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The financial statements for Armstrong and Blalr companles for the current year are summarized below: Armstrong Company Blair Company Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets $ 35,400 36,000 140,000 160,000 89,000 $ 460,400 $ 26,000 34,000 36,000 440,000 316,000 $ 852,000 Total assets Current liabilities Long-term debt (10%) Share capital Contributed surplus Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings $ 110,000 80,000 158,000 34,099 78,400 $ 460,400 $ 47,000 80,000 540,000 124,099 61,000 $ 852,000 $ 490,000 (269,500) (166 680) $ 53,989 $ 850.000 (425,999) 323,980) $ 192,906 Selected data from the financial statements for the previous year follows: Armstrong Company $ 24,000 88,000 80,000 Blair Company $ 44,000 40,000 80,000 Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding $ 18 30% 40,000 15,000 $ 15 30% $199,999 50,000 $ The companles are in the same line of business and are direct competitors in a large metropolitan area. Both have been approximately ten years, and each has had steady growth. The management of each has a different viewpoint in many re Company is more conservative, and as its president said, We avold what we consider to be undue risk." Neither compan held. Armstrong Company has an annual audit by an independent auditor, but Blair Company does not. Required: 1. Complete a schedule that reflects a ratlo analysis of each company. Use ending balances If average balances are not (Round Intermedlate calculations and final answers to 2 decimal places.) HINT: To calculate Current Ratio. you will need to first calculate the total Current Assets. Ratio Armstrong Company Blair Company Etian The companles are in the same line of business and are direct competitors in a large metropolitan area. Both hav approximately ten years, and each has had steady growth. The management of each has a different viewpoint in Company is more conservative, and as its president said, We avold what we consider to be undue risk. Nelther held. Armstrong Company has an annual audit by an Independent auditor, but Blair Company does not. Required: 1. Complete a schedule that reflects a ratio analysis of each company. Use ending balances If average balances (Round Intermedlate calculations and final answers to 2 decimal places.) HINT: To calculate Current Ratio. you will need to first calculate the total Current Assets. Ratio Armstrong Company Blair Company Profitability ratios: Gross profit percentage % 96 % Prot margin % Earnings per share per share per share Assemover ratios: times times Fixed Asset turnover times times Receivables turnover times times Inventory turnover Saved Gallop Corporation prepared the following report for the first quarter of this year. Sales (@ $2,900 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses Administrative expenses Income $7,548,800 3,212,90e 4,328,000 $1,033,500 1,020,000 5 2,053,500 $2,274,500 Gallop's controller, Nancy Johnstone, studied the costs in detall, particularly focusing on cost behaviour. Her a following: . Fixed portion of the cost of goods sold for the quarter amounted to $1,002,000. Of the selling expenses, 20% was variable with respect to the number of units. All of the administrative expenses were fixed. Requlred: Gallop Corporation prepared the following report for the first quarter of this year: Sales (@ $2,988 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses Administrative expenses Income $7,540,000 3,212,000 4,328,000 $1,033,500 1,020,000 2,053,500 $2,274,500 Gallop's controller. Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour. Her analysis reveale following: Fixed portion of the cost of goods sold for the quarter amounted to $1.002.000. Of the selling expenses, 20% was variable with respect to the number of units. All of the administrative expenses were fixed. Required: 1. Express the cost of goods sold and the selling expenses in terms of cost equations. (Round the "Variable cost" to 2 decim places.) oplies offers a number of different products to its customers. It currently allocates its ordering and delivery cos siness customer groups on the basis of order value. However, the company has recently decided to Impleme ting starting In 2022 to assign these costs to customers. Key data for 2021 are as follows: Activity cost Activity Base ivity Lue) Activity Volume Residential $ 3,620,000 5,960 2, 249 Activity Total Volume Activity Business Volume $ 2,940,900 $ 6,568,888 1,840 3,868 395 490 192 399 6, 120 $ 966, 009 755,000 816. 083 64,000 1,245, 128 3,846, 128 No. of orders No. of sales calls No. of follow-ups No. of change orders No. of deliveries 198 e orders 6,960 residential customers and 500 business customers. ost per customer for residential and business customers for 2021. using the current system of cost allocation. (C ste celculations. Round "Cost per customer" to 2 decimal places and the rest to the nearest whole dollar en hat the 2021 data will hold for 2022. Compute the cost per customer for residential and business customers for a Coposed system of cost allocation. In doing so, calculate the overhead allocation rate for each activity, and use the ests to the two customer groups. (Round your Intermediate calculations and final answers to 2 decimal places.) ivity Cost Pool Activity Rate ssing per order per sales call per follow-up Bhange orders per change order per delivery term Exam Saved Sallop Corporation prepared the following report for the first quarter of this year: Sales (@ $2,900 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses Administrative expenses Income $7,540,000 3,212,eee 4,328,000 $1,033,500 1,020,000 2,053,500 $2,274,500 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour. Her analysis re following: Fixed portion of the cost of goods sold for the quarter amounted to $1.002.000. Of the selling expenses, 20% was variable with respect to the number of units. All of the administrative expenses were fixed. Required: cod cold and the callin aynenseen terms of cost equations (Round the "Verlable cost" to 2 d 2. Redo the above income statement using a contribution margin approach. (Do not round Intermediate c GALLOP CORPORATION Income Statement For the First Quarter of this Year Less: Variable costs 5 0 0 Sess: Fixed exger ses 0 atford Company distributes a lightweight lawn chalr that sells for $60 per unit. Varlable expenses are 40% of sales, and fixed Senses total $777.600 annually. quired: swer the following independent questions: Nhat is the product's CM per unit? Ontribution margin per unit Use the CM per unit to determine the break-even point in units. eek-even point in units The company estimates that sales will increase by $85,000 during the coming year due to increased demand. By how much shou I operating income increase? 4. Assume that the operating results for last year were as follows: Sales Less: Variable expenses Contribution margin Less: Fixed expenses Net operating income $2,160,000 864, vue 1,296, ege 17?, sve $ 518,400 a. Compute the degree of operating leverage at the current level of sales. (Round your answer to i decimal place.) Degree of operating leverage b. The president expects sales to Increase by 60% next year. By how much should net operating Income Increase? Increase in operating income o the original data. Assume that the company sold 38,000 units last year. The sales manager is convinced that a 8% the selling price, combined with a $144,000 Increase in advertising expenditures, would increase annual unit sales by are two contribution format Income statements: one showing the results of last year's operations, and one showing what the operations would be if these changes were made. (Do not round Intermediate calculations. Round "Per Unit" answers to 2 aces.) Last Year Proposed Total Per Unit Total Per Unit Nould you recommend that the company do as the sales manager suggests? o Yes O NO fer to the original data. Assume again that the company sold 38,000 units last year. The president fe ge the selling price. Instead, she wants to increase the sales commission by $2 per unit. She thinks Increase in advertising, would double annual unit sales. By how much could advertising be increas anged? Do not prepare an income statement: use the incremental analysis approach. en adversement cost ompany makes two products and uses a conventional costing system in which a single plantwide, predetermined puted based on direct labour-hours. These products are customized to some degree for specific customers. Data Ets for the upcoming year follow: terials cost per unit bour cost per unit bour-hours per unit units produced Rascon Parcel $ 29.60 $ 23.ee $ 14.7e S 4.2e 0.7e 3.48 29, eee 120,eee pany's manufacturing overhead costs for the year are expected to be $861,000. Using the company's traditional cos Empute the unit product costs for the two products. (Do not round Intermediate calculations and round your final ar nal places.) Rascon Parcel ct cost lanagement is considering an ABC system in which half of the overhead would continue to be allocate our-hours and half would be allocated on the basis of engineering design time. This time is expected to ng the upcoming year. gineering design time (in hours) Rascon 15,408 Parcel 2, 799 Total 8,180 mpute the unit product costs for the two products using the proposed ABC system. (Do not round Inter and your final enswers to 2 decimal places.) Rascon Parcel mentation Couche-Tard Inc. is a leading convenience store operator in Canada, with Couche-Tard stores in Que res in central and western Canada. It also operates Circle K shops in the United States. 2017 $27,810.6 23,221.4 4,588.6 3,498.5 13.6 CONSOLIDATED STATEMENTS OF EARNINGS For the years ended April 28, 2019, April 29, 2018, and April 30, 2017 (in millions of U.S. dollars, except per-share amounts) 2019 2018 Revenues $31,500.0 $31, 090.9 Lost of sales 26, 661.6 26,616.1 Gross profit 4,838.4 4,473.9 Operating, selling, administrative, and general expenses 3, 713.9 3.541.2 Restructuring costs 14.9 62.4 (Gain) loss on disposal of property and equipment and other assets (2.5) (18.8) Depreciation, amortization, and impairment of property and 337.1 320.2 equipment, intangible assets and other assets Total operating expenses 4.963.2 3.995.0 Operating income 7750 568.9 Share of earnings of joint ventures and associated companies 4450 87.1 accounted for using the equity method 191.1 1111 Net financial expenses 7129 544.9 Earnings before income taxes 226.8 133.7 Income taxes 9. 283.7 3,804.8 783.8 13.1 88.9 71. CONSOLIDATED STATEMENTS OF EARNINGS For the years ended April 28, 2019, April 29, 2018, and April 30, 2017 in millions of U.S. dollars, except per-share amounts) 2019 2018 2017 2019 2018 $ 31.500.0 $ 31.090.0 $ 27,810.0 06 96 26.661.6 26.616.1 23,221.4 961 % 4.888.4 4.473.9 4.588.6 96 96 3.718.9 administrative, and general expenses 3,541.2 3.498.5 096 % 14.0 ts 62.4 13.6 96 %% (2.5 (1878) (9.0) % 96 Eposal of property and equipment and other assets ortization, and impairment of property and equipment, and other assets 237.1 220.2 283.7 98 06 4 060,4 3.905.0 3,804.8 98 96 expenses 588.9 775.0 783.8 96 96 44.0 87.1 13.1 26 96 s of joint ventures and associated companies accounted uity method 56 24 88.9 101. 111.1 enses 96 25 717.9 544.9 708.0 income taxes 98 96 2288 103.7 71.0 96 18 83710 3 411.2 S 4911 ompany specializes in producing sets of wooden patio furniture consisting of a table and four chairs. TI ating at 80% of its full capacity of 3,400 sets per quarter. Quarterly cost data at this level of operations ur, direct rvision ces, factory building ssions Factory n, office equipment factory equipment terials, factory n, factory building ice supplies (billing) Fice salaries erials used (wood, bolts, etc.) factory $125 900 51 490 41,40e 4,900 87.000 8.900 5,400 18.400 7 400 11,490 4,100 67 000 101 000 21,490 chcoctitam nder the annropriate headings. As examples, this has been done already on the answers obtained in Requirement (1). compute the average product cost per patio set. (Round you places.) product cost per patio set ne that production increases to only 3,060 sets quarterly Would you expect the average product cost per e. decrease, or remain unchanged? Increase Decrease Remain unchanged er to the original data. The president's brother-in-law has considered making a patio set and has priced the nece ilding supply store. He has asked the president if he could purchase a patio set from the Mahela Company "at ent has agreed to let him do so. ald you expect any disagreement over the price the brother-in-law should pay? What price does the president pr (Round your answer to 2 decimal places.) the president may expect a minimum price of Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year financlal data for the company are avallable: Cash Accounts Receivable Inventory Equipment Accounts Payables Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) Total sales revenue Total Expenses(excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Common shares, 8,280 shares outstanding $ 26,290 13,200 91,209 46,200 55,730 2,699 152,990 99,999 2 82,999 No dividends were declared or pald during 2020. Required: 1. Prepare an Income statement for the year ended December 31, 2020. ou algung No dividends were declared or pald during 2020. Requlred: 1. Prepare an income statement for the year ended December 31, 2020. NUCLEAR COMPANY Income Statement For the Year Ended December 31, 2020 Prepare a statement of changes in equity for the year ended December 31, 2020. NUCLEAR COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2020 Common Shares Retained earnings NUCLEAR COMPANY Statement of Financial Position As at December 31, 2020 Assets Total assets $ 0 Liabilities and Shareholders Equity