Could you assist me with (6) questions and complete breakdown of how each one is solved. Due by 7am 12/12/16.

Homework Chapter 24 Appendix A Brief Exercise 24-8 Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $412,500, what is the amount of current liabilities? $ Current Liabilities (b) A company had an average inventory last year of $241,000 and its inventory turnover was 6. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) $ Average Inventory (c) A company has current assets of $85,050 (of which $38,110 is inventory and prepaid items) and current liabilities of $38,110. What is the current ratio? What is the acid-test ratio? If the company borrows $10,410 cash from a bank on a 120-day loan, what will its current ratio be? What will the acidtest ratio be? (Round answers to 2 decimal places, e.g. 2.50.) Current Ratio :1 Acid Test Ratio :1 New Current Ratio :1 New Acid Test Ratio :1 (d) A company has current assets of $613,500 and current liabilities of $225,600. The board of directors declares a cash dividend of $167,800. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.) Current ratio after the declaration but before payment :1 Current ratio after the payment of the dividend :1 Brief Exercise 24-9 Heartland Company's budgeted sales and budgeted cost of goods sold for the coming year are $146,340,000 and $100,710,000, respectively. Short-term interest rates are expected to average 10%. If Heartland can increase inventory turnover from its present level of 9 times a year to a level of 10 times per year. Compute its expected cost savings for the coming year. $ Expected Cost Savings Exercise 91 The following information pertains to Wamser Company: Cash Accounts receivable Inventory Plant assets (net) Total assets Accounts payable Accrued taxes and expenses payable Long-term debt Common stock ($10 par) Paid-in capital in excess of par Retained earnings $20,000 126,000 75,000 383,000 $604,000 $74,500 25,000 50,000 165,000 90,500 199,000 Total equities $604,000 Net sales (all on credit) Cost of goods sold Net income $802,500 605,000 81,000 Compute the following: (Round answers to 2 decimal places e.g. 15.25.) (a) Current ratio :1 (b) Inventory turnover time s (c) Accounts receivable turnover time s $ (d) Book value per share $ (e) Earnings per share (f) Debt to assets % (g) Profit margin on sales % (h) Return on common stock equity % Exercise 92 The following data is given: December 31, Cash 2015 2014 $66,500 $51,000 90,000 59,500 Accounts receivable (net) Inventories 90,000 112,000 Plant assets (net) 385,000 320,000 Accounts payable 55,000 41,000 Salaries and wages payable 10,000 4,500 Bonds payable 70,000 71,000 8% Preferred stock, $40 par 100,000 100,000 Common stock, $10 par 120,000 90,000 85,000 65,000 Retained earnings 191,500 171,000 Net credit sales 980,000 Cost of goods sold 750,000 Paid-in capital in excess of par Net income 80,000 Compute the following ratios: (Round answers to 2 decimal places e.g. 15.25.) (a) Acid-test ratio at 12/31/15 :1 (b) Accounts receivable turnover in 2015 time s (c) Inventory turnover in 2015 time s (d) Profit margin on sales in 2015 % (e) Return on common stock equity in 2015 % (f) Book value per share of common stock at 12/31/15 Exercise 24-4 $ As loan analyst for Utrillo Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $111,300 $328,700 Receivables Inventories 213,100 568,600 306,800 518,800 Total current assets Other assets 893,000 509,400 1,154,300 619,800 $1,402,400 $1,774,100 $300,400 $349,600 391,600 710,400 509,400 915,100 $1,402,400 $1,774,100 Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Capital stock and retained earnings Total liabilities and stockholders' equity Annual sales Rate of gross profit on sales $939,200 30 % $1,515,800 35 % Each of these companies has requested a loan of $49,480 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Compute the various ratios for each company. (Round answer to 2 decimal places, e.g. 2.25.) Toulouse Co. Lautrec Co. Current ratio :1 :1 Acid-test ratio :1 :1 Accounts receivable turnover times times Inventory turnover times times Cash to current liabilities :1 Problem 24-3 Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Bradburn and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2015, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,970 notes, which are due on June 30, 2015, and September 30, 2015. Another note of $6,310 is due on March 31, 2016, but he expects no difficulty in paying this note on its due date. Brown explained that Bradburn's cash flow problems are due primarily to the company's desire to finance a $306,000 plant expansion over the next 2 fiscal years through internally generated funds. The commercial loan officer of Topeka National Bank requested financial reports for the last 2 fiscal years. BRADBURN CORPORATION BALANCE SHEET MARCH 31 Assets 2015 Cash Notes receivable Accounts receivable (net) Inventories (at cost) Plant & equipment (net of depreciation) 2014 $18,870 148,620 134,830 105,740 1,468,000 $12,680 132,730 127,410 50,230 1,429,000 $1,876,060 $1,752,050 Liabilities and Owners' Equity Accounts payable Notes payable Accrued liabilities Common stock (130,000 shares, $10 par) Retained earningsa $80,970 78,250 32,384 1,300,000 384,456 $91,120 62,170 16,380 1,300,000 282,380 Total liabilities and stockholders' equity $1,876,060 $1,752,050 Total assets a Cash dividends were paid at the rate of $1 per share in fiscal year 2014 and $2 per share in fiscal year 2015. BRADBURN CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31 2015 Sales revenue Cost of goods solda Gross margin Operating expenses Income before income taxes Income taxes (40%) Net income 2014 $3,015,900 1,551,000 $2,712,900 1,440,200 1,464,900 861,440 1,272,700 781,900 603,460 241,384 490,800 196,320 $362,076 $294,480 a Depreciation charges on the plant and equipment of $100,100 and $103,100 for fiscal years ended March 31, 2014 and 2015, respectively, are included in cost of goods sold. (a) Compute the following items for Bradburn Corporation. (Round answer to 2 decimal places, e.g. 2.25.) (1) Current ratio for fiscal years 2014 and 2015. (2) Acid-test (quick) ratio for fiscal years 2014 and 2015. (3) Inventory turnover for fiscal year 2015. (4) Return on assets for fiscal years 2014 and 2015. (Assume total assets were $1,689,800 at 3/31/13.) (5) Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2014 to 2015. 2014 2015 (1) Current ratio :1 :1 (2) Acid-test (quick) ratio :1 :1 (3) Inventory turnover (4) Return on assets (5) Percent Changes times % Percent Increase Sales revenue % Cost of goods sold % Gross margin % Net income after taxes % %