acc 291 Week 5 - Individual WileyPLUS Assignment Week Five - Exercise E13-1, E13-8 , E14-1 Problem P13-9A , P13-10A And P14-2

acc 291 Week 5 - Individual WileyPLUS Assignment Week Five - Exercise E13-1, E13-8 , E14-1 Problem P13-9A , P13-10A And P14-2

acc 291 Week 5 - Individual WileyPLUS Assignment Week Five - Exercise E13-1, E13-8 , E14-1 Problem P13-9A , P13-10A And P14-2
Exercise E13-1

 
 
   
   
Pioneer Corporation had the transactions below during 2011.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.

Exercise E13-8
 

 
Here are comparative balance sheets for Taguchi Company.

TAGUCHI COMPANY
Comparative Balance Sheets
December 31
Assets     2011        2010
Cash    $73,000         $22,000
Accounts receivable    85,000         76,000
Inventories    170,000         189,000
Land    75,000         100,000
Equipment    260,000         200,000
Accumulated depreciation    (66,000)        (32,000)
Total    $597,000         $555,000
           
Liabilities and Stockholders' Equity       
Accounts payable    $39,000        $47,000
Bonds payable    150,000        200,000
Common stock ($1 par)    216,000        174,000
Retained earnings    192,000        134,000
Total    $597,000        $555,000
Additional information:
1.    Net income for 2011 was $103,000.
2.    Cash dividends of $45,000 were declared and paid.
3.    Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4.    Common stock was issued for $42,000 cash.
5.    No equipment was sold during 2011, but land was sold at cost.
Complete the statement of cash flows for 2011 using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
TAGUCHI COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities       
 
    $

Adjustments to reconcile net income        
to net cash provided by operating activities       
 
$

 
 

 
 

 
 
 

Net cash  by operating activities
     

       
Cash flows from investing activities       
 
 

 
 

Net cash  by investing activities
     

       
Cash flows from financing activities       
 
 

 
 

 
 

Net cash  by financing activities
     

       
Net  in cash
     

Cash at beginning of period         

Cash at end of period        $


Exercise E14-1

 
 
   
   
Financial information for Blevins Inc. is presented below.
        December 31, 2012        December 31, 2011
    Current assets    $125,000            $100,000   
    Plant assets (net)     396,000            330,000   
    Current liabilities    91,000            70,000   
    Long-term liabilities    133,000            95,000   
    Common stock, $1 par    161,000            115,000   
    Retained earnings    136,000            150,000   
Complete the schedule showing a horizontal analysis for 2012 using 2011 as the base year. (If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45). Round percentages to 1 decimal place, e.g. 10.5. List items in the order given in the question.)


Problem P13-9A
 

 
Condensed financial data of Arma Inc. follow.

ARMA INC.
Comparative Balance Sheets
December 31
Assets     2011        2010
Cash    $90,800         $48,400
Accounts receivable    92,800         33,000
Inventories    112,500         102,850
Prepaid expenses    28,400         26,000
Investments    138,000         114,000
Plant assets    270,000         242,500
Accumulated depreciation    (50,000)        (52,000)
Total    $682,500         $514,750
           
Liabilities and Stockholders' Equity       
Accounts payable    $112,000        $67,300
Accrued expenses payable    16,500        17,000
Bonds payable    110,000        150,000
Common stock     220,000        175,000
Retained earnings    224,000        105,450
Total    $682,500        $514,750

ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales            $392,780
Less:           
Cost of goods sold    $135,460       
Operating expenses, excluding depreciation    12,410       
Depreciation expense    46,500       
Income taxes    27,280       
Interest expense    4,730       
Loss on sale of plant assets    7,500        233,880
Net income            $158,900
Additional information:
1.    New plant assets costing $85,000 were purchased for cash during the year.
2.    Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3.    Bonds matured and were paid off at face value for cash.
4.    A cash dividend of $40,350 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
ARMA INC.
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities       
 
    $

Adjustments to reconcile net income to net        
cash provided by operating activities       
 
$

 
 

 
 

 
 

 
 

 
 

 
 
 

Net cash  by operating activities
     

       
Cash flows from investing activities       
 
 

 
 

 
 

Net cash  by investing activities
     

       
Cash flows from financing activities       
 
 

 
 

 
 

Net cash  by financing activities
     

       
Net  in cash
     

Cash at beginning of period         

Cash at end of period        $


Problem P13-10A
Condensed financial data of Arma Inc. follow.

ARMA INC.
Comparative Balance Sheets
December 31
Assets     2011        2010
Cash    $90,800         $48,400
Accounts receivable    92,800         33,000
Inventories    112,500         102,850
Prepaid expenses    28,400         26,000
Investments    138,000         114,000
Plant assets    270,000         242,500
Accumulated depreciation    (50,000)        (52,000)
Total    $682,500         $514,750
           
Liabilities and Stockholders' Equity       
Accounts payable    $112,000        $67,300
Accrued expenses payable    16,500        17,000
Bonds payable    110,000        150,000
Common stock     220,000        175,000
Retained earnings    224,000        105,450
Total    $682,500        $514,750

ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales            $392,780
Less:           
Cost of goods sold    $135,460       
Operating expenses, excluding depreciation    12,410       
Depreciation expense    46,500       
Income taxes    27,280       
Interest expense    4,730       
Loss on sale of plant assets    7,500        233,880
Net income            $158,900
Additional information:
1.    New plant assets costing $85,000 were purchased for cash during the year.
2.    Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3.    Bonds matured and were paid off at face value for cash.
4.    A cash dividend of $40,350 was declared and paid during the year.
Further analysis reveals that accounts payable pertain to merchandise creditors.
Complete the statement of cash flows for Arma Inc. using the direct method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow for financing and investing activities, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). List all other amounts as positive.)

Problem P14-2
The comparative statements of Villa Tool Company are presented below.
    VILLA TOOL COMPANY
    Income Statement
    For the Year Ended December 31
        2012        2011
    Net sales    $1,818,500        $1,750,500
    Cost of goods sold    1,011,500        996,000
    Gross profit    807,000        754,500
    Selling and administrative expense    516,000        479,000
    Income from operations    291,000        275,500
    Other expenses and losses           
    Interest expense    18,000        14,000
    Income before income taxes    273,000        261,500
    Income tax expense    81,000        77,000
    Net income    $ 192,000        $ 184,500
               
    VILLA TOOL COMPANY
    Balance Sheets
    December 31
    Assets    2012        2011
    Current assets           
    Cash    $ 60,100        $ 64,200
    Short-term investments    69,000        50,000
    Accounts receivable (net)    117,800        102,800
    Inventory    123,000        115,500
    Total current assets    369,900        332,500
    Plant assets (net)    600,300        520,300
    Total assets    $970,200        $852,800
               
    Liabilities and Stockholders' Equity           
    Current liabilities            
    Accounts payable    $160,000        $145,400
    Income taxes payable     43,500        42,000
    Total current liabilities    203,500        187,400
    Bonds payable    200,000        200,000
    Total liabilities    403,500        387,400
    Stockholders' equity           
    Common stock ($5 par)    280,000        300,000
    Retained earnings    286,700        165,400
    Total stockholders' equity    566,700        465,400
    Total liabilities and stockholders' equity    $970,200        $852,800
Compute the following ratios for 2012. (Weighted average common shares in 2012 were 57,000, and all sales were on account.) (Round earnings per share, current ratio and acid-test ratio to 2 decimal places, e.g. 10.50. Round other answers to 1 decimal place, e.g. 10.5.)

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    acc 291 Week 5 - Individual WileyPLUS Assignment Week Five - Exercise E13-1, E13-8 , E14-1 Problem P13-9A , P13-10A And P14-2

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