ch 3 ICA Blank Template (1)

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PROBLEM 4: (ERROR CORRECTION) You are auditing the financial statements of Brin Inc. for the year 2020. The details of the unadjusted balances of its Accumulated Profit account are as follows: ACCUMULATED PROFIT Date Particulars Debit Credit Balance Beginning Balance Gain on sale of treasury shares Net income for the year Payment of dividends declared in 2018 Paid in capital in excess of par Loss on sale of treasury shares Net loss for the year Net income for the year Payment of dividends declared in 2019 01.01.2018 500,000 540,000 740,000 670,000 690,000 660,000 580,000 730,000 640,000 08.31.2018 40,000 200,000 12.31.2018 02.28.2019 70,000 05.31.2019 20,000 07.31.2019 30,000 80,000 12.31.2019 12.31.2020 150,000 12.31.2020 90,000 Your examination disclosed the following: a. Omissions at the end of each year of the following: 2017 2018 2019 2020 Merchandise Inventory, end | Accrued Expense 4,000 7,000 3,000 5,000 b. The cost of major repairs on the company's equipment on January 1, 2018…

4. How do increases in fixed assets from one period to the next affect the cash account?5. List at least three working capital accounts that represent sources of cash for the firm and the changes the financial manager would have to make to those accounts to improve the cash account for the next firm's closing period.6. What does “decrease in short-term notes” mean in Davis Corporation, LLC's financial statement and how does it affect the cash balance at the end of the period?7. From Davis Corporation, LLC's statement of cash flows, discuss what may have caused the greatest change in the company's cash flow position for 20x9 compared to the prior year.

A. What is the total change in Net Working Capital given the following: $10 million $20 million $5 million $10 million $15 million Decrease in accounts receivable: Decrease in inventory: Increase in prepaid expenses: Increase in other current liabilities: Decrease in accounts payable: B. Describe and provide specific examples of how financial ratios / metrics can be used to support specific business decisions such as financing, credit granting and strategic growth. C. Briefly explain the concept of Free Cash Flow and articulate how it can be employed by corporate managers.

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Prior to the end of the fiscal year a company decides to increase its sales by loosening its credit standards resulting in lower accounts receivable turnover. What effect would this action have on the firm’s working capital? ROA? return on net operating assets?

Choose from the drop down list the stage of the corporate life cycle the company described is experiencing: introductory/growth, maturity or decline. Assume the company being described follows a typical life cycle, a. The company is not generating positive cash from its operating activities. The company's cash flow from investing activities is negative as expenditures are being made for property, plant and equipment. Introductory/ Growth Decline Maturity C. The company has started to declare and pay dividends. d. The company's cash from operating activities and investing activities has begun to decline. e. Cash from investing activities is positive and the company is selling off excess assets. The company is experiencing positive cash flows from all three sources of cash: operating, investing and financing activities. f. 8. The company's cash from financing activities is negative. b.

What are possible plans that management of a troubled business might create to mitigate substantial doubt that the entity will fail to make its debt payments within one year from the issuance of financial statements? Essay Toolbar navigation BI U S E := A > !!!

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Question 2: Looking at the position statement of the firm over the last two years, Hope was quite happy that the performance of the firm had changed for the better. Her friend, Despair, looked over the numbers and appeared unsatisfied with the performance. She suggested, that the best way to look at the performance would be to prepare a cash flow statement of the firm and evaluate it. The balance sheet of M/s Hope Imports Limited, as at March 31, 20X9 and 20X0, are as follows (all figures in INR): M/s Little Flower Imports Limited : Balance sheet as on March 31" (All figures in lakhs) Liabilities & Equity Share capital Assets 20x9 20x0 20x9 20x0 Land 120 120 150 150 Machine (Cost less dep) 80 100 20 30 Reserves Investments 10 10 Debentures 15 15 Closing stock Debtors Bills Receivable Proposed Dividend Sundry Creditors 15 20 20 50 20 30 50 50 10 Cash at Bank 4 Total Assets 255 295 Total Liabilities 255 295 You are also provided with some additional information for the year which is as…

Quiz Q8

Emerson Electric is engaged in design, manufacture, and sale of a broad range of electrical, electromechanical, and electronic products and systems. The following shows Emerson's net income and net income before extraordinary items for the past 20 years (in millions): Net Year Income Y1 $201.0 Y2 237.7 Y3 273.3 Y4 300.1 Y5 302.9 Y6 349.2 Y7 401.1 Net Income before Extraordinary Items $201.0 237.7 273.3 300.1 302.9 349.2 401.1 Net Year Income Y8 $408.9 Y9 467.2 Y10 528.8 Y11 588.0 Y12 613.2 Y13 631.9 Y14 662.9 Net Income before Extraordinary Items $408.9 467.2 528.8 588.0 613.2 631.9 662.9 Emerson Electric Net Year Income Net Income before Extraordinary Items Y15 $708.1 Y16 Y17 Y18 1,018.5 Y19 1,121.9 Y20 1,228.6 1,228.6 788.5 907.7 $ 708.1 904.4 929.0 1,018.5 1,121.9 Emerson has achieved consistent earnings growth for more than 160 straight quarters (more than 40 years). PROBLEM 2-14 Earnings Management Strategies

2. Balance sheet The balance sheet provides a snapshot of the financial condition of a company. Investors and analysts use the information given on the balance sheet and other financial statements to make several interpretations regarding the company's financial condition and performance. Cold Goose Metal Works Inc. is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet. Cold Goose Metal Works Inc. Balance Sheet for Year Ending December 31 (Millions of Dollars) Year 2 Year 1 Year 2 Year 1 Assets Liabilities and equity Current assets: Current liabilities: Cash and equivalents $15,328 $4,612 Accounts receivable 2,109 1,688 Accounts payable Accruals $0 $0 293 0 Inventories 6,187 4,950 Notes payable 1,660 1,562 Total current assets $14,062 $11,250 Total current liabilities $1,562 Net fixed assets: Long-term…

Case Study: Accounting for Subsequent Events Background: Scenario: Subsequent Event 1: Subsequent Event 2: Subsequent Event 3: Accounting Considerations: XYZ Corporation, a publicly traded company, operates in the technology sector. The fiscal year-end is December 31. The financial statements are typically issued in March following the year-end. As of December 31, Year 1, XYZ Corporation is finalizing its financial statements. However, subsequent events occur after the year-end that may impact the financial statements. The key events are as follows: In January Year 2, XYZ Corporation experiences a significant decline in the market value of its inventory due to unforeseen technological changes. The decline affects the carrying amount of the inventory as of December 31, Year 1. In February Year 2, XYZ Corporation's major supplier declares bankruptcy. This bankruptcy jeopardizes the continuity of the supply chain and may result in the impairment of certain assets recorded on the balance…

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Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.

Explain why non-financial information, such as the type shown in appendix 2, is likelyto give a better indication of the likely future success of the business than the financialinformation given in appendix 1

CH2Q2 BALANCE SHEET The balance sheet provides a snapshot of the financial condition of a company. Investors and analysts use the information given on the balance sheet and other financial statements to make several interpretations regarding the company's financial condition and performance. Green Caterpillar Garden Supplies Inc. is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet. Green Caterpillar Garden Supplies Inc. Balance Sheet for Year Ending December 31 (Millions of Dollars) Assets Current assets: Cash and equivalents Accounts receivable Inventories Total current assets Net fixed assets: Net plant and equipment Total assets Year 2 Q1 1,266 3,712 $8,437 Q3 Q7 This statement is false, because: Q8 $18,750 Year 1 $2,767 1,013 2,970 $6,750 $8,250 Liabilities and equity Current liabilities: Accounts…

am. 109.

a. State the processes/steps to be performed for each of the following in Tally.ERP 9: Creation of ledgers Creation of groups/accounts heads Viewing list of accounts groups created Verify ledger accounts Creation of a new voucher type Creation of stock categories Creation of stock items Viewing ageing analysis reports Altering a voucher type Creation of a stock group           b. Jobel Company Limited, an insurance brokerage firm, has been posting huge financial losses since the outbreak of the COVID-19 pandemic. The company is in the process of filing for bankruptcy due to the consistent fall of its share price, a situation solely attributable to the COVID-19 pandemic. At the last shareholders’ meeting before the pandemic, members voted massively for the introduction of a computerised accounting information system (CAIS) to automate the operations of the company. However, the key management members are clueless as to the key motivating considerations…

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How should the company respond to the ongoing situation to mitigate risk of failing the working capital given the following financial ratio? 1. Liquidity ratio :  current ratio: 2.61xquick ratio: 2.56cash ratio: 0.85 2. Accounts receivable turnover: 4.08Ave collection period: 89.46 days 3. Inventory turnover: 38.76ave age of inventory: 9.42 4. Average payable turnover: 1.04ave payment period: 350.96 Note:  Their working capital is 22,887,683 Current asset (37,127,683) - current liabilities (14,260,065) = 22,887,683

Statement I: Current assets are expected to be settled within the normal operating cycle of the businessStatement II: Current liabilities are expected to be realized within 12 mos. After the reporting period if the normal operating cycle of the business is not clearly identifiable. a. Only statement II is correct b. Only statement I is correct c. Both statements are incorrect d. Both statements are correct

8. Suppose r@ktas has receivables of $65,000, furniture totaling $205,000, and cash of $52,000. The business has a $109,000 account payable and owes $81,000 on account. How much is r@ktas' stockholders' equity? a. $28,000 b. $332,000 c. $190,000 d. $132,000