05 Jun HCS 380 Week 3 WileyPLUS Ex 13-9, Ex 13-13 NEW
Complete the assigned exercises in WileyPLUS.
Exercise 13-9
Exercise 13-13
Exercise 13-9
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Your answer is partially correct.
Kinder Company has these comparative balance sheet data:
KINDER COMPANY
Balance Sheets
December 31
2014
2013
Cash
$ 29,895
$ 59,790
Accounts receivable (net)
139,510
119,580
Inventory
119,580
99,650
Plant assets (net)
398,600
358,740
$687,585
$637,760
Accounts payable
$ 99,650
$ 119,580
Mortgage payable (15%)
199,300
199,300
Common stock, $10 par
279,020
239,160
Retained earnings
109,615
79,720
$687,585
$637,760
Additional information for 2014:
1.
Net income was $30,600.
2.
Sales on account were $377,000. Sales returns and allowances amounted to $26,600.
3.
Cost of goods sold was $201,000.
4.
Net cash provided by operating activities was $58,500.
5.
Capital expenditures were $26,100, and cash dividends were $17,300.
Compute the following ratios at December 31, 2014.
Exercise 13-13
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Your answer is partially correct.
The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.
ELLIOTT COMPANY
Balance Sheets
December 31 (in thousands)
2014
2013
Current assets
Cash and cash equivalents
$330
$360
Accounts receivable (net)
545
475
Inventory
640
570
Prepaid expenses
130
160
Total current assets
1,645
1,565
Property, plant, and equipment (net)
410
380
Investments
85
85
Intangibles and other assets
530
510
Total assets
$2,670
$2,540
Current liabilities
$895
$865
Long-term liabilities
660
560
Stockholders’ equity—common
1,115
1,115
Total liabilities and stockholders’ equity
$2,670
$2,540
ELLIOTT COMPANY
Income Statements
For the Year Ended December 31 (in thousands)
2014
2013
Sales revenue
$3,980
$3,640
Costs and expenses
Cost of goods sold
1,045
965
Selling & administrative expenses
2,400
2,330
Interest expense
10
20
Total costs and expenses
3,455
3,315
Income before income taxes
525
325
Income tax expense
210
130
Net income
$ 315
$ 195
Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)
(a)
Current ratio.
(b)
Inventory turnover. (Inventory on December 31, 2012, was $380.)
(c)
Profit margin.
(d)
Return on assets. (Assets on December 31, 2012, were $1,950.)
(e)
Return on common stockholders’ equity. (Equity on December 31, 2012, was $940.)
(f)
Debt to assets ratio.
(g)
Times interest earned.
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