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Accounting 2 Handouts Assignment 5.1 Handout 1. Hooser, Corp., reported the following on its comparative income statement: Requirement Perform a horizontal analysis of revenues and gross profitboth in dollar amounts and in percentagesfor 2012 and 2011. 2. Muscateer, Corp., reported the following revenues and net income amounts: Requirements R1. Show Muscateer's trend percentages for revenues and net income. Use 2010 as the base year, and round to the nearest percent. R2. Which measure increased faster during 2011-2013? 3. Milatin Optical Company reported the following amounts on its balance sheet at December 31, 2010: Requirement Perform a vertical analysis of Milatin assets at the end of 2010. Accounting 2 Assignment Handout 2011 Pearson Education Page 1 of 1 6 6/25/2016 Accounting 2 Handouts 4. Low's Companies, a home-improvement-store chain, reported the following summarized figures (in billions): Requirements R1. Compute Low's Companies' current ratio at January 31, 2011 and 2010. R2. Did Low's Companies' current ratio improve, deteriorate, or hold steady during 011? Accounting 2 Assignment Handout 2011 Pearson Education Page 2 of 2 6 6/25/2016 Accounting 2 Handouts 5. A skeleton of Heirloom Mills' income statement appears as follows (amounts in thousands): Requirement R1. Use the following ratio data to complete Heirloom Mills' income statement: a. Inventory turnover was 4.50 (beginning inventory was $790; ending inventorywas $750). b. Rate of return on sales is 0.09. 6. A skeleton of Heirloom Mills' balance sheet appears as follows (amounts in thousands): Requirement R1. Use the following ratio data to complete Heirloom Mills' balance sheet: a. Current ratio is 0.70 b. Acid-test ratio is 0.20 Accounting 2 Assignment Handout 2011 Pearson Education Page 3 of 3 6 6/25/2016 Accounting 2 Handouts 7. The Russell Department Stores, Inc., chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the company's income statement and balance sheet, as well as the industry average data for retailers. Requirements R1. Prepare a common-size income statement and balance sheet for Russell. The first column of each statement should present Russell's common-size statement, and the second column, the industry averages. R2. For the profitability analysis, compute Russell's (a) ratio of gross profit to net sales, (b) ratio of operating income to net sales, and (c) ratio of net income to net sales. Compare these figures with the industry averages. Is Russell's profit performance better or worse than the industry average? R3. For the analysis of financial position, compute Russell's (a) ratio of current assets to total assets and (b) ratio of stockholders' equity to total assets. Compare Accounting 2 Assignment Handout 2011 Pearson Education Page 4 of 4 6 6/25/2016 Accounting 2 Handouts these ratios with the industry averages. Is Russell's financial position better or worse than the industry averages? Accounting 2 Assignment Handout 2011 Pearson Education Page 5 of 5 6 6/25/2016 Accounting 2 Handouts 8. Comparative financial statement data of Sanfield, Inc. follow: Market price of Sanfield's common stock: $81.26 at December 31, 2011, and $67.20 at December 31, 2010. Common shares outstanding: 10,000 during 2011 and 9,000 during 2010. All sales on credit. Requirements R1. Compute the following ratios for 2011 and 2010: R2. Decide (a) whether Sanfield's ability to pay debts and to sell inventory improved or deteriorated during 2011 and (b) whether the investment attractiveness of its common stock appears to have increased or decreased. Accounting 2 Assignment Handout 2011 Pearson Education Page 6 of 6 6 6/25/2016