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2

>Sheet

1

and

for thebalance sheet and income statement in the appropriate shaded areas.

points

points

.

2012

2011 Percent

Percent

.0

.0

8.5

8.5

2.0)

.

0

)

– 0 100.0

62.5

0

629.7 542.0

ABC COMPANY

(in thousands)

2012 Percent 2011 Percent Amount Percent

6.0

8.7

1.

2.

3.

4.

5.

6.

1

2

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ABC COMPANY

(in thousands)

NAME:
Instructions: This exam must be either completed in excel and uploaded; or can be printed and hand-written, then scanned
into PDF form and uploaded. The exam consists of 1 large, cumulative problem testing your knowledge from both chapters.
All parts of this exam will use the comparative balance sheets, income statements, and other information below.
All sections necessary to complete are highlighted, please show your work for the ratio analyses for partial credit.
EXAM

3
Complete the following using the comparative balance sheet, income statement, and other information:
1. Prepare a vertical analysis for

20

11 20

12 1

5
2. Prepare a horizontal analysis for 2012 for the balance sheet and income statement in the appropriate shaded areas. 15
3. Complete the ratio analyses for 2012 below the financial statements. (round to the nearest tenth) 30 Points
4 Below the ratio analyses, complete a statement of cash flow (indirect method) for the year ending December 31, 2012. 40 points
ABC COMPANY
COMPARATIVE BALANCE SHEETS
DECEMBER 31
(in thousands)
ASSETS Percent Amount
Current Assets
Cash and cash equvalents 53.0 50.0
Accounts Receivable (net) 3

7 4

8
Inventory 10 100.0
Total Current Assets 1

9 198.0
Investments (short-term) – 0 70.0
Property, plant, and equipment
Equipment 573.2 450.0
Accumulated Depreciation – Equipment (

14 (17

6
Total Assets 629.7 542.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable 62.5 43.8
Bonds payable, due 2010
Total Liabilities 143.8
Stockholders’ equity
Common Stock, $10 par 32

5. 285.0
Paid-in-Capital in Excess – Common Stock 80.0 55.0
Retained Earnings 162.2 58.2
Total Liabilities and Stockholders’ Equity
COMPARATIVE INCOME STATEMENTS
FOR PERIOD ENDING DECEMBER 31
Sales Revenue 625.7 587.4
Cost of Goods Sold 340.0 342.3
Gross Profit 285.7 245.1
Operating Expenses
Selling and Administrative Expenses 26.0 28.2
Depreciation Expense 68.0 72.4
Total Profit from Operations 191.7 144.5
Other Income
Gain on Sale of Investment 4.0
Other Expenses
Interest Expense 5.8
Income Before Income Taxes 189.7 13
Income Tax Expense 60.7 44.4
Net Income 129.0 94.3
OTHER INFORMATION (All occuring in 2012)
Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200.
Bonds payable for $100,000 were retired by payment at their face amount on December 31, 2012.
5,000 shares of common stock were issued at $13 for cash on December 31, 2012.
Cash dividends were declared and paid on December 31, 2012, $25,000.
Net credit sales for 2012 were $575,000
The market price of the company’s common stock on December 31, 2012 was $13/share.
RATIOS Answer What does this ratio mean?
Current Ratio
Show work for partial credit:
Quick Ratio
Receivables Turnover
Average Collection Period
Inventory Turnover
Days in Inventory
Profit Margin
Asset Turnover
Return on Assets
Return on Common Stockholders’ Equity
Earnings per Share
Price-Earnings Ratio
Payout Ratio
Debt to Total Assets Ratio
Times Interest Earned
CASH FLOW STATEMENT
FOR YEAR ENDING DECEMBER 31, 2012

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