Cash sales in the amount of $4,752, ($4,400 plus 352 sales taxes) were deposited at Second Bank: 20 tool kits, $1,700; 18 hardware sets $2,700.
Debit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx)
Debit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx)
Debit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx)
Credit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx)
Credit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx)
Credit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx)
Credit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx
Credit - Account # , Account Name: and Amount of Entry (Use format $x,xxx.xx)
In: Accounting
Calculate the total Ending Inventory value for 2016, 2017, 2018 and 2019 using dollar-value LIFO. (Show all calculations and the ending inventory amount for each of the years)
Year Current year inventory Index
2016 $50,000 1.00
2017 $72,000 1.20
2018 $117,000 1.30
2019 $119,000 1.40
In: Accounting
Question 4
Comparative financial statement data of Lannister Inc. are as follows:
|
Lannister Inc. |
||
|
Comparative Income Statement |
||
|
Years Ended December 31, 2016 and 2015 |
||
|
2016 |
2015 |
|
|
Net sales |
$687,000 |
$595,000 |
|
Cost of goods sold |
375,000 |
276,000 |
|
Gross profit |
312,000 |
319,000 |
|
Operating expenses |
129,000 |
142,000 |
|
Income from operations |
183,000 |
177,000 |
|
Interest expense |
37,000 |
45,000 |
|
Income before income tax |
146,000 |
132,000 |
|
Income tax expense |
36,000 |
51,000 |
|
Net income |
$110,000 |
$81,000 |
|
Lannister Inc. |
|||
|
Comparative Balance Sheet |
|||
|
December 31, 2016 and 2015 |
|||
|
2016 |
2015 |
2014 |
|
|
Current assets: |
|||
|
Cash |
$45,000 |
$49,000 |
|
|
Current receivables, net |
212,000 |
158,000 |
$200,000 |
|
Inventories |
297,000 |
281,000 |
181,000 |
|
Prepaid expenses |
4,000 |
29,000 |
|
|
Total current assets |
558,000 |
517,000 |
|
|
Property, plant and equipment, net |
285,000 |
277,000 |
|
|
Total assets |
$843,000 |
$794,000 |
$700,000 |
|
Accounts payable |
150,000 |
105,000 |
112,000 |
|
Other current liabilities |
135,000 |
188,000 |
|
|
Total current liabilities |
$285,000 |
$293,000 |
|
|
Long-term liabilities |
243,000 |
231,000 |
|
|
Total liabilities |
528,000 |
524,000 |
|
|
Common shareholders’ equity, no par |
315,000 |
270,000 |
199,000 |
|
Total liabilities and shareholders’ equity |
$843,000 |
$794,000 |
|
Other information:
Market price of Lannister common stock: $102.17 at December 31, 2016; and $77.01 at December 31, 2015.
Common shares outstanding: 18,000 during 2016 and 17,500 during 2015.
All sales on credit.
Compute the following ratios for 2016 and 2015
Current ratio
Quick ratio (acid test)
Receivables turnover and days’ sales outstanding (rounded to the nearest whole day)
Inventory turnover and days inventory outstanding (rounded to the nearest whole day)
Accounts payable turnover and days’ payable outstanding (rounded to the nearest whole day).
Cash conversion cycle (in days)
Times-interest-earned ratio
Return on assets (use DuPont analysis)
Return on common shareholders’ equity (use DuPont analysis)
Earnings per share of common stock
Price/earnings ratio.
Decide whether (a) Lannister’s financial position improved or deteriorated during 2016 and (b) the investment attractiveness of Lannister’s common stock appears to have increased or decreased.
In: Accounting
Comparative financial statement data of Lannister Inc. are as follows:
|
Lannister Inc. |
||
|
Comparative Income Statement |
||
|
Years Ended December 31, 2016 and 2015 |
||
|
2016 |
2015 |
|
|
Net sales |
$687,000 |
$595,000 |
|
Cost of goods sold |
375,000 |
276,000 |
|
Gross profit |
312,000 |
319,000 |
|
Operating expenses |
129,000 |
142,000 |
|
Income from operations |
183,000 |
177,000 |
|
Interest expense |
37,000 |
45,000 |
|
Income before income tax |
146,000 |
132,000 |
|
Income tax expense |
36,000 |
51,000 |
|
Net income |
$110,000 |
$81,000 |
|
Lannister Inc. |
|||
|
Comparative Balance Sheet |
|||
|
December 31, 2016 and 2015 |
|||
|
2016 |
2015 |
2014 |
|
|
Current assets: |
|||
|
Cash |
$45,000 |
$49,000 |
|
|
Current receivables, net |
212,000 |
158,000 |
$200,000 |
|
Inventories |
297,000 |
281,000 |
181,000 |
|
Prepaid expenses |
4,000 |
29,000 |
|
|
Total current assets |
558,000 |
517,000 |
|
|
Property, plant and equipment, net |
285,000 |
277,000 |
|
|
Total assets |
$843,000 |
$794,000 |
$700,000 |
|
Accounts payable |
150,000 |
105,000 |
112,000 |
|
Other current liabilities |
135,000 |
188,000 |
|
|
Total current liabilities |
$285,000 |
$293,000 |
|
|
Long-term liabilities |
243,000 |
231,000 |
|
|
Total liabilities |
528,000 |
524,000 |
|
|
Common shareholders’ equity, no par |
315,000 |
270,000 |
199,000 |
|
Total liabilities and shareholders’ equity |
$843,000 |
$794,000 |
|
Other information:
In: Accounting
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