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Assignment 08:


Part A:



The following information is given for Tripp Company, which uses the indirect method.


Net income                                                                            $20,000

Depreciation expense                                                               3,000

Increase in accounts receivable                                             2,000

Payment of dividends                                                              2,000

Proceeds from sale of equipment                                          6,000

Increase in accounts payable                                                 4,000

Decrease in inventory                                                              3,000


From the information provided, answer the following questions:


a) The cash flow from operating activities is ________.

b) The cash flow from investing activities is ________.

c) The cash flow from financing activities is ________.


Part B:


Selected data for Stick's Design are given as of December 31, Year 1 and Year 2 (rounded to the nearest hundredth).


                                                                            Year 2                    Year 1

Net Credit Sales                                            $25,000                 $30,000

Cost of Goods Sold 16,000                          18,000

Net Income                                                        2,000                      2,800

Cash                                                                    5,000                         900

Accounts Receivable                                       3,000                      2,000

Inventory                                                           2,000                      3,600

Current Liabilities                                             6,000                      5,000


Required: Compute the following:

a. ________ Current ratio for Year 2.

b. ________ Acid-test ratio for Year 2.

c. ________ Accounts receivable turnover for Year 2.

d. ________ Average collection period for Year 2.

e. ________ Inventory turnover for Year 2.



Part C:


Prepare an income statement showing departmental contribution margin based on the following:


                                                                                                         Dept. X           Dept. Y      Rent Expense

Space (square feet)                                                                        17,500            35,000

Net Sales                                                                                       $60,000         $ 40,000

Cost of Goods Sold                                                                       18,000            16,000

Rent Expense (allocated based on square feet)                                                                               $2,700


Part D:


From the following transactions, prepare the appropriate general journal entries for the month of April.


1. Raw materials costing $60,000 were issued from the storeroom.

2. Direct labor of $53,000 was charged to production.

3. Indirect labor costs of $17,000 were incurred.

4. Overhead was applied at the rate of 40% of direct labor dollars.

5. Completed products costing $42,000 were transferred to finished goods.

6. Products costing $32,000 were sold.

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