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(solution) Ashford Univ Guidanc Wee LISTEN TO AUDIO/VIDEO EXPLAINING THE


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Ashford Univ

 

Guidanc

 

Wee LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Account to

 

be changed

 

Ch 9 Ex 3

 

Edison

 

Cash

 

Stagg

 

Cash

 

Thornton

 

Cash Original

 

Amount $4,000

 

$2,500

 

$1,000 YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE Questions Compute the current and quick

 

ratios for each of the three

 

companies. (Round calculations

 

to two decimal places.) Which

 

firm is the most liquid? Why? Edison

 

Current ratio

 

Quick ratio

 

Stagg

 

Current ratio

 

Quick ratio

 

Thornton

 

Current ratio

 

Quick ratio Suppose Thornton is using

 

FIFO for inventory

 

valuation and Edison is

 

using LIFO. Comment on

 

the comparability of

 

information between

 

these two companies. If all short-term notes

 

payable are due on July 11

 

at 8 a.m., comment on

 

each company's ability to

 

settle its obligation in a

 

timely manner. Net Credit Sales

 

Cost of Goods Sold Account to

 

be changed

 

Ch 9 Ex 4

 

20X5

 

$832,000

 

440,000 Questions

 

The company is

 

planning to borrow

 

$300,000 via a 90day bank loan to

 

cover short-term

 

operating needs.

 

a. Compute the

 

accountsreceivable and

 

inventory-turnover

 

ratios for 20X5 Original

 

Amount

 

20X4

 

760000.00

 

350000.00 YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE Accounts

 

Receivable

 

Turnover

 

Inventory Turnover

 

Study the ratios

 

from part (a) and

 

comment on the

 

company's ability

 

to repay a bank

 

loan in 90 days. Suppose that

 

Alaska's major

 

line of business

 

involves the

 

processing and

 

distribution of

 

fresh and frozen

 

fish throughout

 

the United States.

 

Do you have any

 

concerns about the

 

company's

 

inventory-turnover

 

ratio? Briefly

 

discuss. Account to

 

be changed Original

 

Amount Ch 9 Pb 1

 

20X5

 

Assets

 

Current Assets

 

Cash

 

Accounts Receivable (net)

 

Inventories

 

Prepaid Expense

 

Total Current Assets

 

Buildings (net)

 

Equipment (net) PLACE YOUR ANSWERS

 

BELOW STARTING ON

 

ROW 99

 

11250

 

18500

 

38500

 

3750

 

72000

 

102750

 

28500 20X4 12500.00

 

25000.00

 

35000.00

 

3750.00

 

76250.00

 

101250.00

 

30000.00 Vehicles (net)

 

Total Property, Plant, and Equipment

 

Trademarks (net)

 

Total assets

 

Accounts Payable

 

Notes Payable

 

Federal Taxes Payable

 

Total Current Liabilities

 

Long-Term Debt

 

Total Liabilities

 

Common Stock, $10 par

 

Retained Earnings

 

Total Stockholders' Equity

 

Total Liabilities and Stockholders' Eq WATERLOO CORPORATION

 

Comparative Income Statements

 

For the Years Ending December 31, 20X5 and

 

Net Sales Prepare a horizontal analysis of the

 

balance sheet showing percentage changes

 

from 20X4 to 20X5. Round all calculations

 

in parts (a) and (b) to two decimal

 

places. Questions 32000

 

163250

 

14750

 

250000

 

49000

 

13500

 

2500

 

65000

 

50000

 

115000

 

25000

 

110000

 

135000

 

250000 40000.00

 

171250.00

 

2500.00

 

250000.00

 

70000.00

 

40000.00

 

25000.00

 

135000.00

 

25000.00

 

160000.00

 

25000.00

 

65000.00

 

90000.00

 

250000.00 550000 20X4

 

500000.00 20X5 YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE WATERLOO CORPORATION

 

Comparative Balance Sheets

 

December 31,20X5 and 20X4

 

Assets

 

Current Assets

 

Cash

 

Accounts Receivable (net)

 

Inventories

 

Prepaid Expense

 

Total Current Assets

 

Buildings (net)

 

Equipment (net)

 

Vehicles (net)

 

Total Property, Plant, and Equipment

 

Trademarks (net)

 

Total assets

 

Accounts Payable % Change Notes Payable

 

Federal Taxes Payable

 

Total Current Liabilities

 

Long-Term Debt

 

Total Liabilities

 

Common Stock, $10 par

 

Retained Earnings

 

Total Stockholders' Equity

 

Total Liabilities and Stockholders'

 

Equity

 

WATERLOO CORPORATION

 

Comparative Income Statements Prepare a vertical analysis of the

 

20X5 income statement by relating each

 

item to net sales. 20X5 Net Sales

 

Cost of Goods Sold

 

Gross Profit

 

Operating Expense

 

Income Before Interest and Taxes

 

Interest Expense

 

Income Before Taxes

 

Income Tax Expense

 

Net Income Account to

 

be changed Original

 

Amount Ch 9 Pb 2

 

LONE PINE COMPANY

 

Comparative Balance Sheets

 

December 31, 20X2 and 20X1 ($000 Omitted)

 

20X2

 

Assets

 

Current Assets

 

Cash and Short-Term Investments

 

Accounts Receivable (net)

 

Inventories PLACE YOUR ANSWERS

 

BELOW STARTING ON

 

ROW 176

 

400

 

3000

 

2000 20X1 600.00

 

2400.00

 

2200.00 Total Current Assets

 

Land

 

Buildings and Equipment (net)

 

Total Property, Plant, and Equipment

 

Total Assets

 

Accounts Payable

 

Notes Payable

 

Total Current Liabilities

 

Bonds Payable

 

Total Liabilities

 

Common Stock Par value $1 (Par value

 

not in original problem, but needed to

 

calculate ratio - dividend payout rate)

 

Number of Shares

 

Retained Earnings

 

Total Stockholders' Equity

 

Total Liabilities and Stockholders' Eq 5400

 

1700

 

1500

 

3200

 

8600

 

1800

 

1100

 

2900

 

4100

 

7000 5200.00

 

600.00

 

1000.00

 

1600.00

 

6800.00

 

1700.00

 

1900.00

 

3600.00

 

2100.00

 

5700.00 200

 

200

 

1400

 

1600

 

8600 200.00

 

200.00

 

900.00

 

1100.00

 

6800.00 LONE PINE COMPANY

 

Statement of Income and Retained Earnings

 

For the Year Ending December 31,20X2 ($000 Omitted) 36000 Net Sales* Questions

 

Compute the following items for Lone Pine

 

Company for 20X2, rounding all

 

calculations to two decimal places and do

 

nt insert a percent symbol.

 

Quick ratio

 

Current ratio

 

Inventory-turnover ratio

 

Accounts-receivable-turnover ratio

 

Return-on-assets ratio

 

Net-profit-margin ratio

 

Return-on-common-stockholders' equity

 

Debt-to-total assets

 

Number of times that interest is earned

 

Dividend payout rate YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE Account to

 

be changed

 

Ch 9 Pb 3

 

Cost of goods sold Questions

 

LOCK BOX INC.

 

Income Statement

 

For the Year Ending December 31, 20X3

 

Sales

 

Cost of Goods Sold

 

Gross Profit

 

Operating Expenses and Interest

 

Income Before Taxes

 

Income taxes, 40%

 

Net income

 

LOCK BOX INC.

 

Balance Sheet

 

December 31, 20X3

 

Assets

 

Cash

 

Accounts Receivable

 

Inventory

 

Property, Plant, and Equipment

 

Total assets

 

Liabilities and Stockholders' Equity

 

Accounts Payable

 

Notes Payable: Short-Term

 

Bonds Payable

 

Common Stock

 

Retained Earnings

 

Total Liabilities and Stockholders' Equity Original

 

Amount

 

60.0% YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE Ashford University ACC205

 

Guidance Report

 

Week Five NING THE GUIDANCE REPORT

 

YELLOW INDICATES ACCOUNT AMOUNTS CHANGED

 

Change Account to:

 

Based Upon Course Start Date

 

Jan - Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec 5,000 6,000 7,000 8,000 9,000 10,000 3,500 4,500 5,500 6,500 7,500 8,500 2,000 3,000 4,000 5,000 6,000 7,000 Jan - Feb

 

20X5

 

842,000

 

450,000 20X4

 

760,000

 

350,000 Mar-Apr

 

20X5

 

852,000

 

460,000 20X4

 

760,000

 

350,000 May-Jun

 

20X5

 

862,000

 

470,000 20X4

 

760,000

 

350,000 Jul-Aug

 

20X5

 

872,000

 

480,000 Jan - Feb 20X5 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 Mar-Apr 20X4 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 20X5 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 May-Jun 20X4 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 20X5 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 Jul-Aug 20X4 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 20X5 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 33,000

 

166,250

 

15,750

 

258,000

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 33,000

 

166,250

 

15,751

 

258,001

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 33,000

 

166,250

 

15,752

 

258,002

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 33,000

 

166,250

 

15,753

 

258,003

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 33,000

 

166,250

 

15,754

 

258,004

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 33,000

 

166,250

 

15,755

 

258,005

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 33,000

 

166,250

 

15,756

 

258,006

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 20X5

 

575,000 20X4

 

510,000 20X5

 

580,000 20X4

 

520,000 20X5

 

585,000 20X4

 

521,000 20X5

 

590,000 Jan - Feb Mar-Apr May-Jun Jul-Aug 20X2 20X1 20X2 20X1 20X2 20X1 20X2 1,400

 

4,000

 

4,000 1,400

 

3,200

 

3,000 2,400

 

5,000

 

4,000 2,200

 

4,000

 

3,800 3,400

 

6,000

 

5,000 3,000

 

4,800

 

4,600 4,400

 

7,000

 

6,000 9,400

 

2,700

 

2,500

 

5,200

 

14,600

 

2,800

 

2,100

 

3,900

 

5,100

 

9,000 7,600

 

1,400

 

1,800

 

3,200

 

10,800

 

2,500

 

2,700

 

4,400

 

2,900

 

7,300 11,400

 

3,700

 

3,500

 

7,200

 

18,600

 

3,800

 

3,100

 

4,900

 

6,100

 

11,000 10,000

 

2,200

 

2,600

 

4,800

 

14,800

 

3,300

 

3,500

 

5,200

 

3,700

 

8,900 14,400

 

4,700

 

4,500

 

9,200

 

23,600

 

4,800

 

4,100

 

5,900

 

7,100

 

13,000 12,400

 

3,000

 

3,400

 

6,400

 

18,800

 

4,100

 

4,300

 

6,000

 

4,500

 

10,500 17,400

 

5,700

 

5,500

 

11,200

 

28,600

 

5,800

 

5,100

 

6,900

 

8,100

 

15,000 1,200

 

1,200

 

4,400

 

5,600

 

14,600 1,000

 

1,000

 

2,500

 

3,500

 

10,800 2,200

 

2,200

 

5,400

 

7,600

 

18,600 1,800

 

1,800

 

4,100

 

5,900

 

14,800 3,200

 

3,200

 

7,400

 

10,600

 

23,600 2,600

 

2,600

 

5,700

 

8,300

 

18,800 4,200

 

4,200

 

9,400

 

13,600

 

28,600 39,000 41,000 45,000 46,000 Jan - Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec 60.1% 60.2% 60.3% 60.4% 60.5% 60.6% Jul-Aug

 

20X4

 

760,000

 

350,000 Sept-Oct

 

20X5

 

882,000

 

490,000 Nov-Dec

 

20X4

 

760,000

 

350,000 20X5

 

892,000

 

500,000 20X4

 

760,000

 

350,000 Jul-Aug Sept-Oct 20X4 20X5 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 Nov-Dec 20X4 12,250

 

19,500

 

39,500

 

4,750

 

76,000

 

103,750

 

29,500 20X5 17,250

 

24,500

 

44,500

 

9,750

 

96,000

 

108,750

 

34,500 20X4 17,900

 

30,400

 

40,400

 

9,150

 

97,850

 

106,650

 

35,400 33,000

 

166,250

 

15,757

 

258,007

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 20X4

 

523,000 33,000

 

166,250

 

15,758

 

258,008

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 20X5

 

595,000 33,000

 

166,250

 

15,759

 

258,009

 

50,000

 

14,500

 

3,500

 

68,000

 

51,000

 

121,000

 

26,000

 

111,000

 

137,000

 

258,000 38,000

 

181,250

 

20,750

 

298,000

 

55,000

 

19,500

 

8,500

 

83,000

 

68,000

 

151,000

 

31,000

 

116,000

 

147,000

 

298,000 45,400

 

187,450

 

7,900

 

293,200

 

75,400

 

45,400

 

30,400

 

151,200

 

30,400

 

192,400

 

30,400

 

70,400

 

100,800

 

293,200 20X4

 

525,000 20X5

 

600,000 20X4

 

535,000 Jul-Aug Sept-Oct Nov-Dec 20X1 20X2 20X1 20X2 20X1 3,800

 

5,600

 

5,400 5,400

 

8,000

 

7,000 4,600

 

6,400

 

6,200 6,400

 

9,000

 

8,000 5,400

 

7,200

 

7,000 14,800

 

3,800

 

4,200

 

8,000

 

22,800

 

4,900

 

5,100

 

6,800

 

5,300

 

12,100 20,400

 

6,700

 

6,500

 

13,200

 

33,600

 

6,800

 

6,100

 

7,900

 

9,100

 

17,000 17,200

 

4,600

 

5,000

 

9,600

 

26,800

 

5,700

 

5,900

 

7,600

 

6,100

 

13,700 23,400

 

7,700

 

7,500

 

15,200

 

38,600

 

7,800

 

7,100

 

8,900

 

10,100

 

19,000 19,600

 

5,400

 

5,800

 

11,200

 

30,800

 

6,500

 

6,700

 

8,400

 

6,900

 

15,300 3,400

 

3,400

 

7,300

 

10,700

 

22,800 5,200

 

5,200

 

11,400

 

16,600

 

33,600 4,200

 

4,200

 

8,900

 

13,100

 

26,800 6,200

 

6,200

 

13,400

 

19,600

 

38,600 5,000

 

5,000

 

10,500

 

15,500

 

30,800 49,000 55,000 Net

 

###

 

###

 

Cost440,000 350,000

 


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