$1.00 Accounting
- From Business: Accounting
- Closed, but you can still post tutorials
- Due on Jun. 23, 2012
- Asked on Jun. 20, 2012 at 11:51:19AM
Financial information for Blevins Inc. is presented below.
December 31, 2009 December 31, 2008
Current assets $125,000 $100,000
Plant assets (net) 396,000 330,000
Current liabilities 91,000 70,000
Long-term liabilities 133,000 95,000
Common stock, $1 par 161,000 115,000
Retained earnings 136,000 150,000
Instructions
Prepare a schedule showing a horizontal analysis for 2009 using 2008 as the base year.
E15-2 Operating data for Gallup Corporation are presented below.
2009 2008
Sales $750,000 $600,000
Cost of goods sold 465,000 390,000
Selling expenses 120,000 72,000
Administrative expenses 60,000 54,000
Income tax expense 33,000 24,000
Net income 72,000 60,000
Instructions
Prepare a schedule showing a vertical analysis for 2009 and 2008.
E15-11 Scully Corporation’s comparative balance sheets are presented below.
SCULLY CORPORATION
Balance Sheets
December 31
2008 2007
Cash $ 4,300 $ 3,700
Accounts receivable 21,200 23,400
Inventory 10,000 7,000
Land 20,000 26,000
Building 70,000 70,000
Accumulated depreciation (15,000) (10,000)
Total $110,500 $120,100
Accounts payable $ 12,370 $ 31,100
Common stock 75,000 69,000
Retained earnings 23,130 20,000
Total $110,500 $120,100
Scully’s 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.
Instructions
Compute the following ratios for 2008.
(a) Current ratio.
(b) Acid-test ratio.
(c) Receivables turnover.
(d) Inventory turnover.
(e) Profit margin.
(f) Asset turnover.
(g) Return on assets.
(h) Return on common stockholders’ equity.
(i) Debt to total assets ratio.
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- Posted on Jun 20, 2012 at 12:21:52PM
Attachments:
Scully Corporation, Blevins and Gallup.xlsx (22K)
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- Posted on Jun 20, 2012 at 2:10:21PM
Rating (625):A+
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Attachments:
BLEVINS-Horizontal-Analysis.xlsx (10K)
GALLUP-CORPORATION.xlsx (12K)
SCULLY-CORPORATION-Ratios.xlsx (9K)
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- Posted on Jun 20, 2012 at 6:14:33PM