ACC 556 Week 1 Assignment Help | Strayer University
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ACC 556 Week 1 Assignment Help | Strayer University
Brief Exercise 2-05
Suppose the following selected condensed data are taken from a recent
balance sheet of Bob
Evans Farms (in millions of dollars).
|
Cash |
$ 31.2 |
|
|
Accounts receivable |
21.1 |
|
|
Inventory |
28.2 |
|
|
aOther current assets |
25.9 |
|
|
Total current assets |
$106.4 |
|
|
Total current liabilities |
$190.0 |
Compute working capital and the current ratio. (For working capital, enter answer in millions. If answer is negative
enter it with a negative sign preceding the number e.g. -15.2 or in parentheses
e.g. (15.2). Round current ratio to 2 decimal places, e.g. 0.78 : 1.)
Exercise 2-06
The following items are taken from the financial statements of
Sandhill Co. at December 31, 2022.
|
Land |
$196,700 |
||
|
Accounts
receivable |
21,900 |
||
|
Supplies |
10,900 |
||
|
Cash |
11,800 |
||
|
Equipment |
84,000 |
||
|
Buildings |
263,000 |
||
|
Land
improvements |
46,500 |
||
|
Notes
receivable (due in 2023) |
5,300 |
||
|
Accumulated
depreciation—land improvements |
12,600 |
||
|
Common
stock |
72,500 |
||
|
Retained
earnings (December 31, 2022) |
504,000 |
||
|
Accumulated
depreciation—buildings |
33,600 |
||
|
Accounts
payable |
10,000 |
||
|
Mortgage
payable |
95,550 |
||
|
Accumulated
depreciation—equipment |
18,850 |
||
|
Interest
payable |
3,100 |
||
|
Income
taxes payable |
14,800 |
||
|
Patents |
46,800 |
||
|
Investments
in stock (long-term) |
72,900 |
||
|
Debt
investments (short-term) |
5,200 |
Prepare a classified balance sheet. Assume that $10,300 of the mortgage payable
will be paid in 2023. (List
Current Assets in order of liquidity. List Property, Plant and Equipment in
order of Land, Buildings, Equipment and Land Improvements.)
Exercise 2-05
These items are taken from the financial statements of Wildhorse
Co. at December 31, 2022.
|
Buildings |
$105,800 |
|
|
Accounts
receivable |
12,600 |
|
|
Prepaid
insurance |
3,200 |
|
|
Cash |
11,840 |
|
|
Equipment |
82,400 |
|
|
Land |
61,200 |
|
|
Insurance
expense |
780 |
|
|
Depreciation
expense |
5,300 |
|
|
Interest
expense |
2,600 |
|
|
Common
stock |
60,000 |
|
|
Retained
earnings (January 1, 2022) |
40,000 |
|
|
Accumulated
depreciation—buildings |
45,600 |
|
|
Accounts
payable |
9,500 |
|
|
Notes
payable |
93,600 |
|
|
Accumulated
depreciation—equipment |
18,720 |
|
|
Interest
payable |
3,600 |
|
|
Service
revenue |
14,700 |
Prepare a classified balance sheet. Assume that $13,600 of the note
payable will be paid in 2023. (List Current Assets in order of liquidity and Property, Plant and
Equipment in order of Land, Buildings and Equipment.)
Problem
2-03A
You are provided with the following information for Wildhorse Co.,
effective as of its April 30, 2022, year-end.
|
Accounts
payable |
$ 848 |
|
|
Accounts
receivable |
880 |
|
|
Accumulated
depreciation—equipment |
670 |
|
|
Cash |
1,320 |
|
|
Common
stock |
16,600 |
|
|
Cost of
goods sold |
1,030 |
|
|
Depreciation
expense |
350 |
|
|
Dividends |
325 |
|
|
Equipment |
2,510 |
|
|
Goodwill |
1,400 |
|
|
Income
tax expense |
160 |
|
|
Income
taxes payable |
140 |
|
|
Insurance
expense |
290 |
|
|
Interest
expense |
600 |
|
|
Inventory |
1,010 |
|
|
Investment
in land |
14,220 |
|
|
Land |
3,500 |
|
|
Mortgage
payable (long-term) |
4,100 |
|
|
Notes
payable (short-term) |
62 |
|
|
Prepaid
insurance |
70 |
|
|
Retained
earnings (beginning) |
1,400 |
|
|
Salaries
and wages expense |
900 |
|
|
Salaries
and wages payable |
245 |
|
|
Sales
revenue |
6,300 |
|
|
Stock
investments (short-term) |
1,800 |
Prepare an income statement for Wildhorse Co. for the year ended April
30, 2022. (Enter negative amounts using either a negative
sign preceding the number e.g. -45 or parentheses e.g. (45).)
Exercise
2-01
|
|
|
Classify each of the following financial statement items taken
from Ming Corporation’s balance sheet.
Exercise 2-08 a
Suppose the following information is available for Callaway Golf Company for
the years 2022 and 2021. (Dollars are in thousands, except share information.)
|
2022 |
2021 |
|||
|
Net sales |
$ 1,130,000 |
$ 1,137,500 |
||
|
Net
income (loss) |
71,316 |
61,438 |
||
|
Total
assets |
855,338 |
838,078 |
||
|
Share
information |
||||
|
Shares
outstanding at year-end |
67,000,000 |
68,840,000 |
||
|
Preferred
dividends |
0 |
0 |
There were 75,720,000 shares outstanding at the end of 2020.
(a)
What was the company’s earnings per share for each year? (Round answers to 2 decimal places, e.g.
15.25.)
Exercise
2-02
|
|
Classify each of the following financial statement items based
upon the major balance sheet classifications.
Brief
Exercise 2-02
|
|
|
Place a number, 1 through 7, in front of
each of the following balance sheet categories to designate the order in which
they are to be presented in a classified balance sheet.
Brief
Exercise 2-01
|
|
|
Match each of the following accounts to
its proper balance sheet classification
|
select a
proper balance sheet classification Brief
Exercise 2-04
Suppose the following information (in millions of dollars)
is available for Limited Brands for a recent year: sales
revenue $8,670, net income $244, preferred dividend $0, and weighted-average
common shares outstanding 400 million. Exercise 2-12 a-d
Suppose the following data were taken from the 2022 and 2021
financial statements of American
Eagle Outfitters. (All numbers, including
share data, are in thousands.)
(b) (c) (d) Exercise
2-07
Suppose the following items were taken from the 2022 financial
statements of Texas Instruments,
Inc. (All dollars are in
millions.)
|
Accounts
payable |
USA 
India