Question
USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW TO ANSWER QUESTIONS 31 through 34 Number of shares outstanding 15000 Average collection period
USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW TO ANSWER QUESTIONS 31 through 34
Number of shares outstanding | 15000 | Average collection period (days) | 60 | |
Sales | $200,000 | Accounts payable days | 90 | |
Gross profit margin | 20% | Retained earnings (2015) | $23,700 | |
Inventory turnover ratio | 4 | Dividend payout ratio | 80% | |
Notes payable | $8,000 | Accruals | $4,000 | |
Net profit margin | 15% | Current ratio | 1.5 | |
Return on assets | 8% | Debt ratio | 40% |
Note: Of total sales, 60 percent are on credit and the remainder are cash sales. Assume a 360-day year. All data in the table above, unless otherwise stated, is for the year 2016.
Cash Accounts receivable Inventory Net fixed assets
Total assets
__________ __________ __________ __________ __________
Notes payable Accounts payable Accruals Long-term debt Common stock ($2 par value) Capital surplus
Retained earnings Total liab. & equity
__________ __________ __________ __________ __________ __________ __________ __________
31. Cash = ____________. 32. Long-term debt = ____________. 33. Total assets =____________. 34. Capital surplus = __________.
Hodun, Inc. Balance Sheet for the Year Ending December 31, 2016
USE THE FOLLOWING DATA TO ANSWER QUESTIONS 35 40
Annual Income Statements | ||
2013 | 2014 | |
Sales | 500,000 | 560,000 |
COGS | ???? | 149,350 |
Gross profit | 380,000 | 410,650 |
Oper. exp | 225,000 | 250,100 |
Depreciation | 15,000 | 15,000 |
Operating profit | 140,000 | 145,550 |
Interest exp. | 5,000 | 5,000 |
EBT | 135,000 | 140,550 |
Taxes | 50,000 | 56,000 |
Net Income | 85,000 | 84,550 |
Annual Balance Sheets | ||
2013 | 2014 | |
Cash | 450,000 | 478,500 |
Accounts rec | 275,000 | 250,000 |
Inventories | 280,000 | 325,000 |
Current Assets | 1,005,000 | 1,053,500 |
Net fixed assets | 1,125,000 | ??? |
Total Assets | 2,130,000 | 2,293,500 |
Notes payable | 150,000 | 125,000 |
Accounts payable | 90,000 | 115,000 |
Accruals | 15,000 | 25,000 |
Current Liabilities | 255,000 | 265,000 |
Long-term debt | 1,000,000 | 1,050,000 |
Common stock @ ($0.25 par) | 25,000 | 28,500 |
Additional paid in capital | 500,000 | 570,000 |
Retained earnings | 350,000 | 380,000 |
Total Liabilities & Equity | 2,130,000 | 2,293,500 |
35. Net fixed assets in 2014 were $__________. 36. COGS on the 2013 common-sized income statement was 24%. Therefore, COGS in 2013 was 37. The debt ratio for 2014 was ____%. 38. Cash flow from operations in 2014 was $________. 39. Cash flow from investing in 2014 was $__________. 40. Total dividends paid in 2014 was $_______.
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