Expert answer:Comparative Balance Sheet of Rollaird Company Perf

  

Solved by verified expert:Brief Exercise 18-04Using these data from the comparative balance sheet of Rollaird Company, perform horizontal analysis.
December 31, 2020December 31, 2019Accounts receivable$550,200$420,000Inventory870,000600,000Total assets2,858,9002,530,000(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Increase or (Decrease)December 31, 2020December 31, 2019AmountPercentageAccounts receivable$550,200$420,000$%Inventory870,000600,000%Total assets2,858,9002,530,000%Brief Exercise 18-05Using these data from the comparative balance sheet of Rollaird Company, perform vertical analysis.December 31, 2020December 31, 2019Accounts receivable$475,450$419,220Inventory745,300673,200Total assets2,570,0003,060,000(Round percentages to 1 decimal place, e.g. 12.1%.)
December 31, 2020December 31, 2019AmountPercentageAmountPercentageAccounts receivable$475,450%$419,220%Inventory745,300%673,200%Total assets2,570,000%3,060,000%Brief Exercise 18-12 a1-a2The following data were taken from the income statements of Mydorf Company.20202019Sales revenue$6,310,000$6,120,000Beginning inventory970,000910,000Purchases4,391,5004,666,000Ending inventory1,040,000970,000Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.)20202019Inventory turnover times timesCompute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.)20202019Days in inventory days daysExercise 18-02Trayer Corporation has income from continuing operations of $254,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).1.An unrealized loss of $77,000 on available-for-sale securities.2.A gain of $27,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $42,000 gain on disposal).Assume all items are subject to income taxes at a 20% tax rate.Prepare a statement of comprehensive income, beginning with income from continuing operations. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
TRAYER CORPORATIONPartial Statement of Comprehensive Income$$$$Exercise 18-03 (Video)Here is financial information for Glitter Inc.December 31, 2020December 31, 2019Current assets$123,000$100,000Plant assets (net)395,300335,000Current liabilities89,27973,000Long-term liabilities130,59288,000Common stock, $1 par166,959117,000Retained earnings131,470157,000Prepare a schedule showing a horizontal analysis for 2020, using 2019 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)
GLITTER INC.Condensed Balance SheetsDecember 31Increase or (Decrease)20202019AmountPercentageAssetsCurrent assets$123,000$100,000$ %Plant assets (net)395,300335,000 % Total assets$518,300$435,000$ %LiabilitiesCurrent liabilities$89,279$73,000$ %Long-term liabilities130,59288,000 % Total liabilities219,871161,000 %Stockholders’ EquityCommon stock, $1 par166,959117,000 %Retained earnings131,470157,000 % Total stockholders’ equity298,429274,000 % Total liabilities and stockholders’ equity$518,300$435,000$ %Exercise 18-06Here are the comparative income statements of Delaney Corporation.Delaney CorporationComparative Income StatementsFor the Years Ended December 3120202019Net sales$611,000$506,000Cost of goods sold487,578424,028Gross profit123,42281,972Operating expenses86,76248,576Net income$ 36,660$ 33,396(a)Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)
DELANEY CORPORATIONCondensed Income StatementsIncrease or (Decrease)During 202020202019AmountPercentageNet sales$611,000$506,000$ %Cost of goods sold487,578424,028 %Gross profit123,42281,972 %Operating expenses86,76248,576 %Net income$36,660$33,396$ %(b)Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)
DELANEY CORPORATIONCondensed Income Statements20202019AmountPercentAmountPercentNet sales$611,000 %$506,000 %Cost of goods sold487,578 %424,028 %Gross profit123,422 %81,972 %Operating expenses86,762 %48,576 %Net income$ 36,660 %$ 33,396 %Problem 18-05A aSuppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions).TargetCorporationWal-MartStores, Inc.Income Statement Data for YearNet sales$65,357$408,214Cost of goods sold45,583304,657Selling and administrative expenses15,10179,607Interest expense7072,065Other income (expense)(94)(411)Income tax expense1,3847,139Net income$ 2,488$ 14,335Balance Sheet Data (End of Year)Current assets$18,424$48,331Noncurrent assets26,109122,375Total assets$44,533$170,706Current liabilities$11,327$55,561Long-term debt17,85944,089Total stockholders’ equity15,34771,056Total liabilities and stockholders’ equity$44,533$170,706Beginning-of-Year BalancesTotal assets,106$163,429Total stockholders’ equity13,71265,682Current liabilities10,51255,390Total liabilities30,39497,747Other DataAverage net accounts receivable$7,525$4,025Average inventory6,94233,836Net cash provided by operating activities5,88126,249Capital expenditures1,72912,184Dividends4964,217(a)For each company, compute the following ratios. (Enter free cash flow in millions. Round Current ratio to 2 decimal places, e.g. 1.67. Round Debt to assets ratio to 0 decimal places, e.g. 18 or 18%. Round all other answers to 1 decimal place, e.g. 1.6, or 1.6%. Use 365 days for calculation.)
RatioTargetWal-Mart(1)Current ratio:1:1(2)Accounts receivable turnovertimestimes(3)Average collection perioddaysdays(4)Inventory turnovertimestimes(5)Days in inventorydaysdays(6)Profit margin%%(7)Asset turnovertimestimes(8)Return on assets%%(9)Return on common stockholders’ equity%%(10)Debt to assets ratio%%(11)Times interest earnedtimestimes(12)Free cash flow$million$million

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