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Problem 12 9a wileyplus

26/12/2020 Client: saad24vbs Deadline: 10 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.


LING COMPANY

Statement of Comprehensive Income

For the Year Ended December 31, 2014

  [removed] $[removed]

  [removed] [removed]

  [removed] [removed]

  [removed] [removed]

  [removed] [removed]

  [removed]

  [removed] [removed]

  [removed] $[removed]


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Problem 12-9A


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Question 6


Condensed financial data of Odgers Inc. follow.


ODGERS INC.

Comparative Balance Sheets

December 31

Assets


2014


2013


Cash

$ 80,800


$ 48,400


Accounts receivable

87,800


38,000


Inventory

112,500


102,850


Prepaid expenses

28,400


26,000


Long-term investments

138,000


109,000


Plant assets

285,000


242,500


Accumulated depreciation

(50,000

)


(52,000

)

Total

$682,500


$514,750



Liabilities and Stockholders’ Equity


Accounts payable

$ 102,000


$ 67,300


Accrued expenses payable

16,500


21,000


Bonds payable

110,000


146,000


Common stock

220,000


175,000


Retained earnings

234,000


105,450


Total

$682,500


$514,750



ODGERS INC.

Income Statement Data

For the Year Ended December 31, 2014

Sales revenue

$388,460

Less:

     Cost of goods sold

$135,460


     Operating expenses, excluding depreciation

12,410


     Depreciation expense

46,500


     Income tax expense

27,280


     Interest expense

4,730


     Loss on disposal of plant assets

7,500


233,880

Net income

$ 154,580


Additional information:


1. New plant assets costing $100,000 were purchased for cash during the year.

2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.

3. Bonds payable matured and were paid off at face value for cash.

4. A cash dividend of $26,030 was declared and paid during the year.


Prepare a statement of cash flows 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).)


ODGERS INC.

Statement of Cash Flows

For the Year Ended December 31, 2014

[removed]


[removed]


$[removed]

Adjustments to reconcile net income to


[removed]


[removed]

$[removed]


[removed]

[removed]


[removed]

[removed]

[removed]

[removed]


[removed]

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[removed]

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$[removed]

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Problem 12-10A


 [removed][removed][removed][removed][removed][removed]



Question 7


Condensed financial data of Odgers Inc. follow.


ODGERS INC.

Comparative Balance Sheets

December 31

Assets


2014


2013


Cash

$ 80,800


$ 48,400


Accounts receivable

87,800


38,000


Inventory

112,500


102,850


Prepaid expenses

28,400


26,000


Long-term investments

138,000


109,000


Plant assets

285,000


242,500


Accumulated depreciation

(50,000

)


(52,000

)

Total

$682,500


$514,750



Liabilities and Stockholders’ Equity


Accounts payable

$ 102,000


$ 67,300


Accrued expenses payable

16,500


21,000


Bonds payable

110,000


146,000


Common stock

220,000


175,000


Retained earnings

234,000


105,450


Total

$682,500


$514,750



ODGERS INC.

Income Statement Data

For the Year Ended December 31, 2014

Sales revenue

$388,460

Less:

     Cost of goods sold

$135,460


     Operating expenses, excluding depreciation

12,410


     Depreciation expense

46,500


     Income taxes

27,280


     Interest expense

4,730


     Loss on disposal of plant assets

7,500


233,880

Net income

$ 154,580


Additional information:


1. New plant assets costing $100,000 were purchased for cash during the year.

2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.

3. Bonds payable matured and were paid off at face value for cash.

4. A cash dividend of $26,030 was declared and paid during the year.


Further analysis reveals that accounts payable pertain to merchandise creditors.


Prepare a statement of cash flows for Odgers Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)


ODGERS INC.

Statement of Cash Flows

For the Year Ended December 31, 2014

[removed]


[removed]


$[removed]

[removed]: [removed]


[removed]

$[removed]


[removed]

[removed]


[removed]

[removed]


[removed]

[removed]



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[removed]

[removed]


$[removed]

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Problem 13-2A


 [removed][removed][removed][removed][removed][removed]



Question 8


The comparative statements of Osborne Company are presented here.


OSBORNE COMPANY

Income Statements

For the Years Ended December 31


2014


2013

Net sales

$1,890,540


$1,750,500

Cost of goods sold

1,058,540


1,006,000

Gross profit

832,000


744,500

Selling and administrative expenses

500,000


479,000

Income from operations

332,000


265,500

Other expenses and losses

   Interest expense

22,000


20,000

Income before income taxes

310,000


245,500

Income tax expense

92,000


73,000

Net income

$ 218,000


$ 172,500


OSBORNE COMPANY

Balance Sheets

December 31

Assets


2014


2013

Current assets

   Cash

$ 60,100


$ 64,200

   Debt investments (short-term)

74,000


50,000

   Accounts receivable

117,800


102,800

   Inventory

126,000


115,500

     Total current assets

377,900


332,500

Plant assets (net)

649,000


520,300

Total assets

$1,026,900


$852,800

Liabilities and Stockholders’ Equity


Current liabilities

   Accounts payable

$ 160,000


$145,400

   Income taxes payable

43,500


42,000

     Total current liabilities

203,500


187,400

Bonds payable

220,000


200,000

     Total liabilities

423,500


387,400

Stockholders’ equity

   Common stock ($5 par)

290,000


300,000

   Retained earnings

313,400


165,400

     Total stockholders’ equity

603,400


465,400

Total liabilities and stockholders’ equity

$1,026,900


$852,800


All sales were on account. Net cash provided by operating activities for 2014 was $220,000. Capital expenditures were $136,000, and cash dividends were $70,000.


Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)


(a) Earnings per share

$[removed]


(b) Return on common stockholders’ equity

[removed]

 %

(c) Return on assets

[removed]

 %

(d) Current ratio

[removed]

 :1

(e) Accounts receivable turnover

[removed]

 times

(f) Average collection period

[removed]

 days

(g) Inventory turnover

[removed]

times

(h) Days in inventory

[removed]

 days

(i) Times interest earned

[removed]

 times

(j) Asset turnover

[removed]

 times

(k) Debt to assets

[removed]

 %

(l) Current cash debt coverage

[removed]

 times

(m) Cash debt coverage

[removed]

 times

(n) Free cash flow

$[removed]


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Exercise 7-3


 [removed][removed][removed][removed][removed][removed]



Question 9


The following control procedures are used in Kelton Company for over-the-counter cash receipts.


(a) For each procedure, explain the weakness in internal control and identify the control principle that is violated.



Procedure


Weakness


Principle Violated

1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. [removed] [removed]


2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. [removed] [removed]


3. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank. [removed] [removed]


4. At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total. [removed] [removed]


5. The company accountant makes the bank deposit and then records the day’s receipts. [removed] [removed]

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