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Answersheet-week2KarishmaSagar2.xlsx

Red Company Homework

Enter your answers below – numbers only with
2017 2016
EX2-1 % of net sales % of net sales
1 Cost of Sales 63.20% 63.40%
2 Gross profit 36.70% 36.50%
3 selling, general, and admin expense 22.50% 22.50%
4 operating earnings 14.17% 13.97%
5 net earnings 10.60% 9.65%
B. Discuss which line item (Cost of sales or selling, general and administrative expense) helped to increase the operating earnings and net earnings as a % of Net Sales from 2016 to 2017 This helped operating earnings and net earnings as a percent of sales go up from 2016 to 2017, because the cost of sales was a little less in 2017. This helped.
2017 2016
EX 2-2 % of net sales % of net sales
1 Total receivables, net 12.25% 11.79%
2 Inventories, net 22% 22.17%
3 Accounts payable 14.17% 13.61%
4 Retained earnings 7.50% 7.88%
5 Total stockholders' equity 41.31% 39.72%
B. Did liabilities or equity finance more of Toro's Total assets in 2017? liabilities
2017 2016
EX-2-3 % of net sales % of net sales
1 Net sales 4.72% 0.05%
2 Cost of sales 4.21% 2.40%
3 Gross profit 5.28% 4.69%
4 selling, general, and admin expense 4.72% 0.62%
5 net earnings 18.89% 14.58%
B. Coment on the percent change in gross profit from 2016 to 2017 compared to the percent change in net sales from 2016 to 2017 It is the percentage change in net sales from 2016 to 2017. Even though net sales have gone up a lot from last year compared to gross profit.
2017 2016
EX2-4 % of net sales % of net sales
1 Total receivables, net $19,808 12.13%
2 Inventories, net $21,958 7.15%
3 Accounts payable $37,084 21.23%
4 Retained Earnings $54,285 11.30%
B. Comment on the percent change in inventory from 2016 to 2017 compared to the percent change in cost of sales from 2016 to 2017 When you compare the percentage changes in inventory from 2016 to 2017 to the percentage changes in cost of sales from 2016 to 2017, you see that inventory changed more than cost of sales changed.

Internet Exercise

Big RockCandy Mountain Mining Co.
Income Statement
For the Year Ended Dec. 31,2020
2020 2019
Sales 412,500 398,600
Cost of Goods Sold 318,786 315,300
Gross Profit 93,714 83,300 =B5-B6
Selling and G&A Expenses 26,250 24,550
Other Expenses 1,210 1,245
Depreciation Expense 29,800 29,652
EBIT 36,454 27,853 =B7-SUM(B8:B10)
Interest Expense 8,582 8,457
Earnings Before Taxes 27,872 19,396 =B11-B12
Taxes 6,968 4,849 =B13*B18
Netlncome 20,904 14,547 =B13-B14
Notes:
Tax Rate 0.25 0.25
Shares 52,100 52,100
EPS $0.40 $0.40
Big Rock Candy Mountain Mining Co.
Balance Sheet
As of Dec. 31,2020
Assets 2020 2019
Cash 16,435 11,596
Accounts Receivable 45,896 47,404
Marketable Securities 3,656 619
Inventory 52,397 54,599
Total Current Assets 118,384 114,218 =SUM(B5:B8)
Gross Fixed Assets 436,573 397,023
Accumulated Depreciation 87,450 57,650
Net Plant & Equipment 349,123 339,373 =B10-B11
Total Assets 467,507 453,591 =B9+B12
Liabilities and Owner's Equity
Accounts Payable 37,752 36,819
Accured Expenses 3,183 3,085
Total Current Liabilities 40,935 39,904 =SUM(B15:B16)
Long-term Debt 170,562 178,581
Total Liabilities 211,497 218,485 =B17+B18
Common Stock 58,664 58,664
Additional Paid-In-Capital 136,807 136,807
Retained Earnings 60,539 39,635
Total Shareholder's Equity 256,010 235,106 =SUM(B20:B22)
Total Liabilities and Owner's Equity 467,507 453,591 =B19+B23
Big Rock Candy Mountain Mining Co.
Common Size Income Statement
For the years 2019 and 2020
Income Statement Common Size Income Statement
2020 2019 2020 2019
Sales 412,500.00 398,600.00 100.00% 100.00%
Cost of Goods 318,786.00 315,300.00 77.28% 79.10%
Gross Profit 93,714.00 83,300.00 22.72% 20.90%
Depreciation 29,800.00 29,652.00 7.22% 7.44%
Selling & Admin. Expense 26,250.00 24,550.00 6.36% 6.16%
Other Operating Expense ___ 1,210.00 1,245.00 0.29% 0.31%
Net Operating Income 36,454.00 27,853.00 8.84% 6.99%
Interest Expense 8,582.00 8,457.00 2.08% 2.12%
Earnings Before Taxes 27,872.00 19,396.00 6.76% 4.87%
Taxes 6,968.00 4,849.00 1.69% 1.22%
Net Income 20,904.00 14,547.00 5.07% 3.65%
New Smyrna Surf Shop
Statement of Cash Flows
For the Year 2020
Cash Flows from Operations
Net Income 120.540.00
Depreciation Expense 7,148
Change in Accounts Receivable (11,248)
Change in Inventories (8,276)
Change in Accounts Payable 1,589
Total Cash Flows from Operations 109,753.00
Cash Flows from Investing
Change in fixed assets (41,704)
Total Cash Flows from Investing S (41,704)
Cash Flows from Financing
Change in Notes Payable (3,025)
Change in Long-Term Debt 755
Change in Common Stock –
Change in Paid-In Capital –
Cash Dividends (60,000)
Total Cash Flows from Financing (62,270.00)
Net Change in Cash Balance 5,779.00
Check answer against Balance Sheet
Beginning Cash From Balance Sheet 15,187
Ending Cash From Balance Sheet 20,966
Net Change in Cash Balance 5,779.00

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