29 Apr Must know how to – To record notes payable transactions -To prepare a vertical analysis schedule? -To calculate ratio Check the file I uplo
Must know how to
– To record notes payable transactions
-To prepare a vertical analysis schedule
-To calculate ratio
Check the file I uploaded to see if you can complete.
Grammar and punctuation is graded as well.
Assignment is due on 5-2
Chapter 10
| Problem 1 – Record notes payable transactions |
| Live Media Co. borrowed $125,000 on May 1, 2021 from OneUnited Bank by signing a $125,000 8-month note payable. |
| Purpose |
| The purpose of this problem is to demonstrate an understanding of recording notes payable transactions. |
| Instructions |
| After analyzing the information, prepare Live Media Co.'s journal entries to: (1) record the proceeds of the note, (2) record accrued interest |
| at December 31, 2021 and (3) record the payment of the note and interest at the note's maturity date of January 1, 2022. |
| Guidance |
| For formatting guidance, see the notes payable journal entry examples that are provided in Chapter 10 of the textbook. |
| Your Answers: |
Chapter 13a
| Problem 2 – Prepare a vertical analysis schedule | ||||||
| Here is the operating data for Yalis Cleaning, Inc.: | ||||||
| 2021 | 2020 | |||||
| Service revenue | $ 523,000 | $ 476,000 | ||||
| Operating expenses | 385,500 | 319,800 | ||||
| Income tax expense | 34,375 | 39,050 | ||||
| Net income | $ 103,125 | $ 117,150 | ||||
| Purpose | ||||||
| The purpose of this problem is to demonstrate an understanding of preparing a vertical analysis schedule. | ||||||
| Instructions | ||||||
| After analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenue | ||||||
| as the base amount. Round percentages to two decimal places. | ||||||
| Guidance | ||||||
| For formatting guidance, see the vertical analysis examples that are provided in Chapter 13 of the textbook. | ||||||
| Your Answer: | ||||||
Chapter 13b
| Problem 3 – Calculate ratios | ||||||
| Here is some financial statement data for Nestlé (in millions of Swiss francs): | ||||||
| 2021 | 2020 | |||||
| Total current assets | 39,257 | 34,068 | ||||
| Inventory | 11,982 | 10,101 | ||||
| Total assets | 139,142 | 124,028 | ||||
| Net sales | 87,088 | 84,343 | ||||
| Cost of goods sold | 45,468 | 42,971 | ||||
| Gross profit | 12,159 | 14,233 | ||||
| Interest expense | 753 | 815 | ||||
| Net income | 17,196 | 12,372 | ||||
| Net cash provided by operating activities | 16,645 | 17,157 | ||||
| Capital expenditures | 4,880 | 4,076 | ||||
| Cash dividends | 7,983 | 7,968 | ||||
| Investing cash flow | 3,044 | 5,667 | ||||
| Purpose | ||||||
| The purpose of this problem is to demonstrate an understanding of analyzing a company's performance using ratio analysis and calculating ratios. | ||||||
| Instructions | ||||||
| After reviewing the information, calculate the following ratios for Nestlé for 2021: | ||||||
| 1) Inventory turnover | ||||||
| 2) Profit margin | ||||||
| 3) Return on assets | ||||||
| 4) Free cash flow | ||||||
| Round all answers to two decimal places. Do not include dollar signs because Nestlé's accounting information is in Swiss Francs. Show the calculations | ||||||
| for each answer. | ||||||
| Guidance | ||||||
| For guidance, see the ratio analysis examples that are provided in Chapter 13 of the textbook. | ||||||
| Your Answers (show the calculations for each answer): | ||||||
| Answer | Show Work for Answer | |||||
| 1) Inventory turnover | ||||||
| 2) Profit margin | ||||||
| 3) Return on assets | ||||||
| 4) Free cash flow |
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