ACC 280 Week 5 Individual Assignment – Chapter 15 Exercises
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E15-1
Financial information for Blevins Inc. is presented below.
| December 31, 2009 | December 31, 2008 | ||||
| Current assets | $125,000 | $100,000 | |||
| Plant assets (net) | 396,00 | 330,000 | |||
| Current liabilities | 91,00 | 70,000 | |||
| Long-term liabilities | 133,00 | 95,000 | |||
| Common stock, $1 par | 161,000 | 115,000 | |||
| Retained earnings | 136,000 | 150,000 | |||
Instructions
Prepare a schedule showing a horizontal analysis for 2009 using 2008 as the base year.
E15-2
Operating data for Gallup Corporation are presented below.
| 2009 | 2008 | ||||
| Sales | $750,000 | $600,000 | |||
| Cost of goods sold | 465,000 | 390,000 | |||
| Selling expenses | 120,000 | 72,000 | |||
| Administrative expenses | 60,000 | 54,000 | |||
| Income tax expense | 33,000 | 24,000 | |||
| Net income | 72,000 | 60,000 | |||
Instructions
Prepare a schedule showing a vertical analysis for 2009 and 2008.
E15-11
Scully Corporation’s comparative balance sheets are presented below.
SCULLY CORPORATION
Balance Sheets
December 31
| 2008 | 2007 | ||||
| Cash | $4,300 | $3,700 | |||
| Accounts receivable | 21,200 | 23,400 | |||
| Inventory | 10,000 | 7,000 | |||
| Land | 20,000 | 26,000 | |||
| Building | 70,000 | 70,000 | |||
| Accumulated depreciation | (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 | |||
Scully’s 2008 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 2008.
- Current ratio.
- Acid-test ratio.
- Receivables turnover.
- Inventory turnover.
- Profit margin.
- Asset turnover.
- Return on assets.
- Return on common stockholders’ equity.
- Debt to total assets ratio.
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ACC 280 Week 5 Individual Assignment – Chapter 15 Exercises
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