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survey of accounting

Questions and Answers of Survey of Accounting

=+For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio,(c) the dividends per share, and (d) the dividend yield. Round to one decimal place except earn ings per
=+E9-21 Earnings pershare, priceearnings ratio, dividend yield Obj 3 Vb. Price-earnings ratio, 14.8 The following information was taken from the financial statements ofRoyer Medical Inc. for December
=+(a) number oftimes bond interest charges are earned, (b) number oftimes preferred dividends are earned, (c) earnings per share on common stock, (d) price-earnings ratio, (e) dividends per share of
=+The balance sheet for Chaney Resources Inc. at the end ofthe current fiscal year indicated the following:Bonds payable, 10% (issued in 1995, due in 201 5) $2,250,000 Preferred $25 stock, $200 par
=+(c) ratio of net sales to assets, (d) rate earned on total assets, (e) rate earned on stockholders’equity, and (f) rate earned on common stockholders’ equity. Round to one decimal
=+(a) ratio offixed assets to long-term liabilities, (b) ratio ofliabilities to stockholders’ equity,
=+E9-19 Six measures ofsolvency or profitability Objs 2, 3/c. Ratio of net sales to assets, 1.5 E9-20 Six measures ofsolvency or profitability Objs 2, 3/d. Price-earnings ratio, 1 6.1 The following
=+d. Evaluate Ann Taylor’s profit performance relative to the industry.
=+c. Evaluate the two-year trend for the profitability ratios determined in (a) and (b).
=+b. Determine the rate earned on stockholders’ equity for Ann Taylor for Year 2 and Year 1.Round to one decimal place.
=+for Ann Taylor is provided below (all numbers in thousands):Year 2_Year 1 Net income $81,872 $63,276 Interest expense 2,083 3,641(continued)338 Chapter 9
=+a. Determine the rate earned on total assets for Ann Taylor for Year 2 and Year 1. Round to one digit after the decimal place.Ann Taylor Retail, Inc., sells professional women’s apparel through
=+E9-18 Profitability ratios Obj 3 ya. Year 2 rate earned on total assets, 6.0%End ofyear..._Year 2_Year 1_Year 0 Total assets $1,492,906 $1,327,338 $1,256,397 Total stockholders’equity 1,034,482
=+b. What conclusions can be drawn from these data as to the company’s profitability?
=+a. Determine the rate earned on total assets, the rate earned on stockholders’ equity, and the rate earned on common stockholders’ equity for the years 2007 and 2008. Round to one decimal place.
=+The 2008 net income was $112,500, and the 2007 net income was $135,000. No dividends on common stock were declared between 2006 and 2008.
=+b. Assume that the ratio of net sales to assets for each company represents their respective industry segment. Interpret the differences in the ratio of net sales to assets in terms ofthe operating
=+YRC C.H. Robinson Worldwide_Union Pacific_Worldwide Netsales $6,767,485 $12,215,000 $4,341,538 Average total assets 3,545,199 34,041,500 994,423a. Determine the ratio ofnet sales to assets for all
=+C.H. Robinson Worldwide Inc. Recent financial statement information for these three compa¬nies is shown as follows (in thousands of dollars):__
=+c. Interpret the ratio differences between the two companies.Three major segments ofthe transportation industry are motor carriers, such as YRC Worldwide; railroads, such as Union Pacific; and
=+b. Determine the ratio offixed assets to long-term liabilities for both companies. Round to one decimal place.
=+E9-16 Ratio ofnet sales to assets Obj 3 ya. YRC Worldwide, 1.9 E9-17 Profitability ratios Obj 3 Ya. Rate earned on total assets, 2008, 11.6%
=+Ratio ofliabilities to stock¬holders’ equity and ratio offixed assets to long-term liabilities Obj 2 ya. H.J. Heinz, 3.1 Recent balance sheet information for two companies in the food industry,
=+c. Interpret the ratio differences between the two companies.E9-15
=+b. Determine the number oftimes interest charges are earned for both companies. Round to one decimal place.
=+a. Determine the ratio ofliabilities to stockholders’ equity for both companies. Round to one decimal place.
=+_Hasbro_Mattel, Inc.Income from operations $293,012,000 $730,817,000 Interest expense 31,698,000 77,764,000
=+E9-14 Ratio ofliabilities to stock¬holders’ equity and number oftimes interest charges Hasbro and Mattel Inc., are the two largest toy companies in North America. Condensed liabili¬ties and
=+c. What conclusions can be drawn from these data as to the company’s ability to meet its cur¬rently maturing debts?
=+b. Determine the number oftimes the bond interest charges are earned during the year for both years. Round to one decimal place.
=+a. Determine the ratio ofliabilities to stockholders’ equity at the end of each year. Round to one decimal place.
=+The income before income tax was $844,800 and $537,600 for the years 2008 and 2007, respectively.
=+b. Interpret the inventory ratios by considering Dell’s and Hewlett-Packard’s operating strategies.The following data were taken from the financial statements of Quality Construction Inc. for
=+a. Determine for both companies (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to one decimal place.
=+_Dell Inc._Company Sales $55,908 $86,696 Cost of goods sold 45,620 66,440 Inventory, beginning of period 459 7,071 Inventory, end of period 576 6,877
=+b. What conclusions can be drawn from these data concerning the inventories?Dell Inc. and Hewlett-Packard Company (HP) compete with each other in the personal computer market. Dell’s strategy is
=+a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to nearest dollar and one decimal place.
=+extracted from the income statement ofClear View Systems Inc.:Current Year_Preceding Sales $756,000 $950,760 Beginning inventories 67,200 44,000 Cost of goods sold 492,000 528,200 Ending
=+Ratio ofliabilities to stock¬holders’ equity and number oftimes interest charges earned Obj 2 7a. Ratio of liabilities to stockholders’equity, Dec. 31, 2008, 0.5 The following data were _
=+c. What conclusions can be drawn from these analyses regarding Ralph Lauren’s efficiency in collecting receivables?
=+b. Compute the days’ sales in receivables for 2007 and 2006. Round to one decimal place.
=+a. Compute the accounts receivable turnover for 2007 and 2006. Round to one decimal place.
=+__ _For the Period Ending_ March 31, 2007 April 1, 2006 Net Sales $4,295,400 $3,746,300 Accounts receivable 511,900 516,600 Assume that accounts receivable (in millions) were $530,503 at the
=+E9-10 Accounts receivable turnover and days’ sales in receivables Obj 2/a. 2007: 8.4 Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory,
=+b. What conclusions can be drawn from these data concerning accounts receivable and credit policies?Financial Statement Analysis 335
=+a. Determine for each year (1) the accounts receivable turnover and (2) the number of days’sales in receivables. Round to nearest dollar and one decimal place.
=+E9-9 Accounts receivable analysis Obj 2/a. Accounts receivable turnover, 2008, 6.9 The following data are taken from the financial statements ofCreekside Technology Inc. Terms of __ all sales are
=+b. Is the company satisfying the terms ofthe bond indenture?
=+a. List the errors in the determination ofthe three measures of current position analysis.
=+2. Current ratio = 1.50 ($600,500/$400,000)3. Quick ratio = 2.04 ($511,000/$250,000)
=+1. Current assets:Cash $190,000 Marketable securities 95,000 Accounts and notes receivable (net) 171,000 Inventories 20,000 Prepaid expenses 4,500 Intangible assets 55,000 Property, plant, and
=+b. What conclusions can you draw from these data?The bond indenture for the 20-year, 11% debenture bonds dated January 2, 2007, required working capital of $560,000, a current ratio of 1.5, and a
=+a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place.
=+PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end oftwo recent years:Year 2(in millions)Year 1(in
=+b. What conclusions can be drawn from these data as to the company’s ability to meet its cur¬rently maturing debts?334 Chapter 9 E9-7 Current position analysis Obj 2•/a. (1) Year 1, current
=+a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio.Round ratios to one decimal place.
=+E9-6 The following data were taken from the balance sheet ofOutdoor Supplier Company:Current position analysis Dec. 31, 2008 Dec. 31, 2007 Obj 2 Cash $325,000 $300,000 Va. 2008 working capi-
=+b. What conclusions can be drawn from the horizontal analysis?
=+a. Prepare a comparative income statement with horizontal analysis, indicating the increase(decrease) for 2008 when compared with 2007. Round to one decimal place.
=+E9-5 Horizontal analysis ofthe income statement Obj 1 SPREADSHEET Va. Net income de¬crease, 53.3%Income statement data for Web-pics Company for the year ended December 31, 2008 and 2007, are as
=+Prepare a comparative balance sheet for 2008 and 2007, stating each asset as a percent oftotal assets and each liability and stockholders’ equity item as a percent ofthe total liabilities and
=+/ Retained earnings, Dec. 31,2008, 47.5%Balance sheet data for the Dover Hot Tub Company on December 31, the end of the fiscal year, are as follows:2008 2007 Current assets $768,000 $250,000
=+b. As far as the data permit, comment on significant relationships revealed by the comparisons.
=+a. Prepare a common-size income statement comparing the results of operations for Jaribo Communications Company with the industry average. Round to one decimal place.
=+b. Comment on the significant changes.Revenue and expense data for the current calendar year for Jaribo Communications Company and for the communications industry are as follows. The Jaribo
=+a. Prepare a comparative income statement for Years 1 and 2 in vertical form, stating each item as a percent ofrevenues. Round to one decimal place.
=+Admissions $156,718 $150,253 Event-related revenue 137,074 127,055 NASCAR broadcasting revenue 110,016 90,682 Other operating revenue 42,711 36,539 Total revenue $446,519 $404,529 Expenses and
=+b. Comment on the significant changes disclosed by the comparative income statement.The following comparative income statement (in thousands of dollars) for two recent years was adapted from the
=+a. Prepare an income statement in comparative form, stating each item for both 2008 and 2007 as a percent ofsales. Round to one decimal place.
=+ Discuss some possible causes ofthe apparent weakening ofthe current position, while sales and net income have increased substantially.•/ a.Jaribo net income:$85,000; 6.8% of sales Revenue and
=+16. Favorable business conditions may bring about cer¬tain seemingly unfavorable ratios, and unfavorable business operations may result in apparently favor¬able ratios. For example, Trivec
=+15. Why would the dividend yield differ significantly from the rate earned on common stockholders’equity?
=+10. What do the following data taken from a compara¬tive balance sheet indicate about the company’s about the selling price ofthe common stock in relation to current earnings?
=+c. Is it possible to have a high inventory turnover and a high number of days’ sales in inventory?Discuss.
=+b. Is it possible for the inventory turnover to be too high? Discuss.
=+9.a. Why is it advantageous to have a high inventory turnover?
=+vnmAN Crmmanc4 -tv I nwA A company that grants terms of n/45 on all sales has a yearly accounts receivable turnover, based on monthly averages, of 5. Is this a satisfactory turn¬over? Discuss.
=+7.-—, *. v, 14. The price-earnings ratio for the common stock of rffieCCdlHQ rr. ^Company 10a. December 31. the end of Why would the accounts'receivable turnover ratio ^ ' the current fiscal
=+13. The net income (after income tax) of Choi Inc.was $15 per common share in the latest year and$60 per common share for the preceding year. At the beginning ofthe latest year, the number of
=+b. Should the rate earned on common stockholders’equity normally be higher or lower than the rate earned on total stockholders’ equity? Explain.
=+12.a. Why is the rate earned on stockholders’ equity by a thriving business ordinarily higher than the rate earned on total assets?
=+b. Which ratio is normally higher? Explain.
=+How does the rate earned on total assets differ from the rate earned on stockholders’ equity?
=+11. a.$300,000 100,000$300,000 120,000 Current Year Preceding Year Current assets:Cash, marketable securities, and receivables $35,000 Inventories 55,000 Total current assets $90,000 Current
=+6. For Lindsay Corporation, the working capital at the end ofthe current year is $8,000 less than the working capital at the end ofthe preceding year, reported as follows:Current Year Preceding
=+5. How would the current and quick ratios of a service business compare?
=+4. How would you respond to a horizontal analysis that showed an expense increasing by over 80%?
=+3. The current years amount of net income (after income tax) is 20% larger than that ofthe preceding year. Does this indicate an improved operating performance?Discuss.
=+2. What is the advantage of using comparative statements ^ ^ ?for financial analysis rather than statements for a single date or period?
=+ basis in the current year as compared to the preced
=+1. W at is the difference between horizontal and vertical ability to borrow additional funds on a long-term analysis offinancial statements?
=+2. Which ofthe following measures indicates the ability of a firm to pay its current liabilities?A. Working capital C. Quick ratio B. Current ratio D. All of the above
=+1. What type of analysis is indicated by the following?Amount Percent Current assets Property, plant, and equipment Total assets$100,000 20%400,000 80$500,000 100%A, Vertical analysis B. Horizontal
=+1. Which ofthe following expenditures incurred in con¬nection with acquiring machinery is a proper addition to the asset account?A. Freight C. Both A and B B. Installation costs D. Neither A nor B
=+2. What is the amount ofdepreciation, using the doubledeclining-balance method (twice the straight-line rate) for the second year of use for equipment costing$9,000, with an estimated residual
=+3. An example of an accelerated depreciation method is:A. Straight-line C. Units-of-production B. Double-declining- D. Depletion balance
=+4. Hyde Inc. purchased mineral rights estimated at 2,500,000 tons near Great Falls, Montana, for$3,600,000 on August 7, 2008. During the remainder of the year, Hyde mined 175,000 tons ofore. What
=+5. Which ofthe following is an example of an intangible asset?A. Patents C. Copyrights B. Goodwill D. All ofthe above Fixed Assets and Intangible Assets 261 Class Discussion Questions
=+9.a. Does the recognition of depreciation in the accounts provide a special cash fund for the replacement of fixed assets? Explain.
=+b. Describe the nature of depreciation as the term is used in accounting.

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