GB 518 Unit 6 Assignment - EXCEL TEMPLATE
P12-04A Galley Corp. a merchandiser recently completed its 2011 operations. For the year:
1 all sales are credit sales
2 all credits to Accounts Receivable reflect cash receipts from customers
3 all purchases of inventory are on credit
4 all debits to Accounts Payable reflect cash payments for inventory.
5 Other Expenses are all cash expenses
6 any change in Income Taxes Payable reflects the accrual and cash payments of taxes. The company's balance sheets and income statement follow.
b Issued 12,000 shares of common stock for $5 cash per share.
c Declared and paid $111,000 in cash dividends.
Prepare a complete statement of cash flows; report its cash inflows from operating activities according to the indirect method.
P13-04A Selected year-end financial statements of McCord Corporation
1 All sales were on credit
2 Selected balance amounts at December 31, 2010 were:
Inventory $32,400
Total assets $182,400
Common stock $90,000
Retained earnings $31,300
Compute the following
1 Current ration
2 Acid-test ratio
3 days sales uncollected
4 Inventory turnover
5 Days sales in inventory
6 Debt-to-equity ratio
7 Times interest earned
8 profit margin ratio
9 Total asset turnover
10 Return on total assets
11 -Return on common stockholder's equity
TUTORIAL PREVIEW
P12-04A Galley Corp. a merchandiser recently completed its 2011 operations. For the year:
1 all sales are credit sales
2 all credits to Accounts Receivable reflect cash receipts from customers
3 all purchases of inventory are on credit
4 all debits to Accounts Payable reflect cash payments for inventory.
5 Other Expenses are all cash expenses
6 any change in Income Taxes Payable reflects the accrual and cash payments of taxes. The company's balance sheets and income statement follow.
Additional information on Year 2011 Transactions
a Purchased equipment for $36,000 cashb Issued 12,000 shares of common stock for $5 cash per share.
c Declared and paid $111,000 in cash dividends.
Prepare a complete statement of cash flows; report its cash inflows from operating activities according to the indirect method.
P13-04A Selected year-end financial statements of McCord Corporation
1 All sales were on credit
2 Selected balance amounts at December 31, 2010 were:
Inventory $32,400
Total assets $182,400
Common stock $90,000
Retained earnings $31,300
Compute the following
1 Current ration
2 Acid-test ratio
3 days sales uncollected
4 Inventory turnover
5 Days sales in inventory
6 Debt-to-equity ratio
7 Times interest earned
8 profit margin ratio
9 Total asset turnover
10 Return on total assets
11 -Return on common stockholder's equity
TUTORIAL PREVIEW
GALLEY CORPORATION
Statement of cash Flows
For Year Ended December 31,
2011
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Cash flows from
operating activities:
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Net income
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$201,000
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Adjustments to reconcile net income to net
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Cash provided by operating activities
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Increase in accounts receivable
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(12,000)
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Increase in inventory
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(75,000)
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