Accounting Homework

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week_5_assignment_template.xlsx
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Exercise 1

Name: <Name>
Exercise 1
Performing horizontal analysis—income statement
Data for McCormick Designs, Inc. follow:
Instructions
1.       Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place.
MCCORMICK DESIGNS, INC.
Comparative Income Statement
Years Ended December 31, 2016 and 2016
Increase(Decrease)
2016 2015 Amount Percentage
Net Sales Revenue 431,250 373,000
Expenses:
Cost of Goods Sold 202,000 189,000
Selling and Administrative Expenses 100,050 92,550
Other Expenses 8,000 2,150
Total Expenses 310,050 283,700
Net Income 121,200 89,300
2.       Why did 2016 net income increase by a higher percentage than net sales revenue?

Exercise 2

Name: <Name>
Exercise 2
Performing vertical analysis of a balance sheet
Tri Designs, Inc. has the following data:
Perform a vertical analysis of Tri Designs’s balance sheet for each year.
TRI DESIGNS, INC.
Comparative Balance Sheet
December 31, 2016 and 2015
2016 2015
Assets
Total Current Assets 54,950 72,250
Property, Plant, and Equipment, Net 250,250 158,950
Other Assets 44,800 57,800
Total Assets 350,000 289,000
Liabilities
Total Current Liabilities 49,700 47,685
Long-term Debt 118,300 196,520
Total Liabilities 168,000 244,205
Stockholders' Equity
Total Stockholders' Equity 182,000 44,795
Total Liabilities and Stockholders' Equity 350,000 289,000

Exercise 3

Name: <Name>
Exercise 3
Computing key ratios
The financial statements of Victory’s Natural Foods include the following items:
Current Year Preceding Year
Balance Sheet:
Cash 20,000 24,000
Short-term Investments 18,000 26,000
Net Accounts Receivable 50,000 78,000
Merchandise Inventory 70,000 66,000
Prepaid Expenses 12,000 10,000
Total Current Assets 170,000 204,000
Total Current Liabilities 129,000 92,000
Income Statement:
Net Credit Sales 478,000
Cost of Goods Sold 318,000
Compute the following ratios for the current year:
Provide formula in words #s for formula Formula
1.       Current ratio =
2.       Cash ratio =
3.       Acid-test ratio =
4.       Inventory turnover =
5.       Days’ sales in inventory days = days
Accounts Receivable Turnover Ratio =
6.       Days’ sales in receivables days = days
7.       Gross profit percentage (assume all sales are on credit) =

Grading Rubric

Faculty Name: Dr. Bolden
Course Name: ACC-600-2957-Accting & Fin for Managers-08-2016
Student Name: 0
Assignment 5
Students complete the following worksheet: ACC 600 Assignments Week Five
Student Proficiency 71.82
Basic Developing Accomplished Advanced Exceptional
EVALUATION CRITERIA Total Weight Possible Points 0-69% 70-79 % 80-89% 90%-99% 100% Comments for Student Points
0
SCOPE - How well does the student’s work incorporate all aspects of the assignment’s elements and the learning outcome(s)? 40% 28.73 The assignment contains few of the assignment elements and reflects few, if any, aspects of the specified learning outcome(s). The assignment reflects some of the assignment elements and aspects of the specified learning outcome(s). The assignment reflects most of the assignment elements and aspects of the specified learning outcome(s). The assignment reflects all assignment elements and aspects of the specified learning outcome(s). The assignment elements are comprehensive, incorporated throughout the paper, and content not relevant to the assignment has been excluded.
0
ACCURACY - How accurately does the student use the course concepts, vocabulary, and principles learned in the course? 40% 28.73 Very few, if any, learned concepts, terms, and principles are used correctly throughout the assignment. Some of the learned concepts, terms, and principles are used correctly throughout the assignment. Most of the learned concepts, terms, and principles are used correctly throughout the assignment. All of the learned concepts, terms, and principles are used correctly throughout the assignment. This assignment reflects a thorough understanding of course content from the specified weeks, by applying the concepts and vocabulary in the appropriate context.
0
APPLICATION - How well does the student use critical thinking to apply the course concepts, vocabulary, and principles learned in the course throughout the assignment and connect the learning outcomes to current or real world situations? 10% 7.18 Very few, if any, course concepts are presented within the student’s assignment, and little analysis is provided. Course concepts are presented, but few, if any, are demonstrated through the student’s use of critical thinking supported by course concepts. Most of the course concepts are addressed and the student has used an adequate amount of critical thinking to apply them to the assignment. The assignment addresses the course content throughout the assignment that applies the concepts with demonstrated critical thinking This assignment applies the content to specific real world examples, analyzing the concepts from different perspectives. Direct quotations are used sparingly and thoughts expressed in the student's own words that demonstrate student's ability to assimilate/apply/extend concepts beyond the content derived from research sources.
0
RESEARCH AND SUPPORT - How well are the student’s ideas and opinions supported with the depth and breadth of the required research for thorough understanding? 0% 0.0 The assignment does not include enough information or examples that support the student’s position. The assignment presents a position supported by minimal use of personal experience, observation, and research using both scholarly and non-scholarly sources. The assignment presents a position by a fairly thorough analysis of personal experience, observation, using both scholarly and non-scholarly sources. The assignment presents a position based on a deep integration of all relevant support and research sources. The research/supporting material extends well beyond the text and include sources which supplement and/or provide new perspectives on the subject matter. When appropriate, all sources reflect reliable scholarly sources which add depth to the assignment's content. N/A
0
ORGANIZATION AND COHERENCE - How well does the student make use of Excel to complete the requirements of the assignment. 10% 7.18 Excel was not used; not all formulas were provided. Student used Excel, although did not use formulas or show how numbers were computed. Student used Excel and formulas for some of the computed answers. Student used some formulas in Excel and/or showed how all numbers were computed. Student used Excel formulas for all computed answers.
0
CONVENTIONS AND WRITING STYLE - How well does the student apply the rules of Standard Written English and follow the West Writing Style Handbook guidelines? 0.00% 0.0 There are serious errors in the application of Standard Written English that impact clarity and effectiveness and/or severe violations of West Writing Style Handbook guidelines. There are fundamental errors in the application of Standard Written English that impact clarity or effectiveness and/or significant infractions of West Writing Style Handbook guidelines. There are minor errors in the application of Standard Written English or West Writing Style Handbook guidelines. Language is especially clear and concise and follows the conventions of Standard Written English, as well as West Writing Style Handbook guidelines without error. Writing is free of all grammatical and typographical errors. Sentences are complete and concise with precise word choices. All citations and references must be correctly formatted and applied as required to conform to WEST standards of academic integrity. N/A
100% Total grade 0.00