Acc 561 assignment wiley plus week 2

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This paperwork ACC 561 Assignment Wiley Plus Week 2 includes answers to these exercises:

E13-5

The comparative balance sheets of Nike, Inc. are presented here.

Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base.

E13-6

Here are the comparative income statements of Winfrey Corporation.

Complete the horizontal analysis of the income statement data for Winfrey Corporation using 2009 as a base

E13-9

Armada Company has these comparative balance sheet data:

Compute the following ratios at December 31, 2010.

Business - Accounting

E13-5

The comparative balance sheets of Nike, Inc. are presented here.

NIKE INC. Comparative Balance Sheets May 31 ($ in millions) Assets 2007 2006 Current assets $8,076 $7,346 Property, plant, and equipment (net) 1,678 1,658 Other assets 934 866 Total assets $10,688 $9,870

Liabilities and Stockholders' Equity Current liabilities $2,584 $2,612 Long-term liabilities 1,079 973 Stockholders' equity 7,025 6,285 Total liabilities and stockholders' equity $10,688 $9,870

Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base. (If amount decreases, use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Round all percentages to 1 decimal place, e.g. 12.5.)

NIKE, INC. Condensed Balance Sheet December 31 ($ in millions) Increase or (Decrease)

2007 2006 Amount Percentage Assets Current assets $8,076 $7,346 $730 9.9%

E13-6

E13-6 Here are the comparative income statements of Winfrey Corporation.

WINFREY CORPORATION Comparative Income Statements For the Years Ended December 31 2010 2009 Net sales $598,000 $520,000 Cost of goods sold 477,000 450,000

Gross profit $121,000 $ 70,000 Operating expenses 80,000 45,000 Net income $ 41,000 $ 25,000

Instructions (a) Prepare a horizontal analysis of the income statement data for Winfrey Corporation using 2009 as a base. (Show the amounts of increase or decrease.) (b) Prepare a vertical analysis of the income statement data for Winfrey Corporation for both years

E13-9

Armada Company has these comparative balance sheet data: ARMADA COMPANY Balance Sheets

Additional information for 2010: 1. Net income was $25,000.

2. Sales on account were $375,000. Sales returns and allowances amounted to $25,000.

3. Cost of goods sold was $198,000.

4. Net cash provided by operating activities was $48,000.

5. Capital expenditures were $25,000, and cash dividends were $18,000.

Compute the following ratios at December 31, 2010.

(Round to 3 decimal places, e.g. 2.515.)

Current :1 Receivables turnover times Average collection period days Inventory turnover times

Days in inventory days Cash debt coverage times Current cash debt coverage times Free cash flow $

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