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ACCT 102-Fundamentals of Accounting II Test 1 Review Study Guide (1) For both companies for 2018, compute the: (a) Current ratio (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover (e) Days' sales in inventory (1) Days' sales uncollected (8) Profit margin ratio (h) Return on total assets (1) Return on common stockholders' equity 6) Debt to equity ratio Kouris Company Consolidated Balance Sheets(in millions) May 31 2018 2017 Assets Current assets: Cash and cash equivalents Accounts receivable, net of allowance Inventories Other current assets Total current assets Property, plant, and equipment, net Other long term assets Total assets $ 634.0 2,101.1 1.514.9 429.2 4,679.9 1,620.8 413.2 $56.713 $575.5 1.804.1 1.373.8 401.3 4.154.7 1,614.5 670,8 56.440.0 55.3 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long term liabilities Total Habilities Stockholders' equity Common stock Contributed capital in excess of par val Unearned stock compensation Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 205.75 75.4 425.2 572.71 504.4 1,054.2 765.3 1072 2,015.2 1,8332 7080 7678 2.7235276010 225 589.0 38.7 (0.61 (5.1) (239,7) (192.41 3.639.2 3.495.0 3.990.7 3.839.0 $6.713. 9 56.4400 Page 1 Kouris Company Consolidated Statement of Income May 31, 2018 (in millions) Revenues Cost of sales Gross profit Operating expenses Operating income Interest expense Other revenues and expenses Income before tax Income taxes Income before effect of accounting change Cumulative effect of accounting change, net of tax Net income $10,697.0 6.313.6 4,383.4 3.137.6 1,245.8 42.9 79.2 1,123.0 1820 740.1 266.11 474.0 Problem 2 - Cost Classifications Classify each of the following costs as a product cost or a period cost. For those costs classified as product costs, indicate whether the product cost is a direct material cost, a direct labor cost, or factory overhead costs; for those costs classified as a period cost, indicate whether it is a selling expense or a general expense. Period cost Product cost Direct Direct Factory materials labor overhead Cost item a Factory maintenance salary, $40.000 b. Salary of factory supervisor, $70,000 c. Salary of production worker $42.000 d. Salary of the company's president, $100.000 e. Television advertising, $25.000 f. Property tax on factory, S15,000 Sales commissions, $65.000 Depreciation on factory equipment, $17.000 Plastic used in the manufacture of the discs, $14,000 Problem 3 - Journal Entries for a Manufacturer Drop Anchor takes special orders to manufacture sailboats for high end customers. Complete the job cost sheets for Drop Anchor for September based on the following information. Prepare journal entries to record the transactions as well as post to the job cost sheets. a. Purchased raw materials on credit, $145,000 b. Materials requisitions: Job 240, 548,000, Job 241.536,000, Job 242, 542,000; Indirect materials were $12,000. c. Time tickets used to charge labor to jobs: Job 240, $40,000; Job 241, 530,000; Job 242, 535,000, indirect laboris $25,000 d. The company incurred the following additional overhead costs: depreciation of factory building, $70,000; depreciation of factory equipment, 560,000; expired factory insurance, 510,000; utilities and maintenance cost of $20,000 were paid in cash. c. Applied overhead to all three jobs. The predetermined overhead rate is 190% of direct labor cost. f. Transferred jobs 240 and 242 to Finished Goods Inventory. g. Sold job 240 for $300,000 for cash. h. Closed the under-or over-applied overhead account balance. Job Cast Sheets 242 Total For the current month Direct materials Direct labor Applied overhead Total costs