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HCS 380 Wk 3 Individual: WileyPLUS Homework
Due Sunday evening 11: 59 om AZT. Time listed above is EST. All work due 11:59 pm AZT. Complete the assigned Quiz activity in WileyPLUS. Remember that you have 3 attempts for each question to achieve the best score!
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.