Question
Answered step-by-step

< FINANCIAL ACCOUNTING..>


1.

Image transcription text

Financial Accounting 202-Instructor: HarrisExam 3A_Winter 2018 B. Northwest Clothing Supply has the following transactions during the year related to stockholders' equity: At the beginning of the year it has 3000 shares of common stock and 450 shares of preferred stock outstanding. (21 points) January 1 Issues 3,000 shares of no-par value common stock for $30 per share. February 5 Board meets and establishes a par value of $15 per share for common stock and $25 per share for 8% preferred stock. March 15 Issues 800 shares of $25 par value preferred stock for $32 per share July1 repurchases 1600 shares for $25 per share September 30 Reissues 500 shares for $18 per share November 1 Reissues 900 shares for $28 per share November 15 Declares a cash dividend of $3.50 per share to all stock holders of record on October 20. December 19 Pays the cash dividend declared on November 15. Record each of these transactions GENERAL JOURNAL PAGE POST. DATE DESCRIPTION REF. DEBIT CREDIT 3

... Show more


Image transcription text

-Instructor. HarrisExam 3A_Winter 2018 neal-COC guitosoA far 2 (noitase) 1. COMMON STOCK AND PREFERRED STOCK (36 POINTS) A. Diane's Designs has two classes of stock authorized: 8%, $10 par preferred and $1 par value common. The following transactions affect stockholders' equity during 2012, its first year of operations (15) points) vlatsibammi laum ugv amaxe mul of herd mJanuary 1 Issue 200.000 shares of common stock for $15 per share. noits February 6 ja Issue 1,000 shares of preferred stock for $1 1 per share. October 10 Repurchase 10.000 shares of its own common stock for $18 per share. onNovember 12 Reissue 5.000 shares of treasury stock at $20 per share. Record each of these transactions (omit descriptions and account numbers) benovoo ME GENERAL JOURNAL PAGE POST. CREDIT DATE Buoy ni anoldDESCRIPTION REF. DEBIT

... Show more


2.

Image transcription text

G167 X V fx A B C D E F G H C K Financial Performance Spreadsheet .... IN Company Name: Plush Carpet Mill, Inc. Industry Dec. 31, 2003 Dec. 31. 2004 Dec. 31, 2005 Average Balance Sheet ($000) % of TA % of TA $ % of TA % of TA Assets Current Assets CO Cash & marketable securities 1,512 1.1/6 1,097 9 Accounts receivable 6,237 10,271 15,919 20% 10 Inventories 4.536 7.838 12,570 31%% 11 Prepaid expenses 3,780 5,140 6,840 5% 12 Total current assets 16,065 24.425 36,426 62% 13 Gross fixed assets 6,300 9.080 12,918 L...A...... 14 Less: Accumulated depreciation 2,050 2,958 4,250 _.... 15 Net Fixed assets 4,250 6, 122 8,668 28% B.... ..... 16 Intangible assets 56/ 588 605 4% 17 All other noncurrent assets 1,323 1,790 1,985 6%1 18 lotal assets 22,205 32,925 47,684 100% 19 20 Liabilities and Stockholders Equity 21 Current Liabilities 22 Notes payable 1.205 3.243 6,323 8% ...... 23 Current maturities--L.T.D. 1.008 1.460 2.246 5% 24 Accounts payable 3,570 5.958 ....." 9,955 16% 25 Income taxes payable ...... 34 1 336 336 26 Accruals and other current liabilities 1,995 3,360 5,016 % ..... 27 lotal current liabilities 7,862 14,357 23,876 36%

... Show more


Image transcription text

C19 X V fx A B C D E F G H J K 19 B..... 4 ..... 20 Liabilities and Stockholders Equity 21 Current Liabilities ...... ...... ...... 22 Notes payable 1.205 3.243 6.323 8% 23 Current maturities--L.T.D. 1.008 1.460 2.246 5% 24 Accounts payable 3,570 5.958 9,955 16% 25 Income taxes payable 84 336 336 26 Accruals and other current liabilities 1,995 3,360 5,016 27 l otal current liabilities 7.862 14,357 23.876 36% ..... 28 Long-term debt 2.940 6, 100 9.350 13% 29 All other noncurrent liabilities 19% 30 Total liabilities 10,802 20.457 33,226 A..... 31 Stockholders equity 32 Common stock 3.360 3.360 3.360 33 Paid-in capital 2,100 2,100 2,100 34 Retained earnings 5,943 7,008 8,998 35 Total stockholders equity 11,403 12,468 14,458 39% 36 Total liabilities & equity 22,205 32,925 47,684 100% 37 38 Industry 39 2003 2004 2005 Average 10 Income Statement ($000) $ 1% of Sales $ % of Sales $ 1% of Sale % of Sales 41 Sales revenue 50,400 65,100 81,312 100.0% I........ 42 Less: Cost of goods sold 35,431 ......8 45,872 57,098 71.5% 43 Gross profit 14.969 19.228 24.214 28.5% ....... 44 Less: Operating expenses 45 Gen. & Adm. and Selling 12,331 ..... 15,099 17,296 19.6%

... Show more


Image transcription text

C66 X V fx A B C D E F G H I J K 39 2003 2004 :. . . . . . 2005 Average 10 Income Statement ($000) 1% of Sales 1% of Sales 1% of Sale % of Sales: 41 Sales revenue 50,400 65, 100 81,312 100.0% 42 Less: Cost of goods sold 35,431 45,872 57,098 71.5% ..... 43 Gross profit 14.969 19.228 24 214 28.5% 44 Less: Operating expenses 45 Gen. & Adm. and Selling 12,331 15.099 17,296 19.6% 46 Depreciation expense 630 908 1,292 3.4% 47 Total operating expenses 12,961 16,007 18,588 23.0% +.. 48 Operating Income (EBIT) 2,008 3,221 5,626 5.4% S... 19 Less: Interest expense 335 756 1,343 1.1% 50 Earnings before taxes (EBT) 1,673 2.465 4.283 4.4% .A.... 51 Less: Income Taxes (34%) 569 838 1,456 52 1,104 ...... Net income 1,627 2,827 53 ...E..... 54 Common stock dividends (000) 314 562 837 55 Number shares common stock (000) 1.120 1.120 1.120 ..... 56 Earnings per common share (EPS 57 Price per common share 17.251 17.71 18.43 58 ....f.... 59 Evaluation 60 ....." Time- Cross. 61 Industry series sectional ........" 62 Financial Ratios 2003 2004 2005 Average 2003-05 2005 63 Liquidity 64 Current ratio (times) 1.6 65 Quick or Acid-test ratio (times 0.8

... Show more


Image transcription text

56 59 Evaluation 60 Time. Cross 61 Industry i..... series sectional 62 Financial Ratios 2003 2004 2005 Average 2003-05 2005 63 Liquidity ...... 64 Current ratio (times) 1.6 65 Quick or Acid-test ratio (times 0.8 ....." 66 Asset Management 67 Accounts receivable turnover (times 9.4 ...... 68 Inventory turnover (times 3.8 69 Fixed asset turnover (times 6.4 70 Total assets turnover 1.8 71 ....... 72 Evaluation 73 Trend Industry 74 Industry Analysis | Analysis 75 Financial Ratios 2003 2004 2005 Average 2003-05 2005 76 Solvency 77 Debt ratio (%) 56.7 %% ..... 78 Times interest earned (times) 34 79 Profitability ...... 80 Operating profit margin (%) 5.4% 81 Net profit margin (%) [before tax 4.4% 82 Return on assets (%) [before tax 8.0% 83 Return on equity (%) before tax 17.1% ..... 84 Market Value

... Show more


Image transcription text

72 ..... Evaluation 73 Trend Industry 74 Industry. ....... Analysis Analysis 75 Financial Ratios 2003 2004 2005 Average 2003-05 2005 76 Solvency 77 Debt ratio (yo) 66.7 70 78 limes interest earned (times) 3 79 Profitability ..... ...... 80 Operating profit margin (%) 5.4% 81 Net profit margin (%) [before tax] 4.4 % 82 Return on assets (%) [before tax] 8.0% 83 Return on equity (%) [before tax] 17.1% 84 Market Value 85 Price-earnings ratio (times) 86 Price-to-book ratio (times) 87 88 89 Cash Flow Statement 2004 2005 90 Cash, beginning of year I... ....... 91 92 Operating activities 93 Net income 94 Plus Depreciation 95 Change in accounts receivable 96 Change in inventory

... Show more


Image transcription text

C116 X v fx A B C D E F G 88 89 Cash Flow Statement 2004 2005 90 Cash, beginning of year 91 92 Operating activities 93 Net income 94 Plus Depreciation 95 Change in accounts receivable 96 Change in inventory 97 Change in prepaid expenses 98 Change in accounts payable 99 Change in income taxes payable 100 Change in accruals & other cur. Liab. 101 Net cash from operating activities 102 103 Investment activities 104 Fixed asset acquisitions 105 Change in intangible assets 106 Change in all other noncurrent assets 107 Net cash from investment activities 108

... Show more


Image transcription text

C103 X v fx A B C D E F G 103 Investment activities 104 Fixed asset acquisitions 105 Change in intangible assets 106 Change in all other noncurrent assets 107 Net cash from investment activities 108 109 Financing activities 110 Change in notes payable 111 Change current maturities-L.T.D. 112 Change in long-term debt 113 Change in all other noncurrent liab. 114 Change in common stock & paid-in cap. 115 Dividends paid 116 Net cash from financing activities 117 118 Net change in cash 119 120 Cash, end of year 121 122 123 124 125 126

... Show more


Financial Accounting. Kindly fill in the table completely and show the complete formula used to get the values. Thank you


3.

Image transcription text

1. Financial accounting is primarily focused on: A. Providing information for external users B. Providing special-purpose information and reports C. Providing general purpose financial statements D. Both A and C Using the data below, answer the next 2 questions Total Units 2,000 1,000 Total Costs 20.000 14,000 2. What is the per unit Variable Cost A. 3 B. .5 C. 10 D. 6 3. What is the total Variable cost at 5000 units? A. 30,000 B. 9,000 C. 12,500 D. 25,000 4. This is a picture of a A. Variable Cost Step cost C. Mixed cost D. Fixed cost

... Show more

Answer & Explanation
Verified Solved by verified expert
<p>ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, c</p> Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet

Unlock full access to Course Hero

Explore over 16 million step-by-step answers from our library

Subscribe to view answer

sit amet, cons

amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesq

tesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequ

risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce

gue

or nec facilisis. Pellentesque dapib

risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoree

Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. D

gue

llentesque dapibus efficitur laoreet. Nam r

Step-by-step explanation
19761283
19761282
19761291
19761290
19761287
19761289
19761288
7 Attachments
2905 4-1_page-0001.jpg
jpg
2905 4-2_page-0001.jpg
jpg
2905 4-3_page-0001.jpg
jpg
2905 4-4_page-0001.jpg
jpg
2905 4-5_page-0001.jpg
jpg
2905 4-6_page-0001.jpg
jpg
2905 4-7_page-0001.jpg
jpg