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Ashford University ACC205 Guidance Report Week Five LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Account to be changed Ch 9 Ex 3 Edison Cash Stagg Cash Thornton Cash Original Amount Jan - Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec $10,000 5,000 6,000 7,000 8,000 9,000 10,000 $8,500 3,500 4,500 5,500 6,500 7,500 8,500 $7,000 2,000 3,000 4,000 5,000 6,000 7,000 YOUR ANSWERS BASED UPON COURSE START DATE Questions Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? Edison Current ratio Quick ratio Stagg Current ratio Quick ratio Thornton Current ratio Quick ratio Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner. Net Credit Sales Cost of Goods Sold Account to be changed Ch 9 Ex 4 20X5 $832,000 440,000 Questions Original Amount 20X4 $760,000 350,000 YOUR ANSWERS BASED UPON COURSE START DATE Jan - Feb 20X5 842,000 450,000 20X4 760,000 350,000 Mar-Apr 20X5 852,000 460,000 20X4 760,000 350,000 May-Jun 20X5 862,000 470,000 20X4 760,000 350,000 Jul-Aug 20X5 872,000 480,000 20X4 760,000 350,000 Sept-Oct 20X5 882,000 490,000 Nov-Dec 20X4 760,000 350,000 20X5 892,000 500,000 20X4 760,000 350,000 The company is planning to borrow $300,000 via a 90day bank loan to cover short-term operating needs. a. Compute the accountsreceivable and inventory-turnover ratios for 20X5 Accounts Receivable Turnover Inventory Turnover Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss. Account to be changed Original Amount Jan - Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec Ch 9 Pb 1 20X5 20X4 20X5 20X4 20X5 20X4 20X5 20X4 20X5 20X4 20X5 20X4 PLACE YOUR ANSWERS BELOW STARTING ON ROW 99 Cash 17,250 17,900 Accounts Receivable (net) 24,500 30,400 Inventories 44,500 40,400 Prepaid Expense 9,750 9,150 Total Current Assets 78,000 81,650 Buildings (net) 108,750 106,650 Equipment (net) 34,500 35,400 Vehicles (net) 38,000 45,400 Total Property, Plant, and Equipment 169,250 176,650 Trademarks (net) 20,750 7,900 Total assets 256,000 255,400 Accounts Payable 55,000 75,400 Notes Payable 19,500 45,400 Federal Taxes Payable 8,500 30,400 Total Current Liabilities 71,000 140,400 Long-Term Debt 56,000 30,400 Total Liabilities 121,000 165,400 Common Stock, $10 par 31,000 30,400 Retained Earnings 116,000 70,400 Total Stockholders' Equity 141,000 95,400 Total Liabilities and Stockholders' Eq 256,000 255,400 12,250 19,500 39,500 4,750 73,000 103,750 29,500 33,000 164,250 15,750 251,000 50,000 14,500 3,500 66,000 51,000 116,000 26,000 111,000 136,000 251,000 13,400 25,900 35,900 4,650 77,150 102,150 30,900 40,900 172,150 3,400 250,900 70,900 40,900 25,900 135,900 25,900 160,900 25,900 65,900 90,900 250,900 13,250 20,500 40,500 5,750 74,000 104,750 30,500 34,000 165,250 16,750 252,000 51,000 15,500 4,500 67,000 52,000 117,000 27,000 112,000 137,000 252,000 14,300 26,800 36,800 5,550 78,050 103,050 31,800 41,800 173,050 4,300 251,800 71,800 41,800 26,800 136,800 26,800 161,800 26,800 66,800 91,800 251,800 14,250 21,500 41,500 6,750 75,000 105,750 31,500 35,000 166,250 17,750 253,000 52,000 16,500 5,500 68,000 53,000 118,000 28,000 113,000 138,000 253,000 15,200 27,700 37,700 6,450 78,950 103,950 32,700 42,700 173,950 5,200 252,700 72,700 42,700 27,700 137,700 27,700 162,700 27,700 67,700 92,700 252,700 15,250 22,500 42,500 7,750 76,000 106,750 32,500 36,000 167,250 18,750 254,000 53,000 17,500 6,500 69,000 54,000 119,000 29,000 114,000 139,000 254,000 16,100 28,600 38,600 7,350 79,850 104,850 33,600 43,600 174,850 6,100 253,600 73,600 43,600 28,600 138,600 28,600 163,600 28,600 68,600 93,600 253,600 16,250 23,500 43,500 8,750 77,000 107,750 33,500 37,000 168,250 19,750 255,000 54,000 18,500 7,500 70,000 55,000 120,000 30,000 115,000 140,000 255,000 17,000 29,500 39,500 8,250 80,750 105,750 34,500 44,500 175,750 7,000 254,500 74,500 44,500 29,500 139,500 29,500 164,500 29,500 69,500 94,500 254,500 17,250 24,500 44,500 9,750 78,000 108,750 34,500 38,000 169,250 20,750 256,000 55,000 19,500 8,500 71,000 56,000 121,000 31,000 116,000 141,000 256,000 17,900 30,400 40,400 9,150 81,650 106,650 35,400 45,400 176,650 7,900 255,400 75,400 45,400 30,400 140,400 30,400 165,400 30,400 70,400 95,400 255,400 WATERLOO CORPORATION Comparative Income Statements For the Years Ending December 31, 20X5 and Net Sales 20X5 575,000 20X4 510,000 20X5 580,000 20X4 520,000 20X5 585,000 20X4 521,000 20X5 590,000 20X4 523,000 20X5 595,000 20X4 525,000 20X5 600,000 20X4 535,000 20X5 20X4 Assets Current Assets 20X5 600,000 20X4 535,000 Prepare a horizontal analysis of the balance sheet, showing dollar and percentage changes. Round all calculations in parts (a) and (b) to two decimal places. Questions YOUR ANSWERS BASED UPON COURSE START DATE WATERLOO CORPORATION Comparative Balance Sheets December 31,20X5 and 20X4 Assets Current Assets Cash Accounts Receivable (net) Inventories Prepaid Expense Total Current Assets Buildings (net) Equipment (net) Vehicles (net) Total Property, Plant, and Equipment Trademarks (net) Total assets Accounts Payable Notes Payable Federal Taxes Payable Total Current Liabilities Long-Term Debt Total Liabilities Common Stock, $10 par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity WATERLOO CORPORATION Comparative Income Statements For the Years Ending December 31, 20X5 and 20X4 Prepare a vertical analysis of the income statement by relating each item to net sales. Net Sales Cost of Goods Sold Gross Profit Operating Expense Income Before Interest and Taxes Interest Expense Income Before Taxes Income Tax Expense Net Income Account to be changed Original Amount Jan - Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec Ch 9 Pb 2 LONE PINE COMPANY Comparative Balance Sheets December 31, 20X2 and 20X1 ($000 Omitted) 20X2 20X1 20X2 20X1 20X2 20X1 20X2 20X1 20X2 20X1 20X2 20X1 20X2 20X1 1,400 4,000 3,000 6,400 2,700 2,500 4,200 9,600 2,800 2,100 3,900 5,100 8,000 1,400 3,200 3,000 6,000 1,400 1,800 2,400 7,600 2,500 2,700 4,400 2,900 6,500 2,400 5,000 4,000 7,400 3,700 3,500 5,200 10,600 3,800 3,100 4,900 6,100 9,000 2,200 4,000 3,800 6,800 2,200 2,600 3,200 8,400 3,300 3,500 5,200 3,700 7,300 3,400 6,000 5,000 8,400 4,700 4,500 6,200 11,600 4,800 4,100 5,900 7,100 10,000 3,000 4,800 4,600 7,600 3,000 3,400 4,000 9,200 4,100 4,300 6,000 4,500 8,100 4,400 7,000 6,000 9,400 5,700 5,500 7,200 12,600 5,800 5,100 6,900 8,100 11,000 3,800 5,600 5,400 8,400 3,800 4,200 4,800 10,000 4,900 5,100 6,800 5,300 8,900 5,400 8,000 7,000 10,400 6,700 6,500 8,200 13,600 6,800 6,100 7,900 9,100 12,000 4,600 6,400 6,200 9,200 4,600 5,000 5,600 10,800 5,700 5,900 7,600 6,100 9,700 6,400 9,000 8,000 11,400 7,700 7,500 9,200 14,600 7,800 7,100 8,900 10,100 13,000 5,400 7,200 7,000 10,000 5,400 5,800 6,400 11,600 6,500 6,700 8,400 6,900 10,500 Assets Current Assets Cash and Short-Term Investments Accounts Receivable (net) Inventories Total Current Assets Land Buildings and Equipment (net) Total Property, Plant, and Equipment Total Assets Accounts Payable Notes Payable Total Current Liabilities Bonds Payable Total Liabilities PLACE YOUR ANSWERS BELOW STARTING ON ROW 176 6,400 5,400 9,000 7,200 8,000 7,000 11,400 10,000 7,700 5,400 7,500 5,800 9,20 6,400 14,600 11,600 7,800 6,500 7,100 6,700 8,900 8,400 10,100 6,900 13,000 10,500 Common Stock Par value $1 (Par value not in original problem, but needed to calculate ratio - dividend payout rate) 6,200 6,200 7,400 7,600 14,600 Number of Shares Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Eq 5,000 5,000 5,700 5,900 11,600 1,200 1,200 2,400 2,600 9,600 1,000 1,000 1,700 1,900 7,600 2,200 2,200 3,400 3,600 10,600 1,800 1,800 2,500 2,700 8,400 3,200 3,200 4,400 4,600 11,600 2,600 2,600 3,300 3,500 9,200 4,200 4,200 5,400 5,600 12,600 3,400 3,400 4,100 4,300 10,000 5,200 5,200 6,400 6,600 13,600 4,200 4,200 4,900 5,100 10,800 6,200 6,200 7,400 7,600 14,600 LONE PINE COMPANY Statement of Income and Retained Earnings For the Year Ending December 31,20X2 ($000 Omitted) 55,000 Net Sales* Questions 39,000 41,000 45,000 46,000 YOUR ANSWERS BASED UPON COURSE START DATE Compute the following items for Lone Pine Company for 20X2, rounding all calculations to two decimal places when necessary: Quick ratio Current ratio Inventory-turnover ratio Accounts-receivable-turnover ratio Return-on-assets ratio Net-profit-margin ratio Return-on-common-stockholders' equity Debt-to-total assets Number of times that interest is earned Dividend payout rate Account to be changed Ch 9 Pb 3 Cost of goods sold Questions LOCK BOX INC. Income Statement For the Year Ending December 31, 20X3 Sales Cost of Goods Sold Gross Profit Operating Expenses and Interest Income Before Taxes Income taxes, 40% Net income LOCK BOX INC. Balance Sheet December 31, 20X3 Assets Cash Accounts Receivable Inventory Property, Plant, and Equipment Total assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable: Short-Term Bonds Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Original Amount 60.6% YOUR ANSWERS BASED UPON COURSE START DATE Jan - Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec 60.1% 60.2% 60.3% 60.4% 60.5% 60.6% 49,000 55,000 5,000 5,000 5,700 5,900 11,600 Net ### ### Cost 440,000 350,000