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1. Problem 12-4A: Galley Corp., a merchandiser, recently completed its 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow. (attached file)

Additional Information on Year 2011 Transactions:
A. Purchased equipment for $36,000 cash
B. Issued 12,000 shares of common stock for $5 cash per share
C. Declared and paid $111,000 in cash dividends

Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method.

2. Problem 13-4A: Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $32,400; total assets, $182,400; common stock, $90,000; and retained earnings, $31,300.) (Attached file)

Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity.

The Template is provided to help you complete your assignment successfully. Enter you Name here ======> Rindy Johnson There are hints and guidance within the templates. For Example, some fields will have a note attached - as designated by the red triangle in the upper right corner of the cell. Some final cell totals or answers will give you a notice if the answer is correct. For example, if you have gotten the right answer, you may see a note "Correct", or "Good!" appear beneath or to the side of that cell. But, not all exercises or problems will provide feedback. So, be sure you do your best on all of the assignments. And, if you have any questions, please do not hesitate to bring your questions to me. The preferred way to communicate your assignment related questions will be in the Virtual Office. However, please remember that we do not discuss solutions in the Virtual Office. So, do not post partially completed template files, and do not post your solutions. But DO ask as specific a question as possible without giving away an answer. One final note - in almost every template, the cells that allow you to enter something will be background highlighted using = Yellow. In each assignment, you will be able to enter you name in the designated cell here in the "Instructions sheet". Please be sure to input you name in the template, and name the file according to the assignment instructions when you save it. Thank you and I look forward to working with you on your assignments.
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Given Data P12-04A: GALLEY CORPORATION Comparative Balance Sheet December 13, 2011 and 2010 December 31 2011 2010 Assets Cash $174,000 $117,000 Accounts receivable 93,000 81,000 Merchandise inventory 609,000 534,000 Equipment 333,000 297,000 Accumulated depreciation, Equipment (156,000) (102,000) Total assets $1,053,000 $927,000 Liabilities and Equity Accounts payable $69,000 $96,000 Income taxes payable 27,000 24,000 Common stock, $2 par value 582,000 558,000 Contributed capital in excess of par value, common stock 198,000 162,000 Retained earnings 177,000 87,000 Total liabilities and equity $1,053,000 $927,000 GALLEY CORPORATION Income Statement For Year Ended December 31, 2011 Sales $1,992,000 Cost of goods sold 1,194,000 Gross profit 798,000 Operating expenses: Depreciation expense $54,000 Other expenses 501,000 555,000 Income before taxes 243,000 Income taxes 42,000 Net income $201,000 Additional information: Equipment purchased for cash $36,000 Number of stock shares issued 12,000 Price per share of stock issued $5 Cash dividends declared and paid $111,000 Check figure: (1) Cash from operating activities $144,000
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