Coleman Companys stock is quoted at $16 per share at December 31, 2015 and 2014. Colemans financial
Question:
Questions next page
Required
Prepare a horizontal analysis of the balance sheet and income statement for 2015 and 2014. Round percentages to one decimalpoint.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Transcribed Image Text:
COLEMAN COMPANY Balance Sheets As of December 31 (In thousands) 2014 Assets Current assets $ 2,000 4,000 44,000 60,000 1,000 111,000 105,000 1,000 2,000 4.000 3,000 Cash $ 3,000 5,000 47,000 50,000 2,000 107,000 100,000 1,000 3,000 2,000 2,000 Marketable securities at cost which approximates market Accounts receivable, net of allowance for doubtful accounts Inventories, lower of cost or market Prepaid expenses Total current assets Property, plant, and equipment, net of accumulated depreciation Investments Long-term receivables Goodwill and patents, net of accumulated amortization Other assets Total assets $215000 $226,000 Liabilities and Stockholders' Equity Current liabilities $ 3,000 12,000 9,000 1,000 3,000 28,000 50,000 30,000 5,000 113,000 $ 5,000 16,000 11,000 1,000 2,000 35,000 60,000 27,000 4,000 126,000 Notes payable Accounts payable Accrued expenses Income taxes payable Payments due within one year Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Stockholders' equity 5% cumulative preferred stock, par value $100 per share; $100 liquidating value; authorized 250,000 shares, issued and outstanding 200,000 shares and 5,000,000 shares issued and outstanding Total stockholders' equity 20,000 20,000 Common stock, no par; 10,000,000 shares authorized Retained eanings Total liabilities and stockholders' equity 40,000 42,000 102,000 $215,000 40,000 40,000 100,000 26.000 COLEMAN COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 In thousands) 2015 2014 Net sales $180,000 $150,000 Expenses Cost of goods sold Selling, general, and administrative expenses Other 147,000 20,000 2,000 169,000 11,000 5,000 6,000 40,000 3,000 1,000 42,000 120,000 18,000 2,000 140,000 10,000 4,000 6,000 38,000 3,000 1,000 40,000 Total expenses Income before income taxes Income taxes Net income Retained earnings at beginning of period Less: Dividends on common stock Dividends on preferred stock Retained eamings at end of period
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
Coleman Company Horizontal Analysis of Balance Sheets 2015 2014 Change Assets Cash 3000 2000 500 Mar...View the full answer
Answered By
Pranav Makode
I am a bachelor students studying at professor ram meghe institute of technology and research. I have a great experience of being an expert. I have worked as an expert at helloexperts and solvelancer as a part time job. I have also worked as a doubt solver at ICAD SCHOOL OF LEARNING, which is in Amravati city. I have also worked as an Freelancer.
I have great experience of helping students, as described above. I can help any students in a most simple and understandable way. I will not give you have any chance for complaint. You will be greatfull to accept me as an expert.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
Question Posted:
Students also viewed these Managerial Accounting questions
-
The balance sheet and income statement for Berthas Bridal Boutique are presented along with some additional information about the accounts. You are to answer the questions that follow concerning cash...
-
The balance sheet and income statement for the J. P. Robard Mfg. Company are as follows: BALANCE SHEET. $ 000. Cash................ $ 500 Accounts receivable........... 2,000...
-
A comparative balance sheet and income statement for Eaton Company follow: During 2008, the company sold some equipment for $18 that had cost $30 and on which there was accumulated depreciation of...
-
Which of the following statements about close buyer-seller relationships in business markets is FALSE? Long-term commitments on larger order quantities often cause the supplier to raise its selling...
-
The total concentration of Ca2 + and Mg2+ in a sample of hard water was determined by titrating a 0.100-L sample of the water with a solution of EDTA4-.The EDTA4- chelates the two cations: It...
-
Draw a graph with "miles driven" on the horizontal axis and "$ per mile "on the vertical axis. Draw curves to represent the marginal social cost, the marginal private cost, and the marginal benefit...
-
Figure P29.4 shows a square conducting loop centered on the \(x\) axis, with its sides parallel to the \(y\) and \(z\) axes. The loop moves with constant velocity in the negative \(x\) direction...
-
Coakley Company acquired 30% of the outstanding common stock of Ginger Inc. on January 1, 2012, by paying $1,800,000 for 60,000 shares. Ginger declared and paid a $0.50 per share cash dividend on...
-
Lydia Lopokova is 40 years old. She has assets (wealth) of $80,000 and has no debts or liabilities. She knows that she will work for 30 more years and will live 10 years after that, when she will...
-
Spier Corporations controller has prepared the following vertical analysis for the president. Required Sales were $720,000 in 2014 and $800,000 in 2015. Convert the analysis to income statements for...
-
Use the financial statements for Coleman Company from Problem 13-17B to perform a vertical analysis (based on total assets, total equities, and sales) of both the balance sheets and income statements...
-
West Company acquired 60 percent of Solar Company for $300,000 when Solars book value was $400,000. The newly comprised 40 percent noncontrolling interest had an assessed fair value of $200,000. Also...
-
A taxpayer receives dividend income of $400, which includes $200 of qualified dividend income. They are also in the 0% capital gains tax bracket. How much of the dividend income is taxable as...
-
In 2020, Jimi Hendrix Corporation began selling a new line of guitars. The company guarantees the instruments against manufacturing defects for two years from the date of sale. The company has...
-
A taxpayer spends $50,000 on a new roof, $5,000 for minor repairs, and $15,000 for a new driveway on a residential rental property. What value of these "repairs" is required to be capitalized instead...
-
A baker buys milk in 1-gallon jugs. Each gallon of milk costs the baker $1.47. What is the baker's cost for 1 cup of milk?
-
You borrowed $1,000 on November 30th and another $1,500 on December 31st. Your arrange with the bank to pay the entire amount on February 15th of the following year. If the interest is 12% simple...
-
A business consultant requests that you perform some preliminary calculations before analysing a data set using Excel. (a) Calculate the number of degrees of freedom for a contingency table with...
-
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...
-
Outline the problems associated with fixed brokerage commissions.
-
Parry Computers leases space in a mall at a monthly rental cost of $3,000. The following graph setups depict rental cost on the vertical axes and activity level on the horizontal axes: Total monthly...
-
Description of business for Caterpillar, Inc. With 2014 sales and revenues of $55.184 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural...
-
Use the 2014 Form 10-K for Snap-on Incorporated to complete the requirements below. To obtain the Form 10-K, you can use the EDGAR system (see Appendix A at the back of this text for instructions),...
-
(a). In the context of Current Cost Accounting (CCA), briefly explain the meaning of the following terms. (i). Monetary working capital adjustment (2 marks) (ii). Gearing adjustment (2 marks)(b)....
-
How do laws originate? Explain the differences between various sources of law and describe the branches of government and their roles in creating, administering, and enforcing the law. In addition,...
-
Monte is a resident taxpayer. During the 2023 income year, Monte recorded the following: Salary received from part-time employment (no PAYG) 22,000 Bonus due but not yet received from part-time...
Study smarter with the SolutionInn App