Question : EXERCISES 140.The liabilities and stockholders’ equity sections of comparative balance sheets : 1302947

EXERCISES

140.The liabilities and stockholders’ equity sections of comparative balance sheets for Jenson International are presented below for 2014 and 2013:

December 31

20142013

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$ 67,500 $ 85,451

Other current liabilities 3,488 5,157

Total current liabilities70,988 90,608

Long term debt 333,777 436,215

Total liabilities404,765 526,823

Stockholders’ equity:

Common stock100,000 100,000

Additional paid in capital275,000 275,000

Retained earnings 350,171 78,583

Total stockholders’ equity 725,171 453,583

Total liabilities and stockholders’ equity $1,129,936 $980,406

Prepare a horizontal analysis of the liabilities and stockholders’ equity sections of Jenson International’s balance sheets.

141.Comparative income statements for Jenson International are shown below for 2014 and 2013:

Year Ended December 31

20142013

Net sales$2,451,000 $2,321,000

Cost of goods sold1,650,455 1,348,330

Gross margin800,545 972,670

Operating expenses 385,000 420,408

Operating income415,545 552,262

Interest expense 45,600 33,181

Income before taxes369,945 519,081

Income taxes expense 98,357 135,600

Net income$ 271,588 $ 383,481

Prepare a vertical analysis of the company’s income statements.

142.The following information for Redwood Junction, a retail furniture and design firm, is presented for 2014 and 2013:

December 31

20142013

Assets

Current assets

Cash$ 42,000 $ 54,000

Accounts receivable580,000445,000

Inventory5,010,000 4,950,000

Prepaid expenses 84,000 79,000

Total current assets5,716,000 5,528,000

Building and equipment, net 1,097,000 1,095,000

Total assets$6,813,000 $6,623,000

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$ 605,000 $ 628,000

Bank loan payable679,000625,000

Other accrued payables 215,000 315,000

Total current liabilities1,499,000 1,568,000

Long-term debt 1,729,000 1,791,000

Total liabilities3,228,000 3,359,000

Stockholders’ equity:

Common stock1,307,000 1,307,000

Retained earnings 2,278,000 1,957,000

Total stockholders’ equity 3,585,000 3,264,000

Total liabilities and stockholders’ equity $6,813,000 $6,623,000

Perform a horizontal analysis of the assets section of the balance sheets for Redwood Junction. Identify the largest change.

143.The following information for Woodchuck, a retail furniture and design firm, is presented for the years ending December 31, 2014 and 2013:

Year Ended December 31

20142013

Net sales$5,628,000$5,253,000

Cost of goods sold 2,900,000 2,700,000

Gross margin2,728,000 2,553,000

Operating expenses:

Selling expenses500,000600,000

General and administrative expenses 835,000 788,000

Total operating expenses 1,335,000 1,388,000

Operating income1,393,000 1,165,000

Interest expense 139,000 158,000

Income before taxes1,254,000 1,007,000

Income taxes 439,000 368,000

Net income$ 815,000$ 639,000

Perform a horizontal analysis of the income statements for Woodchuck. Identify the largest change and list some of the causes that may have led to this change.

costs.

144.The following information for Redwood Junction, a retail furniture and design firm, is presented for 2014 and 2013:

December 31

Assets2014 2013

Current assets

Cash$ 42,000 $ 54,000

Accounts receivable580,000445,000

Inventory5,010,000 4,950,000

Prepaid expenses 84,000 79,000

Total current assets5,716,000 5,528,000

Building and equipment, net 1,097,000 1,095,000

Total assets$6,813,000 $6,623,000

Perform a vertical analysis of the asset section of the balance sheets for the company. Identify any major changes between 2013 and 2014. Indicate what could have led to the changes you noted in this analysis.

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61. Which of the following statements regarding intermolecular forces is incorrect?

A)Hydrogen bonding is the strongest of the intermolecular forces.

B)London dispersion forces increase with increasing molecular size.

C)Dipole-dipole forces are present in all atoms and molecules.

D)In order for a pure substance to participate in hydrogen bonding, it must have hydrogen bonded to F, O, or N.

E)Intermolecular forces are much weaker than bonding forces.

62. Which of the following statements regarding intermolecular forces is incorrect?

A)Hydrogen bonding is the strongest of the intermolecular forces for substances of similar molar mass.

B)London dispersion forces are present in all atoms and molecules.

C)Dipole-dipole forces increase with increasing molecular size.

D)Bonding forces are much stronger than intermolecular forces.

E)Hydrogen bonding is the reason for the abnormally high boiling point of water.

63. Which choice correctly lists the intermolecular forces present in CH3NH2?

A)London forces only

B)dipole-dipole forces only

C)London forces, dipole-dipole forces, and hydrogen bonding

D)dipole-dipole forces and hydrogen bonding

E)hydrogen bonding only

64. Which choice correctly lists the intermolecular forces present in CH4?

A)London forces only

B)London forces and dipole-dipole forces

C)London forces, dipole-dipole forces, and hydrogen bonding

D)dipole-dipole forces and hydrogen bonding

E)London forces and hydrogen bonding

65. Which choice correctly lists the intermolecular forces present in CH3Br?

A)London forces only

B)London forces and dipole-dipole forces

C)London forces, dipole-dipole forces, and hydrogen bonding

D)dipole-dipole forces and hydrogen bonding

E)London forces and hydrogen bonding

66. Arrange the following substances in order of increasing boiling point: CH3OH, CH4, CH3CH2OH, HOCH2CH2OH

A)CH3OH < CH4 < CH3CH2OH < HOCH2CH2OH B)CH4 < CH3OH < CH3CH2OH < HOCH2CH2OH C)CH4 < CH3OH < HOCH2CH2OH < CH3CH2OH D)CH3OH < CH4 < HOCH2CH2OH < CH3CH2OH E)HOCH2CH2OH < CH3CH2OH < CH3OH < CH4 67. Arrange the following substances in order of increasing boiling point: N2, H2, NH3, PH3 A)H2 < N2 < PH3 < NH3D)N2 < PH3 < NH3 < H2 B)N2 < H2 < PH3 < NH3E)NH3 < PH3 < N2 < H2 C)H2 < N2 < NH3 < PH3 68. Select the pair of substances which has the one with the higher equilibrium vapor pressure at a given temperature listed first. A)H2O, H2SD)NH3, PH3 B)CH3CH2OH, CH3OHE)Br2, Cl2 C)CH3COCH3, CH3CH2CH2OH 69. Select the pair of substances which has the one with the higher equilibrium vapor pressure at a given temperature listed first. A)H2O, HClD)AsH3, PH3 B)CH3OH, CH4E)Cl2, Br2 C)CH3CH2CH2OH, CH3COCH3 70. Which of the following statements regarding the liquid state is incorrect? A)Liquids are about 1000 times denser than gases. B)Liquids are normally about 90-95% as dense as their corresponding solid. C)The viscosity of a liquid is a measure of its resistance to flow. D)Molecules with high intermolecular forces will have high surface tension. E)Surface tension increases as temperature increases.