ACCT125 Quiz 3 of 3

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	Unit Selling Unit Variable Unit Contribution Product Price Cost Margin Arks $80   $20   $60   Bins 120   40   $80

 

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	Cost Machine Hours January $52,600   20,000   February 75,100   29,000   March 57,000   22,000   April 64,000   24,500

 

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	Bonds payable, 12% (issued 1998, due 2022) $1,000,000 Preferred 5% stock, $100 par (no change during year) 300,000 Common stock, $50 par (no change during year) 2,000,000 Income before income tax for year 300,000 Income tax for year 80,000 Common dividends paid 50,000 Preferred dividends paid 15,000

 

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	Net sales on account during year $ 500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000

 

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	Net sales on account during year $1,204,000 Cost of merchandise sold during year 630,000 Accounts receivable, beginning of year 75,000 Accounts receivable, end of year 85,000 Inventory, beginning of year 81,600 Inventory, end of year 98,600

 

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	Net sales on account during year $1,095,000 Cost of merchandise sold during year 700,000 Accounts receivable, beginning of year 47,500 Accounts receivable, end of year 37,500 Inventory, beginning of year 190,000 Inventory, end of year 220,000

 

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	Net sales on account during year $ 525,500 Cost of merchandise sold during year 375,000 Accounts receivable, beginning of year 50,000 Accounts receivable, end of year 40,000 Inventory, beginning of year 110,000 Inventory, end of year 140,000

 

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	2010 Market price per share of common stock $25.00 Earnings per share on common stock 1.25

 

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	Net sales on account during year $ 500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000

 

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	Income from Net Cash Year Operations Flow 1 $37,500   $187,500 2 37,500     187,500 3 37,500     187,500 4 37,500     187,500 5 37,500     187,500

 

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	Income from Net Cash Year Operations Flow 1 $37,500   $187,500 2 37,500     187,500 3 37,500     187,500 4 37,500     187,500 5 37,500     187,500

 

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	Year 6% 10% 12% 1 .943 .909 .893 2 .890 .826 .797 3 .840 .751 .712 4 .792 .683 .636

 

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	Year 10% 15% 20% 1 0.909 0.870 0.833 2 1.736 1.626 1.528 3 2.487 2.283 2.106 4 3.170 2.855 2.589 5 3.791 3.353 2.991 6 4.355 3.785 3.326 7 4.868 4.160 3.605

 

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	Year Present Value of $1 at 10% 1 0.909 2 0.826 3 0.751 4 0.683 5 0.621 6 0.513

 

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	Income from Net Cash Year Operations Flow 1 $37,500   $187,500 2 37,500     187,500 3 37,500     187,500 4 37,500     187,500 5 37,500     187,500

 

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	Income from Net Cash Year Operations Flow 1 $37,500   $187,500 2 37,500     187,500 3 37,500     187,500 4 37,500     187,500 5 37,500     187,500

 

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	Year 6% 10% 12% 1 .943 .909 .893 2 .890 .826 .797 3 .840 .751 .712 4 .792 .683 .636