THPS-1 - FI 3300 CORPORATION FINANCE Take-Home Problem Set...

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FI 3300 - CORPORATION FINANCE Take-Home Problem Set One (THPS-1) Spring 2011 Directions: This problem set covers chapter 2 (Accounting Review) in the textbook and basic math skills that you will use throughout this course. Determine or compute an answer for each question/problem. After you have computed an answer for every question, enter your answers online via the “quiz” function entitled THPS 1 ANSWER SUBMISSION FORM .” The answer submission form will open at noon on Firday, January 28 and will close at 11:59 pm on Monday, January 31. I will post a detailed solution key to the problem set right after the Answer Submission Form closes. I will answer questions about the problem set during the chat sessions on January 24 and January 26. This is a take-home, open book, open notes financial statement analysis problem set. Work on this Assignment is to be yours alone - any discussion of either the questions on the assignment or your answers with anyone other than your instructor will be considered as cheating and, thus, as a violation of the GSU honor code. ______________________________________________________________ Financial statement data for Daryl’s Dog Houses, Inc. are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December 31, 2010 and use your constructed statement to answer the following 4 questions. General and administrative expenses 741,580 Beginning of year inventory 1,248,790 Research and development 541,250 Taxes 754,610 Depreciation 218,730 Purchases 1,457,880 Lease payments 698,650 Interest expense 876,420 End of year inventory 1,178,960 Advertising 456,320 Management salaries 1,487,560 Gross sales 8,456,210 Returns and allowances 18,410 1. What was gross profit from Daryl’s Dog Houses, Inc.’s income statement for the year ending December 31, 2010? 2. What was operating profit (i.e., EBIT) from Daryl’s Dog Houses, Inc.’s income statement for the year ending December 31, 2010? 3. What was profit before taxes (i.e., EBT) from Daryl’s Dog Houses, Inc.’s income statement for the year ending December 31, 2010?
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