ACC 421 Week 3 Individual BE 5-1, Ex 5-3, Ex 5-9, Pr 5-2, BE 2-1, BE 24-8, Pr 24-3 (With Excel File)

ACC 421 Week 3 Individual BE 5-1, Ex 5-3, Ex 5-9, Pr 5-2, BE 2-1, BE 24-8, Pr 24-3 (With Excel File)

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This Tutorial contains Excel File which can be used to solve for any values Exercise 5-1: Pronghom corporation has the following accounts included in its December 31, 2017, trial balance: Accounts receivable $110,600, Inventory $293,500, Allowance for Doubtful Accounts $9,450, Patents $72,500, prepaid insurance $9,590, Accounts payable $81,200 and cash $30,200. Prepare the current assets section of the balance sheet. Exercise 5-3: For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial statements, select “note to Financial Statement” to indicate this fact. If an item need to be reported on the balance sheet, select “Balance Sheet” and if an item need not be reported at all, select “Not to be Reported” Exercise 5-9 (Part Level Submission) The current assests and current liabilities sections of the balance sheet of Cheyenne company appear as follows. a) calculate following adjusted balances. Problem 5-2 Presented below are a number of balance sheet items for waterway, Inc., for the current year, 2017. Brief Exercise 24-1 (Essay) An annual report of Crestwood Industries states, “The company subsidiaries have long-term leases expiring on various dates after December 31,2017. Amounts payables under such commitments, without reduction for related rental income, are expected to average approximately $5,711,000 annually for the next 3 years. Related rental income from certain subleases to others is estimated to average $3,094,000 annually for the next 3 years”. What information is provided by this note? Brief Exercise 24-8 Answer each of the questions in the following unrelated situations a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $485,500, what is the amount of current liabilities? b) A company had an average inventory last year of $196,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last inventory turnover is 8 this year, what will average inventory have to be during the current year? c) A company has a current assest of $89,000 (of which $42,000 is inventory and prepaid items) and current liabilities of $42,000. What is the current ratio? What is the acid-test ratio? If the company borrows $14,000 cash from bank on a 120 day loan, what will its current ratio be? What will the acid test ratio be? d) A company has a current assest of $570,000 and current liabilities of $250,000. The board of directors declares a cash dividend of $196,000.What is the current ratio? what is the current ratio after the declaration but before payment? What is the current ratio after payment of the dividend? Problem 24-3 (Essay) Bradbum Corporation was Formed 5 years age through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Bradburn and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On june 10, 2018, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,000 notes, which are due on June 30,2018, and September 30,2018. Another notes of $6,000 is due on March 31,2019, but he expects no difficulty in paying this note on its due date. Brown explained that Bradburn’s. The commercial loan officer of Topeka National Bank requested the following reports for last 2 fiscal years. Identify and explain what other financial reports and/or financial analysis might be helpful to the commercial loan officer of Topeka National Bank in evaluating Daniel Brown’s request for a time extension on Bradburn’s notes. Assume that the percentage changes experienced in fiscal year 2018 as compared with fiscal year 2017 for sales and cost of goods sold will be repeated in each of the next 2 years. Is Bradburn’s desire to finance the plant expansion from internally generated funds realistic? Discuss. Should Topeka National Bank grant the extension on Bradburn’s notes considering Daniel Brown’s statement about financing the plant expansion through internally generated funds? Discuss

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