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ACC 100 Homework Chapter 18

ACC 100 Homework Chapter 18
ACC 100 Homework Chapter 18 -

Brief Exercise 18-2

Schellhammer Corporation reported the following amounts in 2013, 2014, and 2015.

   

2013

 

2014

 

2015

Current assets

 

$200,000

   

$210,000

   

$240,000

 

Current liabilities

 

$150,000

   

$168,000

   

$184,000

 

Total assets

 

$500,000

   

$600,000

   

$620,000

 


 (b)

Perform each of the three types of analysis on Schellhammer’s current assets. (Round percentages to 0 decimal places, e.g. 43% and ratios to 2 decimal places, e.g.1.58.)

             
                   
                   
                   
                   
                   
                   
                   
                   

 

Brief Exercise 18-3

Using the following data from the comparative balance sheet of Goody Company.

   

December 31, 2015

 

December 31, 2014

Accounts receivable

 

$520,000

   

$400,000

 

Inventory

 

$840,000

   

$600,000

 

Total assets

 

$3,000,000

   

$2,500,000

 

 

Illustrate horizontal analysis. (Round percentages to 0 decimal places, e.g. 12%.)

 

Brief Exercise 18-8

Vertical analysis (common size) percentages for Kochheim Company’s sales, cost of goods sold, and expenses are shown below.

Vertical Analysis

 

2015

 

2014

 

2013

Sales

 

100.0

 

100.0

 

100.0

Cost of goods sold

 

60.2

 

62.4

 

63.5

Expenses

 

25.0

 

25.6

 

27.5

(a) Calculate net income.

             

 (b) Did Kochheim’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period?

 

 

 

Brief Exercise 18-11 (Part Level Submission)

Compute for each year the accounts receivable turnover. At the end of 2013, accounts receivable (net) was $480,000. (Round answers to 1 decimal place, e.g. 1.6.)

 

Brief Exercise 18-12 (Part Level Submission)

Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.)

 

Brief Exercise 18-13

Guo Company has owners’ equity of $400,000 and net income of $66,000. It has a payout ratio of 20% and a return on assets of 15%.

How much did Guo pay in cash dividends, and what were its average assets? (Round answers to 0 decimal places, e.g. 125.)

 

Exercise 18-2

Operating data for Navarro Corporation are presented below.

           

 

2015

 

2014

Net sales

 

$750,000

 

$600,000

Cost of goods sold

 

465,000

 

390,000

Selling expenses

 

105,000

 

66,000

Administrative expenses

 

60,000

 

54,000

Income tax expense

 

36,000

 

27,000

Net income

 

84,000

 

63,000

Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.)

 

Exercise 18-5

Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014.

NORDSTORM, INC.
Balance Sheet (partial)

(in millions)

 

End-of-Year

 

Beginning-of-Year

Cash and cash equivalents

   

$ 795

     

$ 72

 

Accounts receivable (net)

   

2,035

     

1,942

 

Inventory

   

898

     

900

 

Prepaid expenses

   

88

     

93

 

Other current assets

   

238

     

210

 

Total current assets

   

$4,054

     

$3,217

 

Total current liabilities

   

$2,014

     

$1,601

 

For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions).

(a)

Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g.1.6.)

       
       
       
       

 

 

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