I really need help completing this assignment. It's a multiple work book Excel document. It is to prepare a comparative income statement for the Lacal Company. I need to have this complete by May 17th, 2016.

Student Name: Tatiana Perry Class: ACC215 Problem 23.01A THE LACAL COMPANY Comparative Income Statement For the Years Ended December 31, 2013 and 2012 Percent of Sales Amounts Revenue: Sales Less Sales Returns and Allowances Net Sales 2013 905,000 15,000 890,000 2012 765,000 9,000 756,000 2013 101.7% 1.7% 100.0% 2012 101.2% 1.2% 100.0% Cost of Goods Sold Merchandise Inventory, January 1 Net Purchases Total Merchandise Available for Sale Less Merchandise Inventory, December 31 Cost of Goods Sold 84,000 306,000 390,000 86,000 304,000 80,000 262,000 342,000 84,000 258,000 27.6% 100.7% 73.0% 32.6% 40.5% 31.0% 101.6% 70.5% 32.6% 38.0% Gross Profit on Sales 586,000 498,000 51.9% 51.8% Operating Expenses Selling Expenses Sales Salaries Expenses Payroll Tax Expense- Administrative Other Selling Expenses Total Selling Expenses 87,000 8,700 25,200 120,900 80,000 8,000 15,200 103,200 72.0% 7.2% 20.8% 85.6% 77.5% 7.8% 14.7% 84.5% General and Administrative Expenses Officers Salaries Expense Payroll Tax Expense - Administrative Depreciation Expense Other General and Administrative Expenses Total General and Administrative Expenses 130,000 13,000 8,250 9,450 160,700 110,000 11,000 8,250 7,000 136,250 80.9% 8.1% 5.1% 5.9% 61.8% 80.7% 8.1% 6.1% 5.1% 61.5% Total Operating Expenses 281,600 239,450 57.1% 56.9% Net Income Before Income Taxes Income Tax Expense Net Income After Income Taxes 304,400 91,320 213,080 258,550 77,565 180,985 142.9% 42.9% 100.0% 142.9% 42.9% 100.0% Correct! Correct! Try again! Try again! Increase or Decrease Amount Percent THE LACAL COMPANY Comparative Balance Sheet December 31, 2013 and 2012 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Supplies Total Current Assets Property, Plant, and Equipment Land Building and Equipment Less Accumulated Depreciation Net book Value - Building and Equipment Total Property, Plant, and Equipment Total Assets Amounts 2013 111,022 95,000 86,000 9,500 1,200 302,722 2012 46,275 87,500 84,000 5,000 500 223,275 75,000 82,500 (33,000) 49,500 124,500 75,000 82,500 (24,750) 57,750 132,750 427,222 Correct! 356,025 Correct! Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Sales Tax Payable Payroll Taxes Payable Income Taxes Payable Total Current Liabilities 27,000 1,000 1,142 1,000 30,142 57,000 3,000 1,025 5,000 66,025 Long-Term Liabilities Mortgage Payable Total Long-Term Liabilities 39,000 39,000 45,000 45,000 Total Liabilities 69,142 111,025 10,000 10,000 338,080 358,080 10,000 10,000 225,000 245,000 Stockholders' Equity Common Stock ($1 par, 10,000 shares authorized; 10,000 shares issued and outstanding) Paid-in Capitol - Common Stock Retained Earnings Total Stockholders' Equity Percent of Total Assets 2013 2012 36.7% 20.7% 31.4% 39.2% 28.4% 37.6% 3.1% 2.2% 0.4% 0.2% 100.0% 100.0% 60.2% 66.3% -26.5% 39.8% 56.5% 62.1% -18.6% 43.5% Increase or Decrease Amount Percent Total Liabilities and Stockholders' Equity 427,222 Correct! 356,025 Correct! Given Data P23.01A THE LACAL COMPANY Comparative Income Statement For the Years Ended December 31, 2013 and 2012 Revenue: Sales Less Sales Returns and Allowances Net Sales 2013 905,000 15,000 890,000 2012 765,000 9,000 756,000 Cost of Goods Sold Merchandise Inventory, January 1 Net Purchases Total Merchandise Available for Sale Less Merchandise Inventory, December 31 Cost of Goods Sold Gross Profit on Sales 84,000 306,000 390,000 86,000 304,000 586,000 80,000 262,000 342,000 84,000 258,000 498,000 Operating Expenses Selling Expenses Sales Salaries Expense Payroll Tax Expense-Selling Other Selling Expenses Total Selling Expenses 87,000 8,700 25,200 120,900 80,000 8,000 15,200 103,200 General and Administrative Expenses Officers Salaries Expense Payroll Tax Expense-Administrative Depreciation Expense Other General and Administrative Expenses Total General and Administrative Expenses 130,000 13,000 8,250 9,450 160,700 110,000 11,000 8,250 7,000 136,250 Total Operating Expenses 281,600 239,450 Net Income Before Income Taxes Income Tax Expense Net Income After Income Taxes 304,400 91,320 213,080 258,550 77,565 180,985 THE LACAL COMPANY Comparative Balance Sheet December 31, 2013 and 2012 Assets Current Assets Cash Accounts Receivable Merchandise Inventory 111,022 95,000 86,000 46,275 87,500 84,000 Prepaid Expenses Supplies Total Current Assets 9,500 1,200 302,722 5,000 500 223,275 Property, Plant, and Equipment Land Building and Equipment Less Accumulated Depreciation Net Book Value-Building and Equipment Total Property, Plant, and Equipment 75,000 82,500 (33,000) 49,500 124,500 75,000 82,500 (24,750) 57,750 132,750 Total Assets 427,222 356,025 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Sales Tax Payable Payroll Taxes Payable Income Taxes Payable Total Current Liabilities 27,000 1,000 1,142 1,000 30,142 57,000 3,000 1,025 5,000 66,025 Long-Term Liabilities Mortgage Payable Total Long-Term Liabilities 39,000 39,000 45,000 45,000 Total Liabilities 69,142 111,025 Stockholders' Equity Common Stock ($1 par, 10,000 shares authorized 10,000 shares issued and outstanding) Paid-in-Capital - Common Stock Retained Earnings Total Stockholders' Equity 10,000 10,000 338,080 358,080 10,000 10,000 225,000 245,000 Total Liabilities and Stockholders' Equity 427,222 356,025 Student Name: Class: Problem 23.02A Part I: THE LACAL COMPANY Financial Ratios 2013 2012 Current Ratio = Current Assets Current Liabilities = = Acid Test Ratio = Cash + Receivables + Marketable Securities Current Liabilities = = = Inventory Turnover = Cost of Goods Sold Average Merchandise Inventory = = = Return on Sales = Net Income after Taxes Net Sales = = = Earnings per share of Common Stock = Net Income after Taxes - Preferred Dividend Requirement Average number of shares of Common Stock = = = Book Value per Share of Common Stock = Total Stockholders' Equity - Equity of Preferred Stock Number of Common Stock shares outstanding = = = Return on Total Assets = Net Income before interest and taxes Total Assets = = = Ratio of Stockholder's Equity = to Total Equities Stockholders' Equity Total Equities = = = Rate of Net Income on Total Stockholders' Equity = Net Income Stockholders' Equity = = = Asset Turnover = Net Sales Total Assets = = = :1 = :1 Part II: 1. Rate of return on stockholders' equity 2. Stockholders' equity to total equities 3. Asset turnover 4. Merchandise inventory turnover Analyze: Expected return on sales if net sales and net income after taxes increase by 5% in 2014 Given Data P23.02A THE LACAL COMPANY Comparative Income Statement For the Years Ended December 31, 2013 and 2012 Revenue: Sales Less Sales Returns and Allowances Net Sales 2013 905,000 15,000 890,000 2012 765,000 9,000 756,000 Cost of Goods Sold Merchandise Inventory, January 1 Net Purchases Total Merchandise Available for Sale Less Merchandise Inventory, December 31 Cost of Goods Sold Gross Profit on Sales 84,000 306,000 390,000 86,000 304,000 586,000 80,000 262,000 342,000 84,000 258,000 498,000 Operating Expenses Selling Expenses Sales Salaries Expense Payroll Tax Expense-Selling Other Selling Expenses Total Selling Expenses 87,000 8,700 25,200 120,900 80,000 8,000 15,200 103,200 General and Administrative Expenses Officers Salaries Expense Payroll Tax Expense-Administrative Depreciation Expense Other General and Administrative Expenses Total General and Administrative Expenses 130,000 13,000 8,250 9,450 160,700 110,000 11,000 8,250 7,000 136,250 Total Operating Expenses 281,600 239,450 Net Income Before Income Taxes Income Tax Expense Net Income After Income Taxes 304,400 91,320 213,080 258,550 77,565 180,985 THE LACAL COMPANY Comparative Balance Sheet December 31, 2013 and 2012 Assets Current Assets Cash Accounts Receivable Merchandise Inventory 111,022 95,000 86,000 46,275 87,500 84,000 Prepaid Expenses Supplies Total Current Assets 9,500 1,200 302,722 5,000 500 223,275 Property, Plant, and Equipment Land Building and Equipment Less Accumulated Depreciation Net Book Value-Building and Equipment Total Property, Plant, and Equipment 75,000 82,500 (33,000) 49,500 124,500 75,000 82,500 (24,750) 57,750 132,750 Total Assets 427,222 356,025 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Sales Tax Payable Payroll Taxes Payable Income Taxes Payable Total Current Liabilities 27,000 1,000 1,142 1,000 30,142 57,000 3,000 1,025 5,000 66,025 Long-Term Liabilities Mortgage Payable Total Long-Term Liabilities 39,000 39,000 45,000 45,000 Total Liabilities 69,142 111,025 Stockholders' Equity Common Stock ($1 par, 10,000 shares authorized 10,000 shares issued and outstanding) Paid-in-Capital - Common Stock Retained Earnings Total Stockholders' Equity 10,000 10,000 338,080 358,080 10,000 10,000 225,000 245,000 Total Liabilities and Stockholders' Equity 427,222 356,025 Additional Information: Selected ratios for other common-size companies in the same industry: 1. Rate of return on stockholders' equity 45% 2. Stockholders' equity to total equities 0.6 to 1 3. Asset turnover 2.5 to 1 4. Merchandise inventory turnover 4.5 times