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ACC 560 Week 10 Homework Chapter 14 (E14-4, E14-7, E14-11)
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ACC 560 Week 10 Homework Chapter 14 (E14-4, E14-7, E14-11)

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ACC 560 Week 10 Homework Chapter 14 (E14-4, E14-7, E14-11)

 

Chapter 14: Financial Statement Analysis
 

ACC 560 Week 10 Chapter 14 Exercises 4, 7, and 11

E14-4

The comparative condensed income statements of Emley Corporation are shown below.

EMLEY CORPORATION

Comparative Condensed Income Statements

For the Years Ended December 31

                                                                                                2017                            2016

Net sales                                                                                  $660,000                     $600,000

Cost of goods sold                                                                    483,000                      420,000

Gross profit                                                                               177,000                       180,000

Operating expenses                                                                   125,000                      120,000

Net income                                                                              $ 52,000                     $ 60,000

 

Instructions

a.       Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Show the amounts of increase or decrease.

b.      Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years.

 

E14-7

 Frizell Company has the following comparative balance sheet data.

 

FRIZELL COMPANY

Balance Sheets

December 31

                                                                                    2017                2016

Cash                                                                            $ 15,000         $ 30,000

Accounts receivable (net)                                                70,000             60,000

Inventory                                                                         60,000             50,000

Plant assets (net)                                                           200,000          180,000

                                                                                    $345,000         $320,000

 

Accounts payable                                                        $ 50,000         $ 60,000

Mortgage payable (6%)                                                              100,000           100,000

Common stock, $10 par                                                140,000           120,000

Retained earnings                                                           55,000           40,000

                                                                                    $345,000         $320,000

 

Instructions

Compute the following ratios at December 31, 2017.

a. Current ratio.

b. Acid-test ratio.

c. Accounts receivable turnover.

d. Inventory turnover.

 

E14-11

Wiemers Corporation's comparative balance sheets are presented on the next page.

 

WIEMERS CORPORATION

Balance Sheets

December 31

                                                                                    2017                2016

Cash                                                                            $  4,300        $  3,700 

Accounts receivable (net)                                                21,200             23,400 

Inventory                                                                         10,000               7,000 

Land                                                                                20,000             26,000

Buildings                                                                         70,000             70,000 

Accumulated depreciation—buildings                                    (15,000)            (10,000)

Total                                                                            $110,500         $120,100

 

Accounts payable                                                        $ 12,370        $ 31,100 

Common stock                                                                            75,000            69,000 

Retained earnings                                                          23,130          20,000

Total                                                                            $110,500         $120,100

 

 

Wiemers's 2017 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.

Instructions

Compute the following ratios for 2017.

a. Current ratio.

b. Acid-test ratio.

c. Accounts receivable turnover.

d. Inventory turnover.

e. Profit margin.

f. Asset turnover.

g. Return on assets.

h. Return on common stockholders' equity.

i. Debt to assets ratio.

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