Comparative Balance Sheet of HULT Company

Comparative Balance Sheet of HULT Company in $9 onlyHULT Company

The comparative balance sheet of HULT Company, for 2014 & 2013 appears below in condensed form:

2014 2013
Cash $ 68,000 $ 42,500
Accounts receivable (net) 61,000 70,200
Inventories 121,000 205,000
Prepaid Rent

Equipment, net

2,500

359,500

4,000

246,000

$612,000 $567,700
Accounts payable $ 54,750 $ 122,250
Dividends payable 5,000 0
Common stock 425,000 350,000
Retained earnings 127,250 95,450
$612,000 $567,700

Additional data for the current year are as follows:

  • Sales of 2014 were $950,000
  • Cost of goods sold $410,000
  • Rent expense $32,000
  • Net income, $71,800.
  • Depreciation expense, $12,000

1) Determine the amount of cash would HULT collect from its customers during 2014.Required:

2) Determine the amount of cash HULT paid for rent during 2014.

3) Determine the amount of cash HULT paid to suppliers during 2014.

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Balance Sheet of HULT Company

Balance Sheet of HULT Company in $10 only

The comparative balance sheet of HULT Company, for 2014 & 2013 appears below in condensed form:

2014 2013
Cash $ 68,000 $ 42,500
Accounts receivable (net) 61,000 70,200
Inventories 121,000 205,000
Prepaid Rent

Equipment, net

2,500

359,500

4,000

246,000

$612,000 $567,700
Accounts payable $ 54,750 $ 122,250
Dividends payable 5,000 0
Common stock 425,000 350,000
Retained earnings 127,250 95,450
$612,000 $567,700

Additional data for the current year are as follows:

  • Sales of 2014 were $950,000
  • Cost of goods sold $410,000
  • Rent expense $32,000
  • Net income, $71,800.
  • Depreciation expense, $12,000

J & L Accounting, Inc.

J & L Accounting, Inc. in $52 only

The following financial statements are provided from the prior accounting period for J & L Accounting, Inc.:
a) Post-closing trial balance
b) Balance sheet
c) Income statement
d) Statement of retained earnings

J & L Accounting, Inc.
Post-Closing Trial Balance
December 31, 2012
BALANCE
ACCOUNT TITLE DEBIT CREDIT
Cash, Business Checking 20,500.00
Accounts Receivable
Prepaid Rent
Vehicles 48,000.00
Accumulated Depreciation, Vehicles 12,000.00
Equipment 3,600.00
Accumulated Depreciation, Equipment 600.00
Accounts Payable
Common Stock 38,000.00
Retained Earnings 21,500.00
Dividends
Service Revenue
Advertising Expense
Rent Expense
Office Supplies Expense
Telephone Expense
Utilities Expense
Depreciation Expense
TOTALS 72,100.00  72,100.00
J & L Accounting, Inc.
Balance Sheet
As of December 31, 2012
ASSETS
Cash, Business Checking 20,500.00
Accounts Receivable 0.00
Prepaid Rent 0.00
Vehicles 48,000.00
Less: Accumulated Depreciation, Vehicles 12,000.00 36,000.00
Equipment 3,600.00
Less: Accumulated Depreciation, Equipment 600.00 3,000.00
TOTAL ASSETS 59,500.00
LIABILITIES
Accounts Payable 0.00
TOTAL LIABILITIES 0.00
STOCKHOLDERS’ EQUITY
Common Stock 38,000.00
Retained Earnings 21,500.00
TOTAL STOCKHOLDERS’ EQUITY 59,500.00
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 59,500.00

Kelly Consulting PC_Journal to Balance Sheet

Kelly Consulting PC_Journal to Balance Sheet in $44 only (Instant Download)Kelly Consulting PC

Kelly Pitney began her consulting business, Kelly consulting PC on April, 2012. The accounting cycle for Kelly Consulting for April, including financial statement, was illustrated on pages 163-173. During May, Kelly consulting entered into the following transaction.

May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3000 .
May 5. Received cash from clients on account, $2100 .
May 9. Paid cash for newspaper advertisement, $300 .
May 13. Paid Office Stations Co. for part of the debt incurred on April 5, $400.
May 15. Recorded services provided on account for the period May 1-15 , $7,350 .
May 16. Paid part-time receptionist for two weeks’ of salary including the amount owed on April 30, $750.

Record the following transaction on Page 6 of the journal
May 17. Recorded cash from cash clients for fees earned during the period May 1-16 , $6,150.
May 20. Purchases supplies on account , $600
May 21. Recorded services provided on account for the period May 1-16, $6,175.
May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $ 3,125.
May 27. Received cash from clients on account, $11,250 .
May 28. Paid part-tome receptionist for two weeks’ salary, $750
May 30. Paid telephone bill for May, $120.
May 31. Paid electricity bill for May, $290.
May 31. Recorded cash from cash clients for fees earned for the period May 26-31, $2,800.
May 31. Recorded services provided on account for the remainder of May, $1,900 .
May 31. Paid dividends of $15,000.

Instructions:
1. The chart of accounts for Kelly Consulting is shown on page 164, and the post-closing trial balance as of April 30, 2012, is shown on page 171. For each account in the post-closing trial balance enter the balance in the appropriate Balance column of the four-column account. Date the balances May, 1, 2012 and lace a ache mark in the posting reference column. Journalize each of the May transactions in the two column journal starting on page 5 of the journal and using Kelly consulting chart of accounts. (Do not insert the account number in the journal at this time)
2. Post the journal to a ledger of four-column accounts.
3. Prepare an unadjusted trial balance.
4. At the end of May, the following adjustment data were assembled. Analyze and use these data to comple part (5) and (6).
A. insurance expired during May is $300.
B. Supplies on hand on May 31 are $750
C. depreciation fo office equipment for May is $330
D. Accrued receptionist salary on May 31 is $300
E. Rent expired during May in $1,600 .
F Unearned fees on May 31 are $1,500 .
5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheets worksheet and complete the spreadsheet.
6.Journlalize and post the adjusting entries. Record the adjusting entries on page 7 of the journal.
7. Prepare an adjusted trial balance.
8. Prepare on income statement, retained earnings statement, and a balance sheet.
9. Prepare and post the closing entries. Record the losing entries on Page 8 of the Journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns apposite the closing entry.
10. Prepare a post-closing trial balance.

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BMAL 530 Prepare Balance Sheet and Pro-forma Financial Statements

BMAL 530 Prepare Balance Sheet and Pro-forma Financial Statements in $19 only                               (Instant Download)

Excel Project Instructions

Assume ABC Company has asked you to not only prepare their 2013 year-end Balance Sheet but to also provide pro-forma financial statements for 2014. In addition, they have asked you to evaluate their company based on the pro-forma statements with regard to ratios. They also want you to evaluate 3 projects they are considering. Their information is as follows:

End of the year information:

Account 12/31/13

Ending Balance

Cash 160,000
Accounts Receivable 126,000
Inventory 75,200
Equipment 745,000
Accumulated Depreciation 292,460
Accounts Payable 36,900
Short-term Notes Payable 18,300
Long-term Notes Payable 157,225
Common Stock 450,000
Retained Earnings solve

Additional Information:

· Sales for December total 12,000 units. Each month’s sales are expected to exceed the prior month’s results by 5%. The product’s selling price is $15 per unit.

· Company policy calls for a given month’s ending inventory to equal 80% of the next month’s expected unit sales. The December 31 2012 inventory is 9,400 units, which complies with the policy. The purchase price is $8 per unit.

· Sales representatives’ commissions are 10.0% of sales and are paid in the month of the sales. The sales manager’s monthly salary will be $3,500 in January and $4,000 per month thereafter.

· Monthly general and administrative expenses include $8,000 administrative salaries, $5,000 depreciation, and 0.9% monthly interest on the long-term note payable.

· The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of sale).

· All merchandise purchases are on credit, and no payables arise from any other transactions. One month’s purchases are fully paid in the next month.

· The minimum ending cash balance for all months is $140,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance.

· Dividends of $100,000 are to be declared and paid in February.

· No cash payments for income taxes are to be made during the first calendar quarter. Income taxes will be assessed at 35% in the quarter.

· Equipment purchases of $55,000 are scheduled for March.

ABC Company’s management is also considering 3 new projects consisting of the purchase of new equipment. The company has limited resources, and may not be able to complete make all 3 purchases. The information is as follows for the purchases below.

Project 1 Project 2 Project 3
Purchase Price $50,000 $75,000 $32,500
Required Rate of Return 12% 8% 10%
Time Period 3 years 5 years 2 years
Cash Flows – Year 1 $18,000 $25,000 $20,000
Cash Flows – Year 2 $22,000 $20,000 $18,000
Cash Flows – Year 3 $22,000 $18,000 N/A
Cash Flows – Year 4 N/A $16,500 N/A
Cash Flows – Year 5 N/A $15,000 N/A

 

Required Action:

Part A:

  • Prepare the year-end balance sheet for 2013. Be sure to use proper headings.
  • Prepare budgets such that the pro-forma financial statements may be prepared.
  • Sales budget, including budgeted sales for April.
  • Purchases budget, the budgeted cost of goods sold for each month and quarter, and the cost of the March 31 budgeted inventory.
  • Selling expense budget.
  • General and administrative expense budget.
  • Expected cash receipts from customers and the expected March 31 balance of accounts receivable.
  • Expected cash payments for purchases and the expected March 31 balance of accounts payable.
  • Cash budget.
  • Budgeted income statement.
  • Budgeted statement of retained earnings.
  • Budgeted balance sheet.

Part B:

  • Calculate using Excel formulas, the NPV of each of the 3 projects.
  • It is possible that ABC Company may not be able to complete all 3 projects. Therefore, advise ABC Company as to the order in which they should pursue the projects (i.e., which project should ABC Company attempt to do first, second, and last).
  • Provide justification and analysis as to why you chose the order you did. The analysis must also be done in Excel, not in a separate document.

This assignment must be submitted as 1 Excel document.

This assignment is due by 11:59 p.m. (ET) on Friday of Module/Week 8.

Sample Answer: 

Sales Budget

Sample Answer

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Prepare Balance Sheet of Stephen King Corporation

Prepare Balance Sheet of Stephen King Corporation in $12 only

You have been asked to assist the chief accountant of the Stephen King Corporation in the preparation of a balance sheet. Presented below is the balance sheet of Stephen King Corporation for the current year 2011.

Stephen King Corporation

Balance Sheet

Dec 31,2011

Current assets $435000

Investments $640000

Property, plant, and equipment $1720000

Intangiable assets $305000

total assets $3100000

Current Liabilities $330000

Long-term liabilities $1000000

total liabilities and stockh equity 3100000

consider the following information:

ACC – Eastwood Company’s Balance Sheet

ACC – Eastwood Company’s Balance Sheet

Prepare a balance sheet as of December 31, 2014, so that all important information is fully disclosed.

EASTWOOD COMPANY
ADJUSTED TRIAL BALANCE
31-Dec-14
Debit Credit
Cash $41,000
Accounts Receivable $163,500
Allowance for Doubtful Accounts $8,700
Prepaid Insurance $5,900
Inventory $208,500
Equity Investments (long-term) $339,000
Land $85,000
Construction in Process (building) $124,000
Patents $36,000
Equipment $400,000
Accumulated Depreciation—Equipment $240,000
Discount on Bonds Payable $20,000
Accounts Payable $148,000
Accrued Liabilities $49,200
Notes Payable $94,000
Bonds Payable $200,000
Common Stock $500,000
Paid-in Capital in Excess of Par—Common Stock $45,000
Retained Earnings $138,000
Grand Total $1,422,900 $1,422,900

Additional information:

Plant Assets of Jimenez Company

At December 31, 2008, Jimenez Company reported the following as plant assets.

SOMF Asset Patterns

Land              $4,000,000

Buildings       $28,500,000

Less: Accumulated depreciation-buildings        12,100,000    16,400,000

Equipment    48,000,000

Less: Accumulated depreciation-equipment      5,000,000      43,000,000

Total plant assets                       $63,400,000

During 2009, the following selected cash transactions occurred.

April 1 Purchased land for $2,130,000.

May 1 Sold equipment that cost $780,000 when purchased on January 1, 2005. The equipment was sold for $450,000.

XACC 280 Week 8 & 9 Complete with DQ’s Checkpoints, Assignments, and Final Project

XACC 280 Week 8 & 9 Complete

XACC 280 Week 8 & 9 Complete with DQ’s Checkpoints, Assignments, and Final Project

Week Eight

 Internal Controls, Regulatory Bodies, and Ethics

• Describe the principles and limitations of internal controls.

• Summarize the functions of the major regulatory bodies.

• Explain the impact of unethical behavior on the profitability of a company.

 Course Assignments

1. CheckPoint: Impacts of Unethical Behavior

• Post a 250- to 300-word response that summarizes your ideas about the following:

o What was the nature of the controversy regarding this company’s practices?

o How were accounting practices involved?

o If you had been an accountant for this company, how would you have acted? Explain why.

o What might have been done to prevent the controversy?

o What was the affect of unethical behavior on the profitability of the company?

Question on Elimination Entry etc

Historical financial statement

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At the end of the year 2003, a parent sold equipment to a wholly owned subsidiary for $32,000. The equipment cost the parent $100,000 and, at the date of the inter company sale, had accumulated depreciation of $60,000 and a four-year remaining life. Both the subsidiary and the parent use straight line depreciation and assume no salvage value. The subsidiary plans to depreciate the asset over the equipment’s remaining four-year life.

Required:

A) Prepare the elimination entry or entries required on the consolidation work papers used to prepare a complete set of financial statements for the years 2003 and 2004.

B) Compute the amounts that would appear in the year 2005 consolidated balance sheet for the equipment and related accumulated depreciation.

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Managerial Accounting True-False Statements III

Stampings on a World War II civil defense helm...

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Managerial Accounting True-False Statements III

  1. Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.
  2. The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule of a manufacturing company.
  3. In calculating gross profit for a manufacturing company, the cost of goods manufactured is deducted from net sales.
  4. Finished goods inventory does not appear on a cost of goods manufactured schedule.
  5. If the ending work in process inventory is greater than the beginning work in process inventory, then the cost of goods manufactured will be less than total manufacturing costs for the period.
  6. Finished goods inventory for a manufacturing company is equivalent to merchandise inventory for a merchandising company.
  7. Raw materials inventory is not an asset until it is used to make a product.
  8. Raw materials inventory shows the cost of completed goods available for sale to customers.
  9. In preparing closing entries for a manufacturing company, all revenue and expense account balances are closed to a Manufacturing Summary account.
  10. To balance the Cost of Goods Manufactured columns of a work sheet for a manufacturing company, an entry must be made in the income statement debit column.

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Multiple Choice Questions

Real estate economics - with depreciation

1.   A problem with the specific identification method is that

a.   inventories can be reported at actual costs.

b.   management can manipulate income.

c.   matching is not achieved.

d.   the lower of cost or market basis cannot be applied.

2.     In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense?

a.   FIFO

b.   LIFO

c.   Average Cost Method

d.    Income tax expense for the period will be the same under all assumptions.

3.     When applying the lower of cost or market rule to inventory valuation, market generally means

a.   current replacement cost.

b.   original cost.

c.   resale value.

d.   original cost, less physical deterioration.

Report on Ford Motors

Report on Ford Motors in $14 only

1. Capstone CheckPoint

• Resource: http://www.annualreports.com/
• Follow the directions below to access the annual report for a company of your choice. It may be, but does not have to be, the company for your final project.
1. Go to http://www.annualreports.com/
2. Enter your company’s name in the Search by Company Name field.
3. Click Search.
4. Click the hyperlink that appears with your company’s name.
5. Open the PDF or HTML version of the annual report.

Read the letter to shareholders from the CEO or chairman of the board.
• Evaluate the CEO’s letter, in 200 to 300 words. An effective annual report letter from company leadership should include:
o An assessment of the firm’s performance in the last year
o Both positive and negative developments
o Ideas for strategic planning for the future
• Answer the following question in your evaluation: What impressions does the letter give you about the quality of the company’s financial leadership and planning?

2. Final Project: Evaluating an Annual Report
• Resources: Appendix A
• Due Date: Day 7 [Individual forum]
• Review Appendix A for details to include in your analysis of your chosen company’s financial health.
• Prepare a 1,750- to 2,100-word paper, formatted according to APA guidelines, that includes performance ratios based on the company’s last two annual reports and data available on the company’s Web site.
o Compute the eight ratios listed below for two consecutive years. Discuss their significance for management and compare them to industry averages.
• Current Ratio
• Quick Ratio
• Inventory Turnover Ratio (Note: on the Dunn and Bradstreet Web site this ratio is labeled Sales to Inventory)
• Debt Ratio (Note: on the Dunn and Bradstreet Web site this ratio is labeled Total Liabilities to Net Worth)
• Net Profit Margin Ratio (Note: on the Dunn and Bradstreet Web site this ratio is labeled Return on Sales)
• ROI (Note: on the Dunn and Bradstreet Web site this ratio is labeled Return on Assets)
• ROE (Note: on the Dunn and Bradstreet Web site this ratio is labeled Return on Net)
• Price-to-Earnings Ratio (P/E) Ratio
o Analyze the company’s working capital management. Explain why the company’s operating and cash cycles are currently optimized. If you              think they are not optimized, explain why.
o Based on the company’s financial statements, list the long-term debt held by the corporation, maturity dates and yield to maturity. List              the types of stock issued by the company, the stocks’ current selling price, and the 52-week average selling price.
o Compute the weighted average cost of capital (WACC) for both years and discuss your findings.
o Write a brief analysis that summarizes the data you’ve gathered throughout the weeks and evaluates how your company compares to                   industry averages.
o Write your recommendations on whether as an investor you should buy this company’s stock and why.

Answer available.

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Expanded Analysis of Ligand Pharmaceuticals (NASDAQ:LGND)

Perform an expanded analysis on the financial statements of Ligand Pharmaceuticals. Please use the most current financial statements available on www.sec.gov.  Perform horizontal and vertical analysis, selected liquidity, profitability, and solvency ratios, and other selected financial ratios.  A one page executive summary outlining the basic financial health of the company and a brief opinion of the company’s forecasted financial health will be required with the calculations attached as appendices in Excel with formulas.

The executive summary should answer the question of whether your company is financial healthy and is poised to remain in business as a going concern. You should attach your calculations in an appendix to your executive summary and refer to your appendices in your executive summary. Your appendices are made up of the spreadsheets and word docs used to build your overall analysis.

Each appendix is a spreadsheet or a word doc with your analysis calculations. If you are able to obtain your ratios from a financial website or the Lexis‐Nexis data base, then you may copy and paste them to a word doc rather than showing the calculations on a spreadsheet. Make sure you provide appropriate citations.

The first appendix will be your horizontal and vertical analysis of the balance sheet and the income statement for 3 years.

The second appendix will be at least 8 ratios of your choice. These ratios may be liquidity, solvency, profitability, activity or market ratios. You must explain why you chose the ratios.

The third appendix will be an analysis of the creditworthiness of your company. You may choose the Beaver univariate model or the Altman Z score.

The final appendix will be a summary of at least four items you found in the management discussion and analysis section or the notes to the financial statements that you believe will add credibility to your report. You may also include graphs and charts if you wish.

Answer available.

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Financial Statement Analysis

Financial Statement Analysis in $29 OnlyFinancial Statement Analysis

Complete Project and submit analysis. It should be no more than 10 written pages (including exhibits, etc.).
You can use any company of interest, however, you must be able to address all of the questions below (most biotechnology and technology companies will not be appropriate). You will need the company’s annual report and/or other documents that it files with the SEC (i.e. 10K or 10Q). These documents can be obtained through the Internet. In addition, you can obtain this information from the library, the company itself, or from a full-service brokerage firm. Please submit a copy of the company’s financial statements (only, i.e. just the balance sheet, income statement, and statement of cash flows) along with your analysis.

In your project, address the following questions.