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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[removed][removed][removed][removed][removed][removed]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.

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(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[removed][removed][removed][removed][removed][removed]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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[removed] Don’t show me this message again for the assignmentOk   Cancel    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]  [removed] [removed]  [removed] [removed]  [removed] [removed]    [removed] [removed]  [removed]    [removed]   [removed] [removed]  [removed] [removed]  [removed]  [removed]    [removed]   [removed] [removed]  [removed] [removed]  [removed] [removed]  [removed]  [removed]    [removed]  [removed] [removed]  [removed] [removed]  $ [removed]

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[removed] Don’t show me this message again for the assignmentOk   Cancel    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[removed][removed][removed][removed][removed][removed]Question 3 Here is financial information for Spangles Inc.

  December 31, 2014 December 31, 2013Current assets $106,000 $ 90,000Plant assets (net) 400,000 350,000Current liabilities 99,000 65,000Long-term liabilities 122,000 90,000Common stock, $1 par 130,000 115,000Retained 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[removed][removed][removed][removed][removed][removed]Question 4 Operating data for Jacobs Corporation are presented below.

  2014 2013Sales revenue $800,000 $600,000Cost of goods sold 520,000 408,000Selling expenses 120,000 72,000Administrative expenses 60,000 48,000Income tax expense 30,000 24,000Net 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[removed][removed][removed][removed][removed][removed]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[removed][removed][removed][removed][removed][removed]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, 2014Sales revenue   $388,460Less:         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 7,500 233,880Net 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] [removed]  [removed] [removed]  [removed] [removed]    [removed] [removed]  [removed]    [removed]   [removed] [removed]  [removed] [removed]  [removed] [removed]  [removed]  [removed]    [removed]   [removed] [removed]  [removed] [removed]  [removed] [removed]  [removed]  [removed]    [removed]  [removed] [removed]  [removed] [removed]  $ [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, 2014Sales revenue   $388,460Less:         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 7,500 233,880Net 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]    [removed] [removed]  [removed]    [removed]   [removed] [removed]  [removed] [removed]  [removed] [removed]  [removed]  [removed]    [removed]   [removed] [removed]  [removed] [removed]  [removed] [removed]  [removed]  [removed]    [removed]  [removed] [removed]  [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 2013Net sales $1,890,540 $1,750,500Cost of goods sold 1,058,540 1,006,000Gross profit 832,000 744,500Selling and administrative expenses 500,000 479,000Income from operations 332,000 265,500Other expenses and losses       Interest expense 22,000 20,000Income before income taxes 310,000 245,500Income tax expense 92,000 73,000Net income $ 218,000 $ 172,500
OSBORNE COMPANY
Balance Sheets
December 31 Assets 2014 2013Current 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 377,900 332,500Plant assets (net) 649,000 520,300Total assets $1,026,900 $852,800Liabilities and Stockholders’ Equity    Current liabilities       Accounts payable $ 160,000 $145,400   Income taxes payable 43,500 42,000     Total current liabilities 203,500 187,400Bonds payable 220,000 200,000     Total liabilities 423,500 387,400Stockholders’ equity       Common stock ($5 par) 290,000 300,000   Retained earnings 313,400 165,400     Total stockholders’ equity 603,400 465,400Total 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 Violated1. 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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