Managerial Accounting: Tools for Business Decision Making 7e Binder Ready Version + WileyPLUS Registration Card
7th Edition
ISBN: 9781119036449
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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Chapter 14, Problem 14.2AP
The comparative statements of Painter Tool Company are presented below and on page 643.
PAINTER TOOL COMPANY
Income Statement
For the Years Ended December 31
| 2017 | 2016 | |
| Net sales | $1,818,500 | $1,750,500 |
| Cost of goods sold | 1,011,500 | 996,000 |
| Gross profit | 807,000 | 754,500 |
| Selling and administrative expenses | 499,000 | 479,000 |
| Income from operations Other expenses and losses | 308,000 | 275,500 |
| Interest expense | 18,000 | 14,000 |
| Income before income taxes | 290,000 | 261,500 |
| Income tax expense | 87,000 | 77,000 |
| Net income | $ 203,000 | $ 184,500 |
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The comparative statements of Osborne Company are presented below:
OSBORNE COMPANY
Income Statements
For the Years Ended December 31
2014 2013
Net sales $1,897,652 $1,757,612
Cost of goods sols 1,065,652 1,013,112
Gross profit 832,000 744,500
Selling and administrative expenses 507,112 486,112
Income from operations 324,888 258,388
Other expenses and losses
Interest expense 23,327 21,327
Income before income taxes 301,561 237,061
Income tax expense 93,327 74,327
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OSBORNE COMPANY
Balance Sheets
December 31
2014 2013
Assets
Current Assets
Cash $60,100 $64,200
Debt investments (short-term) 74,000 50,000
Accounts receivable 124,912 109,912
Inventory 127,327 116,827
Total current assets 386,339 340,939
Plant assets (net) 659,589 530,889
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Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $167,112 $152,512
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Cullumber Appliances Corporation has reported its financial results for the year ended December 31, 2017.
Cullumber Appliances CorporationIncome Statement for the FiscalYear Ended December 31, 2017
Net sales
$ 5,899,512,000
Cost of goods sold
3,224,958,940
Gross profit
$ 2,674,553,060
Selling, general, and administrative expenses
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Depreciation
334,776,116
Operating income
$ 1,237,883,521
Interest expense
32,014,500
EBT
$ 1,205,869,021
Income taxes
320,866,566
Net earnings
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Cullumber Appliances CorporationBalance Sheet as of December 31, 2017
Assets:
Liabilities Equity:
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$ 642,840,000
Short-term borrowings
$ 98,332,398
Accounts receivable
1,161,885,300
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Inventory
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Other current liabilities
814,072,037
Other current assets
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Total current assets
$ 3,349,308,900
Total current…
Cullumber Appliances Corporation has reported its financial results for the year ended December 31, 2017.
Cullumber Appliances Corporation
Income Statement for the Fiscal
Year Ended December 31, 2017
Net sales $ 5,899,512,000
Cost of goods sold 3,224,958,940
Gross profit $ 2,674,553,060
Selling, general, and administrative expenses 1,101,893,423
Depreciation 334,776,116
Operating income $ 1,237,883,521
Interest expense 32,014,500
EBT $ 1,205,869,021
Income taxes 320,866,566
Net earnings $ 885,002,455
Cullumber Appliances Corporation
Balance Sheet as of December 31, 2017
Assets: Liabilities Equity:
Cash and cash equivalents $ 642,840,000 Short-term borrowings $ 98,332,398…
Chapter 14 Solutions
Managerial Accounting: Tools for Business Decision Making 7e Binder Ready Version + WileyPLUS Registration Card
Ch. 14 - (a) Jose Ramirez believes that the analysis of...Ch. 14 - (a) Distinguish among the following bases of...Ch. 14 - Prob. 3QCh. 14 - Prob. 4QCh. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - What do the following classes of ratios measure?...Ch. 14 - What is the difference between the current ratio...Ch. 14 - Hizar Company, a retail store, has an accounts...
Ch. 14 - Which ratios should be used to help answer the...Ch. 14 - The price-earnings ratio of General Motors...Ch. 14 - What is the formula for computing the payout...Ch. 14 - Holding all other factors constant, indicate...Ch. 14 - Prob. 15QCh. 14 - Prob. 16QCh. 14 - Prob. 17QCh. 14 - Prob. 18QCh. 14 - Prob. 19QCh. 14 - Why is it important to report discontinued...Ch. 14 - You are considering investing in Wingert...Ch. 14 - Prob. 22QCh. 14 - Prob. 23QCh. 14 - You recently received a letter from your Uncle...Ch. 14 - Prob. 14.2BECh. 14 - Using the following data from the comparative...Ch. 14 - Using the same data presented above in BE14-3 for...Ch. 14 - Net income was 500,000 in 2016, 450,000 in 2017,...Ch. 14 - Prob. 14.6BECh. 14 - Prob. 14.7BECh. 14 - Prob. 14.8BECh. 14 - Prob. 14.9BECh. 14 - Prob. 14.10BECh. 14 - The following data are taken from the financial...Ch. 14 - Prob. 14.12BECh. 14 - Prob. 14.13BECh. 14 - Prob. 14.14BECh. 14 - On June 30. Holloway Corporation discontinued its...Ch. 14 - Prob. 14.1DICh. 14 - Prob. 14.2DICh. 14 - In its proposed 2017 income statement. Hrabik...Ch. 14 - Financial information for Kurzen Inc. is presented...Ch. 14 - Operating data for Navarro Corporation are...Ch. 14 - The comparative condensed balance sheets of Gurley...Ch. 14 - The comparative condensed income statements of...Ch. 14 - Suppose Nordstrom, Inc., which operates department...Ch. 14 - Keener Incorporated had the following transactions...Ch. 14 - Frizell Company has the following comparative...Ch. 14 - Prob. 14.8ECh. 14 - Prob. 14.9ECh. 14 - Prob. 14.10ECh. 14 - Wiemers Corporations comparative balance sheets...Ch. 14 - Prob. 14.12ECh. 14 - Prob. 14.13ECh. 14 - Comparative statement data for Farris Company and...Ch. 14 - The comparative statements of Painter Tool Company...Ch. 14 - Prob. 14.3APCh. 14 - Financial information for Messersmith Company is...Ch. 14 - Prob. 14.5APCh. 14 - Prob. 14.6APCh. 14 - Prob. 14.7APCh. 14 - Prob. 14.8APCh. 14 - Prob. 14.9APCh. 14 - Financial Reporting Problem: Apple Inc. Your...Ch. 14 - PepsiCos financial statements are presented at...Ch. 14 - Prob. 14.3BYPCh. 14 - As the CPA for Gandara Manufacturing Inc., you...Ch. 14 - The Management Discussion and Analysis section of...Ch. 14 - Prob. 14.6BYPCh. 14 - Dave Schonhardt, president of Schonhardt...
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