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# \$1.00Accounting

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• Due on Jun. 23, 2012
• Asked on Jun. 20, 2012 at 11:51:19AM

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Q:

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

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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