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# 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 100 100 100 Cost of goods sold 60.2 62.4 63.5 Expenses 25 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.)