Kaplan GB 518 Unit 06 Template Problem

The Template is provided to help you complete your assignment successfully.There are hints and guidance within the templates. For Example,some fields will have a note attached – as designated by the red triangle in theupper right corner of the cell.Some final cell totals or answers will give you a notice if the answer is correct.For example, if you have gotten the right answer, you may see a note "Correct",or "Good!" appear beneath or to the side of that cell.But, not all exercises or problems will provide feedback. So, be sure you do yourbest on all of the assignments. And, if you have any questions, please do nothesitate to bring your questions to me. The preferred way to communicateyour assignment related questions will be in the Virtual Office.However, please remember that we do not discuss solutions in the VirtualOffice. So, do not post partially completed template files, and do notpost your solutions. But DO ask as specific a question as possible withoutgiving away an answer.One final note – in almost every template, the cells that allow you to enter somethingwill be background highlighted using =Yellow.In each assignment, you will be able to enter you name in the designated cell herein the "Instructions sheet". Please be sure to input you name in the template, andname the file according to the assignment instructions when you save it.Thank you and I look forward to working with you on your assignments.Enter you Name here ======>Given Data P12-04A:GALLEY CORPORATIONComparative Balance SheetDecember 13, 2011 and 2010December 3120112010AssetsCashAccounts receivableMerchandise inventoryEquipmentAccumulated depreciation, EquipmentTotal assets$174,00093,000609,000333,000(156,000)$1,053,000Liabilities and EquityAccounts payable$69,000Income taxes payable27,000Common stock, $2 par value582,000Contributed capital in excess ofpar value, common stock198,000Retained earnings177,000Total liabilities and equity$1,053,000$117,00081,000534,000297,000(102,000)$927,000$96,00024,000558,000162,00087,000$927,000GALLEY CORPORATIONIncome StatementFor Year Ended December 31, 2011SalesCost of goods soldGross profitOperating expenses:Depreciation expenseOther expensesIncome before taxesIncome taxesNet income$1,992,0001,194,000798,000$54,000501,000Additional information:Equipment purchased for cashNumber of stock shares issuedPrice per share of stock issuedCash dividends declared and paid$36,00012,000$5$111,000Check figure:(1) Cash from operating activities$144,000555,000243,00042,000$201,000Student Name: 0Class: GB 518 Unit 6 AssignmentProblem 12-04AGALLEY CORPORATIONStatement of Cash FlowsFor Year Ended December 31, 2011Cash flows from operating activities:Net incomeAdjustments to reconcile net income to netcash provided by operating activitiesIncrease in accounts receivableIncrease in inventoryDecrease in accounts payableIncrease in taxes payableDepreciation expenseNet cash provided by operating activitiesCash flows from investing activities:Cash paid for equipmentCash flows from financing activities:Cash received from issuing stockCash paid for cash dividendsNet cash used in financing activitiesNet increase in cashCash balance at beginning of 2011Cash balance at end of 2011$– Try again!$– Try again!$– Try again!- Try again!Given Data P13-04A:McCORD CORPORATIONIncome StatementFor Year Ended December 31, 2011SalesCost of goods soldGross profitOperating expensesInterest expenseIncome before taxesIncome taxesNet income$348,600229,150119,45052,5003,10063,85015,800$48,050McCORD CORPORATIONBalance SheetDecember 31, 2011AssetsCashShort-term investmentsAccounts receivable, netNotes receivable (trade)Merchandise inventoryPrepaid expensesPlant assets, netTotal assets$9,0007,40028,2003,50031,1501,650152,300$233,200Liabilities and EquityAccounts payableAccrued wages payableIncome taxes payableLong-term note payable, securedby mortgage on plant assetsCommon stockRetained earningsTotal liabilities and equityBalances on December 31, 2010:InventoryTotal assetsCommon stockRetained earningsCheck figures:Acid-test ratioInventory turnover$16,5002,2002,30062,40090,00059,800$233,200$32,400$182,400$90,000$31,3002.37.2Student Name: 0Class: GB518 Unit 6 AssignmentProblem 13-04AMcCORD CORPORATIONRatios(1) Current ratio:to 1(2) Acid-test ratio:to 1(3) Days’ sales uncollected:days(4) Inventory turnover:times(5) Days’ sales in inventory:days(6) Debt-to-equity ratio:to 1(7) Times interest earned:times(8) Profit margin ratio:(9) Total asset turnover:(10) Return on total assets:(11) Return on common stockholders’ equity: