# Managerial accounting 1b ch13 | Accounting homework help

Managerial Accounting 1B

Financial and Managerial Accounting

Chapter 13

1.

Exercise 13-3 Computation and analysis of trend percents L.O. P1

 2013 2012 2011 2010 2009 Sales \$ 283,880 \$ 271,800 \$ 253,680 \$ 235,560 \$ 151,000 Cost of goods sold 129,200 123,080 116,280 107,440 68,000 Accounts receivable 19,100 18,300 17,400 16,200 10,000

 Compute trend percents for the above accounts, using 2009 as the base year. (Omit the “%” sign in your response.)

2.

Exercise 13-7 Common-size percents L.O. P2

 Sanderson Company’s year-end balance sheets follow.

 At December 31 2012 2011 2010 Assets Cash \$ 30,800 \$ 35,625 \$ 36,800 Accounts receivable, net 88,500 62,500 49,200 Merchandise inventory 111,500 82,500 53,000 Prepaid expenses 9,700 9,375 4,000 Plant assets, net 277,500 255,000 229,500 Total assets \$ 518,000 \$ 445,000 \$ 372,500 Liabilities and Equity Accounts payable \$ 128,900 \$ 75,250 \$ 49,250 Long-term notes payable secured by  mortgages on plant assets 97,500 102,500 82,500 Common stock, \$10 par value 162,500 162,500 162,500 Retained earnings 129,100 104,750 78,250 Total liabilities and equity \$ 518,000 \$ 445,000 \$ 372,500

 Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final answers to 1 decimal place. Omit the “%” sign in your response.)

Exercise 13-9 Liquidity analysis and interpretation L.O. P3

[The following information applies to the questions displayed below.]

 Sanderson Company’s year-end balance sheets follow.

 At December 31 2012 2011 2010 Assets Cash \$ 30,800 \$ 35,625 \$ 36,800 Accounts receivable, net 88,500 62,500 49,200 Merchandise inventory 111,500 82,500 53,000 Prepaid expenses 9,700 9,375 4,000 Plant assets, net 277,500 255,000 229,500 Total assets \$ 518,000 \$ 445,000 \$ 372,500 Liabilities and Equity Accounts payable \$ 128,900 \$ 75,250 \$ 49,250 Long-term notes payable secured by  mortgages on plant assets 97,500 102,500 82,500 Common stock, \$10 par value 162,500 162,500 162,500 Retained earnings 129,100 104,750 78,250 Total liabilities and equity \$ 518,000 \$ 445,000 \$ 372,500

 The company’s income statements for the years ended December 31, 2012 and 2011, follow. Assume that all sales are on credit:

 For Year Ended December 31 2012 2011 Sales \$ 672,500 \$ 530,000 Cost of goods sold \$ 410,225 \$ 344,500 Other operating expenses 208,550 133,980 Interest expense 11,100 12,300 Income taxes 8,525 7,845 Total costs and expenses 638,400 498,625 Net income \$ 34,100 \$ 31,375 Earnings per share \$ 2.10 \$ 1.93

 Section Break Exercise 13-9 Liquidity analysis and interpretation L.O. P3

3.

Exercise 13-9 Part 1

 (1) Compute days’ sales uncollected. (Use 365 days a year. Do not round intermediate calculations and roundyour final answers to the nearest whole number.)

4.

Exercise 13-9 Part 2

 (2) Compute accounts receivable turnover. (Round your answers to 1 decimal place.)

 2012 2011

5.

Exercise 13-9 Part 3

 (3) Compute inventory turnover. (Round your answers to 1 decimal place.)

6.

Exercise 13-9 Part 4

 (4) Compute days’ sales in inventory. (Use 365 days a year. Do not round intermediate calculations and round your final answers to the nearest whole number.)

 2012 2011

Problem 13-1A Ratios, common-size statements, and trend percents L.O. P1, P2, P3

[The following information applies to the questions displayed below.]

 Selected comparative financial statements of Bennington Company follow:

 BENNINGTON COMPANY Comparative Income Statements For Years Ended December 31, 2012, 2011, and 2010 2012 2011 2010 Sales \$ 444,000 \$ 340,000 \$ 236,000 Cost of goods sold 267,288 212,500 151,040 Gross profit 176,712 127,500 84,960 Selling expenses 62,694 46,920 31,152 Administrative expenses 40,137 29,920 19,470 Total expenses 102,831 76,840 50,622 Income before taxes 73,881 50,660 34,338 Income taxes 13,764 10,370 6,962 Net income \$ 60,117 \$ 40,290 \$ 27,376

 BENNINGTON COMPANY Comparative Balance Sheets December 31, 2012, 2011, and 2010 2012 2011 2010 Assets Current assets \$ 48,480 \$ 37,924 \$ 50,648 Long-term investments 0 500 3,720 Plant assets, net 90,000 96,000 57,000 Total assets \$ 138,480 \$ 134,424 \$ 111,368 Liabilities and Equity Current liabilities \$ 20,200 \$ 19,960 \$ 19,480 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 37,280 33,464 31,888 Total liabilities and equity \$ 138,480 \$ 134,424 \$ 111,368

7.

Problem 13-1A Part 1

 Required: 1. Compute each year’s current ratio. (Round your answers to 1 decimal place.)

 Current ratio December 31, 2012: Current ratio December 31, 2011: Current ratio December 31, 2010:

8.

Problem 13-1A Part 2

 2 Express the income statement data in common-size percents. (Round your answers to 2 decimal places. Omit the “%” sign in your response.)

9.

Problem 13-1A Part 3

 3 Express the balance sheet data in trend percents with 2010 as the base year. (Round your answers to 2 decimal places. Leave no cells blank – be certain to enter “0” wherever required. Omit the “%” sign in your response.)

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