ACC/291 WileyPLUS Assignment: Week 5 Assignment - Question 4

ACC/291: Principles of Accounting II

Please help me. I need very knowledgeable Accounting tutor to help me figure out the answer for "For Operating Expenses" and 2 other parts to Question 4. I got most of the question correct, and just missed those 3 parts of the question that is seen in the screenshot attached to this message. I attached a screenshot of what I got incorrect and need help with as well as a copy of the assignment. I only have one more chance or try to get this question correct since I missed it twice. So please be sure to double check your answer before submitting a solution to this problem. Also, I cannot move forward in completing my other two questions (Questions #5 & #6) until I get Question #4 correct. I need this as soon as possible.

I only need help with 3 solutions of Question 4, and nothing else since the rest of it has been marked correct.

I look forward to receiving help soon, and have a wonderful day.

Thank you very much.

7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true Description / Instructions: Complete the following Week 5 Assignment in WileyPLUS: * Exercise 73 * Exercise 121 * Exercise 128 * Problem 129A * Problem 1210A * Exercise 133 * Exercise 134 * IFRS 131 * Problem 132A 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. (a) Purchased a machine for $30,000, giving a longterm 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 longterm 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. Question 2 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 nontrading securities of $75,000. Prepare a statement of comprehensive income using the onestatement approach. LING COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2014 $ http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 1/8 7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true $ Question 3 Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 198,768 $ 119,064 Accounts receivable 215,988 93,480 Inventory 276,750 253,011 Prepaid expenses 69,864 63,960 Longterm investments 339,480 268,140 Plant assets 701,100 596,550 (123,000 ) (127,920 ) $1,678,950 $1,266,285 $ 250,920 $ 165,558 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable 40,590 51,660 Bonds payable 270,600 359,160 Common stock 541,200 430,500 Retained earnings 575,640 259,407 $1,678,950 $1,266,285 Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $955,612 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense $333,232 30,529 114,390 Income tax expense 67,109 Interest expense 11,636 Loss on disposal of plant assets 18,450 Net income 575,346 $ 380,266 Additional information: http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 2/8 7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true 1. New plant assets costing $246,000 were purchased for cash during the year. Old plant assets having an original cost of $141,450 and accumulated depreciation of 2. $119,310 were sold for $3,690 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $64,033 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 $ http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 3/8 7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true $ Question 4 Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 157,560 $ 94,380 Accounts receivable 171,210 74,100 Inventory 219,375 200,558 55,380 50,700 Longterm investments 269,100 212,550 Plant assets 555,750 472,875 Accumulated depreciation (97,500 ) (101,400 ) $1,330,875 $1,003,763 $ 198,900 $ 131,235 32,175 40,950 Bonds payable 214,500 284,700 Common stock 429,000 341,250 Retained earnings 456,300 205,628 $1,330,875 $1,003,763 Prepaid expenses Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $757,497 Less: Cost of goods sold Operating expenses, excluding depreciation $264,147 24,200 http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 4/8 7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true Depreciation expense 90,675 Income taxes 53,196 Interest expense 9,224 Loss on disposal of plant assets 14,625 456,067 $ 301,430 Net income Additional information: 1. New plant assets costing $195,000 were purchased for cash during the year. Old plant assets having an original cost of $112,125 and accumulated depreciation of 2. $94,575 were sold for $2,925 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $50,758 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 $ : $ http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 5/8 7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true $ Question 5 The comparative statements of Osborne Company are presented here. OSBORNE COMPANY Income Statements For the Years Ended December 31 2014 Net sales 2013 $1,897,611 $1,757,571 1,065,611 1,013,071 Gross profit 832,000 744,500 Selling and administrative expenses 507,071 486,071 Income from operations 324,929 258,429 23,293 21,293 301,636 237,136 93,293 74,293 $ 208,343 $ 162,843 Cost of goods sold Other expenses and losses Interest expense Income before income taxes Income tax expense Net income OSBORNE COMPANY Balance Sheets December 31 Assets 2014 2013 Current assets Cash $ 60,100 $ 64,200 74,000 50,000 Accounts receivable 124,871 109,871 Inventory 127,293 116,793 Total current assets 386,264 340,864 Debt investments (shortterm) http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 6/8 7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true Plant assets (net) 661,605 532,905 $1,047,869 $873,769 $ 167,071 $152,471 44,793 43,293 Total current liabilities 211,864 195,764 Bonds payable 232,605 212,605 Total liabilities 444,469 408,369 Common stock ($5 par) 290,000 300,000 Retained earnings 313,400 165,400 Total stockholders' equity 603,400 465,400 $1,047,869 $873,769 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Stockholders' equity Total liabilities and stockholders' equity All sales were on account. Net cash provided by operating activities for 2014 was $226,820. Capital expenditures were $135,040, and cash dividends were $60,343. Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) (a) Earnings per share (b) Return on common stockholders' equity % (c) Return on assets % (d) Current ratio :1 (e) Accounts receivable turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to assets % (l) Current cash debt coverage times $ (m) Cash debt coverage (n) Free cash flow times $ Question 6 The following control procedures are used in Kelton Company for overthecounter cash receipts. http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 7/8 7/23/2015 Print Assignment: Assignment: Week 5 Assignment ::true (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. Weakness Principle Violated 2. All overthecounter receipts are registered by three clerks who share a cash register with a single cash drawer. 3. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attach case in the stock room until it is deposited in the bank. 4. At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total. 5. The company accountant makes the bank deposit and then records the day's receipts. http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 8/8