HCS 380 Week 3 WileyPLUS: Week 3 Homework

Complete the Week Three Homework exercises assigned in WileyPLUS.

Note: Most assignment activities will be completed in WileyPLUS and will not require you to submit anything in the classroom. If this is the case, the system will tell you that nothing has been submitted; this is correct and does not mean you didn’t complete the assignment. As long as you completed the requirements in WileyPLUS, you will earn all appropriate points.

Problem 2-5A

The following are financial statements of Bramble Corp..

Bramble Corp. Income Statement For the Year Ended December 31, 2017
Net sales		$2,231,500
Cost of goods sold		1,027,800
Selling and administrative expenses		918,600
Interest expense		90,600
Income tax expense		70,170
Net income		$ 124,330

Bramble Corp. Balance Sheet December 31, 2017
Assets
Current assets
Cash		$ 73,100
Debt investments		85,170
Accounts receivable (net)		189,700
Inventory		164,200
Total current assets		512,170
Plant assets (net)		590,700
Total assets		$ 1,102,870
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$ 173,000
Income taxes payable		36,670
Total current liabilities		209,670
Bonds payable		219,900
Total liabilities		429,570
Stockholders’ equity
Common stock		365,400
Retained earnings		307,900
Total stockholders’ equity		673,300
Total liabilities and stockholders’ equity		$1,102,870

Exercise 6-12

The following information is available for Pharoah Company for three recent fiscal years.

	2017	2016	2015
Inventory	$552,440	$569,374	$337,484
Net sales	1,955,006	1,692,420	1,322,224
Cost of goods sold	1,532,544	1,277,699	936,594

Exercise 8-14 (Part Level Submission)

Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company.

(in millions)	2017	2016
Accounts receivable (gross)	$ 3,408	$ 4,611
Accounts receivable (net)	3,144	4,284
Allowance for doubtful accounts	264	327
Sales revenue	32,081	35,794
Total current assets	6,739	6,864

Exercise 9-17

Crane Company reports the following information (in millions) during a recent year: net sales, $10,185.0; net earnings, $250.0; total assets, ending, $5,130.0; and total assets, beginning, $5,150.0.