[The following information applies to the questionsdisplayed below.]
The balance sheet for FedererSports Apparel for 2013 and 2012 is presented below.
FEDERER SPORTS APPAREL
Balance Sheet
December 31 2013 2012 Assets Cash $ 2,189,730 $ 1,156,680 Accountsreceivable 1,382,170 1,500,930 Inventory 2,795,400 1,845,180 Buildings 11,383,490 10,093,410 Less: Accumulateddepreciation (2,220,790) (826,200) Total assets $ 15,530,000 $ 13,770,000 Liabilitiesand Stockholders' Equity Accountspayable $ 1,320,050 $ 1,762,560 Contingentliability 1,397,700 0 Common stock 9,022,930 7,008,930 Retainedearnings 3,789,320 4,998,510 Total liabilities andstockholders' equity $ 15,530,000 $ 13,770,000
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5.
value:
10.00 points
Required: 1. Prepare a vertical analysis of thebalance sheet data for 2013 and 2012. Express each amount as apercentage of total assets. (Negative answers should beindicated by a minus sign. Leave no cells blank - be certain toenter "0" wherever required. Round your answers to 1 decimal place.Omit the "%" sign in your response.)
FEDERER SPORTS APPAREL
Balance Sheet
December 31 2013 2012 % % Assets Cash Accountsreceivable Inventory Buildings Less: Accumulateddepreciation Total assets Liabilitiesand Stockholders' Equity Accountspayable Contingentliability Common stock Retainedearnings Total liabilities andstockholders' equity
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6.
value:
10.00 points
2. Prepare a horizontal analysis for2013 using 2012 as the base year. (Enter the increase inAccumulated Depreciation as a negative amount since total assetsare decreased and the percentage change in Accumulated Depreciationas a positive amount since the balance in the account increased.Negative answers should be indicated by a minus sign. Leave nocells blank - be certain to enter "0" wherever required, includinginfinite values. Round your answers to 1 decimal place. Omit the"%" and "$" signs in your response.)
FEDERER SPORTS APPAREL
Balance Sheet
December 31 Increase (Decrease) Amount % Assets Cash $ Accountsreceivable Inventory Buildings Less: Accumulateddepreciation Total assets $ Liabilitiesand Stockholders' Equity Accountspayable $ Contingentliability Common stock Retainedearnings Total liabilities and stockholders'equity $
[The following information applies to the questionsdisplayed below.]
| The balance sheet for FedererSports Apparel for 2013 and 2012 is presented below. |
| FEDERER SPORTS APPAREL Balance Sheet December 31 | ||||
| 2013 | 2012 | |||
| Assets | ||||
| Cash | $ | 2,189,730 | $ | 1,156,680 |
| Accountsreceivable | 1,382,170 | 1,500,930 | ||
| Inventory | 2,795,400 | 1,845,180 | ||
| Buildings | 11,383,490 | 10,093,410 | ||
| Less: Accumulateddepreciation | (2,220,790) | (826,200) | ||
| Total assets | $ | 15,530,000 | $ | 13,770,000 |
| Liabilitiesand Stockholders' Equity | ||||
| Accountspayable | $ | 1,320,050 | $ | 1,762,560 |
| Contingentliability | 1,397,700 | 0 | ||
| Common stock | 9,022,930 | 7,008,930 | ||
| Retainedearnings | 3,789,320 | 4,998,510 | ||
| Total liabilities andstockholders' equity | $ | 15,530,000 | $ | 13,770,000 |
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5.
value:
10.00 points
| Required: | |
| 1. | Prepare a vertical analysis of thebalance sheet data for 2013 and 2012. Express each amount as apercentage of total assets. (Negative answers should beindicated by a minus sign. Leave no cells blank - be certain toenter "0" wherever required. Round your answers to 1 decimal place.Omit the "%" sign in your response.) |
| FEDERER SPORTS APPAREL Balance Sheet December 31 | ||
| 2013 | 2012 | |
| % | % | |
| Assets | ||
| Cash | ||
| Accountsreceivable | ||
| Inventory | ||
| Buildings | ||
| Less: Accumulateddepreciation | ||
| Total assets | ||
| Liabilitiesand Stockholders' Equity | ||
| Accountspayable | ||
| Contingentliability | ||
| Common stock | ||
| Retainedearnings | ||
| Total liabilities andstockholders' equity | ||
check my workView Hint #1references
6.
value:
10.00 points
| 2. | Prepare a horizontal analysis for2013 using 2012 as the base year. (Enter the increase inAccumulated Depreciation as a negative amount since total assetsare decreased and the percentage change in Accumulated Depreciationas a positive amount since the balance in the account increased.Negative answers should be indicated by a minus sign. Leave nocells blank - be certain to enter "0" wherever required, includinginfinite values. Round your answers to 1 decimal place. Omit the"%" and "$" signs in your response.) |
| FEDERER SPORTS APPAREL Balance Sheet December 31 | ||
| Increase (Decrease) | ||
| Amount | % | |
| Assets | ||
| Cash | $ | |
| Accountsreceivable | ||
| Inventory | ||
| Buildings | ||
| Less: Accumulateddepreciation | ||
| Total assets | $ | |
| Liabilitiesand Stockholders' Equity | ||
| Accountspayable | $ | |
| Contingentliability | ||
| Common stock | ||
| Retainedearnings | ||
| Total liabilities and stockholders'equity | $ | |
Related questions
Problem 7-5A Merchandising: Preparation of a complete masterbudget LO C2, P1, P2
[The following information applies to the questionsdisplayed below.]
Near the end of 2013, the management of Dimsdale Sports Co., amerchandising company, prepared the following estimated balancesheet for December 31, 2013. |
| DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2013 | |||||
| Assets | |||||
| Cash | $ | 36,000 | |||
| Accountsreceivable | 525,000 | ||||
| Inventory | 150,000 | ||||
| Total currentassets | 711,000 | ||||
| Equipment | $ | 540,000 | |||
| Less accumulateddepreciation | 67,500 | ||||
| Equipment, net | 472,500 | ||||
| Total assets | $ | 1,183,500 | |||
| Liabilities and Equity | |||||
| Accountspayable | $ | 360,000 | |||
| Bank loanpayable | 15,000 | ||||
| Taxes payable (due3/15/2014) | 90,000 | ||||
| Totalliabilities | $ | 465,000 | |||
| Common stock | 472,500 | ||||
| Retainedearnings | 246,000 | ||||
| Totalstockholders | |||||
roblem 4-11 Statement of cash flows; indirect method [LO4-9]
| Presented below are the 2013income statement and comparative balance sheets for SantanaIndustries. |
| SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2013 ($ in thousands) | ||||||
| Sales revenue | $ | 15,250 | ||||
| Service revenue | 4,400 | |||||
| Total revenue | $ | 19,650 | ||||
| Operatingexpenses: | ||||||
| Cost ofgoods sold | 7,700 | |||||
| Selling | 2,900 | |||||
| Generaland administrative | 2,000 | |||||
| Total operating expenses | 12,600 | |||||
| Operatingincome | 7,050 | |||||
| Interestexpense | 250 | |||||
| Income before incometaxes | 6,800 | |||||
| Income taxexpense | 3,000 | |||||
| Net income | $ | 3,800 | ||||
| Balance Sheet Information ($ in thousands) | |||||||
| Dec. 31, 2013 | Dec. 31, 2012 | ||||||
| Assets: | |||||||
| Cash | $ | 7,850 | $ | 2,650 | |||
| Accountsreceivable | 3,500 | 2,700 | |||||
| Inventory | 5,000 | 3,500 | |||||
| Prepaid rent | 200 | 400 | |||||
| Plant andequipment | 15,500 | 13,000 | |||||
| Less:Accumulated depreciation | (5,600 | ) | (5,000 | ) | |||
| Totalassets | $ | 26,450 | $ | 17,250 | |||
| Liabilitiesand Shareholdersâ Equity: | |||||||
| Accountspayable | $ | 2,400 | $ | 1,600 | |||
| Interestpayable | 150 | 0 | |||||
| Unearned servicerevenue | 900 | 650 | |||||
| Income taxespayable | 600 | 900 | |||||
| Loan payable (due12/31/2015) | 6,000 | 0 | |||||
| Common stock | 10,500 | 10,500 | |||||
| Retainedearnings | 5,900 | 3,600 | |||||
| Totalliabilities and shareholders' equity | $ | 26,450 | $ | 17,250 | |||
| Additionalinformation for the 2013 fiscal year ($ in thousands): | |
| 1. | Cash dividends of $1,500 weredeclared and paid. |
| 2. | Equipment costing $5,000 waspurchased with cash. |
| 3. | Equipment with a book value of$1,000 (cost of $2,500 less accumulated depreciation of $1,500) wassold for $1,000. |
| 4. | Depreciation of $2,100 isincluded in operating expenses. |
| Required: |
| Prepare Santana Industries' 2013statement of cash flows, using the indirect method to present cashflows from operating activities. (Amounts to be deductedshould be indicated with a minus sign. Enter your answers inthousands.) |
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