Sysco 169, is the largest glob service products, serving restaurants, hotels, schools, hospitals, and other institutions. The following summarized transactions are typical of those that occurred in a recent year (dollars are in millions). Purchased buildings costing $398 and equipment costing $210 for cash. Borrowed $109 from a bank, signing a short-term note. Provided $58,071 in service to customers during the year, with $27,758 on account and the rest received in cash. Paid $129,374 cash on accounts payable. Purchased $43,283 of inventory on account. Paid payroll, $7,440 during the year. Received $24,943 on account paid by customers. Purchased and used fuel of $1,650 in delivery vehicles during the year (paid for in cash). Declared $798 in dividends at the end of the year to be paid the following year. Incurred $137 in utility usage during the year; paid $97 in cash and owed the rest on account. Required: For each of the transactions, prepare journal entries.
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- Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The companys products include such brands as Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren, Polo Jeans Co., and Chaps. Polo Ralph Lauren reported the following (in thousands) for two recent years: Assume that accounts receivable (in millions) were 607,000 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to two decimal places. b. Compute the days sales in receivables for Year 2 and Year 1. Use 365 days and round to one decimal place. c. What conclusions can be drawn from these analyses regarding Ralph Laurens efficiency in collecting receivables?Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. Uptons balance sheet as of December 31, 2019, is shown here (millions of dollars): Sales for 2019 were 350 million, and net income for the year was 10.5 million, so the firms profit margin was 3.0%. Upton paid dividends of 4.2 million to common stockholders, so its payout ratio was 40%. Its tax rate was 25%, and it operated at full capacity. Assume that all assets/sales ratios, (spontaneous liabilities)/sales ratios, the profit margin, and the payout ratio remain constant in 2020. a. If sales are projected to increase by 70 million, or 20%, during 2020, use the AFN equation to determine Uptons projected external capital requirements. b. Using the AFN equation, determine Uptons self-supporting growth rate. That is, what is the maximum growth rate the firm can achieve without having to employ nonspontaneous external funds? c. Use the forecasted financial statement method to forecast Uptons balance sheet for December 31, 2020. Assume that all additional external capital is raised as a line of credit at the end of the year. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Assume Uptons profit margin and dividend payout ratio will be the same in 2020 as they were in 2019. What is the amount of the line of credit reported on the 2020 forecasted balance sheets? (Hint: You dont need to forecast the income statements because the line of credit is taken out on the last day of the year and you are given the projected sales, profit margin, and dividend payout ratio; these figures allow you to calculate the 2020 addition to retained earnings for the balance sheet without actually constructing a full income statement.)Owen’s Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. Balance Sheet(in $ millions) Assets Liabilities and Stockholders' Equity Cash $ 5 Accounts payable $ 18 Accounts receivable 23 Accrued wages 5 Inventory 26 Accrued taxes 11 Current assets $ 54 Current liabilities $ 34 Fixed assets 43 Notes payable 13 Common stock 18 Retained earnings 32 Total assets $ 97 Total liabilities and stockholders' equity $ 97 Owen’s Electronics has an aftertax profit margin of 8 percent and a dividend payout ratio of 30 percent. If sales grow by 15 percent next year, determine how many dollars of new funds are needed to finance the growth. (Do not round intermediate…
- Deere & Company manufactures and distributes farm and construction machinery that it sells around the world. In addition to its manufacturing operations, Deere’s credit division loans money to customers to finance the purchase of their farm and construction equipment.The following information is available for three recent years (in millions except pershare amounts): Please see the attachment for details: 1. Calculate the following ratios for each year, rounding ratios and percentages to one decimal place, except for per-share amounts:a. Return on total assetsb. Return on stockholders’ equityc. Earnings per shared. Dividend yielde. Price-earnings ratio2. Based on these data, evaluate Deere’s profitability.[The following information applies to the questions displayed below.] The Slumber Store (TSS) is a national wholesaler of beds, mattresses, pillows, and sheets. Key totals from TSS's most recent and forecasted financial statements are presented in the table below. From the income statement Sales Revenue Cost of Goods Sold Gross Profit From the balance sheet Inventories Last Year This Year Next Year $ 560,000 $ 615,000 346,500 405,250 213,500 209,750 $770,000 556,300 213,700 Last Year This Year Next Year $ 88,000 $ 101,808 $ 179,825 Required: 1. Use the financial statement totals to compute the company's actual inventory turnover ratio for this year and its forecasted inventory turnover ratio for next year. Also compute the days-to-sell for this year (actual) and next year (forecasted). Is inventory turnover expected to improve or worsen next year? 2. Use the financial statement totals to compute the company's actual gross profit percentage for this year and its forecasted gross profit…Rotorua Products sells agricultural products in the burgeoning Asian market. The company's current assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows: Sales Cash Accounts receivable, net Inventory Total current assets Current liabilities Sales Current assets: Cash Accounts receivable, net Inventory Total current assets Current liabilities Year 1 100.0 Year 1 $ 4,513,330 $ 86,858 414,137 805,814 $ 1,306,809 100.0 100.0 100.0 100.0 100.0 % Required: 1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. Note: Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3). % % Year 2 $ 4,867,400 $ 97,107 423,798 880,974 $ 1,401,879 $ 318,689 $ 335,942 % % % X Answer is not complete. Year 2 Year 3 $ 5,101,490 $ 88,212 447,360 824,047 $ 1,359,619 $ 324,994 % % % % % % Year 3 % % % % Year 5 Year 4 $5,485,330 $ 5,648,040 % % $ 91,910 507,318 894,402 $…
- Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity. Assets Cash Accounts receivable Inventory Current assets Fixed assets Total assets Balance Sheet (in $ millions) Liabilities and Stockholders' Equity $ 2 Accounts payable 22 24 $ 48 43 Accrued wages Accrued taxes Current liabilities Notes payable Common stock Retained earnings $91 Total liabilities and stockholders' equity $ 16 4 10 $30 Answer is complete but not entirely correct. New funds $ 8,075,000 > 12 17 32 $ 91 Owen's Electronics has an aftertax profit margin of 6 percent and a dividend payout ratio of 45 percent. If sales grow by 20 percent next year, determine how many dollars of new funds are needed to…Rotorua Products sells agricultural products in the burgeoning Asian market. The company's current assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows: Sales Cash Accounts receivable, net Inventory Total current assets Current liabilities Sales Current assets: Cash Accounts receivable, net Inventory Total current assets Current liabilities Year 11 Year 2 Year 3 Year 4 Year 5 $4,545,400 $4,737,850 $ 5,126,380 $5,421,900 $5,776,190 Year 1 $ 88,854 418,283 800,380 $ 1,307,517 $ 313,578 Required: 1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. Note: Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3). % % % % % % Year 2 $ 88,845 $ 77,057 435,833 587,279 $ 90,380 417,076 876,061 $1,383,517 $ 1,350,248 $ 1,466,414 $1,552,502 $ 346,822 $ 336,685 $ 335,107 $ 390,612 825,570 882,078 % % % % % % Year 3 % % % % Year 4 % % $ 80,928 569,984…Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity. Cash Accounts receivable Inventory Current assets Fixed assets Total assets New funds Assets E 122 TOLCIE E S Balance Sheet (in $ millions) E $ 12 27 28 $ 67 45 N Owen's Electronics has an aftertax profit margin of percent and a dividend payout ratio of 40 percent. If sales grow by 30 percent next year, determine how many dollars of new funds are needed to finance the growth. Note: Do not round intermediate calculations. Enter your answer in dollars, not millions, (e.g., $1,234,567). $ 112 Liabilities and Stockholders' Equity Accounts payable Accrued wages Accrued taxes Current liabilities Notes payable Common stock…
- Green Technologies is a leading global end-to-end technology provider, with a portfolio of hardware, software and service solutions. In a recent annual report, the balance sheet included the following information ($ in millions): Current assets: Receivables, less allowance of $289 in 2020 and $280 in 2019 Req 1 In addition, the income statement reported sales revenue of $105,232 million for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $104,868 million. There could have been significant recoveries of accounts receivable previously written off. Required: 1. Compute the following ($ in millions): Req 2A 2020 a. The amount of bad debts written off by Green during 2020 (Hint. Treat it as a plug in the gross accounts receivable account). b. The amount of bad debt expense that Green included in its income statement for 2020 (Hint. Treat it as a plug in the allowance for…Owen’s Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity. Balance Sheet(in $ millions) Assets Liabilities and Stockholders' Equity Cash $ 5 Accounts payable $ 15 Accounts receivable 15 Accrued wages 3 Inventory 25 Accrued taxes 9 Current assets $ 45 Current liabilities $ 27 Fixed assets 43 Notes payable 11 Common stock 16 Retained earnings 34 Total assets $ 88 Total liabilities and stockholders' equity $ 88 Owen’s Electronics has an aftertax profit margin of 7 percent and a dividend payout ratio of 50 percent. If sales grow by 20 percent next year, determine how many dollars of new funds are needed to finance…Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian consumer market. The company's current assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows: Sales Cash Accounts receivable, net Inventory Total current assets Current liabilities Sales Current assets: Cash Accounts receivable, net Inventory Total current assets Current liabilities Year 1 $4,593,830 $ 87,529 404,278 801,291 $ 1,293,098 $ 304,544 Year 1 Year 2 $4,780,780 $93,256 426,549 868,050 $ 1,387,855 $ 338,428 % % % % % % % % % % Year 3 $4,986,700 Required: 1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) ered as 12 Year 2 Year 3 $ 86,310 433,877 819,354 $ 1,339,541 $ 334,294 % % % % Year 4 $ 5,563,020 Year 4 $ 77,754 496,981 899,709 $1,474,444 $ 322,187 % % % % Year 5 $ 5,640,450…