Problem 17-1A
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Section:
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Instructions
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1.
MCDADE COMPANY
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
20Y2
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total operating expenses
Income from operations
Other
Expenses
revenue
and other:
Income before income tax
Income tax expense
Net income
2.
[Key essay answer here]
$
$
$
$
$
$
$
Amount
16,800,000
11,500,000
5,300,000
1,770,000
1,220,000
2,990,000
2,310,000
256,950
2,566,950
1,413,000
1,153,950
20Y1
$
$
$
$
$
$
$
Amount
15,000,000
10,000,000
5,000,000
1,500,000
1,000,000
2,500,000
2,500,000
225,000
2,725,000
1,500,000
1,225,000
Increase (Decrease)
Amount
Percent
0
# N-box Incorrects due to blanks COUNTIF(B15:AT24," ")
22
# N-box +B-box corrects COUNTIF(B15:AT24," ")
0
Total SUM(AD13:AD15)
22
Percentage =(AD16-AD13-AD14)/AD16
0%
Notes:
If number-entry box is blank (this would be an incorrect answer for N-boxes), error check
If number-entry or blank-entry box is incorrect, returns "*"
If number-entry or blank-entry box is correct, returns single space, " "
Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so
Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1
nd use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.
Problem 17-2A
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Section:
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Instructions
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1.
TRI-COMIC COMPANY
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
20Y2
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total operating expenses
Income from operations
Other revenue
Income before income tax
Income tax
Net income
2.
[Key essay answer here]
Amount
$ 1,500,000
510,000
$ 990,000
$ 270,000
180,000
$ 450,000
$ 540,000
60,000
$ 600,000
450,000
$ 150,000
20Y1
Percent
Amount
$ 1,250,000
475,000
$ 775,000
$ 200,000
156,250
$ 356,250
$ 418,750
50,000
$ 468,750
375,000
$
93,750
Percent
Problem 17-4A
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Section:
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Instructions
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1.
Current Assets
-
Current
Liabilities
=
Calculated Value
Numerator
÷
Denominator
=
Calculated Value
Working capital:
Ratio
2.
Current ratio
3.
Quick ratio
4.
Accounts receivable
turnover
5.
Number of days'
sales in receivables
6.
Inventory turnover
7.
Number of days'
sales in inventory
8.
Ratio of fixed assets to
long-term liabilities
9.
Ratio of liabilities to
stockholders' equity
10.
Times interest earned
11.
Asset turnover
12.
Return on total assets
13.
Return on stockholders'
equity
14.
Return on common
stockholders' equity
15.
Earnings per share
on common stock
16.
Price-earnings ratio
17.
Dividends per share
of common stock
18.
Dividend yield
Problem 18-4A
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0%
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1.
Materials inventory, May 1
Materials inventory, May 31
Materials purchased
Cost of direct materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred during May
Total manufacturing costs
Work in process inventory, May 1
Work in process inventory, May 31
Cost of goods manufactured
Finished goods inventory, May 1
Finished goods inventory, May 31
Sales
Cost of goods sold
Gross profit
Operating expenses
Net income
2.
Rainier
Company
$ 100,000
Yakima
Company
$
48,200
50,000
710,000
(a)
950,000
938,500
2,860,000
1,800,000
(a)
(b)
446,000
2,484,200
2,660,600
176,400
(b)
5,598,500
400,000
382,000
(c)
(c)
615,000
596,500
9,220,000
(d)
(e)
1,000,000
2,491,500
190,000
(d)
4,550,000
2,470,000
(e)
(f)
(f)
YAKIMA COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended May 31
Work in process inventory, May 1
Direct materials:
1,500,000
Cost of direct materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred during May
Total manufacturing costs
Less:
Cost of goods manufactured
3.
YAKIMA COMPANY
Income Statement
For the Month Ended May 31
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses
Net income
Problem 19-4A
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Section:
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Instructions
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1. Supporting calculations:
Job. No.
Quantity
No. 201
No. 202
No. 203
No. 204
No. 205
No. 206
Total
550
1,100
550
660
480
380
3,720
June 1
Work in
Process
A.
Materials requisitions
B.
Work in process, June 1
C.
Work in process materials
D.
Work in process direct labor
E.
Work in process factory overhead applied
F.
Work in process completed jobs transferred out
G.
Cost of goods sold
H.
Indirect labor included in factory overhead
Direct
Materials
Direct
Labor
$ 55,000
93,500
38,500
82,500
60,000
22,000
$ 351,500
$ 41,250
71,500
22,000
69,300
48,000
12,400
$ 264,450
Factory
Overhead
Total
Cost
Unit
Cost
Units
Sold
Cost of
Goods
Sold
2.
June 30 balances:
Materials
Work in Process
Finished Goods
Factory Overhead
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