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Revenue and expense data for Mandell Technologies Co.

Revenue and expense data for Mandell Technologies Co. are as follows:

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· .cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments”>Hint(s)

a. Prepare an income statement in comparative form, stating each item for both 2012 and 2011 as a percent of sales. If required, round percentages to one decimal place.

MANDELL TECHNOLOGIES CO.

Comparative Income Statement

For the Years Ended December 31, 2012 and 2011

2012 Amount

2012 Percent

2011 Amount

2011 Percent

Sales

$800,000

%

Correct 10 of Item 1

$740,000

%

Correct 12 of Item 1

Cost of Goods Sold

504,000

Correct 15 of Item 1

407,000

Correct 17 of Item 1

Correct 18 of Item 1

$

Correct 19 of Item 1

%

Correct 20 of Item 1

$

Correct 21 of Item 1

%

Correct 22 of Item 1

Selling expenses

$ 120,000

%

Correct 25 of Item 1

$ 140,600

%

Correct 27 of Item 1

Administrative expenses

128,000

Correct 30 of Item 1

125,800

Correct 32 of Item 1

Correct 33 of Item 1

$

Correct 34 of Item 1

%

Correct 35 of Item 1

$

Correct 36 of Item 1

%

Correct 37 of Item 1

Correct 38 of Item 1

$

Correct 39 of Item 1

%

Correct 40 of Item 1

$

Correct 41 of Item 1

%

Correct 42 of Item 1

Income tax Expense

33600

Correct 45 of Item 1

48100

Correct 47 of Item 1

Correct 48 of Item 1

$

Correct 49 of Item 1

%

Correct 50 of Item 1

$

Correct 51 of Item 1

%

Revenue and expense data for the current calendar year for Shoesmith Electronics Company and for the electronics industry are as follows. The Shoesmith Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages.

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a. Prepare a common-sized income statement comparing the results of operations for Shoesmith Electronics Company with the industry average. If required, round percentages to one decimal place.

SHOESMITH ELECTRONICS COMPANY

Common-Sized Income Statement

For the Year Ended December 31, 20xx

Shoesmith Electronics Company Amount

Shoesmith Electronics Company Percent

Electronics Industry Average

Sales

$ 4,200,000

%

Correct 9 of Item 1

105.0 %

Sales Returns & Allowances

200,000

Correct 13 of Item 1

5.0

Net sales

$ 4,000,000

%

Correct 17 of Item 1

%

Correct 18 of Item 1

Cost of Goods Sold

2,120,000

Correct 21 of Item 1

59.0

Gross profit

$ 1,880,000

%

Correct 25 of Item 1

%

Correct 26 of Item 1

Selling Expenses

$ 1,160,000

%

Correct 29 of Item 1

24.0 %

Administrative Expenses

480,000

Correct 33 of Item 1

10.5

Total operating expenses

$ 1,640,000

%

Correct 37 of Item 1

%

Correct 38 of Item 1

Operating income

$ 240,000

%

Correct 41 of Item 1

%

Correct 42 of Item 1

Other Income

84,000

Correct 45 of Item 1

2.1

$ 324,000

%

Correct 48 of Item 1

8.6 %

Other Expense

60,000

Correct 52 of Item 1

1.5

Income before income tax

$ 264,000

%

Correct 56 of Item 1

%

Correct 57 of Item 1

Income tax

120,000

Correct 60 of Item 1

6.0

Net income

$ 144,000

%

Correct 64 of Item 1

%

Correct 65 of Item 1

The following data were taken from the financial statements of Hermes Inc. for December 31, 2012 and 2011:

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The income before income tax was $891,000 and $787,500 for the years 2012 and 2011, respectively.

a. Determine the ratio of liabilities to stockholders’ equity at the end of each year. Round to one decimal place.

Dec. 31, 2012:

Dec. 31, 2011:

b. Determine the number of times the bond interest charges are earned during the year for both years. Round to one decimal place.

Dec. 31, 2012:

Dec. 31, 2011:

The following selected data were taken from the financial statements of Preslar Inc. for December 31, 2012, 2011, and 2010:

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The 2012 net income was $435,750, and the 2011 net income was $453,750. No dividends on common stock were declared between 2010 and 2012.

a. Determine the rate earned on total assets, the rate earned on stockholders’ equity, and the rate earned on common stockholders’ equity for the years 2011 and 2012. When required, round to one decimal place.

2012

2011

Rate earned on total assets:

%

%

Rate earned on stockholders’ equity:

%

%

Rate earned on common stockholders’ equity:

%

%

The following data were taken from the financial statements of Ares Inc. for the current fiscal year.

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Assuming that long-term investments totaled $3,000,000 throughout the year and that total assets were $6,250,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place.

a. Ratio of fixed assets to long-term liabilities:

b. Ratio of liabilities to stockholders’ equity:

c. Ratio of net sales to assets:

d. Rate earned on total assets:

%

e. Rate earned on stockholders’ equity:

%

f. Rate earned on common stockholders’ equity:

%

The following information was taken from the financial statements of Bailey Inc. for December 31 of the current fiscal year:

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The net income was $1,250,000 and the declared dividends on the common stock were $800,000 for the current year. The market price of the common stock is $40 per share.

For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share, and (d) the dividend yield. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest cent.

a. Earnings per Share:

$

b. Price-Earnings Ratio:

c. Dividends per Share:

$

d. Dividend Yield:

%

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