ACC 400 Final Exam in $15 only
The condensed financial statements of Westward Corporation for 2009 and 2008 are presented below.
Westward Corporation Westward Corporation Balance Sheet Income Statement December 31, 2009 For the Year Ended December 31, 2009
Assets Revenues $2,000,000 Current assets Expenses Cash and temporary Cost of goods sold 1,080,000 investments $ 30,000 Selling and administrative Accounts receivable 70,000 Expenses 495,000 Inventories 120,000 Interest expense 30,000 Total current assets 220,000 Total expenses 1,605,000 Property, plant, and Income before income taxes 395,000 equipment (net) 780,000 Income tax expense 140,000 Total assets $1,000,000 Net income $ 255,000
Liabilities and Stockholders’ Equity Current liabilities $ 80,000 Long-term liabilities 300,000 Common stockholders’ equity 620,000 Total liabilities and stockholders’ equity $1,000,000
Westward Corporation Westward Corporation Balance Sheet Income Statement December 31, 2008 For the Year Ended December 31, 2008
Assets Revenues $2,500,000 Current assets Expenses Cash and temporary Cost of goods sold 1,750,000 investments $ 40,000 Selling and administrative Accounts receivable 90,000 Expenses 500,000 Inventories 150,000 Interest expense 30,000 Total current assets 280,000 Total expenses 2,280,000 Property, plant, and Income before income taxes 220,000 equipment (net) 800,000 Income tax expense 77,000 Total assets $1,080,000 Net income $ 143,000
Liabilities and Stockholders’ EquityCurrent liabilities $ 140,000Long-term liabilities 320,000Common stockholders’ equity 620,000Total liabilities andstockholders’ equity $1,080,000
Select data from fiscal year 2007:
Inventory: $100,000 Total assets: $900,000 Stockholders’ Equity: $540,000
Instructions
1. Compute the following listed ratios for 2009 and 2008 showing supporting calculations. (5.2 points)a. Current ratiob. Debt to total Assetsc. Times interest earnedd. Inventory turnovere. Profit margin ratiof. Return on common stockholders’ equityg. Return on assets
2. Perform horizontal and vertical analysis on Westward’s financial statements, show your results. (3.0 points)
3. Assess the financial performance of Westward, given the analysis tools used in questions 1 and 2 above. (5.3 points)
4. If the company wanted to perform industry comparison analysis, what references would you recommend it use? (1.5 points)
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