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Condensed financial data of odgers inc follow

05/01/2021 Client: saad24vbs Deadline: 7 Days

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

[removed]


[removed]


$[removed]

Adjustments to reconcile net income to


[removed]


[removed]

$[removed]


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$[removed]

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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

[removed]

 times


(2) Cash debt coverage.


Cash debt coverage

[removed]

 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]


[removed]

%

Plant assets (net)


400,000


350,000


[removed]


[removed]

%

   Total assets


$506,000


$440,000


$[removed]


[removed]

%

Liabilities


Current Liabilities


$99,000


$65,000


$[removed]


[removed]

%

Long-term liabilities


122,000


90,000


[removed]


[removed]

%

   Total liabilities


$221,000


$155,000


$[removed]


[removed]

%

Stockholders’ Equity


Common stock, $1 par


130,000


115,000


[removed]


[removed]

%

Retained earnings


155,000


170,000


[removed]


[removed]

%

   Total stockholders’ equity


285,000


285,000


[removed]


[removed]

%

   Total liabilities and stockholders’ equity


$506,000


$440,000


$[removed]


[removed]

%

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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


[removed]

%


$600,000


[removed]

%

Cost of goods sold

520,000


[removed]

%


408,000


[removed]

%

Gross profit

280,000


[removed]

%


192,000


[removed]

%

Selling expenses

120,000


[removed]

%


72,000


[removed]

%

Administrative expenses

60,000


[removed]

%


48,000


[removed]

%

Total operating expenses

180,000


[removed]

%


120,000


[removed]

%

Income before income taxes

100,000


[removed]

%


72,000


[removed]

%

Income tax expense

30,000


[removed]

%


24,000


[removed]

%

Net income

$ 70,000


[removed]

%


$ 48,000


[removed]

%

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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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