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Accounting 221 homework three parts A B and C, one page!! Thanks! This is a comprehensive problem all contained on this spreadsheet tab. You are
Accounting 221 homework three parts A B and C, one page!! Thanks!
This is a comprehensive problem all contained on this spreadsheet tab. You are to prepare a cash flow statement, a vertical analysis, a horizontal analysis, and some ratio calculations. Scroll down the spreadsheet to complete each part. Philadelphia Widget Corporation is in the process of preparing financial statements for the year ended 12/31/2015. They have completed the balance sheet and income statement as shown. Philadelphia Widget Corporation Income Statement For the year ended 12/31/2015 Revenue Cost of Goods Sold Gross Profit Administrative Expenses: Salaries Rent Depreciation Total Administrative Expense Operating Profit 1,235,000 806,356 428,644 212,450 82,500 24,800 319,750 108,894 Gain on Sale of Equipment Interest Expense Net Income 4,500 (42,115) 71,279 Philadelphia Widget Corporation Balance Sheet As of 12/31/2015, 12/31/2014, and 12/31/2013 2015 Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Land Buildings and Equipment Accumulated Depreciation Total Assets Accounts Payable Wages payable 182,450 78,900 2014 119,411 85,455 41,600 14,500 260,966 89,564 83,118 48,560 18,100 239,342 50,000 50,000 103,550 172,450 62,600 109,850 414,516 399,192 62,525 4,500 51,480 4,500 Unearned Revenue 3,000 - Current Portion of Long-Term Debt Total Current Liabilities 50,000 120,025 50,000 105,980 Long-Term Debt 175,000 225,000 Common Stock, 3500 shares outstanding Retained Earnings Total Stockholders' Equity 35,000 84,491 Total Liabilities and Equity 35,000 33,212 119,491 68,212 414,516 399,192 A. Prepare a Statement of Cash Flow using the indirect method for 2015 using the above statements and the following addition 1. Equipment costing $30,000 was purchased in 2015. 2. Equipment having an original cost of $20,000 and accumulated depreciation of $8,500 was sold for $16,000 during 2015. 3. A dividend of $20,000 was declared and paid in 2015. Philadelphia Widget Corporation Statement of Cash Flow For the year ended 12/31/2015 B. Prepare a vertical analysis (1 year) of the income statement above and a horizontal analysis (2 years) of the balance sheet. Philadelphia Widget Corporation Vertical Analysis of Income Statement Philadelphia Widget Corporation Horizontal Analysis of Balance Sheet * n/c = not calculable C. Calculate the following ratios based on 12/31/2015 numbers: 1. Earnings per share 2. Return on common stockholder's equity 3. Return on assets 4. Current ratio 5. Acid-test ratio 6. Accounts receivable turnover w statement, a vertical d 12/31/2015. 2013 105,644 78,400 62,600 24,000 270,644 50,000 166,800 54,580 112,220 432,864 45,200 1,500 50,000 96,700 275,000 35,000 26,164 61,164 432,864 and the following additional information: or $16,000 during 2015. s) of the balance sheetStep by Step Solution
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