ACTG 2011 Lecture Notes - Lecture 11: Write-Off, Life Insurance, Investment
Get access
Related Documents
Related Questions
Oceanview MarineCompany 1-1 | |||||
Balance Sheet | |||||
31-Dec-15 | |||||
Assets | 2015 | 2014 | 2013 | ||
Current Assts | |||||
Cash | $ 1,320,096 | $ 1,089,978 | $ 1,200,347 | ||
AccountsReceivable: Notes 2 and 5 | $ 1,646,046 | $ 1,285,593 | $ 1,180,982 | ||
Inventories *Notes 1a, 3, and 5 | $ 13,524,349 | $ 12,356,400 | $ 11,461,231 | ||
PrepaidExpenses | $ 17,720 | $ 15,826 | $ 15,275 | ||
Deposits | $ 7,916 | $ 5,484 | $ 4,329 | ||
Total CurrentAssets | $ 16,516,127 | $ 14,753,281 | $ 13,862,164 | ||
Property, Plant, Equipment *Notes 1b and 4 | |||||
at cost, less accumulated depreciation | $ 596,517 | $ 612,480 | $ 627,771 | ||
TOTAL ASSETS | $ 17,112,644 | $ 15,365,761 | $ 14,489,935 | ||
LIABILITIES | |||||
CurrentLiabilites | |||||
Note Payable -Bank * Note 5 | $ 5,100,000 | $ 4,250,000 | $ 4,000,000 | ||
Accountspayable | $ 1,750,831 | $ 1,403,247 | $ 1,106,574 | ||
AccruedLiabilities | $ 257,800 | $ 217,003 | $ 211,250 | ||
Federal IncomeTax Payable | $ 35,284 | $ 45,990 | $ 39,725 | ||
Current portionof long-term debt | $ 5,642 | $ 5,642 | $ 5,642 | ||
TotalCurrent Liabilities | $ 7,149,557 | $ 5,921,882 | $ 5,363,191 | ||
Long-Term Liabilities | |||||
Long-TermDebt | $ 409,824 | $ 415,466 | $ 421,108 | ||
TOTAL LIABILITIES | $ 7,559,381 | $ 6,337,348 | $ 5,784,299 | ||
STOCKHOLDERS EQUITY | |||||
Common Stock - * Note 7 | $ 10,000 | $ 10,000 | $ 10,000 | ||
Additional paid in capital | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | ||
Retaind Earnings | $ 7,043,263 | $ 6,518,413 | $ 6,195,636 | ||
Total Stockholder Equity | $ 9,553,263 | $ 9,028,413 | $ 8,705,636 | ||
TOTAL LIABILITIES AND STOCKHOLDEREQUITY | $ 17,112,644 | $ 15,365,761 | $ 14,489,935 | ||
Liquidity ratios: | unadjusted 12/31/2015 | unadjusted 12/31/2014 | CHANGE | Percent Change | Industry Average |
CurrentRation | 2.31 | 2.49 | -0.18 | -7.23% | 1.53 |
Quick Ratio | 0.42 | 0.4 | 0.02 | 5.00% | 0.43 |
Sales/ReceivableRatio | 16.05 | 17.78 | -1.73 | -9.73% | 20.29 |
Number of dayssales in A/R | ? | ? | ? | ? | 17.99 |
InventoryTurnover | ? | ? | ? | ? | 1.41 |
PROFITABILITY/PERFORMANCE RATIOS: | |||||
Gross Profit Margin (%) | ? | ? | ? | ? | 39.83% |
Income before taxes / owners' equity | ? | ? | ? | ? | 0.06 |
Income before taxes / total assets | 0.06 | 0.04 | 0.02 | 50.00% | 0.04 |
Sales / Long - term assets | 44.29 | 37.33 | 6.96 | 18.64% | 19.07 |
Sales / Total Assets | 1.54 | 1.49 | 0.05 | 3.36% | 1.32 |
Sales / Working Capital | 2.82 | 2.59 | 0.23 | 8.88% | 2.18 |
SOLVENCY RATIOS | |||||
Owners Equity / Total Assets | 0.56 | 0.59 | -0.03 | -5.08% | 0.31 |
Long - Term Assets / owners' Equity | 0.06 | 0.07 | -0.01 | -14.29% | 0.47 |
Current Liabilities / Owners Equity | ? | ? | ? | ? | 1.13 |
Total Liabilities / Owners Equity | ? | ? | ? | ? | 2.03 |
Please answer the questionmarks and show computation |
Use the data from the following financial statements in thepopupâ window, LOADING... . The company paid interest expense of$18,500 for 2014 and had an overall tax rate of 40% for 2014. Findthe cash flow from assets forâ 2014, and break it into its threeâparts: operating cashâ flow, capitalâ spending, and change in networking capital.
ata Table
Partial Income Statement Year Ending 2014 | |
Sales revenue | $350,200 |
Cost of goods sold | $141,800 |
Fixed costs | $43,100 |
Selling, general, and administrative expenses | $28,000 |
Depreciation | $45,800 |
Partial Balance Sheet 12/31/2013 | |||
ASSETS | LIABILITIES | ||
Cash | $15,800 | Notes payable | $13,900 |
Accounts receivable | $27,900 | Accounts payable | $19,100 |
Inventories | $47,900 | Long-term debt | $190,000 |
Fixed assets | $368,000 | OWNERS' EQUITY | |
Accumulated depreciation | $143,600 | Retained earnings | |
Intangible assets | $82,000 | Common stock | $132,000 |
Partial Balance Sheet 12/31/2014 | |||
ASSETS | LIABILITIES | ||
Cash | $26,100 | Notes payable | $12,100 |
Accounts receivable | $19,200 | Accounts payable | $24,200 |
Inventories | $52,800 | Long-term debt | $162,100 |
Fixed assets | $448,100 | OWNERS' EQUITY | |
Accumulated depreciation | Retained earnings | ||
Intangible assets | $82,000 | Common stock | $182,000 |