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#### ACC 206 Week 9 Homework Chapter 18

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ACC 206 Week 9 Homework Chapter 18 -

Brief Exercise 18-3

Using the following data from the comparative balance sheet of Goody Company.

December 31, 2015                 December 31, 2014

Accounts receivable      \$498,728                                 \$402,200

Inventory                      \$804,330                                 \$595,800

Total assets                  \$2,903,761                              \$2,569,700

Illustrate horizontal analysis. (Round percentages to 0 decimal places, e.g. 12%.)

Brief Exercise 18-4

Using the following data from the comparative balance sheet of Goody Company.

December 31, 2015                 December 31, 2014

Accounts receivable      \$465,186                                 \$397,847

Inventory                      \$869,364                                 \$744,065

Total assets                  \$2,542,000                              \$3,037,000

Illustrate vertical analysis. (Round percentages to 1 decimal place, e.g. 12.1%.)

Brief Exercise 18-12

The following data are from the income statements of Haskin Company.

2015                            2014

Sales                                        \$6,411,200                  \$6,103,900

Beginning inventory                   978,200                       849,500

Purchases                                 4,352,800                    4,635,800

Ending inventory                       1,090,800                    978,200

Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.)

Exercise 18-1

Financial information for Kurzen Inc. is presented below.

December 31, 2015                 December 31, 2014

Current assets                           \$123,540                     \$102,080

Plant assets (net)                       394,130                       332,340

Current liabilities                       87,410                          74,380

Long-term liabilities                   133,950                       88,790

Common stock, \$1 par 166,070                       118,400

Retained earnings                      130,240                       152,850

Prepare a schedule showing a horizontal analysis for 2015 using 2014 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)

Exercise 18-4 (Part Level Submission)

The comparative condensed income statements of Emley Corporation are shown below.

EMLEY CORPORATION

Comparative Condensed Income Statements

For the Years Ended December 31

2015                                        2014

Net sales                                  \$604,090                                 \$504,790

Cost of goods sold                   481,880                                   420,480

Gross profit                              122,210                                   84,310

Operating expenses                  58,560                                     46,610

Net income                               \$ 63,650                                  \$ 37,700

(a)

Prepare a horizontal analysis of the income statement data for Emley Corporation using 2014 as a base. (Round percentages to 1 decimal place, e.g. 12.3%.)

(b)

Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)

Exercise 18-13

Trayer Corporation has income from continuing operations of \$298,900 for the year ended December 31, 2014. It also has the following items (before considering income taxes).

1. An extraordinary loss of \$81,100.

2. A gain of \$25,200 on the discontinuance of a division.

3. A correction of an error in last year’s financial statements that resulted in a \$28,100 understatement of 2013 net income.

Assume all items are subject to income taxes at a 33% tax rate.

Problem 18-5A

Selected financial data of Target and Wal-Mart for a recent year are presented here (in millions).