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Student Name: Class: Problem 01-20A GUNN MANUFACTURING COMPANY Effect of Events on Financial Statements Event No. 1. 2. 3. 4. 5a. 5b. 6a. 6b. 7a. 7b. Total Cash + 80,000 + + + + + + + + + + + Assets Manufacturing Inventory + Equip. + + + + + + + + + + + = + + + + + + + + + + + + Office Furniture = = = = = = = = = = = = Equity Common Retained Stock + Earnings 80,000 + + + + + + + + + + + Income Statement Revenues - Expenses = = = = = = = = = = = = Net Income Given Data P01-20A: GUNN MANUFACTURING COMPANY 1. 2. 3. 4. 5. 6. 7. Acquired cash by issuing common stock Paid for materials to make products Paid salaries to selling and administrative employees Paid wages to production workers Paid for furniture in selling and administrative offices Salvage value of furniture Useful life of furniture (years) Paid for manufacturing equipment Salvage value of equipment Useful life of equipment (years) Sold inventory to customers Cost to make inventory sold $ $ $ $ $ $ $ $ $ $ 80,000 9,200 3,800 12,000 9,600 1,600 4 16,000 1,000 5 38,000 18,000 Student Name: Class: Problem 01-22A LANGE COMPANY Financial Statements a. Income Statement for 2014 Sales Revenue Operating Expenses Net Income (Loss) Balance Sheet as of 12/31/2014 Assets Cash Total Assets Equity Common Stock Retained Earnings Total Equity b. Income Statement for 2014 Sales Revenue Depreciation Expense Net Income (Loss) Balance Sheet as of 12/31/2014 Assets Cash Rental Equipment Accumulated Dep. Total Assets Equity Common Stock Retained Earnings Total Equity c. Income Statement for 2014 Sales Revenue Cost of Goods Sold Gross Margin Administrative Expense Net Income (Loss) Balance Sheet as of 12/31/2014 Assets Cash Finished Goods Inv. Mfg. Equipment Accumulated Dep. Total Assets Equity Common Stock Retained Earnings Total Equity Given Data P01-22A: LANGE COMPANY Common stock issued for cash Cash revenue Costs requiring cash payments $ $ $ 64,000 95,000 75,000 Scenario a. Costs to provide rock concert that produced revenue $ 60,000 Scenario b. Cost to purchase automobile Useful life (years) Salvage value Depreciation Method Scenario c. Cash to purchase materials Cash to pay factory workers Cash to pay sales and administrative salaries Cash to purchase manufacturing equipment Useful life (years) Salvage value Units started and completed Revenue was earned when units sold (# of units) $ 75,000 5 $ Straight Line $ $ $ $ $ 12,000 22,000 5,000 36,000 3 6,000 2,000 1,500 Student Name: Class: Problem 01-25A CMA REVIEW, INC. Income Statement a. Revenue (95 students) Expenses Cost of Textbooks Cost of Teacher Other Operating Expenses Total Expenses Net Income Cost of unused books b. Revenue (110 students) Expenses Cost of Textbooks Cost of Teacher Other Operating Expenses Total Expenses Net Income Revenue (115 students) Expenses Cost of Textbooks Cost of Teacher Other Operating Expenses Total Expenses Net Income Lost profit from rejection of 5 additional students c. Revenue (95 students) Expenses Cost of Textbooks Cost of Teacher Other Operating Expenses Total Expenses Net Income d. Revenue (115 students) Expenses Cost of Textbooks Cost of Teacher Other Operating Expenses Total Expenses Net Income Given Data P01-25A: CMA REVIEW, INC. Books ordered in excess of expected enrollment Expected enrollment per course Tuition fee per student Cost of teachers per course Cost of each textbook Other operating expenses per course $ $ $ $ 10% 110 1,500 36,000 80 40,000 Part a. Student enrollment 95 Part b. Student enrollment 115 Part c. Cost of each textbook Student enrollment $ 90 95 Part d. Cost of each textbook Student enrollment $ 90 115 Student Name: Class: Problem 02-18A KARA CLEANING Calculations a. Number of Houses Cleaned Total Expected Rental Cost Average Per Unit Rental Cost 10 20 30 10 20 30 10 20 30 d. Number of Houses Cleaned Total expected rental cost Total labor cost Total cost of supplies Total cost 10 20 30 e. Number of Houses Cleaned Total Cost Cost Per Unit 10 20 30 Type of Cost: b. Number of Houses Cleaned Average Per Unit Labor Cost Total Labor Cost Type of Cost: c. Number of Houses Cleaned Average Per Unit Supplies Cost Total Supplies Cost Type of Cost: Explanation of cost per unit decrease: Given Data P02-18: KARA CLEANING Monthly rental of cleaning equipment Labor costs per house cleaned Supplies per house Range of number of houses used for analysis: $ $ $ 900 60 5 10 20 30 Student Name: Class: Problem 02-20A ABACUS SYSTEM SALES Calculations a. Sales Volume in Units Total Cost of Software Total Cost of Booth Rental Total Cost of Sales Average cost Per Unit 200 250 300 350 400 b. Sales Volume Average cost Per Unit Price Per Package 200 250 300 350 400 1 2 3 4 5 c. Trade Shows Attended Cost of booth rental d. Shopping Bag Cost Per Unit Type of Cost: Given Data P02-20A ABACUS SYSTEMS SALES Cost of software package Cost of booth space per show Range of unit sales Range of number of trade shows attended Desired earnings per software package Cost of shopping bags per 50 units sold $ $ $ $ 150 8,000 200 - 400 1-5 45 30 Student Name: Class: Problem 02-23A PALVO SOROKIN, VENTURE CAPITALIST Calculations a. Company Name Contribution Margin Divided by Net Income Operating Leverage Wood Lake b. Company Name Variable Cost Per Unit Sales Revenue Variable Cost Contribution Margin Fixed Cost Net Income Percentage Change Wood 16.00 Lake c. Company Name Variable Cost Per Unit Sales Revenue Variable Cost Contribution Margin Fixed Cost Net Income Percentage Change Wood 16.00 Lake 8.00 8.00 Given Data P02-23A: PALVO SOROKIN, VENTURE CAPITALIST Planned investment Company Name Variable Cost Per Unit (a) Sales Revenue (8,000 units x $25) Variable Cost (8,000 units x (a)) Contribution Margin Fixed Costs Net Income b. Assumption of increase in sales per year c. Assumption of decrease in sales per year $ 1,000,000 Wood $ $ $ $ 16 200,000 (128,000) 72,000 (24,000) 48,000 10% -10% Lake $ $ $ $ 8 200,000 (64,000) 136,000 (88,000) 48,000