Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.

QUESTION

need of assistance

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

Question 1Putnam 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.

(a) Purchased a machine for $30,000, giving a long-term note in exchange.      (b) Issued $50,000 par value common stock for cash.      (c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.      (d) Declared and paid a cash dividend of $13,000.      (e) Sold a long-term investment with a cost of $15,000 for $15,000 cash.      (f) Collected $16,000 of accounts receivable.      (g) Paid $18,000 on accounts payable. 

Warning

Don't show me this message again for the assignment

Ok  Cancel     

Exercise 12-8

Question 2Shown 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  174,00 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.

Warning

Don't show me this message again for the assignment

Ok  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

   $Adjustments to reconcile net income to    $                              $

Warning

Don't show me this message again for the assignment

Ok  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  times

(2) Cash debt coverage.

Cash debt coverage  times

Warning

Don't show me this message again for the assignment

Ok  Cancel     

Exercise 13-3

Question 3Here 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 PercentageAssets          Current Assets $106,000 $90,000  $ %Plant assets (net) 400,000 350,000   %   Total assets $506,000 $440,000  $ %Liabilities          Current Liabilities $99,000 $65,000  $ %Long-term liabilities 122,000 90,000   %   Total liabilities $221,000 $155,000  $ %Stockholders’ Equity          Common stock, $1 par 130,000 115,000   %Retained earnings 155,000 170,000   %   Total stockholders’ equity 285,000 285,000   %   Total liabilities and stockholders’ equity $506,000 $440,000  $ %

Warning

Don't show me this message again for the assignment

Ok  Cancel     

Exercise 13-4

Question 4Operating 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 PercentSales$800,000 % $600,000 %Cost of goods sold520,000 % 408,000 %Gross profit280,000 % 192,000 %Selling expenses120,000 % 72,000 %Administrative expenses60,000 % 48,000 %Total operating expenses180,000 % 120,000 %Income before income taxes100,000 % 72,000 %Income tax expense30,000 % 24,000 %Net income$ 70,000 % $ 48,000 %

Warning

Don't show me this message again for the assignment

Ok  Cancel     

IFRS 13-1

Question 5Ling 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

  $                      $ 

Warning

Don't show me this message again for the assignment

Ok  Cancel     

Problem 12-9A

Question 6Condensed 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, 2014

Sales 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

   $Adjustments to reconcile net income to    $                                  $

Warning

Don't show me this message again for the assignment

Ok  Cancel     

Problem 12-10A

Question 7Condensed financial data of Odgers Inc. follow.
Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question