GRAND CANYON ACC350 WEEK 7 Topic 7 Assignment

GRAND CANYON ACC350 WEEK 7 Topic 7 Assignment

Question # 00042868 Posted By: spqr Updated on: 01/23/2015 05:40 AM Due on: 02/21/2015
Subject Accounting Topic Accounting Tutorials:
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Details:

Complete exercises ED-15, ED-16, ED-20, ED-21, and Comprehensive Problem D

from the textbook.

Prepare your answers in an Excel workbook, using one worksheet per exercise or problem.

Save your workbook using the filename LastnameFirstinitial.ACC350.T# where the # represents the topic number. For example, John Doe would submit assignment #5 using the following name: DoeJ.ACC350.T5.

You are not required to submit this assignment to Turnitin.





ED-15 Performing horizontal analysis—income statement
1. Net Income 42.3%
MARINER DESIGNS, INC.
Comparative Income Statement
Years Ended December 31, 2015 and 2014
2015 2014
Net Sales Revenue 431,000 372,350
Expenses:
Cost of Goods Sold 200,000 187,550
Selling & Admin Expenses 99,000 91,050
Other Expenses 8,350 6,850
Total Expenses 307,350 285,450
Net Income 123,650 86,900
Requirements
1. Prepare a horizontal analysis of the comparative income statement of Mariner
Designs, Inc. Round percentage changes to one decimal place.










ED-16 Computing trend analysis

1. 2015 Net Income 136%

Magic Oaks Realty's net revenue and net income for the following five-year

period, using 2012 as the base year, follow:

2016 2015 2014 2013 2,012

Net Revenue 1,310,000 1,187,000 1,110,000 1,011,000 1,045,000

Net Income 122,000 113,000 84,000 72,000 83,000

Requirements

1. Compute trend analysis for net revenue and net income. Round to the nearest full percent.

2. Which grew faster during the period, net revenue or net income?




ED-20 Computing key ratios

The Financial statements of Victor's Natural Foods include the following item:

e. 84 days

Current Year Preceding Year

Balance sheet:

Cash 15,000 20,000

Short-term Investments 11,000 27,000

Net Accounts Receivables 54,000 73,000

Merchandise Inventory 77,000 69,000

Prepaid Expenses 15,000 9,000

Total Current Assets 172,000 198,000

Total Current Liabilities 133,000 93,000

Income Statement:

Net Credit Sales 462,000

Cost of Goods Sold 315,000




ED-21 Analyzing the ability to pay liabilities

d. 2015 0.51

Large Land Photo Shop has asked you to determine whether the company’s ability

to pay current liabilities and total liabilities improved or deteriorated during 2015.

Analyzing a company for its investment potential

Requirements

1. Analyze the company’s financial summary for the fiscal years 2014–2018 to

decide whether to invest in the common stock of WRS. Include the following

sections in your analysis, and fully explain your final decision.

1. Trend analysis for net sales and net income (use 2014 as the base year).

2. Profitability analysis.

3. Evaluation of the ability to sell merchandise inventory (WRS uses the LIFO

method).

4. Evaluation of the ability to pay debts.

5. Evaluation of dividends.

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  1. spqr
    Tutorial # 00041810 Posted By: spqr Posted on: 01/23/2015 05:40 AM
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