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HCS 380 Week 3 WileyPLUS Ex 13-9, Ex 13-13 Updated

  • HCS 380 Week 3 WileyPLUS Ex 13-9, Ex 13-13 Updated
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HCS 380 Week 3 WileyPLUS Ex 13-9, Ex 13-13 Updated

 


Complete the assigned exercises in WileyPLUS.
Exercise 13-9
Exercise 13-13

Exercise 13-9
http://edugen.wiley.com/edugen/art2/common/pixel.gif

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
http://edugen.wiley.com/edugen/art2/common/pixel.gif

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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