ACC 561 Assignment Wiley Plus Week 2

Topics: Generally Accepted Accounting Principles, Balance sheet, Asset Pages: 5 (595 words) Published: November 2, 2014

This paperwork ACC 561 Assignment Wiley Plus Week 2 includes answers to these exercises:

E13-5

The comparative balance sheets of Nike, Inc. are presented here.

Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base.

E13-6

Here are the comparative income statements of Winfrey Corporation.

Complete the horizontal analysis of the income statement data for Winfrey Corporation using 2009 as a base

E13-9

Armada Company has these comparative balance sheet data:

Compute the following ratios at December 31, 2010.

Business - Accounting

E13-5

The comparative balance sheets of Nike, Inc. are presented here. NIKE INC.
Comparative Balance Sheets
May 31
($ in millions)
Assets 2007 2006
Current assets $8,076 $7,346
Property, plant, and equipment (net) 1,678 1,658
Other assets 934 866
Total assets $10,688 $9,870

Liabilities and Stockholders' Equity
Current liabilities $2,584 $2,612
Long-term liabilities 1,079 973
Stockholders' equity 7,025 6,285
Total liabilities and stockholders' equity $10,688 $9,870

Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base. (If amount decreases, use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Round all percentages to 1 decimal place, e.g. 12.5.) NIKE, INC.

Condensed Balance Sheet
December 31
($ in millions)
Increase or (Decrease)
2007 2006 Amount Percentage
Assets
Current assets $8,076 $7,346 $730 9.9%

E13-6

E13-6 Here are the comparative income statements of Winfrey Corporation.
WINFREY CORPORATION
Comparative Income Statements
For the Years Ended December 31
2010 2009
Net sales $598,000 $520,000
Cost of goods sold 477,000 450,000
Gross profit $121,000 $ 70,000
Operating expens...

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E13-5

The comparative balance sheets of Nike, Inc. are presented here. NIKE INC.
Comparative Balance Sheets
May 31
($ in millions)
Assets 2007 2006
Current assets $8,076 $7,346
Property, plant, and equipment (net) 1,678 1,658
Other assets 934 866
Total assets $10,688 $9,870

Liabilities and Stockholders' Equity
Current liabilities $2,584 $2,612
Long-term liabilities 1,079 973
Stockholders' equity 7,025 6,285
Total liabilities and stockholders' equity $10,688 $9,870

Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base. (If amount decreases, use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Round all percentages to 1 decimal place, e.g. 12.5.) NIKE, INC.

Condensed Balance Sheet
December 31
($ in millions)
Increase or (Decrease)
2007 2006 Amount Percentage
Assets
Current assets $8,076 $7,346 $730 9.9%

E13-6

E13-6 Here are the comparative income statements of Winfrey Corporation.
WINFREY CORPORATION
Comparative Income Statements
For the Years Ended December 31
2010 2009
Net sales $598,000 $520,000
Cost of goods sold 477,000 450,000
Gross profit $121,000 $ 70,000
Operating expenses 80,000 45,000
Net income $ 41,000 $ 25,000

Instructions
(a) Prepare a horizontal analysis of the income statement data for Winfrey Corporation using 2009 as a base. (Show the amounts of increase or decrease.) (b) Prepare a vertical analysis of the income statement data for Winfrey Corporation for both years

E13-9

Armada Company has these comparative balance sheet data:
ARMADA COMPANY
Balance Sheets

Additional...
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