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Exercise 17-1 Determining profit effects from common-size and trend percentages LO2, 3 Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow: Common Size Percentages 2020 2019 2018 Trend Percentages 2020 2019 2018 Net sales. Cost of goods sold Expenses 100.0% 64.5 16.4 100.0% 63.0 15.9 100.0% 60.2 16.2 106.5% 105.3% 114.1 110.2 107.8 103.4 100.0% 100.0 100.0 Required Determine whether the company's profit increased, decreased, or remained unchanged during this three-year period Exercise 17-2 Current ratio-calculation and analysis L04 The following companies are competing in the same industry where the industry norm for the current ratio is 1.6. Current Assets Current Ratio Comparison to Industry Norm For U) Bruce Peter Clark $ 78,000 114,000 60,000 Current Liabilities $31.000 75,000 99,000 Required a. Complete the schedule (round to two decimal places). b. Identify the company with the strongest liquidity position. c. Identify the company with the weakest liquidity position. Analysis Component: You are more closely analyzing the financial condition of Peter to assess its ability to meet upcoming loan payments. You calculate its current ratio. You also find that a major account receivable in the amount of $69,000 is due from one client who has not made any payments in the past 12 months. Removing this receivable from current assets changes the current ratio. What do you conclude? desk ou conclude? Wuick ratio-calculation and analysis LO4 Part of your job is to review customer requests for credit. You have three new credit applications on your desk and part of your analysis requires that the current ratios and quick ratios be compared. a. Complete the following schedule (round to two decimal places). Account Kasta Nasta Dusta Cash.. Current nonstrategic investments Current receivables Inventory Prepaid expenses Land Current liabilities Current ratio Quick ratio $2,920 $ 0 $3,390 $2.460 $ 440 $8.650 $3,870 $1,830 $ $2.260 $1.740 $1,190 $6,740 $3,020 $ 1.820 $ 2.520 $ 695 $11,290 $ 5,550 $25,800 $10.600 b. Based only on the information provided, which applications will you approveot approve and why? Exercise 17-4 Accounts receivable turnover-calculation and analysis L04 2020 2019 2018 Net sales.... Accounts receivable Profit $1,550,000 388,500 471,000 $1,122.000 105,500 488,350 $998.000 70,750 501,800 You review the above information for your daycare business and it reveals decreasing profits despite increas- ing sales. You hire an analyst who highlights several points, including that "Accounts receivable turnover is too low. Tighter credit policies are recommended along with discontinuing service to those most delayed in payments." How do you interpret these recommendations? What actions do you take? Round calculations to two decimal places. Exercise 17-5 Days' sales uncollected-calculation and analysis LO4 Western Windows constructs and installs windows for new homes. The sales staff are having a meeting and reviewing the following information to determine how to help reduce days' sales uncollected. 2020 2019 2018 Accounts receivable Net sales $ 625,000 6.603,000 $ 467.000 5,674,000 $ 402,000 5,050,000 Required a. Calculate the days' sales uncollected for 2018 to 2020 and identify whether the trend is favourable or unfavourable. b. What can a salesperson do to improve days' sales uncollected? Exercise 17-6 Inventory turnover-calculation and analysis LO4 (millions of $) Furniture Fresh-cut Retailers Flowers Inc. Computer Inc Custom Furniture Corp 2020 2019 2020 2019 2020 2019 2020 2019 Cost of goods sold Inventory..... $1,491 258 $1,009 222 $3,345 271 $2,270 130 $2,040 22 $2,685 9 $2.670 87 $1,770 174 a. Calculate the inventory turnover for 2020 for each company (round to two decimal places). b. Can you compare these companies? Explain. c. Review the turnover for Fresh-Cut Flowers Inc. Does this real appear to be logical? Explain why or why not
