Prepaid Expenses $25,000 $30,000 $10,000 Total Current Assets $930,000 $680,000 $450,000 Property & Equipment, net $115,000 $150,000 $140,000 Total Assets $1,045,000 $830,000 $590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable $410,000 $265,000 $190,000 Short-term Payables $175,000 $90,000 $50,000 Total Current Liabilities $585,000 $355,000 $240,000 Long Term Bonds Payable (12%) $50,000 $150,000 $150,000 Total Liabilities $635,000 $505,000 $390,000 Stockholder's Equity Common Stock (100,000 shares) $200,000 $200,000 $200,000…
is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…
Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input (it could be left blank if appropriate). After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you…
Cash Accounts receivable Equipment, net Land Total assets Current Year $7,440 $4,000 44,000 91,680 $197.120 Percent change Prior Year Required: Compute the annual dollar changes and percent changes for each of the following items $8,000 18,000 40,000 66,000 $132.000 (Use cells A2 to C7 from the given information to complete this question. Decreases should be entered with a minus sign. Round your percentage answers to one decimal place.) Cash Accounts receivable Equipment, net Horizontal Analysis Calculation of Percent Change Numerator: Current Year $7,440 54,000 44,000 Prior Year $8,000 18,000 40,000 Denominator: Dollar Change Change