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Description / Instructions: Complete the following Week 5 Assignment in WileyPLUS: * Exercise 7-3 * Exercise 12-1 * Exercise 12-8 * Problem 12-9A * Problem 12-10A * Exercise 13-3 * Exercise 13-4 * IFRS 13-1 * Problem 13-2A
Exercise 12-1
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Question 1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a) Purchased a machine for $30,000, giving a long-term note in exchange. [removed]
(b) Issued $50,000 par value common stock for cash. [removed]
(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. [removed]
(d) Declared and paid a cash dividend of $13,000. [removed]
(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash. [removed]
(f) Collected $16,000 of accounts receivable. [removed]
(g) Paid $18,000 on accounts payable. [removed]
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Exercise 12-8
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Question 2
Shown below are comparative balance sheets for Schmitt Company.
SCHMITT COMPANY
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 68,000
$ 22,000
Accounts receivable
88,000
76,000
Inventory
167,000
189,000
Land
80,000
100,000
Equipment
260,000
200,000
Accumulated depreciation—equipment
(66,000
)
(32,000
)
Total
$597,000
$555,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 39,000
$ 43,000
Bonds payable
150,000
200,000
Common stock ($1 par)
216,000
174,000
Retained earnings
192,000
138,000
Total
$597,000
$555,000
Additional information:
1. Net income for 2014 was $93,000.
2. Depreciation expense was $34,000.
3. Cash dividends of $39,000 were declared and paid.
4. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
5. Common stock was issued for $42,000 cash.
6. No equipment was sold during 2014.
7. Land was sold for its book value.
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Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)).
SCHMITT COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2014
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$[removed]
Adjustments to reconcile net income to
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Compute these cash-based ratios: (Round ratios to 2 decimal places, e.g. 2.56.)
(1) Current cash debt coverage.
Current cash debt coverage
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times
(2) Cash debt coverage.
Cash debt coverage
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times
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Exercise 13-3
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Question 3
Here is financial information for Spangles Inc.
December 31, 2014
December 31, 2013
Current assets $106,000 $ 90,000
Plant assets (net) 400,000 350,000
Current liabilities 99,000 65,000
Long-term liabilities 122,000 90,000
Common stock, $1 par 130,000 115,000
Retained earnings 155,000 170,000
Prepare a schedule showing a horizontal analysis for 2014, using 2013 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)
SPANGLES INC.
Condensed Balance Sheet
December 31
Increase or (Decrease)
2014
2013
Amount
Percentage
Assets
Current Assets
$106,000
$90,000
$[removed]
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%
Plant assets (net)
400,000
350,000
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%
Total assets
$506,000
$440,000
$[removed]
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%
Liabilities
Current Liabilities
$99,000
$65,000
$[removed]
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%
Long-term liabilities
122,000
90,000
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%
Total liabilities
$221,000
$155,000
$[removed]
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%
Stockholders’ Equity
Common stock, $1 par
130,000
115,000
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%
Retained earnings
155,000
170,000
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%
Total stockholders’ equity
285,000
285,000
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%
Total liabilities and stockholders’ equity
$506,000
$440,000
$[removed]
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%
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Exercise 13-4
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Question 4
Operating data for Jacobs Corporation are presented below.
2014
2013
Sales revenue $800,000 $600,000
Cost of goods sold 520,000 408,000
Selling expenses 120,000 72,000
Administrative expenses 60,000 48,000
Income tax expense 30,000 24,000
Net income 70,000 48,000
Prepare a schedule showing a vertical analysis for 2014 and 2013. (Round percentages to 1 decimal place, e.g. 12.1%.)
JACOBS CORPORATION
Condensed Income Statement
For the Years Ended December 31
2014
2013
Amount
Percent
Amount
Percent
Sales
$800,000
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%
$600,000
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%
Cost of goods sold
520,000
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%
408,000
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%
Gross profit
280,000
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%
192,000
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%
Selling expenses
120,000
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%
72,000
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%
Administrative expenses
60,000
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%
48,000
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%
Total operating expenses
180,000
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%
120,000
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%
Income before income taxes
100,000
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%
72,000
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%
Income tax expense
30,000
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%
24,000
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%
Net income
$ 70,000
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%
$ 48,000
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%
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IFRS 13-1
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Question 5
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
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