Question : 101.Kerwin Holdings has total assets of $450,000 and shareholders’ equity : 1302942

 

 

101.Kerwin Holdings has total assets of $450,000 and shareholders’ equity of $120,000, of which $45,000 of the equity is common stock. How much is the company’s debt-to-equity ratio?

A.3.75

B.2.75

C.6.00

D.4.40

 

102.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $   12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

Using horizontal analysis, how much is the percentage change in cash for Bent Stew Enterprises from 2013 to 2014?

A.375.00% increase

B.73.33% increase

C.26.67% increase

D.275.00% increase

103.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

How much is the company’s gross margin percentage for 2014?

A.(1.98%)

B.34.40%

C.98.16%

D.7.80%

104.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

Bent Stew Enterprises had 10,000 shares of common stock outstanding during both 2013 and 2014. How much was earnings per share in 2014?

A.$0.15

B.$0.67

C.$1.49

D.$19.25

105.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

Using vertical analysis, how would you best describe the change in the company’s operating expenses from 2013 to 2014?

A.Operating expenses increased from 1.63% of net earnings to 9.55% of net earnings from 2013 to 2014.

B.Operating expenses increased by $10,000 from 2013 to 2014.

C.Operating expenses increased from 23.5% to 25.6% of sales from 2013 to 2014.

D.Operating expenses increased by 18.5% from 2013 to 2014.

106.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

Using horizontal analysis, how would you best describe the change in the company’s operating expenses from 2013 to 2014?

A.Operating expenses increased from 1.63% of net earnings to 9.55% of net earnings from 2013 to 2014.

B.Operating expenses increased by $10,000 from 2013 to 2014.

C.Operating expenses increased from 23.5% to 25.6% of sales from 2013 to 2014.

D.Operating expenses increased by 18.5% from 2013 to 2014.

107.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

What does vertical analysis for 2014 versus 2013 reveal for Bent Stew Enterprises?

A.There was no change in the proportion of common stock to total assets from 2013 to 2014.

B.Inventory levels have decreased from 2013 to 2014 in proportion to total assets.

C.Gross margin declined to 34.4% in 2014, down from 38.19% in 2013.

D.The company has a higher proportion of long-term debt in 2014 compared to 2013.

108.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

The company’s stock is selling for a market price of $31.00 per share at the end of 2014, up from $28.00 per share at the end of 2013. There are 5,000 shares of common stock outstanding at the end of 2014. How much is the company’s price-earnings ratio at the end of 2014?

A.$23.13

B.$1.34

C.$4.32

D.$41.55

109.Comparative financial statements for Bent Stew Enterprises are shown below:

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

How much is Bent Stew’s asset turnover in 2014?

A.1.034

B.0.027

C.0.770

D.1.299

110.Comparative financial statements for Bent Stew Enterprises are shown below:

 

 

December 31

20142013

Assets

Current assets:

Cash$    3,000              $       800

Accounts receivable8,5006,000

Inventory12,0008,200

Prepaid expenses     1,400        900

Total current assets24,90015,900

Property, plant, and equipment, net              103,600              123,300

Intangible assets, net  64,000   47,000

Total assets$192,500              $186,200

 

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable$   11,000              $  12,000

Other current liabilities   11,800                  3,200

Total current liabilities22,800              15,200

Long-term debt 120,000              128,000

Total liabilities 142,800              143,200

Stockholders’ equity:

Common stock15,00015,000

Additional paid-in capital20,000              20,000

Retained earnings   14,700                   8,000

Total stockholders’ equity   49,700                 43,000

Total liabilities and stockholders’ equity              $192,500              $186,200

 

Year Ended December 31

20142013

Sales$250,000              $ 230,000

Cost of goods sold 164,000              142,300

Gross margin86,000              87,700

Operating expenses   64,000                 54,000

Operating income22,000              33,700

Interest expense    7,500                  5,900

Earnings before income taxes              14,500              27,800

Income taxes    7,800                   7,140

Net earnings$    6,700              $   20,660

 

How much is return on common stockholders’ equity for Bent Stew for 2014?

A.15.26%

B.44.67%

C.19.14%

D.13.48%

 

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