CU ACCT371 week 8 assignments

Details:

Throughout this course and all upper-division accounting classes, you will complete two Career Preparation (CP) assignments per course to help you get ready for your career in accounting. Please select two of the options below and complete one during the first half of your course. The other selection should be completed during the second half of your course.

Assignment Options:

1. Go to a professional association meeting, such as a local chapter meeting of the Institute of Management Accountant (IMA), Accounting and Financial Women’s Alliance (AFWA), or your state board of accountancy. Write a paper that meets the criteria above, and explains what you learned from this meeting and how this will influence your accounting
   career.
2. Research a professional license, certification, or designation related to accounting. Write a paper that meets the criteria above, and explains what you learned from your research and how this will influence your accounting career.
3. Create a LinkedIn profile, or update your current profile (www.linkedin.com). Connect with your instructor and your fellow classmates. Write a paper that meets the criteria above, and explains why networking through LinkedIn is beneficial and how it will impact your career.
4. Complete the Career Services Accounting Internship Checklist through the Career Services Department at GCU. Write a paper that meets the criteria above and explains what you learned through this process and how it will influence your job search. Include a scan of your completed and signed checklist as an appendix to your paper.
5. Go to a GCU Accounting Society meeting on campus. Write a paper that meets the criteria above and explains what you learned from this meeting and how this will influence your accounting career.
6. Go to a special event on campus that is related to accounting or business, such as "Meet the Firms" or "Road to the CPA." Write a paper that meets the criteria above and explains what you learned from this event and how this will influence your accounting career.
7. Find an Excel tutorial online, and complete the tutorial. Write a paper that meets the criteria above and explains what you learned by completing the tutorial and how this will help you in your accounting career. Be sure to include the link to the specific tutorial that you complete, and if a certificate of completion is available, embed the certificate in your paper.
8. Complete the GCU Career Compass, located athttp://www.gcu.edu/Career-Services/Career-Compass.php. Write a paper that meets the criteria above, and explains what you learned by completing the Career Compass and how this will help you in determining your career path.
9. Participate in other activities as directed by your course instructor.
10. If you have an activity that you plan to participate in that will enhance your career knowledge, you may ask your instructor if you may use this as a CP assignment opportunity.

Requirements:

Each assignment is worth a maximum of 25 points and must be atleast 750 words. The paper may be written in the first person, and the writing must be grammatically correct. At least two external sources should be cited. Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.

These assignments below need to be in excel and both problems should have its own separate tab.

P24-3 (Ratio Computations and Additional Analysis)Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Bradburn and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2014, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,000 notes, which are due on June 30, 2015, and September 30, 2015. Another note of $6,000 is due on March 31, 2016, but he expects no difficulty in paying this note on itsdue date. Brown explained that Bradburn’s cash flow problems are due primarily to the company’s desire to finance a $300,000 plant expansion over the next 2 fiscal years through internally generated funds. The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years.

BRADBURN CORPORATION

INCOMESTATEMENT

FOR THEFISCALYEARSENDEDMARCH31

2015 2014

Sales revenue $3,000,000 $2,700,000

Cost of goods sold1,530,000 1,425,000

Gross margin 1,470,000 1,275,000

Operating expenses 860,000 780,000

Income before income taxes 610,000 495,000

Income taxes (40%) 244,000 198,000

Net income $366,000 $297,000

BRADBURN CORPORATION

BALANCESHEET

MARCH31

Assets 2015 2014

Cash $ 18,200 $ 12,500

Notes receivable 148,000 132,000

Accounts receivable (net)131,800125,500

Inventories (at cost) 105,000 50,000

Plant & equipment (net of depre.)1,449,000 1,420,500

Total assets$1,852,000 $1,740,500

Liabilities and Stockholders’ Equity

Accounts payable $79,000$91,000

Notes payable 76,000 61,500

Accrued liabilities 9,000 6,000

Common stock (130,000 shares, $10 par) 1,300,000 1,300,000

Retained earnings388,000 282,000

Total liabilities and stockholders’ equity $1,852,000 $1,740,500

aCash dividends were paid at the rate of $1 per share in fi scal year 2014 and $2 per

share in fiscal year 2015.

Instructions

(a)Compute the following items for Bradburn Corporation.

(1)Current ratio for fiscal years 2014 and 2015.

(2)Acid-test (quick) ratio for fiscal years 2014 and 2015.

(3)Inventory turnover for fiscal year 2015.

(4)Return on assets for fiscal years 2014 and 2015. (Assume total assets were $1,688,500 at 3/31/13.)

(5)Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2014 to 2015.

(b)Identify and explain what other financial reports and/or financial analyses might be helpful to the commercial loan officer of Topeka National Bank in evaluating Daniel Brown’s request for a time extension on Bradburn’s notes.

(c)Assume that the percentage changes experienced in fiscal year 2015 as compared with fiscal year

2014 for sales and cost of goods sold will be repeated in each of the next 2 years. Is Bradburn’s desire to finance the plant expansion from internally generated funds realistic? Discuss.

(d)Should Topeka National Bank grant the extension on Bradburn’s notes considering Daniel Brown’s statement about financing the plant expansion through internally generated funds? Discuss.

P 24-4 (Horizontal and Vertical Analysis)Presented below is the comparative balance sheet for Gilmour

Company.

GILMOUR COMPANY

COMPARATIVEBALANCESHEET

AS OFDECEMBER31, 2015AND 2014

December 31

20152014

Assets

Cash $ 180,000 $ 275,000

Accounts receivable (net) 220,000 155,000

Short-term investments 270,000 150,000

Inventories 1,060,000 980,000

Prepaid expenses 25,000 25,000

Plant & equipment 2,585,000 1,950,000

Accumulated depreciation (1,000,000) (750,000)

$3,340,000 $2,785,000

Liabilities and Stockholders’ Equity

Accounts payable $ 50,000 $ 75,000

Accrued expenses 170,000 200,000

Bonds payable 450,000 190,000

Capital stock 2,100,000 1,770,000

Retained earnings 570,000 550,000

$3,340,000 $2,785,000

Instructions

(Round to two decimal places.)

(a)Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders’ equity.

(b)Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item.

(c)Of what value is the additional information provided in part (a)?

(d)Of what value is the additional information provided in part (b)?