# Calculations | Accounting homework help

Problem 3-14 Days’ Sales in Receivables

A company has net income of \$188,000, a profit margin of 7.1 percent, and an accounts receivable balance of \$127,370. Assuming 70 percent of sales are on credit, what is the company’s days’ sales in receivables? (Use 365 days a year. Do not round intermediate calculation and round your final answer to 2 decimal places. (e.g., 32.16))

Days’ sales in receivables days

check my workreferences

WorksheetProblem 3-14 Days’ Sales in Receivables

Problem 3-15 Ratios and Fixed Assets

The Le Bleu Company has a ratio of long-term debt to long-term debt plus equity of .31 and a current ratio of 1.70. Current liabilities are \$870, sales are \$6,290, profit margin is 8.7 percent, and ROE is 19.2 percent. What is the amount of the firm’s net fixed assets? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Net fixed assets\$

check my workreferences

WorksheetProblem 3-15 Ratios and Fixed Assets

Problem 3-21 Calculating EFN

The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales.

MOOSE TOURS, INC.

2011 Income Statement

Sales\$747,000

Costs582,000

Other expenses18,000

________________________________________________________________________________

Earnings before interest and taxes\$147,000

Interest expense15,000

________________________________________________________________________________

Taxable income\$132,000

Taxes 30%39,600

________________________________________________________________________________

Net income\$92,400

________________________________________________________________________________________________________________________________________________________________

Dividends\$18,480

Addition to retained earnings73,920

________________________________________

MOOSE TOURS, INC.

Balance Sheet as of December 31, 2011

AssetsLiabilities and Owners’ Equity

Current assets  Current liabilities

Cash\$20,640    Accounts payable\$54,800

Accounts receivable32,960    Notes payable14,000

Inventory69,920________________________________________________________________________________

Total\$68,800

________________________________________________________________________________________________________________________________________________________________

Total\$123,520  Long-term debt\$130,000

________________________________________________________________________________________________________________________________________________________________

Fixed assets  Owners’ equity

Net plant and equipment\$410,000    Common stock and paid-in surplus\$116,000

________________________________________________________________________________    Retained earnings218,720

________________________________________________________________________________

Total\$334,720

________________________________________________________________________________

Total assets\$533,520  Total liabilities and owners’ equity\$533,520

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

________________________________________

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 percent growth rate in sales? (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount. (e.g., 32))

External financing needed\$

check my workreferences

Problem 2-22 Financial Statements

Use the following information for Ingersoll, Inc., (assume the tax rate is 34 percent):

20112012

Sales \$8,135   \$8,709

Depreciation1,155  1,156

Cost of goods sold2,726  3,090

Other expenses669  564

Interest555  633

Cash4,139  5,233

Accounts receivable5,469  6,157

Short-term notes payable824  776

Long-term debt13,790  16,350

Net fixed assets34,755  35,637

Accounts payable4,376  4,215

Inventory9,700  9,968

Dividends986  1,081

________________________________________

Prepare an income statement for this company for 2011 and 2012. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Ingersoll, Inc.,

Income Statement

20112012

\$

\$

________________________________________________________________________________

\$

\$

________________________________________________________________________________

\$

\$

________________________________________________________________________________

\$

\$

________________________________________________________________________________________________________________________________________________________________

\$

\$

________________________________________

Prepare a balance sheet of this company for 2011 and 2012. (Do not round intermediate calculations.Be sure to list the accounts in order of their liquidity.)

Prepare a balance sheet of this company for 2011 and 2012. (Be sure to list the accounts in order of their liquidity.)

Ingersoll, Inc.

Balance Sheet as of Dec. 31

20112012

Assets

\$

\$

________________________________________________________________________________

Current assets\$

\$

________________________________________________________________________________

Total assets\$

\$

________________________________________________________________________________________________________________________________________________________________

Liabilities

\$

\$

________________________________________________________________________________

Current liabilities\$

\$

________________________________________________________________________________

Total liabilities & owners’ equity\$

\$

________________________________________________________________________________________________________________________________________________________________

________________________________________

check my workreferences

Problem 3-18 Common-Size and Common-Base Year Financial Statements

In addition to common-size financial statements, common–base year financial statements are often used. Common–base year financial statements are constructed by dividing the current year account value by the base year account value. Thus, the result shows the growth rate in the account.

Prepare the common-size balance sheet and common–base year balance sheet for the company. Use 2011 as the base year. (Do not round intermediate calculations. Round your common size answers to 2 decimal places. (e.g., 32.16) and common base year answers to 4 decimal places. (e.g., 32.1616))

JARROW CORPORATION

2011Common size2012Common sizeCommon base year

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Assets

Current assets

Cash\$8,814

%\$10,754

%

Accounts receivable22,053

%24,537

%

Inventory38,422

%43,397

%

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Total\$69,289

%\$78,688

%

Fixed assets

Net plant and equipment\$216,970

%\$244,940

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Total assets\$286,259

%\$323,628

%

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Liabilities and Owners’ Equity

Current liabilities

Accounts payable\$42,498

%\$47,484

%

Notes payable19,064

%18,635

%

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Total\$61,562

%\$66,119

%

Long-term debt\$25,600

%\$32,600

%

Owners’ equity

Common stock and paid-in surplus\$39,600

%\$40,800

%

Retained earnings159,497

%184,109

%

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Total\$199,097

%\$224,909

%

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Total liabilities and owners’ equity\$286,259

%\$323,628

%

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

________________________________________

check my workreferences

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
• 24/7 support
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
• Expert Proofreading
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

### Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

### Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Enjoy 10% OFF today with the coupon code: save10