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financial reporting and analysis
Financial Reporting And Analysis 8th Edition Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer - Solutions
Ramps by Jake, Inc., manufactures skateboard ramps. The company uses independent sales representatives to market its products and pays a commission of 8% on each sale. Data regarding the five styles of ramps in the company’s inventory at December 31, 20X1, follow. The normal profit margin on each
1. Refer to the facts in Problem 10-16. Repeat the requirements assuming that Jake uses the FIFO cost flow assumption.2. Explain how the financial statements are affected when a company decides that NRV should be used for the inventory value.3. Repeat part 1 assuming that Jake has the same number
Caldwell Corporation (a fictional company) operates an ice cream processing plant and uses the FIFO inventory cost flow assumption. A partial income statement for the year ended December 31, 20X2, follows:Caldwell CorporationStatement of IncomeFor the Year Ended December 31, 20X2Sales
The following inventory valuation errors have been discovered for Knox Corporation:• The 20X1 year-end inventory was overstated by $23,000.• The 20X2 year-end inventory was understated by $61,000.• The 20X3 year-end inventory was understated by $17,000.The reported income before taxes for
Watsontown Yacht Sales has been selling large power cruisers for 25 years. On January 1, 20X1, the company had $5,950,000 in inventory (based on a FIFO valuation). While the number of yachts in Watsontown Yacht Sales’s inventory remained fairly constant throughout 20X1, by December 31, 20X1,
Nathan’s Grills, Inc., imports and sells premium-quality gas grills. The company had the following layers in its LIFO inventory at January 1, 20X4, at which time the replacement cost of the inventory was $675 per unit.The replacement cost of grills remained constant throughout 20X4. Nathan’s
KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW’s major competitor, instead uses the FIFO method. The following are excerpts from each company’s 20X1 financial statements:Required:1. Compute each company’s 20X1 gross margin percentage and inventory turnover
Bourne Company (a fictional company) has the following inventory note in its 20X3 annual report.LIFO revaluations decreased $140 million in 20X3, compared with decreases of $169 million in 20X2 and $82 million in 20X1. Included in these changes were decreases of $30 million, $12 million, and $3
JKW Corporation (a fictional company) has been selling plumbing supplies since 1981. In 2003, the company adopted the LIFO method of valuing its inventory. The company has grown steadily over the years and a layer has been added to its LIFO inventory in each of the years the method has been used.
Blago Wholesale Company began operations on January 1, 20X1, and uses the average cost method in costing its inventory. Management is contemplating a change to the FIFO method in 20X2 and is interested in determining how such a change will affect net income. Accordingly, the following information
The following is an excerpt from the financial statements of Talbot Industries (a fictional company):Effective September 30, 20X1, the Company changed its method of accounting for inventories from the LIFO method principally to the Specific Identification method because, in the opinion of
Selected information concerning the operation of Kern Company for the year ended December 31, 20X1, is available as follows:Units produced10,000Units sold9,000Direct materials used$40,000Direct labor incurred20,000Fixed factory overhead25,000Variable factory overhead12,000Fixed selling and
Parque Corporation (a fictional company) applied to Fairview Bank (another fictional company) early in 20X2 for a $400,000 five-year loan to finance plant modernization. The company proposes that the loan be unsecured and repaid from future operating cash flows. In support of the loan application,
Information from Jacob Perez Company’s records is available as follows for the year ended December 31, 20X1:Net sales .................................................... $1,600,000Cost of goods manufactured:Variable ........................................................ $ 800,000Fixed
Princess Retail Stores started doing business on January 1, 20X1. The following data reflect its inventory purchases and sales during the year:Required:1. Compute gross margin and cost of ending inventory using the periodic FIFO cost flow assumption.2. Compute gross margin and cost of ending
On June 30, 20X1, a tornado damaged Jensen Corporation’s warehouse and factory, completely destroying the work-in-process inventory. Neither the raw materials nor finished goods inventories were damaged. A physical inventory taken after the tornado revealed the following valuations:Raw materials
Packard, Inc., adopted the dollar-value LIFO inventory method on June 30, 20X1, the end of its fiscal year. Packard’s inventory records provide the following information:Required:Calculate the ending inventory for Packard, Inc., for 20X2, 20X3, 20X4, and 20X5 using the dollar-value LIFO method.
Hestor Company’s records indicate the following information:Merchandise inventory, January 1, 20X1 ............................ $ 550,000Purchases, January 1 through December 31, 20X1 ........... 2,250,000Sales, January 1 through December 31, 20X1 .................... 3,000,000On December 31,
Diana Gomez Corporation, a manufacturer of cowboy boots, provided the following information from its accounting records for the year ended December 31, 20X1.Inventory at December 31, 20X1 (based on a physical count ........ $1,700,000of goods on December 31, 20X1)Accounts payable at December 31,
Baines Corporation (a fictional company) manufactures fireplace tools and accessories. It has been prosperous since its incorporation, largely due to a small, exceptionally skilled, and highly motivated managerial staff. Baines has been able to attract and retain its excellent management team
Mastrolia Manufacturing produces pacifiers. The company uses absorption costing for external reporting, but management prefers variable costing for evaluating the profitability of each model. Bonuses, which make up a significant portion of each manager’s annual compensation, are based on
Bravo Wholesalers, Inc., began its business on January 1, 20X1. Information on its inventory purchases and sales during 20X1 follows:Required:1. Compute the cost of ending inventory and cost of goods sold under each of the following methods: (a) FIFO, (b) weighted average cost, and (c) LIFO. Assume
The following information related to Exxon Mobil’s inventories is taken from its 2017 annual report.3. Miscellaneous Financial Information In 2017, 2016, and 2015, net income included losses of $10 million, $295 million, and $186 million, respectively, attributable to the combined effects of LIFO
The following information related to Caterpillar’s inventories is taken from its 2015 annual report. Use this information in answering the questions that follow. There were no LIFO liquidations in 2014 or 2015.D. InventoriesInventories are stated at the lower of cost or market. Cost is
For the year 20X1, Dumas Company’s gross profit was $96,000; the cost of goods manufactured was $340,000; the beginning inventories of goods in process and finished goods were $28,000 and $45,000, respectively; and the ending inventories of goods in process and finished goods were $38,000 and
The following information is available for Day Company for 20X1:Cash disbursements for purchase of merchandise ........... $290,000Increase in trade accounts payable ........................................... 25,000Decrease in merchandise inventory ........................................
Office Supply, Inc., had 300 calculators on hand at January 1, 20X1, costing $16 each. Purchases and sales of calculators during the month of January were as follows:Jessica does not maintain perpetual inventory records. According to a physical count, 200 calculators were on hand at January 31,
On January 1, 20X1, Hillock Brewing Company sold 50,000 bottles of beer to various customers for $45,000 using credit terms of 3/10, n/30. These credit terms mean that customers receive a cash discount of 3% of invoice price for payments made within 10 days of the sale (this is what the 3/10
The following information is available for Fess Company:Credit sales during 20X1 ...................................................................................... $150,000Allowance for credit losses at December 31, 20X0 ................................................. 1,450Accounts receivable
The following information is taken from the financial statements of Ramsay Health Care Inc.:Required:1. Reconstruct all journal entries relating to Gross accounts receivable and Allowance for credit losses for the year ended December 31, 20X3. You may assume that all revenues are from credit
During 20X1, Kew Company, a service organization, had $200,000 in cash sales and $3,000,000 in credit sales. The accounts receivable balances were $400,000 and $485,000 at December 31, 20X0 and 20X1, respectively.Required:What was the amount of Kew Company’s cash receipts from sales in 20X1?
As described in the chapter, the abnormal earnings approach for estimating common share value is where V0 is the total value of all outstanding shares, BV0 is the current book value of stockholders’ equity, BVt–1 is the book value of shareholders’ equity at the beginning of period t, re
Randall Manufacturing has requested a $2 million, four-year term loan from Farmers State Bank. It will use the money to expand its warehouse and to upgrade its assembly line. Randall supplied the following cash flow forecasts as part of the loan application.The forecasts assume that the loan is
Sunny Day Stores operates convenience stores throughout much of the United States. The industry is highly competitive, with low profit margins. The company’s competition includes national, regional, and local supermarkets; oil companies; and convenience store operators. A note to the 20X1
This case illustrates how the abnormal earnings valuation model described in Appendix 7A of this chapter can be combined with security analysts’ published earnings forecasts and used to spot potentially overvalued stocks.Required:1. Use the abnormal earnings valuation model from Exhibit 7.8 of
In Chapter 17, we will discuss goodwill impairment rules, which determine when goodwill must be written down and by how much. They do so by comparing the estimated fair value of a reporting unit to its carrying value.Required:1. Suppose Jesse Corporation uses a discounted free cash flow valuation
Sonic Solutions develops digital media products, services, and technologies for consumers and content development professionals. In June 2010, a team of analysts at J.P. Morgan issued a research report that valued Sonic’s stock at $13 per share, compared to the then-current market price of $8.71.
As discussed in the chapter, abnormal earnings (AE) areAEt = Xt − (re × BVt−1)where Xt is the firm’s net income, re is the cost of equity capital, and BVt–1 is the book value of equity at t − 1.Following are Xt, BVt–1, and re for two firms. Required:1. Calculate
The quarterly cash flows from operations for two software companies areRequired:1. Explain why Firm B has more credit risk than Firm A.2. Suppose that Firm B’s cash flow was $200 higher each quarter (e.g., $336.7 in Q1 of 20X1). Explain why Firm B might still be judged to have higher credit risk
The Compensation Committee chose consolidated EBITDA [earnings before interest, taxes, depreciation, and amortization] and revenue as the performance metrics for fiscal 2012, weighted at 80% and 20%, respectively. Consolidated EBITDA is defined the same way as it is defined in our secured credit
Margaret Magee has served both as an outside director of MX Manufacturing for the past 10 years and as a member of the company’s compensation committee for the past 5 years. Margaret has been reviewing MX’s 20X1 preliminary earnings statement in preparation for the February 20X2 board and
Prior to being acquired by Amazon.com, Whole Foods Market provided that its Compensation Committee would determine a portion of executive bonuses by selecting from a list of 13 performance metrics. For the fiscal year 2014, the Compensation Committee selected the following five quantitative
On March 14, 2019, Core Molding Technologies, Inc. filed a Form 8-K disclosing an amendment to one of its borrowing agreements as follows:(T)he Borrowers and the Lenders agreed to modify certain terms of the A/R Credit Agreement. These modifications included (1) implementation of an availability
Following your retirement as senior vice president of finance for a large company, you joined the board of Cayman Grand Cruises, Inc. You serve on the compensation committee and help set the bonuses paid to the company’s top five executives. According to the annual bonus plan, each executive can
In 20X1, Illinois Power & Heat spent $5 million repairing one of its electrical generating stations that was damaged by a tornado. The loss was uninsured. Management has asked the public service commission for approval to treat the $5 million as an asset for rate-making purposes rather than as
Food Galore operates a chain of retail supermarkets. The supermarket business is highly competitive, and it is characterized by low profit margins. Food Galore recently entered into a credit agreement with a group of banks. Excerpts from the loan agreement follow. Fixed Charges Coverage The ratio
Duke Energy Corporation’s 2018 annual report to shareholders contains the following note disclosure (edited for brevity):Regulated Operations Substantially all of Duke Energy’s regulated operations meet the criteria for application of regulatory accounting treatment. As a result, Duke Energy is
Big Energy Corporation received regulatory approval for its 20X1 electricity rate. The company has been authorized to charge customers $0.10 per kilowatt-hour (kwh), a rate lower than other utilities in the state charge. Details of the rate calculation follow:Shortly after the 20X1 rate was set,
Appearing next is information pertaining to Garrels Company’s Allowance for credit losses. Examine this information and answer the following questions.Required:1. Solve for the unknowns in the preceding schedule. (Hint: Use T-accounts.)2. Make all entries related to the Allowance for credit
For the month of December 20X1, Ranger Corporation’s records show the following information:Cash received on accounts receivable ..................... $35,000Cash sales ...................................................................... 30,000Accounts receivable, December 1, 20X1
Aardvark, Inc., began 20X1 with the following receivables-related account balances: Accounts receivable ...................... $575,000Allowance for credit losses .............. 43,250Aardvark’s transactions during 20X1 include the following:a. On April 1, 20X1, Aardvark accepted an 8%,
At the close of its first year of operations on December 31, 20X1, Clemens Company had accounts receivable of $300,000, which were net of the related allowance for credit losses. During 20X1, the company had charges to the credit loss expense of $25,000 and wrote off accounts receivable of $15,000
Baer Enterprises’s balance sheet at October 31, 20X1 (fiscal year-end), includes the following:Accounts receivable ........................................ $ 379,000Less: Allowance for credit losses ...................... (33,000)Accounts receivable (net) .............................. $
Caterpillar Inc. manufactures and sells earth-moving equipment. Presented below is information on its receivables and allowance for credit losses from its 2018 Form 10-K. The “Recorded Investments in Finance Receivables” represent the amortized cost of the receivables before the
Avillion Corporation had a $45,000 debit balance in Accounts receivable and a $3,500 credit balance in Allowance for credit losses on December 31, 20X1. The company prepared the following aging schedule to record the adjusting entry for bad debts on December 31, 20X1.a. On January 1, 20X2, the
Sperry-New Holland manufactures farm machinery. During 20X1, it incurred a variety of costs, several of which appear on the following list. Nature of Incurred Costa. Comprehensive liability insurance premium on corporate headquartersb. Depreciation on production equipmentc. Electricity consumedd.
The following information pertains to Yuji Corporation:Costs incurred during the year 20X1 were as follows:$116,00055,00025,00040,00010,00012,0005,0007,500Required:Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following:1. Cost of raw materials used.2. Cost of
Presented below are excerpts from the 2018 annual report of Siemens AG, a German company that operates in numerous industries, including technology, power generation, and medical diagnostics.NOTE 1 Basis of presentationInventories—Inventories are valued at the lower of acquisition or production
Keefer, Inc., began business on January 1, 20X1. Information on its inventory purchases and sales during 20X1 and 20X2 follow:Required:1. Calculate ending inventory, cost of goods sold, and gross margin for 20X1 and 20X2 under the periodic FIFO inventory valuation method.2. Calculate ending
On January 1, 20X1, Manuel Company’s merchandise inventory was $300,000. During 20X1, Manuel purchased $1,900,000 of merchandise and recorded sales of $2,000,000. The gross profit margin on these sales was 20% of the selling price.Required:What is Manuel’s merchandise inventory at December 31,
The following notes for three fictional companies represent what analysts may see in practice.Carsini Company, December 31, 20X2Note No. 4—Trade Notes Receivable Discounted with Banks The Company regularly discounts trade notes receivable on a full recourse basis with banks. The discounted notes
Smithfield Farms purchased a combine from John Deere for $175,000 on January 2, 20X1. Smithfield paid $25,000 in cash and signed an installment note calling for five annual payments of $39,569.58 beginning on December 31, 20X1. Deere based the payments on a 10% rate of interest. Smithfield made the
Mikeska Companies purchased equipment for $108,000 from Power-line Manufacturing on January 1, 20X0. Mikeska paid $18,000 in cash and signed a five-year, 5% installment note for the remaining $90,000 of the purchase price. The note calls for annual payments of $18,000 plus interest on December 31
Fish Spotters, Inc., purchased a single-engine aircraft from National Aviation on January 1, 20X0. Fish Spotters paid $55,000 cash and signed a three-year, 8% note for the remaining $45,000. Terms of the note require Fish Spotters to pay accrued interest annually on December 31, with the remaining
On December 31, 20X1, Fenton Company sold equipment to Denver, Inc., accepting a $275,000 non–interest-bearing note receivable due on December 31, 20X4. Denver, Inc., normally pays 12% for its borrowed funds. The equipment is carried in Fenton’s perpetual inventory records at 65% of its cash
Atherton Manufacturing Company sold $200,000 of accounts receivable to a factor. Pertinent facts about this transaction include the following:a. The factored receivables had a corresponding $4,000 balance in Allowance for credit losses.b. The receivables were factored on a without-recourse basis
Blue, Inc., sells playground equipment to schools and municipalities. It mails invoices at the end of each month for all goods shipped during that month; credit terms are net 30 days. Sales and accounts receivable data for 20X1, 20X2, and 20X3 follow:Required:1. Calculate the rates of increase in
Kendall Corporation designs and manufactures sports cars. During the course of its business, Kendall generates substantial receivables from its customers. On July 1, 20X1, to improve its cash flow, Kendall establishes a securitization entity (SE) and (1) transfers without recourse $20.5 million of
The following information relates to Zulu Company’s accounts receivable for 20X1:Accounts receivable, 1/1/20X1 ............................ $ 750,000Credit sales for 20X1 ............................................ 3,100,000Accounts written off during 20X1 ............................
On December 31, 20X1, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for credit losses. Vale analyzes its historical experience related to receivables in specific age categories and estimates the expected credit loss for each category based on government forecasts of the
On December 31, 20X1, Roker, Inc., reported notes receivable of $63,930,000. This amount represents the present value of future cash flows (both principal and interest) discounted at a rate of 11.12% per annum. The schedule of collections of the receivables is provided next:Assume that the interest
On December 1, 20X1, Eva Corporation, a mortgage bank, has the following amounts on its balance sheet (in millions):AssetsCash$ 10Mortgage receivables58Investments27Other assets13Total$ 108Liabilities and Shareholders’ EquityNotes payable$ 50Common stock11Retained earnings47Total$ 108Also on
Lake Company sold some machinery to View Company on January 1, 20X1, for which the cash selling price was $758,200. View entered into an installment sales contract with Lake at a 10% interest rate. The contract required payments of $200,000 a year over five years with the first payment due on
At December 31, 20X0, Oettinger Corporation, a premium kitchen cabinetmaker for the home remodeling industry, reported the following accounts receivable information on its year-end balance sheet:Gross accounts receivable ........................
Margaret O’Flaherty, a portfolio manager for MCF Investments, is considering investing in Alpine Chemical 7% bonds, which mature in 10 years. She asks you to analyze the company to determine the riskiness of the bonds.Required:1. Using the data provided in the accompanying financial statements,
Griffin and Lasky, Inc. (G&L), supplies industrial automation equipment and machine tools to the automotive industry. G&L recognizes revenue on its long-term contracts over time. Customer orders have long lead times because they involve multiyear capital investment programs. Sometimes
At the end of 2009, Blockbuster Inc. operated more than 5,000 stores and franchisees operated another 1,300. Nine months later the company filed for bankruptcy protection. By the end of 2010, Blockbuster had closed nearly 1,000 company-operated and 300 franchised stores. As part of its bankruptcy
Following are income statements for Hossa Corporation for 20X1 and 20X2. Percentage of sales amounts are also shown for each operating expense item. Hossa’s income tax rate was 22% in 20X1 and 24% in 20X2.Hossa’s management was pleased that 20X2 net income was up 6.5% from the prior
Tiffany & Company is a luxury jeweler and specialty retailer that sells timepieces, sterling silverware, china, crystal, fragrances, and accessories through its retail stores worldwide. Signet Jewelers Ltd. operates a number of well-known retail stores (Belden Jewelers and Kay Jewelers, among
This exercise is built around Kroger’s financial statements from the chapter. Total shareholders’ equity—The Kroger Co. was $5,384 million at February 1, 2014.Required:1. Kroger earned an ROA of 6.9% in fiscal 2014. What was ROCE that year?2. ROA at the company fell to 3.7% in fiscal 2017
Nucor Corporation produces steel and steel products at its eight mills and is a major recycler of scrap metal. The following data relate to Nucor for four years. In 2017, Nucor’s net income was higher by $175.2 million because of a one-time effect of the Tax Cuts and Jobs Act.Required:In the
The Hershey Co. is famous worldwide for its chocolate confections—the Hershey bar and those delightful Hershey Kisses. Tootsie Roll Industries is equally famous for its chewy Tootsie Roll and those flavorful Tootsie Roll Pops. Selected financial information about each company’s performance in
Selected information taken from the accounting records of Vigor Company follows:Net accounts receivable at December 31, 20X0$ 900,000Net accounts receivable at December 31, 20X1$1,000,000Accounts receivable turnover5 to 1Inventories at December 31, 20X0$1,100,000Inventories at December 31,
Lennox International’s 2017 Form 10-K reported the following items:• 2017 sales were $3,839.6 million.• 2017 net income was $305.7 million.• 2017 interest expense was $30.6 million. (Assume the marginal tax rate related to interest expense was 40%.)• Total assets were $1,760.3 million at
A comparison of 20X1 to 20X0 performance shows that Neir Company’s inventory turnover increased substantially although sales and inventory amounts were essentially unchanged. Required:Which of the following statements best explains the increased inventory turnover ratio?1. Cost of goods sold
Lennox International Inc. makes air-conditioning, heating, and fireplace systems for residential and commercial uses, as well as commercial refrigeration equipment. Tecumseh Products Company manufactures air conditioning and refrigeration compressors, condensing units, heat pumps, and complete
The following data were taken from the financial records of Glum Corporation for 20X1:Sales ........................................ $3,600,000Bond interest expense .............. 120,000Income taxes .............................. 350,000Net income ..............................
Danaher Corporation manufactures a variety of products, including electronic measurement instruments and network communications products, water quality measurement systems, and medical and dental instruments. Selected financial statement data and related performance indicators follow.Required:1.
Packaging Corporation of America produces containerboard and white papers. WestRock Co. manufactures paper products and corrugated products. Financial statement data for these two companies follow:Required:1. Determine the receivables turnover ratios for both companies for 2016, 2017, and 2018.2.
Todd Corporation wrote off $100,000 of obsolete inventory at December 31, 20X1.Required:What effect did this write-off have on the company’s December 31, 20X1, current and quick ratios?
The following table provides ROA and ROCE for Best Buy, a retailer of consumer electronics.The adjusted February 3, 2018, amounts exclude the one-time income statement effect of the Tax Cuts and Jobs Act.Required:1. In analyzing Best Buy, is it most appropriate to use the actual results for the
Selected data of Islander Company follow:Required:1. What is the accounts receivable turnover for 20X1?2. What is the inventory turnover for 20X1? As of December 31, Balance Sheet Data 20X1 20X0 Accounts receivable $500,000 $470,000 Allowance for doubtful accounts (25,000) (20,000) Net accounts
It’s late Tuesday evening, and you’ve just received a phone call from Dennis Whiting, your boss at GE Capital. Dennis wants to know your reaction to the Argenti loan request before tomorrow’s loan committee meeting. Here’s what he tells you: We’ve provided seasonal loans to Argenti for
AK Steel Holding Corporation is a fully integrated producer of steel. It produces cold-rolled and hot-rolled steel products as well as specialty stainless and electrical steels that are sold to the domestic automotive, appliance, industrial machinery and equipment, and construction markets.
Utica Company’s net accounts receivable was $250,000 at December 31, 20X0, and $300,000 at December 31, 20X1. Net cash sales for 20X1 were $100,000. The accounts receivable turnover for 20X1 was 5.0, which was computed from net credit sales for the year.Required:What was Utica’s total net sales
Crocs designs, develops, and manufactures consumer products from specialty resins. The company’s primary product line is Crocs-branded footwear for men, women, and children. It sells its products through traditional retail channels, including specialty footwear stores. Deckers Outdoor designs and
The following table reports the operating cycle, cash conversion cycle, and current ratio for three apparel retailers all having year-ends at February 3, 2018. American Eagle Outfitters is a multibrand specialty retailer of casual apparel and accessories. The GAP built its brand name on basic,
On January 1, 20X1, River Company’s inventory was $400,000. During 20X1, the company purchased $1,900,000 of additional inventory, and on December 31, 20X1, its inventory was $500,000.Required:What was the inventory turnover for 20X1?
McDonald’s Corporation franchises and operates more than 36,000 fast-service restaurants around the world. Buffalo Wild Wings franchises and operates more than 1,000 restaurants in North America. Buffalo Wild Wings features chicken wings and a full bar in its restaurants. Financial information
The following table presents ROA calculations for The Kroger Co., Publix Super Markets, and Weis Markets, Inc. for several years prior to those examined in the chapter.Required:1. Which company has shown the strongest sales growth over the past three years?2. Which company was the most profitable
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