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*Exercise 14-3 The comparative condensed balance sheets of Garcia Corporation are presented below. GARCIA CORPORATION Comparative Condensed Balance Sheets December 31 2014 Assets Current assets 2013 $ 73,520 91,470 39,000 $211,210 $ 40,080 143,250 16,570 Total assets 98,810 27,570 $199,900 Property, plant, and equipment (net) Intangibles $ 80,740 $ 47,690 149,470 14,050 $199,900 $211,210 Liabilities and stockholders’ equity Current liabilities Long-term liabilities Stockholders’ equity Total liabilities and stockholders’ equity (a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If am ount and percentage are a decrease show the num bers as negativ e, e.g. – 55,000, – 20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.) GARCIA CORPORATION Condensed Balance Sheets December 31 2014 2013 Increase (Decrease) Percentage Change from 2013 Assets Current Assets Property, Plant & Equipment (net) Intangibles Total assets $73,520 $80,740 98,810 91,470 27,570 39,000 $199,900 $211,210 $40,080 $47,690 143,250 149,470 Liabilities and Stockholders’ Equity Current Liabilities Long-term Liabilities 1/2 4/30/2014 Exercise 14-3 Stockholders’ Equity Total liabilities and stockholders’ equity 16,570 14,050 $199,900 $211,210 (b) Prepare a vertical analysis of the balance sheet data for Garcia Corporation in columnar form for 2014. (Round percentages to 1 decim al place, e.g. 12.3%.) GARCIA CORPORATION Condensed Balance Sheet December 31, 2014 Amount Percent Assets Current Assets $73,520 Property, Plant, and Equipment (net) 98,810 Intangibles 27,570 Total assets $199,900 Liabilities and Stockholders’ Equity Current Liabilities $40,080 Long-term Liabilities 143,250 Stockholders’ Equity Total liabilities and stockholders’ equity 16,570 $199,900 *Problem 14-1A (Part Level Submission) Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below . All balance sheet data are as of December 31, 2014, and December 31, 2013. Lionel Company Barrymore Company 2014 2013 2014 2013 Net sales $1,500,730 $339,796 Cost of goods sold 1,021,462 236,917 Operating expenses 276,354 76,026 Interest expense 7,560 2,380 Income tax expense 60,151 7,670 Current assets 409,776 $386,259 86,417 $ 82,659 Plant assets (net) 594,702 574,664 142,667 126,552 Current liabilities 64,688 75,227 18,448 13,884 Long-term liabilities 101,560 83,767 15,295 10,732 Common stock, $5 par 580,000 580,000 132,000 132,000 Retained earnings 258,230 221,929 63,341 52,595 *(a) Prepare a vertical analysis of the 2014 income statement data for Lionel Company and Barrymore Company in columnar form. (Round percentages to 1 decimal place, e.g. 12.1%.) Exercise 14-5 Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data for the year ending January 30, 2010, are shown below . Nordstrom, Inc. Balance Sheet (partial) (in millions) End-of-Year Beginning-of-Year Cash and cash equivalents $ 795 $ 72 Accounts receivable (net) 2,035 1,942 Merchandise inventory 898 900 Prepaid expenses 88 93 Other current assets 238 210 Total current assets $4,054 $3,217 Total current liabilities $2,014 $1,601 For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions). Compute the four liquidity ratios at the end of the year. (Round all answers to 1 decimal place, e.g. 1.6 .) Current ratio :1 Acid-test ratio :1 Receivables turnover times Inventory turnover

*Exercise 14-3
The comparative condensed balance sheets of Garcia Corporation are presented below.
GARCIA CORPORATION
Comparative Condensed Balance Sheets
December 31
2014
Assets
Current assets

2013

$ 73,520

91,470
39,000
$211,210

$ 40,080
143,250
16,570

Total assets

98,810
27,570
$199,900

Property, plant, and equipment (net)
Intangibles

$ 80,740

$ 47,690
149,470
14,050

$199,900

$211,210

Liabilities and stockholders’ equity
Current liabilities
Long-term liabilities
Stockholders’ equity
Total liabilities and stockholders’ equity

(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If am ount and percentage are a decrease show the num bers as negativ e, e.g. – 55,000, – 20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)
GARCIA CORPORATION
Condensed Balance Sheets
December 31
2014

2013

Increase
(Decrease)

Percentage
Change from 2013

Assets
Current Assets
Property, Plant &
Equipment (net)
Intangibles

Total assets

$73,520

$80,740

98,810

91,470

27,570

39,000

$199,900

$211,210

$40,080

$47,690

143,250

149,470

 

Liabilities and
Stockholders’
Equity
Current Liabilities
Long-term
Liabilities

 

1/2

4/30/2014

Exercise 14-3

Stockholders’
Equity
Total liabilities
and
stockholders’
equity

16,570

14,050

$199,900

$211,210

(b) Prepare a vertical analysis of the balance sheet data for Garcia Corporation in columnar form for 2014. (Round percentages to 1 decim al place, e.g. 12.3%.)
GARCIA CORPORATION
Condensed Balance Sheet
December 31, 2014
Amount

Percent

Assets
Current Assets $73,520

Property, Plant, and Equipment (net) 98,810

Intangibles 27,570

Total assets $199,900

Liabilities and Stockholders’ Equity
Current Liabilities $40,080

Long-term Liabilities 143,250

Stockholders’ Equity

Total liabilities and stockholders’ equity

16,570
$199,900

 

*Problem 14-1A (Part Level Submission)
Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below . All balance
sheet data are as of December 31, 2014, and December 31, 2013.
Lionel Company Barrymore
Company
2014 2013 2014 2013
Net sales $1,500,730 $339,796
Cost of goods sold 1,021,462 236,917
Operating
expenses
276,354 76,026
Interest expense 7,560 2,380
Income tax
expense
60,151 7,670
Current assets 409,776 $386,259 86,417 $ 82,659
Plant assets (net) 594,702 574,664 142,667 126,552
Current liabilities 64,688 75,227 18,448 13,884
Long-term liabilities 101,560 83,767 15,295 10,732
Common stock, $5
par
580,000 580,000 132,000 132,000
Retained earnings 258,230 221,929 63,341 52,595
*(a)
Prepare a vertical analysis of the 2014 income statement data for Lionel Company and Barrymore Company in columnar
form. (Round percentages to 1 decimal place, e.g. 12.1%.)

 

Exercise 14-5
Nordstrom, Inc. operates department stores in numerous states. Selected financial
statement data for the year ending January 30, 2010, are shown below .
Nordstrom, Inc.
Balance Sheet (partial)
(in millions) End-of-Year Beginning-of-Year
Cash and cash equivalents $ 795 $ 72
Accounts receivable (net) 2,035 1,942
Merchandise inventory 898 900
Prepaid expenses 88 93
Other current assets 238 210
Total current assets $4,054 $3,217
Total current liabilities $2,014 $1,601
For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions).
Compute the four liquidity ratios at the end of the year. (Round all answers to 1 decimal
place, e.g. 1.6 .)
Current ratio :1
Acid-test ratio :1
Receivables turnover times
Inventory turnover

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