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Fin 571 Week 2 Connect Problems Assignment

1999 words - 8 pages

1. Sankey, Inc., has current assets of $5,000, net fixed assets of $23,000, current liabilities of $3,500, and long-term debt of $7,900. (Do not round intermediate calculations.)
What is the value of the shareholders' equity account for this firm?
Shareholders' equity $_________
How much is net working capital?
Net working capital $_________

2. Which one of these accounts is classified as a current asset on the balance sheet?
• intangible asset
• accounts payable
• preferred stock
• inventory
• net plant and equipment

Complete FIN 571 week 2 connect problems Answers here FIN 571 Week 2 Connect Problems

3. It is easier to evaluate a firm using its financial statements when ...view middle of the document...

(Do not round intermediate calculations.)
What is the net income for the firm?
Net income $_________
Suppose the company paid out $44,000 in cash dividends. What is the addition to retained earnings?
Addition to retained earnings $_________

8. During the year, the Senbet Discount Tire Company had gross sales of $1.17 million. The firm’s cost of goods sold and selling expenses were $536,000 and $226,000, respectively. The firm also had notes payable of $910,000. These notes carried an interest rate of 6 percent. Depreciation was $141,000. The firm’s tax rate was 40 percent.
a. What was the firm’s net income? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Round your answer to the nearest whole number, e.g., 32.)
Net income $_________
b. What was the firm’s operating cash flow? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Round your answer to the nearest whole number, e.g., 32.)
Operating cash flow $_________

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9. Use the following information for Ingersoll, Inc., (assume the tax rate is 40 percent):
2014 2015
Sales $9,535 $10,109
Depreciation 1,295 1,296
Cost of goods sold 2,866 3,230
Other expenses 809 704
Interest 695 773
Cash 4,279 5,373
Accounts receivable 5,609 6,297
Short-term notes payable 964 916
Long-term debt 15,330 17,750
Net fixed assets 36,155 37,317
Accounts payable 4,656 4,355
Inventory 9,840 10,108
Dividends 1,126 1,221
Prepare an income statement for this company for 2014 and 2015. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.)

Ingersoll, Inc. Income Statement
2014 2015
Sales $____ $______
Cost of goods sold _____ _______
Other expenses _____ _______
Depreciation _____ _______
EBIT $_____% $______%
Interest ______ _______
EBT $_____% $______%
Taxes ______% _______%
Net income $_____% $______%
Dividends $_____ $______
Additions to RE ______% _______%

Prepare the balance sheet for this company for 2014 and 2015. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.)

Ingersoll, Inc. Balance Sheet as of Dec. 31
2014 2015
Assets
Cash $______ $______
Accounts receivable _______ _______
Inventory _______ _______
Current assets $______% $______
Net fixed assets _______ _______
Total assets $______% $_______%
Liabilities
Accounts payable $______ $______
Notes payable ...

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