Homework Answers
A1
Liquidity
Current ratio= current assets / current liabilities
2019- 391,000/200,000= 1.955:1 or 1.96:1
2020- 488,000/280,000= 1.74:1
Change- (11.22%) (change in ratio*100/base years ratio i.e. 2019)
Accounts receivable turnover ratio= net credit sales/ average account receivables
2019- 781,000/ 90,000= 8.67 times
(Average Accounts receivable= opening + closing /2
88,000+92,000/2= 90,000)
2020- 882,000/ 199,000= 4.43 times
Change- (48.90%)
Inventory turnover ratio= cost of goods sold / average inventory
2019- 574,000/142,000= 4.04 times
2020- 641,000/200,500= 3.197 times or 3.20 times
Changes - (20.79%)
Profitability
Profit margin = net profit/ net sales*100
2019- (47,000/781,000) *100= 6.02%
2020- (51,000/882,000)*100= 5.78
Change = 3.98%
Alternatively, it can calculate by taking gross profit also.
Profit margin= (net sales- cost of goods sold/net sales ) *100
2019- (207,000/ 781,000)*100= 26.50%
2020- (241,000/882,000)*100= 27.33%
Change- 3.13 %
Assets turnover- net sales / average total assets
2019- 781,000/ 670,500= 1.06 times
2020- 882,000/ 797000= 1.10 times
Change- 3.77%
Return on assets= (net income / average total assets)*100
2019- (47,000/ 670,000)*100= 7.01%
2020- (51,000/ 797,000)*100= 6.40%
Change - 8.70%
Earning per share= net income/ no of common stock holder
2019- 47,000/ 20,400= 2.30
2020- 51,000/ 20,400=2.50
Change- 8.7%
B
Return on common stock holder equity= (net income/ average common stockholders equity )*100
2020- 51,000/ 346,500= 14.72%
2021- 55,000/ 251,700= 21.85%
Change- 48.44%
Working note :-
Average common stockholders equity-
2020- ($204,000+$149,000+$204,000+$136,000)/2 = $346,500
2021- ($204,000+$149,000+$1,400+$149,000)= $251,700
Debt to assets ratio= (short term debt +long term debt / total assets)*100
2020 - 531,000 /884,000= 60%
2021 - 359,000 /885,000= 40.56%
Change- (32.4)%
Price earning ratio= market share price / earning per share
2020- 9/2.5= 3.6 times
2021-12/2.7= 4.44 times
Change- 23.33%
Working
(Earning per share = net income / no of common stockholders
2020- 51,000/20,400= 2.5
2021- 55,000/20,400= 2.7
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Problem 13-04A a1,b (Video) The following financial information is for Oriole Company. Oriole Company Balance Sheets...
Problem 13-04A a1,b (Video) The following financial information is for Oriole Company. Oriole Company Balance Sheets...
Problem 13-04A a1,b (Video) The following financial information is for Oriole Company. Oriole Company Balance Sheets December 31 2019 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2020 $ 69,000$65,000 40,000 89,000 239,000 168,000 26,000 129,000 129,000 264,000 186,000 $888,000 $703,000 55,000 109,000 23,000 $169,000 $109,000...
Problem 13-04A al,b (Video) The following financial information is for Oriole Company. Oriole Company Balance Sheets...
Problem 13-04A al,b (Video) The following financial information is for Oriole Company. Oriole Company Balance Sheets December 31 2020 2019 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 69,000 $65,000 40,000 89,000 239,000 168,000 26,000 129,000 264,000 186,000 $888,000 $703,000 55,000 109,000 23,000 129,000 $169,000...
*Problem 13-04A a1,b (Video) The following financial information is for Cullumber Company. Cullumber Company Balance Sheets...
*Problem 13-04A a1,b (Video) The following financial information is for Cullumber Company. Cullumber Company Balance Sheets December 31 Assets 2020 Cash $ 70,000 Debt investments (short-term) 53,000 Accounts receivable 108,000 Inventory 229,000 Prepaid expenses 30,000 Land 130,000 Building and equipment (net) 264,000 Total assets $884,000 Liabilities and Stockholders' Equity Notes payable $172,000 Accounts payable 65,000 Accrued liabilities 41,000 Bonds payable, due 2023 250,000 Common stock, $10 par 202,000 Retained earnings 154,000 2019 $ 64,000 39,000 90,000 162,000 25,000 130,000 185,000...
The following financial information is for Oriole Company. ORIOLE COMPANY Balance Sheets December 31 Assets 2017...
The following financial information is for Oriole Company.
ORIOLE COMPANY
Balance Sheets
December 31
Assets
2017
2016
Cash
$ 70,000
$ 69,000
Debt investments (short-term)
51,000
40,000
Accounts receivable
107,000
92,000
Inventory
234,000
167,000
Prepaid expenses
26,000
23,000
Land
135,000
135,000
Building and equipment (net)
261,000
184,000
Total assets
$884,000
$710,000
Liabilities and Stockholders’ Equity
Notes payable
$172,000
$106,000
Accounts payable
66,000
52,000
Accrued liabilities
42,000
42,000
Bonds payable, due 2020
251,000
170,000
Common stock, $10 par
204,000
204,000
Retained...
The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019...
The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019 ssets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 70,000 65,000 40,000 90,000 237,000 168,000 27,000 134,000 134,000 263,000 186,000 $891,000 $710,000 51,000 109,000 27,000 $169,000 $104,000 53,000 39,000 250,000...
The following financial information is for Cullumber Company Cullumber Company Balance Sheets December 31 2020 2019...
The following financial information is for Cullumber Company Cullumber Company Balance Sheets December 31 2020 2019 ASsels $ 70,000 $ 64,000 Cash Debt investments (short-term) 39,000 53,000 90,000 Accounts receivable 108,000 162,000 229,000 Inventory Prepaid expenses 25,000 30,000 130,000 Land 130,000 185,000 264,000 Building and equipment (net) $884,000 $695,000 Total assets Liabilities and Stockholders' Equity $172,000 $102,000 Notes payable 65,000 51,000 Accounts payable 41,000 41,000 Accrued liabilities 250,000 172,000 Bonds payable, due 2023 202,000 Common stock, $10 par 202,000 127,000...
Problem 13-04A a1.b (Video) The following financial information is for Cullumber Company. Cullumber Company Balance Sheets...
Problem 13-04A a1.b (Video) The following financial information is for Cullumber Company. Cullumber Company Balance Sheets December 31 Assets 2020 Cash $ 70,000 Debt investments (short-term) 53,000 Accounts receivable 108,000 Inventory 229,000 Prepaid expenses 30,000 Land 130,000 Building and equipment (net) 264,000 Total assets $884,000 Liabilities and Stockholders' Equity Notes payable $172,000 Accounts payable 65,000 Accrued liabilities 41,000 Bonds payable, due 2023 250,000 Common stock, $10 par 202,000 Retained earnings 154,000 Total liabilities and stockholders' equity $884,000 2019 $ 64,000...
The following financial information is for Cullumber Company. Problem 13-04A The following financial information is for...
The following financial information is for Cullumber
Company.
Problem 13-04A The following financial information is for Cullumber Company. CULLUMBER COMPANY Balance Sheets December 31 Assets 2022 Cash $ 72,000 Debt investments (short-term) 51,000 Accounts receivable 109,000 Inventory 237,000 Prepaid expenses 28,000 Land 131,000 Building and equipment (net) 259,000 Total assets $887,000 Liabilities and Stockholders' Equity Notes payable $169,000 Accounts payable 69,000 Accrued liabilities 41,000 Bonds payable, due 2025 252,000 Common stock, $10 par 209,000 Retained earnings 147,000 Total liabilities and...
Problem 13-04A The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31...
Problem 13-04A The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 Cash $ 72,000 Debt investments (short-term) 54,000 Accounts receivable 109,000 Inventory 235,000 Prepaid expenses 26,000 Land 134,000 Building and equipment (net) 259,000 Total assets $889,000 Liabilities and Stockholders' Equity Notes payable $170,000 Accounts payable 66,000 Accrued liabilities 41,000 Bonds payable, due 2025 249,000 Common stock, $10 par 198,000 Retained earnings 165,000 Total liabilities and stockholders' equity $889,000 2021 $ 67,000 39,000 92,000...
Question 4 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31...
Question 4 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 135,800 Debt investments (short-term) 106,700 Accounts receivable 201,760 Inventory 446,200 Prepaid expenses 48,500 Land 252,200 Building and equipment (net) 504,400 Total assets $1,695,560 Liabilities and Stockholders' Equity Notes payable (short-term) $329,800 Accounts payable 126,100 Accrued liabilities 77,600 Bonds payable, due 2023 485,000 Common stock, $10 par 388,000 Retained earnings 289,060 Total liabilities and stockholders' equity $1,695,560 2019 $ 126,100 77,600...
Problem 13-04A a1,b (Video) The following financial information is for Oriole Company. Oriole Company Balance Sheets December 31 2019 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2020 $ 69,000$65,000 40,000 89,000 239,000 168,000 26,000 129,000 129,000 264,000 186,000 $888,000 $703,000 55,000 109,000 23,000 $169,000 $109,000...
Problem 13-04A al,b (Video) The following financial information is for Oriole Company. Oriole Company Balance Sheets December 31 2020 2019 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 69,000 $65,000 40,000 89,000 239,000 168,000 26,000 129,000 264,000 186,000 $888,000 $703,000 55,000 109,000 23,000 129,000 $169,000...
*Problem 13-04A a1,b (Video) The following financial information is for Cullumber Company. Cullumber Company Balance Sheets December 31 Assets 2020 Cash $ 70,000 Debt investments (short-term) 53,000 Accounts receivable 108,000 Inventory 229,000 Prepaid expenses 30,000 Land 130,000 Building and equipment (net) 264,000 Total assets $884,000 Liabilities and Stockholders' Equity Notes payable $172,000 Accounts payable 65,000 Accrued liabilities 41,000 Bonds payable, due 2023 250,000 Common stock, $10 par 202,000 Retained earnings 154,000 2019 $ 64,000 39,000 90,000 162,000 25,000 130,000 185,000...
The following financial information is for Oriole Company.
ORIOLE COMPANY
Balance Sheets
December 31
Assets
2017
2016
Cash
$ 70,000
$ 69,000
Debt investments (short-term)
51,000
40,000
Accounts receivable
107,000
92,000
Inventory
234,000
167,000
Prepaid expenses
26,000
23,000
Land
135,000
135,000
Building and equipment (net)
261,000
184,000
Total assets
$884,000
$710,000
Liabilities and Stockholders’ Equity
Notes payable
$172,000
$106,000
Accounts payable
66,000
52,000
Accrued liabilities
42,000
42,000
Bonds payable, due 2020
251,000
170,000
Common stock, $10 par
204,000
204,000
Retained...
The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019 ssets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 70,000 65,000 40,000 90,000 237,000 168,000 27,000 134,000 134,000 263,000 186,000 $891,000 $710,000 51,000 109,000 27,000 $169,000 $104,000 53,000 39,000 250,000...
The following financial information is for Cullumber Company Cullumber Company Balance Sheets December 31 2020 2019 ASsels $ 70,000 $ 64,000 Cash Debt investments (short-term) 39,000 53,000 90,000 Accounts receivable 108,000 162,000 229,000 Inventory Prepaid expenses 25,000 30,000 130,000 Land 130,000 185,000 264,000 Building and equipment (net) $884,000 $695,000 Total assets Liabilities and Stockholders' Equity $172,000 $102,000 Notes payable 65,000 51,000 Accounts payable 41,000 41,000 Accrued liabilities 250,000 172,000 Bonds payable, due 2023 202,000 Common stock, $10 par 202,000 127,000...
Problem 13-04A a1.b (Video) The following financial information is for Cullumber Company. Cullumber Company Balance Sheets December 31 Assets 2020 Cash $ 70,000 Debt investments (short-term) 53,000 Accounts receivable 108,000 Inventory 229,000 Prepaid expenses 30,000 Land 130,000 Building and equipment (net) 264,000 Total assets $884,000 Liabilities and Stockholders' Equity Notes payable $172,000 Accounts payable 65,000 Accrued liabilities 41,000 Bonds payable, due 2023 250,000 Common stock, $10 par 202,000 Retained earnings 154,000 Total liabilities and stockholders' equity $884,000 2019 $ 64,000...
The following financial information is for Cullumber
Company.
Problem 13-04A The following financial information is for Cullumber Company. CULLUMBER COMPANY Balance Sheets December 31 Assets 2022 Cash $ 72,000 Debt investments (short-term) 51,000 Accounts receivable 109,000 Inventory 237,000 Prepaid expenses 28,000 Land 131,000 Building and equipment (net) 259,000 Total assets $887,000 Liabilities and Stockholders' Equity Notes payable $169,000 Accounts payable 69,000 Accrued liabilities 41,000 Bonds payable, due 2025 252,000 Common stock, $10 par 209,000 Retained earnings 147,000 Total liabilities and...
Problem 13-04A The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 Cash $ 72,000 Debt investments (short-term) 54,000 Accounts receivable 109,000 Inventory 235,000 Prepaid expenses 26,000 Land 134,000 Building and equipment (net) 259,000 Total assets $889,000 Liabilities and Stockholders' Equity Notes payable $170,000 Accounts payable 66,000 Accrued liabilities 41,000 Bonds payable, due 2025 249,000 Common stock, $10 par 198,000 Retained earnings 165,000 Total liabilities and stockholders' equity $889,000 2021 $ 67,000 39,000 92,000...
Question 4 The following financial information is for Priscoll Company. Priscoll Company Balance Sheets December 31 Assets 2020 Cash $ 135,800 Debt investments (short-term) 106,700 Accounts receivable 201,760 Inventory 446,200 Prepaid expenses 48,500 Land 252,200 Building and equipment (net) 504,400 Total assets $1,695,560 Liabilities and Stockholders' Equity Notes payable (short-term) $329,800 Accounts payable 126,100 Accrued liabilities 77,600 Bonds payable, due 2023 485,000 Common stock, $10 par 388,000 Retained earnings 289,060 Total liabilities and stockholders' equity $1,695,560 2019 $ 126,100 77,600...
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