The following data were taken from the 2007 and 2006 financial statements of American Outfitters. (All dollars are in thousands.) 2007 2006 Cur.........

The following data were taken from the 2007 and 2006 financial statements of American Outfitters. (All dollars are in thousands.) 2007 2006 Cur.........

Q:


Presented below are the assumptions and Principles

1. Full disclosure principle. 4. Time period assumption.

2. Going concern assumption. 5. Cost principle.

3. Monetary unit assumption. 6. Economic entity assumption.

Identify the accounting assumption or principle. Do not use any item more than once.

(a) Is the rationale for why plant assets are not reported at liquidation value.

(b) Indicates that personal and business record-keeping should be separately maintained.

(c) Assumes that the dollar is the "measuring stick" used to report on financial performance.

(d) Separates financial information into time periods for reporting purpose.

(e) Indicates that companies should not record in the accounts market value changes subsequent to purchase.

(f) Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.



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The following data were taken from the 2007 and 2006 financial statements of American Outfitters. (All dollars are in thousands.) 2007 2006 Cur......

The following data were taken from the 2007 and 2006 financial statements of American Outfitters. (All dollars are in thousands.) 2007 2006 Cur......

Q:


The following data were taken from the 2007 and 2006 financial statements of American Outfitters. (All dollars are in thousands.)

2007 2006

Current assets $1,545,641 $1,388,953

Total assets 2,813,894 2,273,292

Current liabilities 651,939 497,649

Total liabilities 735,478 580,593

Total stockholders' equity 2,006,644 1,636,045

Cash provided by operating activities 966,494 619,705

Capital expenditures 2 9,156 105,198

Dividends paid 87,116 59,560

(a) Calculate the debt to total assets ratio for each year.

(b) Calculate the free cash flow for each year.


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Southgate, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for the year ended Februar...

Southgate, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for the year ended Februar...

Q:


Southgate, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for the year ended February 3, 2007, are as follows.

End of Year Beginning of Year

Cash and cash equivalents $459 $469

Receivables (net) 734 654

Merchandise inventory 1,068 1,036

Other current assets 737 853

Total current assets $2,998 $3,012

Total current liabilities $1,653 $1,908

(a) Compute the working capital and current ratio at the beginning of the year and at the end of the current year.

(b) Did Southgate's liquidity improve or worsen during the year?


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The following information is available for Tiger Golf Company for the years 2006 and 2005. 2006 2005 Net sales $1,059,215 $1,001,902 Net in...

The following information is available for Tiger Golf Company for the years 2006 and 2005. 2006 2005 Net sales $1,059,215 $1,001,902 Net in...

Q:


The following information is available for Tiger Golf Company for the years 2006 and 2005.

2006 2005

Net sales $1,059,215 $1,001,902

Net income (loss) 32,971 20,172

Total assets 938,029 860,408

Share information

Shares outstanding at year-end 69,780,649 74,221,753

Preferred dividends -0- -0-

There were 70,796,083 shares outstanding at the end of 2004.

What were the company's earnings per share for each year?

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The following items were taken from the 2006 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock $2,624 Ca...

The following items were taken from the 2006 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock $2,624 Ca...

Q:


The following items were taken from the 2006 financial statements of Texas Instruments, Inc. (All dollars are in millions.)

Common stock $2,624 Cash and cash equivalents $1,183

Prepaid expenses 181 Accumulated depreciation 3,801

Property, plant, and equipment 7,751 Accounts payable 560

Other current assets 745 other noncurrent assets 1,839

Other current liabilities 1,475 Noncurrent liabilities 492

Long-term investments 287 Retained earnings 8,736

Short-term investments 2,534 Accounts receivable 1,774

Note payable in 2007 43 Inventories 1,437

Complete the following classified balance sheet.
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Cottonwood Company reports the following operating results for the month of April. COTTONWOOD COMPANY CVP Income Statement For the Month Ended Ap...

Q:


Cottonwood Company reports the following operating results for the month of April.

COTTONWOOD COMPANY

CVP Income Statement

For the Month Ended April 30, 2011

Total per Unit

Sales (8,600 units) $498,800 $58.00

Variable costs 264,364 30.74

Contribution margin 234,436 $27.26

Fixed expenses 179,916

Net income $ 54,520

Management is considering the following course of action to increase net income: Reduce the selling price by 10%, with no changes to unit variable costs or fixed costs. Management is confident that this change will increase unit sales by 31%.

(a) Using the contribution margin technique, compute the break-even point in units and dollars and margin of safety in dollars, assuming no changes to selling price or costs.

(b) Using the contribution margin technique, compute the break-even point in units and dollars and margin of safety in dollars, assuming changes to sales price and volume as described above.

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