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BUS-FP4061 - Managerial Accounting Principles Assessment 10: Ratio Analysis Worksheet Problem 1 Solve the given problem based on the following scenario. Megacorp's balance sheet and income statement, including all credit sales, are given in the table belo As of December 31, 2012: Inventories were $46,500. Total assets were $178,500. Common stock was $90,000. Retained earnings were $20,600. Megacorp Income Statement (December 31, 2013) Sales $ 349,500 Cost of goods sold 238,250 Gross profit 111,250 Operating expenses 51,250 Interest expenses 4,000 Income before taxes 56,000 Taxes (at 30%) 16,800 Net income $ 39,200 Megacorp Balance Sheet (December 31, 2013) Amount ($) Liability and Equity Cash 10,000 Accounts payable Short-term investment 7,500 Accrued wages payable Accounts receivable 28,000 Income taxes payable Notes receivable 3,500 Notes payable (long-term) Inventory 31,150 Common stock Prepaid expenses 1,650 Retained earnings Plant 155,000 Total assets 236,800 Total liability and equity Assets Amount ($) Compute the following and show your work. Ratio Current ratio Days' sales uncollected Days' sales in inventory Times interest earned Calculation Total asset turnover Return on common stockholders' equity Acid-test ratio Inventory turnover Debt-to-equity ratio Profit margin ratio Return on total assets inciples Input values s, are given in the table below. Company name Tax rate Balance sheet date Inventories Total assets Common stock Retained earnings Megacorp Income Stateme Sales Cost of goods sold Gross profit Operating expenses Interest expenses Income before taxes Taxes (at 30%) Net income Megacorp Ba Amount ($) 17,000 2,500 3,000 64,500 90,000 59,800 236,800 Calculation Assets Cash Short-term investment Accounts receivable Notes receivable Inventory Prepaid expenses Plant Total assets Megacorp 30% 12/31/2013 12/31/2012 $46,500 $178,500 $90,000 $20,600 egacorp Income Statement (December 31, 2013) 349,500 238,250 111,250 51,250 4,000 efore taxes 56,000 16,800 39,200 Megacorp Balance Sheet (December 31, 2013) Assets Amount ($) Liability and Equity 10,000 Accounts payable m investment 7,500 Accrued wages payable 28,000 Income taxes payable 3,500 Notes payable (long-term) 31,150 Common stock 1,650 Retained earnings 155,000 236,800 Total liability and equity 1 1 Amount ($) 17,000 2,500 3,000 64,500 90,000 59,800 236,800 BUS-FP4061 - Managerial Accounting Principles Assessment 7: Variable Costing Conversion Answer Key Problem 1 Solve the given problem based on the following information. Scenario Table 1 Conglomco Income Statement Under Absorption Costing 2011 ($) 2012 ($) 900,000 1,800,000 Sales ($45 per unit) 620,000 1,240,000 Cost of goods sold ($31 per unit) 280,000 560,000 Gross margin 290,000 340,000 Selling and administrative expenses (10,000) 220,000 Net income/loss Scenario Table 2 Units Produced and Sold 2011 Units produced 30,000 20,000 Units sold 2012 30,000 40,000 During 2011 and 2012, the variable cost per unit stayed the same. During 2011 and 2012, the total fixed costs stayed the same. Scenario Table 3 Per Unit Product Cost Direct materials Direct labor Variable overhead Fixed overhead ($300,000 / 30,000 units) Total product cost per unit $5 $9 $7 $10 $31 Scenario Table 4 Sales and Administrative Expense Variable selling and administrative ($2.50 per unit) Fixed selling and administrative Total selling and administrative Prepare an income statement for each year using variable costing. 2011 ($) 50,000 240,000 290,000 2012 ($) Conglomco Variable Costing Income Statements 2011 Sales ($45 per unit sold) Less variable expenses: Variable production costs ($21 per unit sold*) Variable selling and administrative costs ($2.50 per unit sold) Total variable costs Contribution margin Less fixed expenses: Factory overhead Fixed selling and administrative costs Total fixed expenses Net income *Note: The variable production cost is computed by adding the per-unit production costs for direct materials, direct labor, and variable overhead ($5 + $9 + $7 = $21). Principles Input values Company name Year 1 Year 2 Conglomco Income Statement Under Abs Sales ($45 per unit) Cost of goods sold ($31 per unit) Gross margin Selling and administrative expenses Net income/loss Selling price COGS Variable selling and administrative cost Units Produced and Sold 2011 30,000 Units produced Units sold 20,000 Fixed overhead Per Unit Product Cost 2012 ($) 100,000 240,000 340,000 Direct materials Direct labor Variable overhead Fixed overhead ($300,000 / 30,000 units) Total product cost per unit Sales and Administrative Expe Variable selling and administrative ($2.50 per unit) Statements 2011 2012 50,000 100,000 240,000 240,000 production costs for Fixed selling and administrative Total selling and administrative Conglomco 2011 2012 o Income Statement Under Absorption Costing 2011 ($) 900,000 620,000 280,000 290,000 e expenses (10,000) nistrative cost 2012 ($) 1,800,000 1,240,000 560,000 340,000 220,000 $45 per unit $31 per unit $2.50 per unit and Sold 2012 30,000 40,000 1 $300,000 Per Unit Product Cost 0 / 30,000 units) $5 $9 $7 $10 $31 Sales and Administrative Expense 2011 ($) 50,000 nistrative ($2.50 per unit) 2012 ($) 100,000 240,000 290,000 240,000 340,000 Problem 2 Solve the given problem based on the following information. Scenario Table 1 Conglomco Income Statement Under Absorption Costing 2011 ($) 2012 ($) 900,000 1,800,000 Sales ($45 per unit) 620,000 1,240,000 Cost of goods sold ($31 per unit) 280,000 560,000 Gross margin 290,000 340,000 Selling and administrative expenses (10,000) 220,000 Net income/loss Scenario Table 2 Units Produced and Sold 2011 Units produced 30,000 20,000 Units sold 2012 30,000 40,000 During 2011 and 2012, the variable cost per unit stayed the same. During 2011 and 2012, the total fixed costs stayed the same. Scenario Table 3 Per Unit Product Cost Direct materials Direct labor Variable overhead Fixed overhead ($300,000 / 30,000 units) Total product cost per unit $5 $9 $7 $10 $31 Scenario Table 4 Sales and Administrative Expense Variable selling and administrative ($2.50 per unit) Fixed selling and administrative Total selling and administrative 2011 ($) 50,000 240,000 290,000 2012 ($) Reconcile the variable costing income to the absorption costing income for these two years. Reconciliation of Variable Costing Income to Absorption Costing Income 2011 ($) 2012 ($) Variable costing income Fixed overhead in ending inventory Fixed overhead in beginning inventory Absorption costing income Input values Company name Conglomco Conglomco Income Statement Under Absorpt Sales ($45 per unit) Cost of goods sold ($31 per unit) Gross margin Selling and administrative expenses Net income/loss Selling price COGS Variable selling and administrative cost Units Produced and Sold 2011 Units produced 30,000 Units sold 20,000 2012 30,000 40,000 Fixed overhead Per Unit Product Cost 2012 ($) 100,000 240,000 340,000 Direct materials Direct labor Variable overhead Fixed overhead ($300,000 / 30,000 units) Total product cost per unit for these two years. Costing Income 2012 ($) Sales and Administrative Expense Variable selling and administrative ($2.50 per unit) Fixed selling and administrative Total selling and administrative tement Under Absorption Costing 2011 ($) 900,000 620,000 280,000 290,000 (10,000) 2012 ($) 1,800,000 1,240,000 560,000 340,000 220,000 $45 per unit $31 per unit $2.50 per unit 1 $300,000 duct Cost $5 $9 $7 $10 $31 Administrative Expense 2011 ($) 50,000 240,000 290,000 2012 ($) 100,000 240,000 340,000