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Let me know if you need any more information The Template is provided to help you complete your assignment successfully. There are hints and guidance
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The Template is provided to help you complete your assignment successfully. There are hints and guidance within the templates. For Example, some fields will have a note attached - as designated by the red triangle in the upper right corner of the cell. Some final cell totals or answers will give you a notice if the answer is correct. For example, if you have gotten the right answer, you may see a note "Correct", or "Good!" appear beneath or to the side of that cell. But, not all exercises or problems will provide feedback. So, be sure you do your best on all of the assignments. And, if you have any questions, please do not hesitate to bring your questions to me. The preferred way to communicate your assignment related questions will be in the Virtual Office. However, please remember that we do not discuss solutions in the Virtual Office. So, do not post partially completed template files, and do not post your solutions. But DO ask as specific a question as possible without giving away an answer. One final note - in almost every template, the cells that allow you to enter something will be background highlighted using = Yellow. In each assignment, you will be able to enter you name in the designated cell here in the "Instructions sheet". Please be sure to input you name in the template, and name the file according to the assignment instructions when you save it. Thank you and I look forward to working with you on your assignments. Enter you Name here ======> Given Data P12-04A: GALLEY CORPORATION Comparative Balance Sheet December 13, 2011 and 2010 December 31 2011 2010 Assets Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation, Equipment Total assets $174,000 93,000 609,000 333,000 (156,000) $1,053,000 Liabilities and Equity Accounts payable $69,000 Income taxes payable 27,000 Common stock, $2 par value 582,000 Contributed capital in excess of par value, common stock 198,000 Retained earnings 177,000 Total liabilities and equity $1,053,000 $117,000 81,000 534,000 297,000 (102,000) $927,000 $96,000 24,000 558,000 162,000 87,000 $927,000 GALLEY CORPORATION Income Statement For Year Ended December 31, 2011 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Income before taxes Income taxes Net income $1,992,000 1,194,000 798,000 $54,000 501,000 Additional information: Equipment purchased for cash Number of stock shares issued Price per share of stock issued Cash dividends declared and paid $36,000 12,000 $5 $111,000 Check figure: (1) Cash from operating activities $144,000 555,000 243,000 42,000 $201,000 Student Name: 0 Class: GB 518 Unit 6 Assignment Problem 12-04A GALLEY CORPORATION Statement of Cash Flows For Year Ended December 31, 2011 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities Increase in accounts receivable Increase in inventory Decrease in accounts payable Increase in taxes payable Depreciation expense Net cash provided by operating activities Cash flows from investing activities: Cash paid for equipment Cash flows from financing activities: Cash received from issuing stock Cash paid for cash dividends Net cash used in financing activities Net increase in cash Cash balance at beginning of 2011 Cash balance at end of 2011 $- - Try again! $- - Try again! $- - Try again! - Try again! Given Data P13-04A: McCORD CORPORATION Income Statement For Year Ended December 31, 2011 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income taxes Net income $348,600 229,150 119,450 52,500 3,100 63,850 15,800 $48,050 McCORD CORPORATION Balance Sheet December 31, 2011 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade) Merchandise inventory Prepaid expenses Plant assets, net Total assets $9,000 7,400 28,200 3,500 31,150 1,650 152,300 $233,200 Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured by mortgage on plant assets Common stock Retained earnings Total liabilities and equity Balances on December 31, 2010: Inventory Total assets Common stock Retained earnings Check figures: Acid-test ratio Inventory turnover $16,500 2,200 2,300 62,400 90,000 59,800 $233,200 $32,400 $182,400 $90,000 $31,300 2.3 7.2 Student Name: 0 Class: GB518 Unit 6 Assignment Problem 13-04A McCORD CORPORATION Ratios (1) Current ratio: to 1 (2) Acid-test ratio: to 1 (3) Days' sales uncollected: days (4) Inventory turnover: times (5) Days' sales in inventory: days (6) Debt-to-equity ratio: to 1 (7) Times interest earned: times (8) Profit margin ratio: (9) Total asset turnover: (10) Return on total assets: (11) Return on common stockholders' equity: timesStep by Step Solution
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