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E10-5 Computing Issue Prices of Bonds for Three Cases LO2, 3, 4 James Corporation is planning to issue $502,000 worth of bonds that mature in 6 years and pay 7 percent interest each June 30 and December 31. All of the bonds will be sold on January 1, 2011. (Use Table 5, Table 6) Required: Compute the issue (sale) price on January 1, 2011, for each of the following independent cases: a. Case A: Market (yield) rate, 5 percent. (Round "PV Factors" to 4 decimal places, intermediate and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Issue price $ b. Case B: Market (yield) rate, 7 percent. (Round "PV Factors" to 4 decimal places, intermediate and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Issue price $ c. Case C: Market (yield) rate, 9 percent. (Round "PV Factors" to 4 decimal places, intermediate and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Issue price $ P11-3 Recording Transactions Affecting Stockholders' Equity LO3, 7 King Corporation began operations in January 2011. The charter authorized the following capital stock: Preferred stock: 10 percent, $13 par, authorized 41,800 shares Common stock: $8 par, authorized 87,000 shares During 2011, the following transactions occurred in the order given: a. Issued 22,200 shares of common stock to each of the three organizers and collected $12 cash per share from each of them. b. Sold 8,500 shares of the preferred stock at $23 per share. c. Sold 1,800 shares of the preferred stock at $23 and 3,400 shares of common stock at $13 per share. Required: Give the journal entries indicated for each of the above transactions. (Omit the "$" sign in your response.) General Journal Debit Credit a. b. c. E11-16 Recording Treasury Stock Transactions and Analyzing Their Impact LO3, 4, 8 During 2011 the following selected transactions affecting stockholders' equity occurred for TARP Corporation: a. Feb. 1 Purchased in the open market 210 shares of the company's own common stock at $24 cash per share. b. Jul. 15 Sold 80 of the shares purchased on February 1 for $25 cash per share. c. Sept. 1 Sold 50 more of the shares purchased on February 1 for $23 cash per share. Required: 1. Give the indicated journal entries for each of the transactions. (Omit the "$" sign in your response.) Date General Journal Debit Credit Feb. 1 July 15 Sept. 1 P11-2 Preparing the Stockholders' Equity Section of the Balance Sheet LO3, 7 Witt Corporation received its charter during January 2011. The charter authorized the following capital stock: Preferred stock: 10 percent, par $12, authorized 21,400 shares Common stock: par $10, authorized 50,800 shares. During 2011, the following transactions occurred in the order given: a. Issued a total of 38,100 shares of the common stock to the four organizers at $14 per share. b. Sold 6,900 shares of the preferred stock at $18 per share. c. Sold 3,000 shares of the common stock at $17 per share and 1,100 shares of the preferred stock at $28. d. Net income for the year was $69,000. Required: Prepare the Stockholders' Equity section of the balance sheet at December 31, 2011. (Omit the "$" sign in your response.) Stockholders' Equity Contributed capital: $ Total contributed capital Total stockholders' equity $ E11-24 Comparing Stock Dividends and Splits LO6 On July 1, 2011, Davidson Corporation had the following capital structure: Common stock (par $4) Capital in excess of par Retained earnings $ 630,000 1,050,000 750,000 Treasury stock 0 Required: Complete the following comparative tabulation based on two independent cases: (Round your Par per share answers to 2 decimal places. Omit the "$" sign in your response.) Case 1: The board of directors declared and issued a 50 percent stock dividend when the stock was selling at $6 per share. Case 2: The board of directors voted a 6-to-5 stock split (i.e., a 20 percent increase in the number of shares). The market price prior to the split was $6 per share. Before Dividend After After Items and Split Stock Dividend Stock Split Common stock account $ $ $ Par per share $ 4 $ $ Capital in excess of par $ 1,050,000 $ $ Retained earnings $ 750,000 $ $ Total stockholders' equity $ $ $ Shares outstanding P13-5 (Supplement B) Preparing a Statement of Cash Flows with Gain on Sale of Equipment (Indirect Method) LO2, 4, 6 XS Supply Company is developing its annual financial statements at December 31, 2011. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: 2011 2010 Balance sheet at Decemb er 31 Cash Account s receivab le Merchan dise inventor y Property and equipme nt Less: Accumu lated deprecia tion $ 35,200 $ 28,800 37,400 30,000 43,000 39,000 123,500 101,400 (32,100) (26,100) $ Account s payable Wages payable Note payable, longterm Contribu ted capital Retained earnings 207,000 $ 173,100 $ 38,200 $ 29,600 2,300 2,800 45,900 51,000 91,400 73,800 29,200 15,900 $ 207,000 $ $ 173,100 129,000 Income statemen t for 2011 Sales Gain on sale of equipme nt Cost of goods sold Other expense s Net income 3,000 79,000 39,700 $ 13,300 Additional Data: a. Bought equipment for cash, $34,100. Sold equipment with original cost of $12,000, accumulated depreciation of $11,000, for $4,000 cash. b. Paid $5,100 on the long-term note payable. c. Issued new shares of stock for $17,600 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $17,000; wages, $14,200; taxes, $6,400; and other, $2,100. f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31, 2011, using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31, 2011 Cash flows from operating activities: $ Adjustments to reconcile net income to net cash provided by operating activities: $ Net cash operating activities Cash flows from investing activities: Net cash investing activities Cash flows from financing activities: Net cash financing activities Cash balance, January 1, 2011 Cash balance, December 31, 2011 $ E14-6 Preparing a Schedule Using Component Percentages LO3 Lowe's is a leading retailer in the home improvement field. Complete the component percentage analysis on the company's income statement that follows. (Round your answers to 2 decimal places. Omit the "%" sign in your response.) Consolidated Statements of Earnings (in millions, except per share and percentage data) Fiscal Years Ended on January 30, 2009 % Sales Net sales February February 1, 2, 2008 % Sales 2007 $ 48,249 % Sales 100.00% 48,301 100.00% $ 46,937 Cost of sales 31,731 31,565 30,743 Gross margin 16,518 16,736 16,194 11,078 10,532 9,748 122 145 158 Depreciation 1,547 1,375 1,170 Interest (net) 281 202 171 Total expenses 13,028 12,254 11,247 Pre-tax earnings 3,490 4,482 4,947 Income tax provision 1,313 1,707 1,907 Expenses: Selling, general, and administrative Store opening costs Net earnings $ 2,177 % 2,775 % E14-15 Computing Liquidity Ratios LO5 Cintas designs, manufactures, and implements corporate identity uniform programs that it rents or sells to customers throughout the United States and Canada. The company's stock is traded on the NASDAQ and has provided investors with significant returns over the past few years. Selected information from the company's balance sheet follows. For 2007, the company reported sales revenue of $3,707,300 and cost of goods sold of $1,516,015. All amounts in thousands of dollars. CINTAS Balance Sheet (amounts in thousands) 2007 Cash Marketable securities Accounts receivable, net Inventories 2006 $ 35,377 $ 38,918 120,059 202,551 408,884 389,917 231,755 198,006 $ 3,040 10 Prepaid expense Accounts payable Accrued taxes Accrued liabilities Long-term debt due within one year 15,800 11,180 64,635 71,635 70,777 95,367 263,514 239,072 4,141 26,671 Required: Compute the current ratio, inventory turnover ratio, and accounts receivable turnover ratio (assuming that 60 percent of sales were on credit). (Do not round intermediate calculations and round your final answers to 2 decimal places.) Current ratio Inventory turnover ratio Accounts receivable turnover ratio P14-6 Analyzing Comparative Financial Statement Using Percentages LO3 [The following information applies to the questions displayed below.] The comparative financial statements prepared at December 31, 2012, for Prince Company showed the following summarized data: 2012 2011 Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income $ 191,600* $ 167,600 112,900 100,900 78,700 66,700 56,500 53,500 22,200 13,200 Income tax Net income 6,660 3,960 $ 15,540 $ 9,240 $ 5,800 $ 5,100 Balance Sheet Cash Accounts receivable (net) 15,800 17,800 Inventory 40,300 32,000 Operationa l assets (net) 46,100 37,200 $ Current liabilities (no interest) Long-term liabilities (9% interest) Common stock (par $5) Retained earnings 108,000 $ 92,100 $ 15,000 $ 16,000 43,500 28,400 28,400 21,100 $ 43,500 4,200 108,000 $ 92,100 *One-third was credit sales. P14-6 Part 1 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: (Round your percentage answers to 2 decimal places. Negative value should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" and "%" sign in your response.) Increase (Decrease) 2012 over 2011 Amount Percent Income Statement Sales revenue $ % $ % $ % Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance Sheet Cash Accounts receivable (net) Inventory Operational assets (net) Total Assets $ % Current liabilities (no interest) $ % $ % Long-term liabilities (9% interest) Common stock ($5 par) Retained earnings Total Liabilities and Stockholders' Equity P14-6 Part 2 2. By what amount did working capital change? (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Working capital change $