Financial statements for Askew Industries for 2018 are shown below (in $000’s):

2018 Income Statement

Sales $ 8,700

Cost of goods sold (6,175 )

Gross profit 2,525

Operating expenses (1,875 )

Interest expense (150 )

Tax expense (200 )

Net income $ 300

Comparative Balance Sheets

Dec. 31

2018 2017

Assets

Cash $ 550 $ 450

Accounts receivable 550 350

Inventory 750 550

Property, plant, and equipment (net) 1,500 1,600

$ 3,350 $ 2,950

Liabilities and Shareholders’ Equity

Current liabilities $ 800 $ 550

Bonds payable 1,150 1,150

Paid-in capital 550 550

Retained earnings 850 700

$ 3,350 $ 2,950

Required:

Calculate the following ratios for 2018. (Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.)

1. Inventory turnover ratio

2. Average days in inventory

3. receivables turnover ratio

4. Average collection period

5. Asset turnover ratio

6. Profit margin on sales

7. Return on Assets

8. Return on shareholders Equity

9. Equity multiplier

10. Return on Shareholders Equity ( using the Dupont framework)

Income statements for Benson Company for 2018 and 2019 follow: BENSON COMPANY

Income Statements 2019 2018

Sales $ 201,800 $ 181,800

Cost of goods sold 142,800 120,800

Selling expenses 21,500 19,500

Administrative expenses 12,800 14,800

Interest expense 3,300 5,300

Total expenses $ 180,400 $ 160,400

Income before taxes 21,400 21,400

Income taxes expense 6,500 3,600

Net income $ 14,900 $ 17,800

Required Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019.

Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.

On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1 Issued 114,000 shares

March 1 Issued a 10% stock dividend

May 1 Acquired 103,000 shares of treasury stock

June 1 Issued a 3-for-1 stock split

October 1 Reissued 60,000 shares of treasury stock

Determine the weighted-average number of shares outstanding as of December 31, 2018.

Sun Corp. reported the following information for 2018 and 2019. 2018 2019 Accounts receivable $150 000 $120 000 Prepaid expenses 9 000 10 000 Accounts payable 65 000 80 000 Salaries payable 12 000 5 000 Income (profits or more correctly total comprehensive income) 200 000 Depreciation expense 14 000 Gain on sale of equipment 6 000 If Sun Corp. uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be reported as net cash inflow from operating activities for 2019? Group of answer choices d. $247 000 a. $232 000 b. $215 000 c. $245 000

) On January 1, 2018, Swifty Corp. had 463,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1 Issued 118,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 63,000 shares of treasury stock Collapse question part

(a) Determine the weighted-average number of shares outstanding as of December 31, 2018. The weighted-average number of shares outstanding Click if you would like to Show Work for this question: Open Show Work

On January 1, 2018, Rare Bird Ltd. purchased 15% bonds dated January 1, 2018, with a face amount of $28 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 14%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required: Determine the price of the bonds at January 1, 2018.

On January 1, 2018, Shirley Corporation purchased 12% bonds dated January 1, 2018, with a face amount of $21 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 16%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required: Determine the price of the bonds at January 1, 2018.

On January 1, 2018, Jay Corp. had 479,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1                Issued 117,000 shares

March 1                     Issued a 10% stock dividend

May 1                         Acquired 103,000 shares of treasury stock

June 1                        Issued a 3-for-1 stock split

October 1                  Reissued 59,000 shares of treasury stock

Question :

Determine the weighted-average number of shares outstanding as of December 31, 2018.

The weighted-average number of shares outstanding = _________

On January 1, 2018, Bishop Company issued 10% bonds dated January 1, 2018, with a face amount of $37 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
Determine the price of the bonds at January 1, 2018. (Enter your answer in whole dollars.)

CREATE ADJUSTING JOURNAL ENTRIES FOR JANUARY 31, 2018:

p. Record the January 2018 depreciation for all computers & software owned before the January 1 purchase. These items are being depreciated over 5 years using the straight-line method with no salvage value. q. Record the January 2018 depreciation for the furniture & fixtures. These items are being depreciation over 7 years using the straight-line method with no salvage value. r. Record the adjusting entry for January’s rent. Sunflower Designs paid $2,100 in advance for 6 months’ rent on December 1, 2017. All previous months’ adjusting entries were made as required. s. Record the adjusting entry to record the use of the prepaid insurance coverage in January. The amount of the expired insurance coverage was $200. The previous months’ adjusting entries were made as required. t. Record the amount due to an employee for time worked during January, but not paid. The amount earned by the employee was $3,170.