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Brief Exercise 18-2 Schellhammer Corporation reported the following amounts in 2013, 2014, and 2015. 2013 2014 2015 Current assets $236,600 $269,724 $288,652 Current liabilities $161,120 $168,360 $185,430 Total assets $465,450 $580,720 $601,220 (b) Perform each of the three types of analysis on Schellhammer's current assets. (Round percentages to 0 decimal places, e.g. 43% and ratios to 2 decimal places, e.g.1.58.) 2013 2014 2015 Horizontal Analysis Current assets % % % Vertical Analysis Current assets % % % Ratio Analysis Current ratio Brief Exercise 18-3 Using the following data from the comparative balance sheet of Goody Company. December 31, 2015 December 31, 2014 Accounts receivable $508,935 $388,500 Inventory $880,128 $611,200 $3,034,395 $2,593,500 Total assets Illustrate horizontal analysis. (Round percentages to 0 decimal places, e.g. 12%.) Increase or (Decrease) Goody Company Balance Sheet December 31, 2015 December 31, 2014 Accounts receivable $508,935 $388,500 Inventory $880,128 $611,200 $3,034,395 $2,593,500 Total assets Brief Exercise 18-8 Amoun t $ $ $ Percentag e % % % Vertical analysis (common size) percentages for Kochheim Company's sales, cost of goods sold, and expenses are shown below. Vertical Analysis 2015 Sales 2014 2013 100.0 100.0 100.0 Cost of goods sold 46.9 50.7 54.0 Expenses 22.1 21.6 24.3 (a) Calculate net income. 2015 2014 2013 Net income (b) Did Kochheim's net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Brief Exercise 18-13 Guo Company has owners' equity of $399,400 and net income of $64,890. It has a payout ratio of 25% and a return on assets of 10%. How much did Guo pay in cash dividends, and what were its average assets? (Round answers to 0 decimal places, e.g. 125.) $ Cash dividends $ Average assets Exercise 18-2 Operating data for Navarro Corporation are presented below. 2015 Net sales 2014 $749,970 $604,670 Cost of goods sold 463,610 394,530 Selling expenses 124,530 72,370 Administrative expenses 62,180 58,840 Income tax expense 36,090 27,950 Net income 63,560 50,980 Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.) NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2015 Amount 2014 Perce Amount Perce nt Net sales $749,97 0 Cost of goods sold 463,610 Gross profit 286,360 Selling expenses 124,530 Administrative expenses 62,180 Total operating expenses 186,710 Income before income taxes 99,650 Income taxes expense 36,090 Net income $63,560 nt % % % % % % % % % $604,67 0 % 394,530 % 210,140 % 72,370 % 58,840 % 131,210 % 78,930 % 27,950 % $50,980 % Exercise 18-5 Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014. NORDSTORM, INC. Balance Sheet (partial) (in millions) End-of-Year Cash and cash equivalents Beginning-of-Year $ 1,391 $ 126 Accounts receivable (net) 3,561 3,399 Inventory 1,572 1,575 Prepaid expenses 154 163 Other current assets 417 368 Total current assets $7,095 $5,631 Total current liabilities $3,525 $2,802 For the year, net sales were $14,452 and cost of goods sold was $9,324 (in millions). (a) Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g. 1.6 .) Current ratio :1 Acid-test ratio :1 Accounts receivable turnover Inventory turnover times times Brief Exercise 18-11 (Part Level Submission) The following data are taken from the financial statements of Rainsberger Company. 2015 Accounts receivable (net), end of year Net sales on account 2014 $559,500 $484,100 4,095,100 3,061,700 Terms for all sales are 1/10, n/60. (a1) Compute for each year the accounts receivable turnover. At the end of 2013, accounts receivable (net) was $477,000. (Round answers to 1 decimal place, e.g. 1.6.) Accounts receivable turnover 2015 2014 times times Brief Exercise 18-12 (Part Level Submission) The following data are from the income statements of Haskin Company. 2015 2014 $6,435,300 $6,180,300 917,500 905,300 Purchases 4,340,500 4,623,000 Ending inventory 1,015,100 917,500 Sales Beginning inventory (a1) Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) Inventory turnover 2015 2014 times times