Week 10 question 1.Kingbird, Inc. has the following Income Statement (in millions): KINGBIRD, INC. Income Statement For the Year Ended December 31, 2023

Week 10 question 1.Kingbird, Inc. has the following Income Statement (in millions):

KINGBIRD, INC. Income Statement For the Year Ended December 31, 2023

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Week 10 question 1.Kingbird, Inc. has the following Income Statement (in millions):

KINGBIRD, INC. Income Statement For the Year Ended December 31, 2023

Net Sales

$164

Cost of Goods Sold

   94

Gross Profit

70

Operating Expenses

   50

Net Income

$  20

Using vertical analysis, what percentage is assigned to net sales?

74%

100%

174%

Can’t be computed

2. Marin Inc. has the following income statement (in millions):

MARIN INC. Income Statement For the Year Ended December 31, 2023

Net Sales

$400

Cost of Goods Sold

    256

Gross Profit

144

Operating Expenses

    68

Net Income

$  76

Using vertical analysis, what percentage is assigned to net income?

19%

30%

100%

81%

3. Given the following data for the Sunland Company:

Current liabilities

$590

Long-term debt

480

Common stock

 891

Retained earnings

    739

Total liabilities & stockholders’ equity

$2700

How would common stock appear on a common size balance sheet?

33%

25%

35%

85%

4. Blue Spruce Corp. had a balance in the Accounts Receivable account of $788000 at the beginning of the year and a balance of $842000 at the end of the year. Net credit sales during the year amounted to $5705000. The average collection period of the accounts receivable in terms of days was

53.7 days.

41.5 days.

104.3 days.

52.1 days.

5. Bramble Corp. had net credit sales of $13010000 and cost of goods sold of $10512000 for the year. The average inventory for the year amounted to $2190000. The inventory turnover for the year is

5.9 times.

1.1 times.

4.8 times.

1.2 times.

6. Metlock, Inc. had net credit sales of $9022000 and cost of goods sold of $5322000 for the year. The average inventory for the year amounted to $1341000. The average days in inventory during the year was approximately

92 days.

73 days.

54 days.

68 days.

7. Pina Colada Corp. had net income of $1615000 and paid dividends to common stockholders of $403750 in 2022. The weighted average number of shares outstanding in 2022 was 468350 shares. Pina Colada Corp. common stock is selling for $30 per share on the NASDAQ. Pina Colada Corp. price-earnings ratio is

3.4 times.

4.0 times.

8.7 times.

8.0 times.

8. Tamarisk, Inc. had net income of $1623000 and paid dividends to common stockholders of $405750 in 2022. The weighted average number of shares outstanding in 2022 was 1038720 shares. Tamarisk, Inc.’s common stock is selling for $40 per share on the NASDAQ. Tamarisk, Inc.’s payout ratio for 2022 is

25%.

$4 per share.

16%.

4%.

9. Wildhorse Co. reported the following on its income statement:

Income before income taxes

$803000

Income tax expense

  134000

Net income

$669000

An analysis of the income statement revealed that interest expense was $73000. Wildhorse Co.’s times interest earned was

12 times.

7 times.

14 times.

11 times.

10. The current assets of Nash’s Trading Post, LLC are $299000. The current liabilities are $130000. The current ratio expressed as a proportion is

$130000 ÷ $299000.

0.43:1.

2.30:1.

230%.

11. The following information pertains to Novak Corp. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments

$  53200

Accounts receivable (net)

39400

Inventory

31700

Property, plant and equipment

  219000

Total Assets

$343300

Liabilities and Stockholders’ Equity

Current liabilities

$  52100

Long-term liabilities

81200

Stockholders’ equity—common

  210000

Total Liabilities and Stockholders’ Equity

$343300

 

 

Income Statement

Sales revenue

$113000

Cost of goods sold

   69600

Gross profit

43400

Operating expenses

24500

Net income

$ 18900

 

 

Number of shares of common stock

9100

Market price of common stock

$23

Dividends per share on common stock

1.4

Cash provided by operations

$50000

What is the return on assets for this company?

5.5%

12.6%

9.0%

14.6%

12. The following information pertains to Tamarisk, Inc. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments

$  54200

Accounts receivable (net)

30000

Inventory

29700

Property, plant and equipment

  216000

Total Assets

$329900

Liabilities and Stockholders’ Equity

Current liabilities

$  50900

Long-term liabilities

85700

Stockholders’ equity—common

  193300

Total Liabilities and Stockholders’ Equity

$329900

 

 

Income Statement

Sales revenue

$115000

Cost of goods sold

   73500

Gross profit

41500

Operating expenses

17500

Net income

$ 24000

 

 

Number of shares of common stock

14200

Market price of common stock

$28

Dividends per share on common stock

5.8

Cash provided by operations

$40000

What is the return on common stockholders’ equity for this company?

12.4%

15.2%

18.0%

21.5%

13. The following information is available for Swifty Corporation:

 

2022

2021

Accounts receivable

$   363000

$   350000

Inventory

284000

345000

Net credit sales

3315450

2615000

Cost of goods sold

1822000

859000

Net income

325000

182000

The accounts receivable turnover for 2022 is

4.7 times.

9.5 times.

9.3 times.

9.1 times.

14. The following amounts were taken from the financial statements of Nash’s Trading Post, LLC:

 

2022

2021

Total assets

$801000

$1010000

Net sales

720000

651000

Gross profit

352000

321000

Net income

90550

110000

Weighted average number of          common shares outstanding

 85000

 80000

Market price of common stock

$40

$30

The return on assets for 2022 is

5%.

9%.

11%.

10%.

15. Novak’s by the Tracks has the following partial balance sheet:

NOVAK’S BY THE TRACKS Balance Sheet (partial)

Stockholders’ equity:

 

Common stock

$6024000

Retained earnings

 2024000

Total paid-in capital and retained earnings

8048000

Accumulated other comprehensive income

   804800

Total stockholders’ equity:

$8852800

What effect will the accumulated other comprehensive income have on comprehensive income?

Increase of $804800 in comprehensive income.

Decrease of $8048000 in comprehensive income.

Increase of $8852800 in comprehensive income.

No effect on comprehensive income.

16. Carla Vista Co. reported net sales of $410000, $451000, and $557600 in the years 2021, 2022, and 2023, respectively. If 2021 is the base year, what is the trend percentage for 2023?

136%

74%

124%

110%

17. Assume the following cost of goods sold data for a company:

2023

$1351680

2022

1223000

2021

1024000

If 2021 is the base year, what is the percentage increase in cost of goods sold from 2021 to 2023?

19%

32%

11%

132%

18. If Year 1 cost of goods sold equals $820, Year 2 cost of goods sold equals $950, and Year 3 cost of goods sold equals $600, the percentage to be assigned for Year 1 in a trend analysis, assuming that Year 1 is the base year, is

137%.

73%.

100%.

116%.

19. If Year 1 sales equal $890, Year 2 sales equal $1246, and Year 3 sales equal $1160, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is

130%.

71%.

93%.

140%.

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