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Corporate Finance
In 2014, common shareholders received $2 per share in annual dividends. The market price per share for common shares was $12. Compute the dividend yield for common shares.
Aztec, Inc. had net sales of $250,000 and cost of goods sold of $150,000 in 2012, net sales of $275,000 and cost of goods sold of $165,000 in 2013, and net sales of $300,000 and cost of goods sold of
The 2014 accounting records of Star Records showed the following: Cash, $15,000; Net Accounts Receivable, $8,000; Inventory, $5,000; Prepaid Expenses, $4,000; Net Plant and Equipment,
Match the following terms to their definitions:a. Inventory turnoverb. Return on salesc. Quick ratiod. Dividend yielde. Return on assetsf. Accounts receivable turnoverg. Benchmarkingh. Debt
Identify each of the following financial ratios as follows:• Profitability ratio (P)• Asset management ratio (A)• Liquidity ratio (L)• Solvency ratio (S)...... a. Inventory turnover...... b.
The 2013 and 2014 balance sheets for Jackson and Sons showed net accounts receivable of $10,000 and $14,000, respectively, and inventory of $8,000 and $6,000, respectively. The company’s 2014
In addition to the information from S12-6, assume that cash on the 2014 balance sheet was $20,000 and current liabilities totaled $24,000. Compute the following ratios for 2014: 1. Current ratio 2.
The 2014 financial statements for Country Cousin Stores show total assets of $490,000, total liabilities of $290,000, net sales of $1,800,000, net income of $450,000, income from operations of
Using the information from 12-8, a market price of $25 per common share and 100,000 common shares outstanding, compute the following for 2014:1. Earnings per share2. Price/earnings ratio
What were the dollar and percentage changes in Axel€™s Pawn Shop€™s working capital during 2013 and 2014? Is this trend favorable or unfavorable?
The following data (dollar amounts in millions) are adapted from the financial statements of Valeo, Inc.:Total Current Assets ........ $12,201Accumulated Depreciation ...... 1,738Total Liabilities
Prepare a horizontal analysis of the following comparative income statement of R. Hanson, Inc. Round percentage changes to the nearest tenth of a percent.RequirementWhy did net income increase by a
Compute trend percentages for net sales and net income for the following five-year period, using year 1 as the base year:Requirement Which grew faster during the period, net sales or net income?
Lori€™s Boutique requested that you perform a vertical analysis of its balance sheet to determine the component percentages of its assets, liabilities, and shareholders€™ equity. Round to the
Prepare a comparative common-size income statement for R. Hanson, Inc. using the 2014 and 2013 data of E12-2A. Round percentages to the nearest tenth of a percent.In E12-2A
The financial statements of Hernandez & Sons, Inc. include the following items:RequirementCompute the following ratios for the current year:(a) Current ratio,(b) Quick ratio,(c) Inventory
Brandy Pitts Winery requested that you determine whether the company€™s ability to pay its current liabilities and long-term debts improved or deteriorated during 2014. To answer this question,
For 2013 and 2014, compute the four ratios that measure the ability to earn profits for Fabulous Fashions, Inc., whose comparative income statement follows:Additional data follow:RequirementDid the
Evaluate the common shares of TomCat Incorporated as an investment. Specifically, use the two market analysis ratios to determine whether the shares increased or decreased in attractiveness during
What were the dollar and percentage changes in Hillary's Hair Salon€™s working capital during 2013 and 2014? Is this trend favourable or unfavourable?
The following data (dollar amounts in millions) are adapted from the financial statements of Drawler, Inc.Total Current Assets ........$11,983Accumulated Depreciation ...... 1,429Total Liabilities
Prepare a horizontal analysis of the following comparative income statement of Zinkowski, Inc. Round percentage changes to the nearest tenth of a percent.RequirementWhy did net income increase by a
Compute trend percentages for net sales and net income for the following five-year period, using year 1 as the base year:RequirementWhich grew faster during the period, net sales or net income?
Mary€™s Gift Store requested that you perform a vertical analysis of its balance sheet to determine the component percentages of its assets, liabilities, and shareholders€™ equity. Round to
Prepare a comparative common-size income statement for Zinkowski, Inc. using the 2014 and 2013 data of E12-2B. Round percentages to the nearest tenth of a percent.
The financial statements of Vacation, Inc. include the following items:RequirementCompute the following ratios for the current year:(a) Current ratio,(b) Quick ratio,(c) Inventory turnover,(d)
Hudson Crowe Winery requested that you determine whether the company€™s ability to pay its current liabilities and long-term debts improved or deteriorated during 2014. To answer this question,
For 2013 and 2014, compute the four ratios that measure the ability to earn profits for Waldorf Fashions, Inc. whose comparative income statement and additional data follow:Additional data
Evaluate the common shares of Shamrock Incorporated as an investment. Specifically, use the two market analysis ratios to determine whether the shares increased or decreased in attractiveness during
Net sales, net income, and total assets for Gene Blue Clothing Emporium for a four-year period follow:Requirements1. Compute trend percentages for each item for 2011-2014. Use 2011 as the base
Love Bug Used Auto Sales asked for your help in comparing the company€™s profit performance and financial position with the average for the auto sales industry. The proprietor has given you the
Financial statement data of Barb Wired Fencing, Inc. include the following items:Cash ................ $ 17,000Short-Term Investments ...... 22,000Accounts Receivable, Net ...... 103,000Inventory
Comparative financial statement data of Lounge Around Furniture Company follow:Other information follows:a. Market price of common shares was $48 at December 31, 2014, and $30.75 at December 31,
Assume you are purchasing an investment and decide to invest in a company in the home re-modeling business. You narrow the choice to Build It Right, Inc. or Structurally Sound, Corp. You assemble the
You have been hired as an investment analyst at McNeice Securities, Inc. It is your job to recommend investments for your client. The only information you have are the following ratio values for two
Net sales, net income, and total assets for Armanix Clothing Emporium for a four- year period follow:Requirements1. Compute trend percentages for each item for 2011-2014. Use 2011 as the base year.2.
Verifine Used Auto Sales asked for your help in comparing the company€™s profit performance and financial position with the average for the auto sales industry. The proprietor has given you the
Financial statement data of ABC Fencing, Inc. include the following items:Cash .................... $ 21,000Short-Term Investments .......... 25,000Accounts Receivable, Net ..........
Comparative financial statement data of Danfield Furniture Company follow:Other information follows:1. Market price of common shares was $48.50 at December 31, 2014, and $31.75 at December 31,
Assume you are purchasing an investment and decide to invest in a company in the home remodelling business. You narrow the choice to Bob€™s Home Repair, Inc. or Stellar Stability, Corp. You
You have been hired as an investment analyst at Harriet Winston Company. It is your job to recommend investments for your client. The only information you have are the following ratio values for two
This concludes the accounting for Graham€™s Yard Care, Inc. that we began in Chapter 1. For this exercise, refer to the comparative balance sheet that was presented in the Continuing Exercise in
In Chapter 11, we prepared a cash flow statement for Aqua Elite, Inc. Now, we will analyze Aqua Elite€™s financial statements using the tools we learned in this chapter.Following are the balance
Robin Peterson, the CEO of Teldar Incorporated, was reviewing the financial statements for the first three months of the year. He saw that sales and net income were lower than expected. Because the
Crane Corporation was in the process of completing the financial statements for the latest fiscal year. Susan Randal, Crane’s CEO, was reviewing the comparative financial statements and expressed
Purpose: To help familiarize you with the financial reporting of a real company to further your understanding of the chapter material you are learning.This case focuses on the financial statement
Purpose: To help you understand and compare the performance of two companies in the same industry. Find the Bombardier Annual Report, Year Ended January 31, 2011 located in MyAccountingLab. Now
Purpose: To help you understand the importance of financial statement analysis in the operation of a small business.You just returned from a meeting with your bank loan officer and you were a little
Below are selected financial data for your client for the current year and corresponding data for the client’s industry. Return on Sales Return on Assets Current Ratio Inventory
What are the three main forms of business?
What are the characteristics of each subtotal of income on a multistep income statement?
What information do companies disclose in addition to the financial statements?
What are the advantages and disadvantages to each form of business?
How are accounts classified in a classified balance sheet?
What is the difference between a fixed asset and an intangible asset?
What are the differences and similarities between the categories of liabilities in the classified balance sheet?
How is equity classified in a classified balance sheet, and what are the differences in each category?
Multiple Choice Questions 1. The form of business in which one individual bears all risk is a: a. Partnership. b. Sole proprietorship. c. Corporation. d. None of the above. 2. Which form of business
Multiple Choice Questions 1. The base account for a vertical analysis of the income statement is: a. net income. b. income before taxes. c. net sales. d. operating profit. 2. A horizontal analysis of
The following definitions were discussed in the chapter: 1. A form of business in which multiple entities join together. 2. Information following the financial statements that provides additional
A company provides the following account balances for the current year:Common stock ..........$ 20,600Retained earnings, beginning of year... 62,496Additional paidin capital .......
The following is a list of accounts: • Mortgage payable, due in 15 years • Shortterm investments • Cash • Prepaid rent • Patents • Common stock • Accounts payable • Buildings •
A company reports the following accounts on its classified balance sheet: Additional paid in capital ...... Accounts receivable Land .............. Bonds payable, due in 10 years Treasury
The following is a list of balance sheet classifications and descriptions: a. Current asset b. Long-term investment c. Fixed asset d. Intangible asset e. Other asset f. Current liability g.
The following are independent cases:Required Fill in each blank with the appropriate dollar amount.
The following items were taken from the December 31 balance sheet of Auburn Bowling Lanes:Buildings, net ........... $60,200Accounts receivable ......... 14,520Prepaid insurance ...........
The following information was taken from the February 26, 2011, balance sheet of Best Buy :(in millions)Accounts payable .............$ 4,894Accounts receivable ............ 2,348Additional
A company uses the following pairs of accounts for its financial statements:• Sales and Accounts receivable• Interest payable and Interest expense• Supplies expense and Supplies• Inventory
The following are all independent cases:Required Fill in each blank with the appropriate dollar amount.
These items were taken from the financial records of Brown's Used Cars:Utilities expense ............$ 17,650Interest expense............. 50Selling expense ..............
The following definitions were discussed in the chapter:1. The accounting rules followed by U.S. corporations.2. The governmental entity whose mission is to protect investors.3. The accounting
The following income statement items are taken 9180 of Matthews Music Group for the year ending December 31:Advertising expense ............. $ 6,210Cost of sales ................. 83,910Income
The following is a list of accounts:Treasury stock.............Interest payableInterest revenue .............. Common stockBuildings .........................Cost of salesDividends
The following accounts were taken from a company's balance sheet:Supplies ................Interest payableRetained earnings ............. EquipmentPrepaid insurance .............Salaries
The following items were taken from the financial statements of Wilson Inc. for 2012:Accounts payable ...........$15,780Accounts receivable .......... 8,470Advertising expense ..........
The following balance sheet items are available from Carnell Inc. as of December 31, 2012:Required a. Prepare a comparative, classified balance sheet for Carnell Inc. b. Perform horizontal and
The following income statement items are available from Dansby Inc. for the years ending December 31:Required a. Prepare a comparative, multi-step income statement for Dansby Inc. b. Perform
The following items were taken from a recent income statement of PepsiCo:RequiredPerform a horizontal analysis on each account. Round percentages to one decimal point (i.e., 10.1%). What conclusions
Refer to Home Depot's Annual Report contained in Appendix C of the textbook.Requireda. Identify the company's current-year and prior-year balances in total current assets, net property and equipment,
Refer to Home Depot's classified balance sheet contained in Appendix C of the textbook. Required a. The current liability section contains an account entitled "Current Installments of Long-Term
Refer to Home Depot's income statement contained in Appendix C of the textbook. Required a. Identify the line item just above Net Earnings. Explain in your own words what you think this line item
Access the 2010 annual report for AnnTaylor Stores by clicking on the Investors and Annual Reports links at www.anninc.com.RequiredConduct horizontal analysis of the company's net sales, cost of
You and some friends have decided to start an investment club. Several of the new members of the club, however, have no knowledge of financial statements, particularly the income statement. They
The following is a list of accounts taken from Jim's Uniforms:Accounts receivable ………………………………… 18,000Sales Inventory
Johnson Clothing Supercenter generated a gross profit of $7,750,000 during the year. Also during the year, Johnson incurred advertising expense of $1,500,000, salaries expense of $2,100,000, and
A company reports the following information from its financial statements:RequiredConduct horizontal and vertical analyses of inventory for the current year. Round percentages to one decimal point
The following information (in millions) was taken from a recent income statement of The J.M. Smucker Company :RequiredConduct horizontal and vertical analyses of gross profit. Was the company more or
A horizontal analysis of a company's sales resulted in a $1.5 million increase, which equaled a percentage change of 22.8%.RequiredInterpret the dollar change and percentage change and identify which
Show the calculation of each of the four liquidity ratios and describe what each ratio reveals.
Show the calculation of each of the three solvency ratios and describe what each ratio reveals.
A DuPont analysis breaks a company's return on equity into three components. Describe those components.
Describe the calculations associated with a horizontal analysis.
Show the calculation of each of the five profitability ratios and describe what each ratio reveals.
1. In a horizontal analysis, the change in an account balance is expressed as a percentage change compared to:a. net income.b. total assets.c. prior-year account balance.d. both A and B.2. Pauley
1. Which of the following would be considered good news for a company? a. Its return on assets decreases b. Its return on equity stays the same c. Its profit margin increases d. Its earnings per
Financial statement analysis is defined as the process of applying analytical tools to a company's financial statements to understand the company's financial health. Required Identify and briefly
Stinky Carpet Cleaning Service produced net income of $125,600 in 2012. Interest expense was $12,550 during the year, and income tax expense was $42,000. Required Calculate Stinky's times interest
The following asset information is available for BSI Inc.:RequiredPrepare a horizontal analysis of BSI's assets. Round percentages to one decimal point (i.e., 12.8%).
The income statements of Crisp Corp. for the past two years are as follows:Required Prepare and interpret a horizontal analysis of Crisp's income statements. Round percentages to one decimal point
The following asset information is available for LOC Inc.:Required Prepare a vertical analysis of assets. Round percentages to one decimal point (i.e., 12.8%).
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