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Posted by: Homeworkhelp
Price Quoted by Student: $20
Posted On: 2016-07-12 10:10:02
 
Question

E14-17 E15-18 P15-26A

 

E14-17 Minerals Plus, Inc

E15-18 Large Land Photo Shop

P15-26A Danfield, Inc

 

E14-17 The income statement of Minerals Plus, Inc. follows:

Minerals Plus, Inc.

Income Statement

Year Ended September 30,2012

 

 

 

Revenues:

 

 

                                                          Service revenue

 

$235,000

Expenses:

 

 

Cost of goods sold

$97,000

 

Salary expense

$57,000

 

Depreciation expense

$26,000

 

Income tax expense

$4,000

$184,000

Net income

 

$51,000

 

Additional data follow:

a.   Acquisition of plant assets is $118,000. Of this amount $100,000 is paid in cash and $18,000 by signing a note payable.

b.   Cash receipts from sale of land totals $28,000. There was no gain or loss.

c.   Cash receipts from issuance of common stock total $29,000.

d.   Payment of note payable is $18,000.

e.   Payment of dividends is $8,000.

f.    From the balance sheet:

 

 

Sept. 30

 

 

2012

2011

Current Assets:

 

 

Cash

$30,00

$8,000

Accounts receivable

$41,000

$59,000

Inventory

$97,000

$93,000

Current Liabilities:

 

 

Accounts payable

$30,000

$17,000

Accrued liabilities

$11,000

$24,000

 

Compute DVD’s net cash provided by (used for) operating activities during July. Use the indirect method.

 

Financial Statement Analysis

From Chapter 15, complete E15-18 and P15-26A and post the answers to the discussion board by day 3. Respond to at least two of your classmates’ postings.

 

 

E15-18 Large Land Photo Shop has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2012. To answer this question, you gather the following data:

 

2012

2011

Cash

$58,000

$57,000

Short-term investments

31,000

 

Net receivables

110,000

132,000

Inventory

247,000

297,000

Total assets

585,000

535,000

Total current liabilities

255,000

222,000

Long-term note payable

46,000

48,000

Income from operations

180,000

153,000

Interest expense

52,000

39,000

1.   Compute the following ratios for 2012 and 2011:

a.   Current ratio

b.   Acid-test ratio

c.   Debt to equity ratio

 

P15-26A Using ratios to evaluate a stock investment

Comparative financial statement data of Danfield, Inc., follow:

Danfield, Inc.

Comparative Income Statement

Years Ended December 31, 2012 and 2011

 


Solutions
E14-17 E15-18 P15-26A   E14-17 Mi
Price $20
Attachment 1: E14-17 E15-18 P15-26A.docx
Solution Posted By: Homeworkhelp    Posted on: 12-07-2016