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ACCT 212 Week 8 Homework Assignment (Summer 2020)

ACCT 212 Week 8 Homework Assignment (Summer 2020)

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1. Question: The comparative income statements of Outdoor Music Co. follow: Calculate the change in the income statement amounts from 2017to 2018.(Use a minus sign or parentheses for a)

  • Compute the dollar amount of change from one period(the base period) to the next.
  • Divide the dollar amount of change by thebase-period  (Use a minus sign or parentheses for a decrease. Round percentage changes to the nearest one-tenth percent, X.X%.)

2. Question: Drive Golf Company’s balance sheet at December 31, 2018is as follows:

  • Perform a vertical analysis of Drive Golf  Company’s balance sheet to determine the component percentages of its assets, liabilities, and stockholders’ equity. (Round the percentages to the nearest hundredth percent, X.XX%.)
  • Now, using the formula fromabove, complete the vertical analysis of the company’s remaining balance sheet accounts. The total current asset percentage that we calculated above has been entered for you. (Round the percentages to the nearest hundredth percent, XX%.)

3. Question: The financial statements of Family News, Inc., include the following items:

  • Calculate the Current ratio. (Round the ratio to two decimal)
  • Calculate the Quick (acid-test) ratio
  • Calculate the Inventory turnover. (Round the ratios to two decimal)
  • Calculate the days inventory outstanding(DIO). (Round the ratios to two decimal)
  • Calculate the accounts receivable turnover. (Round the ratios to two decimal)
  • Calculate the (DSO). (Round your answers to one decimal place,X.)
  • Calculate the Accounts payable turnover.
  • Calculate the Days’ payable outstanding (DPO). (Round to one decimal place,X.)
  • Calculate the cash conversion cycle(in days).
  • As a manager of thiscompany, what would you try to improve next year?

4. Question: Company has asked you to determine whether the company’s ability to pay its current liabilities and long-term debts improved or deteriorated during 2018.

  • Calculate the company’s 2018 and 2017 net working capital.
  • Calculate the company’s 2018 and 2017 Current ratio. (Round the ratios to two decimal places,XX.)
  • Calculate the company’s 2018 and 2017 quick(acid-test)  (Cash* = cash and cash equivalents. Round the ratios to two decimal places, X.XX.)
  • Calculate the company’s 2018 and 2017 debt ratio. (Round the ratios to two decimal places,XX.)
  • Calculate the company’s 2018 and 2017 Times-interest-earned (Round the ratios to one decimal place, X.X.)
  • Summarize the results of your analysis.

5. Question: The comparative income statements and additional data for Harmon Decor, Inc., follow:

  • Calculate the return on sales for 2018 and 2017.(Round your answers to three decimal places, X.XXX, and do not enter in percentage format. Ignore interest expense in your analysis.)
  • Calculate asset turnover for 2018 and 2017.
  • Calculate ROA for 2018 and 2017. (Round your answers to three decimal places, X.XXX, and do not enter in percentage format.)
  • Calculate the leverage ratio 2018 and 2017. (Round your answers to three decimal places, X.XXX, and do not enter in percentage format.)
  • Calculate ROE for 2018 and 2017. (Round your answers to three decimal places, .XXX, and do not enter in percentage format.)
  • Compute the gross profit percentage for 2018 and 2017. (Round your answers to two decimal places, X.XX, and do not enter in percentage format.)
  • Compute the operating income percentage for 2018 and 2017. (Round your answers to two decimal places, X.XX, and do not enter in percentage format.).
  • Calculate earnings per share for 2018 and 2017. (Abbreviation used: Avg. = average.
  • Did the company’s operating performance improve or deteriorate during 2018?

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