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1t27t13
Sanderson Company’s yu”r*no baiance sheets
At December 3
1
Assets
Cash
Accounts receivable, net
Merchandise in\€ntory
Prepaid expenses
Plant assets, net
Total assets
Liabilities and Equity
Accounts payable
Long-tem notes payable secured by
mortgages on plant assets
Common stock, $10 par ralue
Retained eamings
Total liabilities and equity
For Year Ended December 31
Sales
Cost ofgoods sold
Other operating expenses
lnterest expense
lncome taxes
Total costs and expenses
Net income
Eamings per share
$ 374,290
15O,2’t3
10,431
7,977
Assignnent PrintVieur
follow.
2012 201’t 20’t0
$ 27,569 $ s3,202 $ 33,568
81,518 56,965 43,89
1U,523 75,275 48,635
8,878 8,288 3,768
‘l!:* i11199 ‘1?:?’?
$471,992 $406,890 $342,500
$118,701 $ 66,701 $ 46,566
86,960 96,392 77,206
‘162,500 162,500 162,500
,.011.1 ?1,7:-7 ffi:228
$471.ss2 $406,890 $342.500
1. 10.00 points
The company’s income statements for the years ended December 31, 2O12 and 201 1, follow
2012
2011
$ 6 1 3,590
$314,729
122,502
11,137
7,2::3
. .
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1
$ 30,679
$ 484,199
455,631
$ 28,568
$ 1.89
Additional information about the company follows.
Common stock market price, December 31,2012 $30.00
$ 1.76
To help enluate the company’s profitability, compute the foltowing ratios br 2012 and 2011:
(1)Retum on common stockholders’equity. {Do not round intennediate calculations and round your
final anslversto 1 decirnal place. Ornitthe “7”” sign in your response,)
2012
2011
(2)Price-eamings ratio on December 31. (Round your anssar€rsto 1 decimal place.)
2012
201 1
(3)Dividend yield. iRound your ansrffers to 1 decirnal place. omit the “%’ sign in your response.)
Common stock market price, December 31, 2011
Annual cash dir,idends per share in 2012
Annual cash di\idends per share in 2011
28.00
0.38
0.19
Difilculty Hard
Learning Objactive: 13-P3 Define and applyratio
Vo
%
2012 %
2011 Yo
View Hint #1
lfforksheet
Exercise 13-12 Pro{tability analysis L.O. p3
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ilnn3 Assi g nnent Pri nt Vi errr
anallsis.
_ 3TT::oo”::::.:’:
2012
2011 2010
100.0% 100.0% 100.0%
62.6 61.1 58.3
14.4 13.9 14.2
– .t:”,10 “”:11″
2012 2011 2010
1M.8% 103.6% 100.0%
102.4 108.5 100.0
106.4 101.4 100.0
Difiicultla Hard
Learning Objectiw: 13-P1 Fxplain and apply
methsds of liorizcntal analys;s.
20’t1 2010
$ 29,427 $ 35,079 $ 35,838
83,600 58,408 47,306
108,296 79,U4 51,404
9,195 8,761 3,982
26::]1308 ?-o!:*o *’1′:
$ 493,826 $ 425,712 $362,000
$ 121,733 $ 71,945 $ 46,350
93,768 97,914 79,202
163,500 163,500 .163,500
11::?2s ??:’l’ !:’*’
$ 493,826 $ 425/12 $362,000
Sales
Cost ofgoods sdd
Total expenses
Cash
Accounts receilable, net
Merchandise in\€ntory
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2. 10.00 points
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Common-size and rend percents lor Aziz Company’s sales, cost of goods sold, and expenses fflonr.
Determine net income as a percent of sales forthe following years. (Round your intermediate
calculstions to 1 decimal place and final anslvers to 2 decimal placei Omit the “7o” sign in your
response.)
Years Net income
2010 2.3 %
2011 0/o
2012 0/o
should the net income increased, decreased, or remained unchanged in this three.year period.
Net income decreased
. Net income increased
‘Remained
unchanged
Worksheet
Exercise 13-4 Determinalian of incone ef{ects fronl
ccmmon-size and {rend percenls L.O. p?. pz
:* ?::1:
3. 1o.oo points
Learning Objective:13-P2 Describe and apply
methods of \€riical analysis-
Exercise 13-7 Common-size percents L.O. p2
Sanderson Company’s year-end balance sheets follow.
At December3l 2012
Asts
Cash
Accounts recei\able, net
Merchandise inr€ntory
Prepaid expenses
Plant assets, net
Total assets
Liabilities and Equity
Accounts payable
Long-term notes payable secured by
mortgages on plant assets
Common stock, $10 par ralue
Retained eamings
Total liabilities and equity
Express the balance sheets in common-size percents. {Do not round irxtermediate calculations and
round your final ans:wers to 1 decimal place. Omit the ..?o’. sign in your response,)
Sanderson Comyany
Common-Size Comparatiue Balance Sheets
December 31, 2O1O – 2012
2011 20102012
o/o
%
2n
1mn3 Assigrrrnnt ftintMew
Prepsid expenses
Plant assets, net
Total assets
by modgages m dant asse{s
Common stock, $10 parralue
Retained eamings
Total liabilities and equity
oa : o/o
Accornts payable l
Long{em notes payaHe secured
‘ o/o o/o
n
..’-‘*-
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oh
4. {0.fl1 points
Enercrse 13-5 Common-size percent conputation and interpretation L.O. P2
The fullowing is a cornparatirie incorne statements of Geraldo Ccporation:
GERALDO CORPORANON
C.:unparatiw klcqne Statements
Ftr Years Ended December 31,2011 and 2O10
2011 2010
Sales Sales $&45,000 $ 650,000
Cost ofgoods sold 422,5M 455,000
Gross profit
45,000 $ 650,000
Cost ofgoods sold 422,5M 455,000
Gross profit
^-,*
.lt**
Operating expenses 195,000 130,000
Net income $ 227,500 $ 65,000
Express the aborc cornparati\€ incorne statements in common+ize percents. (Round your anslyers to 1
dacimal place. Omit the ‘%’ sign in your response.)
2011 2010
Sdes 10_0j0% 100.0%
Cost dgoods sdd
Grcss plofit
Operating expenses
Net income
The company’s situaton in the mGl recent year has:
i-i Rernained unchanged
,_.lknplored
i-j,Worsened
ry+t#
I ‘li’r,, i…..: . ,,,::
t:t:’!tirt. 13-SC)mr,on-sizepercentcomputation ..-“.. iqi)hj9c1i\€:13-P2Describe?…:.+i)iy
,. !’\a’ .?”,.t-a L.?. P2 ,..s.iirrlis it rxr1t.J,r: alalysis.
aw ard:
5. 10.flt points
Exercise 13-3 Contputation and analysis of trend percents L.O. Pl
z)13 m12 2011 20.t0 2009
Sales $629,597 $419,731 $346,885 $2S42W glB5,S00
Cost of goods sdd 311,(n3 207,218 172,974 125,417 90,895
Accounts receiwble 30,410 24,596 23,692 14,7U 12,651
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1n7lB Assignncnt PrintVieYv
Compute trend percents for the abo\e accounts, using 2009 as the base year. (Round your an$rers
to
the nearest whole percent. Omit the “%’s’gn in your response.)
20t0
Exercise 13-3 Computation and analysis of trend Learning Objectirc: 13-Pl Explain and apply
percents L.O. Pl methods of horizontal analysis.
Selected comparatirc fnancial statements of Bennington Company follow:
BENNINGTON COMPANY
Comparati\,e lncome Statements
For Years Ended December 31, 2012, 201 1 , and 2010
2012 2011 2010
$ M3jil $ 339,500 $ 235,600
266,785 .213,.96 150,7U
176,379 125,9il 84,816
62,929 46,851 31,099
1s,8:s 2st876 l:,r:,.
102,814 76,727 50,654
2013
Sales %
Cost ofgoods sold %
Accounts receivable o/o
View Hnt#1
Worksheet
2012 2011
Yo Yo
tom
ot otmto
Difficulty Hard
2009
Yo 10Oo/.
% 100%
Yo 100o/o
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrati\e expenses
Total expenses
lncome before taxes
lncome taxes
Net income
Asets
Curent assets
Longiterm in\Estments
Plant assets, net
Total assets
Liabilities and Equity
Cunent liabilities
Common stock
Other paid-in capit
al
Retained eamings
Total liabilities and equity
Seclion Break
itw.tr!l
A 1o.oo ooints\J.
73,565
J3:683
$ 59,882 $
BENNINGTON COMPANY
Comparati\e Balance Sheets
December 31, 20’12, 2011, and 2010
2012
$ 54,297
0
,go,r:1
$ 155,134
$ 22,650
70,000
8,750
537U
$ 155,134
2011 2010
$ 42,481 $ 56,787
600 4,070
l0i,:60 :3:e4s
$ 150,641 $ 124,806
49,228
10:0e2
39,136
u,162
6:935
$ 27,227
$ 22,446 $ 21,U1
70,000 52,000
8,750 5,778
49,445 4s,187
I l-?o:11 $,’11939
Problem 13-1A Patt 1
Required:
1. Compute each yeafs cunent ratio. {Round your anst rers to’l decimal place,)
Cunentratio December31,2012:
Cunentratio December31, 2011:
to
to
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1t27t13 AssigrfiEnt Print Me ,
Cunent ratio December3l, 2010: I i to i
7 . ffi’poinr”
Problem 13-1A Part 2
2′ Express the income statement data in cornmon€ize percents. (Round your anevers io 2 decimal
placec, Omit the ‘%’!*gn in your response.)
Sales
Costofgoods sdd
Gross pmft
Sdling expenses
Admfnistnatiw expenses
Total expenses
BENNhIGTON COMPAi.IY
CornmoFSize Cornparatiw,ncorne Statenrents
ForYears Ended December 3’1,2012,2011, and 2010
, m1? 2011- ?q]0_ .
,, ,% ‘ :o/o : oh
lncorne before taxes
lncome taxes
Net income
Worksheet Diffcul\a Had Leaming Objectirc: 13-P2 Describe and apply
meihods of vertical anal)lsis.
probtem 13-14 pari2 Leaming Objecti\e: 13-P1 Eplain and apply Leaming Objectile: l3-P3 Define and applyralio
melhods of horiantal analysis. analysis.
aw ard:
8. 1o.oo poinrs
Problem 13-1A Part 3
3. Exprss the balance sheot data in trend percents with 2010 as the base year. {Round your ans\ rers
to 2 decimal placee Leave no cells blank. be certain to enter’0″ wherever required, Omit the
“t/o” sign in your response.)
BENNINGTON COMPANY
Balance Sheet Data in Trend Percents
December 3’1, 2012, 2011 , and 201 0
2012 2011 2010
| ‘,% : .o/o , :!o
Ast3
Cunent assets
Longrterm in\€tments
Plant assets
Total assets
Liabilt$os and Equity
Cunent liabilities
Cornmon stock
Retained eamings
Total liatrilities and equity
oh : i “/o ‘: o/o
Other contributed carrital i”***.
al
Wtrksheet
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methods of wrlical anallBis
Learning Objective: 13-P1 E4lain and apply
methods of honzlntal anal\6is.
9. 1o.oo points
Prablem l3-3A Transactions, twrking capital. and liquidity ratias L.O. p3
Park Corporation began the month of May with $800,000 of cunent assets, a curent ratio of2.50:1, and an
aci*test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a
perpetual inusntory system).
May 2 Purchased $60,000 ofmerchandise in\entory on credit.
8 Sold merchandise inwntory that cost $65,000 for $125,000 cash.
10 Collected $26,000 cash on an account receilable.
15 Paid $23,500 cash to settle an account payable.
17 Wrote offa $5,@0 bad debt against the Allowance lbr Ooubtful Accounts account.
22 Declared a $1 per share cash dir,idend on its 60,000 shares of qrtstanding common stock.
26 Paid the diMdend declared on May 22.
27 Borrowed $100,000 cash by giring the bank a 30day, 10% note.
28 Bonowed $125,000 cash by signing a long-term secured note.
29 Used the $225,000 cash proceeds from the notes to buy new machinery.
Required:
Prepare a table showing Park’s (1) cunent ralio, (2) acid-test ratio, and (3) working capital, after each
transaction. {Do not round intermediate calculations. Round your ratiosto 2 decimal plaees and
the working cepitals to neares,t dollar amount. Omit the “$,. sign in your response.)
Transaction Cunent Ratio Acid-Test Ratio Working Capital
Beginning
May 2
May 8
May 10
May 15
May 17
May 22
May 26
May 27
May 28
May 29
Worksheet Difficulty. Hard
Problenl 13-3ATransactions.wrsrking capita!.and Learning Otrjectire: 13-P3 Denne and applyrat,o
liquidity ratios L.O. PS anal)€is.
iiy;aC.
1 0. 1o.oo poinrs
Problem 13-4A Calculation of financial statement ratias l-O. p3
Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected
balance sheet amounts at December 31,2010, were in\,entory, $52,900; total assets, $199,400; common
stock, $105,000; and retained eamings, $52,748.)
McCORD CORPOMTION
lncome Statement
For Year Ended December 31, 201 1
Sales $ 447,600
Cost ofgoods sold 297,550
Gross proft 150,050
Operating expenses 99,000
lnterest expense 4,900
lncome before taxes 46,150
lncome taxes
lt.’-U?]
Net income $ 27,559
McCORD CORPORATTON
Balance Sheet
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1t2il13 Assigrrrnt PrintVietry
Decernber 31, 201 1
Asts
Cash
Short-tem in\estments
Accounts r€cd\aue, net
Ndes rcceinHe (trade).
Merchandise in€ntory
Prcpaid expenses
Plant assets, net
Total assets
$ 18,0m
8,800
30,200
8,000
34,150
2,650
‘t53,300
Llabilldes and Equlty
Accornts payaHe
Accrued wages payaHe
lncorne taxes payaHe
$ 1z5oo
4,frn
2,900
$ 254,900 Total liabilities and equity $254,9$
‘These are short-term notes recei\€ble arising forn custorner (trade) sales.
Required:
Compute the lUloiving. (Ue 365 days a year. Do not round intermediate calculations and round your
ffnal anwers to ‘l decimal place. Omit lhe .’7o. dgn in your response):
(1) Cunent rdio
(2) Acid-test ratio
(3) Days’sdes uncollected
(4) h\pntory tumo\Er
(5) Days’sd6 in inwntory
(6) Debt{o-equity ratio
(7) limes int€r€st eam€d
(8) Proft margin ratio
(9) Total assEt tumo\Er
(10) Retum on total assets
(11) Retum on c(mmm stockhdders,equity
note payaue, secured
by mo.tgag€ m dant assets 72,4W
Cornmon stock 10S,m0
R€tained eamings 52,300
to
days
times
days
to
o/o
1″””–‘-‘_”””’– i
. times
-oh
o/o
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