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Factors

E or F

1.

Community needs and resources

2.

Disaster risk

3.

Revenues

4.

Intergovernmental Constraints

5.

External economic conditions

6.

Expenditures

7.

Debt structure

8.

Political Culture

9.

Unfunded liabilities

10.

Condition of capital plant

11.

Operating Position

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Jean Keeling
Jean KeelingLv2
28 Sep 2019

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Comprehensive problem 4: Selected transactions of the City ofMillner General Fund for the 2015 fiscal year are presentedbelow.

Transactions:

1.The property tax levy wasrecorded, $2,500,000, of which 4% will probably proveuncollectible.

2.The City borrowed $500,000 fromthe Blount National Bank on a two-month, 6% note.

3.Ordered and received, onaccount, supplies costing $13,500.

4.Cash receipts for the levy in #1 were $2,000,000 (received by due date).

5.$10,000 cash was received bythe General Fund from a terminated Capital Projects Fund (CPF) werereceived.

6.The City repaid the short-termnote (Entry #2) when due.

7.General Fund resources of $250,000 were paid to a newlyestablished Capital Projects Fund.The resources will not be repaidto the General Fund.

8.The county purchased a police vehicle for $35,000 and paidcash.

9.Loaned $320,000 to the Capital Projects Fund--to be repaid in90 days.

10.City employees were paid $38,000.

Requirements:

A.Prepare the general ledger journalentries for the transactions.If no entry is required, do not leaveit blank.State "No Entry Required" and briefly explain why.

B.When recording Revenues, classifythem as Revenues-Property Taxes or Revenues-Other.When recordingexpenditures, classify them as Expenditures-Operating,Expenditures-Debt Service, or Expenditures-Capital Outlay.

C.Identify each line item as DEBIT orCREDIT.If it is not apparent if the account is to be debited orcredited, it will be marked incorrect.

I need these ratios:

Return on Assets

Return on Equity

Return on invested capital

Profit Margin

Gross Margin

Price to earnings

Asset Turnover

Fixed-Asset Turnover

Inventory Turnover

Collection Period

Days' sales in cash

Payables Period

Assets to Equity

Debt to assets

Debt to equity

Times Interest earned

Times Burden covered

Current Ratio

Acid Test

I need these calculated from bellow along with the common-sizeincome statement and common-size balance sheet from the five yearslisted below:

RUBY TUESDAY INC (RT)Statement of CASH FLOW
Fiscal year ends in May. USD in millionsexcept per share data. 2010-05 2011-05 2012-05 2013-05 2014-05 TTM
Cash Flows From Operating Activities
Net income 45 47 0 -39 -64 -8
Depreciation & amortization 64 64 68 63 57 53
Amortization of debt discount/premium andissuance costs 0 -1
Investment/asset impairment charges 3 7 31 44 25 11
Deferred income taxes 20 -1 -20 -16 2 -1
Stock based compensation 7 8 6 4 8 7
Inventory -8 -2 6 -2 10 0
Prepaid expenses -2 -1 -1 -2 -1 -3
Income taxes payable 10 -4 2 -1 0 2
Other working capital -3 5 19 -19 -6 -26
Other non-cash items 4 -5 2 4 16 9
Net cash provided by operatingactivities 140 116 112 36 45 44
Cash Flows From Investing Activities
Investments in property, plant, andequipment -18 -27 -38 -37 -28 -27
Property, plant, and equipmentreductions 6
Acquisitions, net -4 -24
Other investing activities 8 6 22 59 22 16
Net cash used for investingactivities -9 -24 -34 22 -6 -11
Cash Flows From Financing Activities
Debt issued 246
Debt repayment -204 -91 -263 -27 -40 -16
Common stock issued 73
Common stock repurchased -18 -30 -1 0
Excess tax benefit from stock basedcompensation 1 0 0 0 0
Other financing activities -1 -5 4 0 0
Net cash provided by (used for) financingactivities -131 -92 -40 -53 -41 -16
Net change in cash 0 0 38 5 -2 17
Cash at beginning of period 10 10 10 48 53 44
Cash at end of period 10 10 48 53 51 61
Free Cash Flow
Operating cash flow 140 116 112 36 45 44
Capital expenditure -18 -27 -38 -37 -28 -27
Free cash flow 123 90 74 -1 17 17
RUBY TUESDAY INC (RT)CashFlowFlag BALANCE SHEET
Fiscal year ends in May. USD in millionsexcept per share data. 2010-05 2011-05 2012-05 2013-05 2014-05
Assets
Current assets
Cash
Cash and cash equivalents 10 48 53 51
Total cash 10 48 53 51
Receivables 10 7 1 1 1
Inventories 29 34 29 31 21
Deferred income taxes 14 14 27 7 3
Prepaid expenses 11 12
Other current assets 13 17 23 29 11
Total current assets 76 83 128 121 100
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 1466 1597 1559 1448 1367
Accumulated Depreciation -523 -566 -592 -589 -572
Net property, plant and equipment 943 1031 967 860 795
Goodwill 16 8
Intangible assets 13
Other long-term assets 44 57 71 62 49
Total non-current assets 988 1104 1045 922 857
Total assets 1064 1187 1174 1043 956
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 13
Capital leases 15 12 8 5
Accounts payable 23 30 35 15 26
Taxes payable 21 41 47 11 11
Accrued liabilities 27 25 55
Deferred revenues 8 9 9 13 17
Other current liabilities 22 24 29 32
Total current liabilities 115 119 132 106 114
Non-current liabilities
Deferred taxes liabilities 40 43 38 6 4
Deferred revenues 42 60 68 78 75
Other long-term liabilities 329 373 359 337 303
Total non-current liabilities 411 476 465 421 381
Total liabilities 526 595 597 526 495
Stockholders' equity
Common stock 1 1 1 1
Additional paid-in capital 98 105 91 68 76
Retained earnings 452 499 499 460 395
Accumulated other comprehensiveincome -13 -13 -14 -11 -11
Total stockholders' equity 538 592 576 517 461
Total liabilities and stockholders'equity 1064 1187 1174 1043 956
RUBY TUESDAY INC (RT)CashFlowFlag INCOME STATEMENT
Fiscal year ends in May. USD in millionsexcept per share data. 2010-05 2011-05 2012-05 2013-05 2014-05 TTM
Revenue 1195 1265 1326 1251 1169 1137
Cost of revenue 982 1045 1106 1020 986 942
Gross profit 213 221 220 231 182 195
Operating expenses
Sales, General and administrative 71 86 115 139 137 117
Other operating expenses 68 69 101 59 115 87
Total operating expenses 138 155 215 198 252 204
Operating income 74 66 5 33 -70 -8
Interest Expense 17 13
Other income (expense) 1 0 -20 -55
Income before taxes 58 53 -15 -22 -70 -8
Provision for income taxes 12 6 -15 2 -5 0
Net income from continuing operations 45 47 0 -23 -65 -8
Net income from discontinuing ops -16 1 0
Net income 45 47 0 -39 -64 -8
Net income available to commonshareholders 45 47 0 -39 -64 -8
Earnings per share
Basic 0.74 0.73 -0.65 -1.07 -0.13
Diluted 0.73 0.72 -0.65 -1.07 -0.13
Weighted average shares outstanding
Basic 62 64 63 61 60 60
Diluted 62 65 63 61 60 60
EBITDA 140 130 72 97 -12

45

True-False

Indicate whether each statement istrue (T) or false (F).

___ 1. A company’smarket share is an example of external nonfinancialinformation.

___ 2. A good reasonfor using ROI as a performance measure rather than RI is that goalcongruence is more likely to be promoted by using ROI.

___ 3. The DuPontmethod of profitability analysis recognizes two basic ingredientsto profit making: increasing income per dollar of revenues andusing assets to generate more revenues.

___ 4. If companiescompensate managers on the basis of changes in the market price ofthe company’s stock, this approach tends to shorten managers’ timehorizon because stock prices incorporate the expected future periodeffects of current decisions.

___ 5. Those who favorusing net book value as the investment base in ROI calculationsclaim this approach enables more accurate comparisons to be madeacross subunits.

___ 6. Comparingperformance of the divisions of a multinational company isdifficult because of economic, legal, political, cultural, andcurrency differences.

___ 7. The necessaryand sufficient condition for moral hazard to exist in a company isthat the employee’s interest differs from the owner’s interest.

___ 8. Performancemeasures that are sensitive to the manager’s performance motivatethe manager but limit his or her exposure to uncontrollablerisk.

___ 9. It can be costeffective to benchmark a manager’s performance against the bestlevels of performance available within the company or in othercompanies.

___ 10. Holding managers and otheremployees accountable for and rewarding them for achievingperformance goals in diagnostic control systems needs to becounter-balanced with boundary systems, belief systems, andinteractive control systems.

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