Description / Instructions: Complete the following Week 5 Assignment in WileyPLUS:

Description / Instructions: Complete the following Week 5 Assignment in WileyPLUS: *Exercise 7-3 *Exercise 12-1 *Problem 12-9A *Problem 12-10A *IFRS 13-1 *Problem 13-2A *Broadening Your Perspective 13-2 Question 1 Putnam Corporation had these transactions during 2014. Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities. (a) Purchased a machine for $30,000, giving a long-term note in exchange. (b) Issued $50,000 par value common stock for cash. (c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. (d) Declared and paid a cash dividend of $13,000. (e) Sold a long-term investment with a cost of $15,000 for $15,000 cash. (f) Collected $16,000 of accounts receivable. (g) Paid $18,000 on accounts payable. Question 2 Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on nontrading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach. LING COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2014 $ $ Question 3 Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 125,240 $ 75,020 Accounts receivable 136,090 58,900 Inventory 174,375 159,418 44,020 40,300 Long-term investments 213,900 168,950 Plant assets 441,750 375,875 Accumulated depreciation (77,500 ) (80,600 ) Prepaid expenses $1,057,875 $797,863 $ 158,100 $ 104,315 25,575 32,550 Bonds payable 170,500 226,300 Common stock 341,000 271,250 Retained earnings 362,700 163,448 $1,057,875 $797,863 Total Liabilities and Stockholders’ Equity Accounts payable Accrued expenses payable Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $602,113 Less: Cost of goods sold $209,963 Operating expenses, excluding depreciation 19,236 Depreciation expense 72,075 Income tax expense 42,284 Interest expense Loss on disposal of plant assets Net income 7,332 11,625 362,515 $ 239,598 Additional information: 1. New plant assets costing $155,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $89,125 and accumulated depreciation of $75,175 were sold for $2,325 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $40,346 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).) ODGERS INC. Statement of Cash Flows For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ $ Question 4 Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 147,056 $ 88,088 Accounts receivable 159,796 69,160 Inventory 204,750 187,187 51,688 47,320 Long-term investments 251,160 198,380 Plant assets 518,700 441,350 Accumulated depreciation (91,000 ) (94,640 ) Prepaid expenses $1,242,150 $936,845 $ 185,640 $ 122,486 30,030 38,220 Bonds payable 200,200 265,720 Common stock 400,400 318,500 Retained earnings 425,880 191,919 $1,242,150 $936,845 Total Liabilities and Stockholders’ Equity Accounts payable Accrued expenses payable Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $706,997 Less: Cost of goods sold $246,537 Operating expenses, excluding depreciation 22,586 Depreciation expense 84,630 Income taxes 49,650 Interest expense Loss on disposal of plant assets Net income 8,609 13,650 425,662 $ 281,335 Additional information: 1. New plant assets costing $182,000 were purchased for cash during the year. Old plant assets having an original cost of $104,650 and accumulated depreciation of $88,270 were sold 2. for $2,730 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $47,374 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Odgers Inc. using the direct method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).) ODGERS INC. Statement of Cash Flows For the Year Ended December 31, 2014 $ : $ $ Question 5 The comparative statements of Osborne Company are presented here. OSBORNE COMPANY Income Statements For the Years Ended December 31 2014 Net sales 2013 $1,895,459 $1,755,419 1,063,459 1,010,919 Gross profit 832,000 744,500 Selling and administrative expenses 504,919 483,919 Income from operations 327,081 260,581 23,998 21,998 303,083 238,583 93,998 74,998 $ 209,085 $ 163,585 Cost of goods sold Other expenses and losses Interest expense Income before income taxes Income tax expense Net income OSBORNE COMPANY Balance Sheets December 31 Assets 2014 2013 Current assets Cash $ 60,100 $ 64,200 74,000 50,000 Accounts receivable 122,719 107,719 Inventory 127,998 117,498 384,817 339,417 659,864 531,164 $1,044,681 $870,581 $ 164,919 $150,319 45,498 43,998 210,417 194,317 230,864 210,864 441,281 405,181 Debt investments (short-term) Total current assets Plant assets (net) Total assets Liabilities and Stockholders’ Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders’ equity Common stock ($5 par) 290,000 300,000 Retained earnings 313,400 165,400 603,400 465,400 $1,044,681 $870,581 Total stockholders’ equity Total liabilities and stockholders’ equity All sales were on account. Net cash provided by operating activities for 2014 was $221,410. Capital expenditures were $136,340, and cash dividends were $61,085. Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) (a) Earnings per share (b) Return on common stockholders’ equity % (c) Return on assets % (d) Current ratio :1 (e) Accounts receivable turnover times (f) Average collection period days (g) Inventory turnover (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to assets % (l) Current cash debt coverage times $ times (m) Cash debt coverage (n) Free cash flow times $ Question 6 The following control procedures are used in Kelton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. 2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. 3. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock Weakness Principle Violated room until it is deposited in the bank. 4. At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total. 5. The company accountant makes the bank deposit and then records the day’s receipts. Question 7 The financial statements of The Hershey Company and Tootsie Roll are presented below. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses: Cost of sales 3,548,896 3,255,801 3,245,531 Selling, marketing and administrative 1,477,750 1,426,477 1,208,672 Business realignment and impairment (credits) charges, net (886) 83,433 82,875 Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590 Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131 Provision for income taxes 333,883 299,065 235,137 $628,962 $509,799 $435,994 Net Income $2.58 $2.08 $1.77 Net Income Per Share—Basic—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Basic—Common Stock $2.74 $2.21 $1.90 Net Income Per Share—Diluted—Common Stock Cash Dividends Paid Per Share: Common Stock $1.3800 $1.2800 $1.1900 Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANY CONSOLIDATED BALANCE SHEETS December 31, In thousands of dollars ASSETS Current Assets: Cash and cash equivalents Accounts receivable—trade Inventories Deferred income taxes Prepaid expenses and other Total current assets Property, Plant and Equipment, Net Goodwill 2011 2010 $693,686 399,499 648,953 136,861 167,559 2,046,558 1,559,717 516,745 $884,642 390,061 533,622 55,760 141,132 2,005,217 1,437,702 524,134 Other Intangibles Deferred Income Taxes Other Assets Total assets LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable Accrued liabilities Accrued income taxes Short-term debt Current portion of long-term debt Total current liabilities Long-term Debt Other Long-term Liabilities Total liabilities Commitments and Contingencies Stockholders’ Equity: The Hershey Company Stockholders’ Equity Preferred Stock, shares issued: none in 2011 and 2010 Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 Additional paid-in capital Retained earnings Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 Accumulated other comprehensive loss The Hershey Company stockholders’ equity Noncontrolling interests in subsidiaries Total stockholders’ equity Total liabilities and stockholders’equity 111,913 38,544 138,722 $4,412,199 123,080 21,387 161,212 $4,272,732 $420,017 612,186 1,899 42,080 97,593 1,173,775 1,748,500 617,276 3,539,551 — $410,655 593,308 9,402 24,088 261,392 1,298,845 1,541,825 494,461 3,335,131 — — — 299,269 299,195 60,632 60,706 490,817 4,699,597 434,865 4,374,718 (4,258,962) (4,052,101) (442,331) 849,022 23,626 872,648 $4,412,199 (215,067) 902,316 35,285 937,601 $4,272,732 THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 Stock-based compensation expense, net of tax of $15,127, 28,341 $17,413 and $19,223, respectively Excess tax benefits from stock-based compensation (13,997) Deferred income taxes 33,611 Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072) Business realignment and impairment charges, net of tax of 30,838 $18,333, $20,635 and $38,308, respectively Contributions to pension plans (8,861) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438) Inventories (115,331) Accounts payable 7,860 Other assets and liabilities (205,809) Net Cash Provided from Operating Activities 580,867 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961) Capitalized software additions (23,606) 2010 2009 $509,799 $435,994 197,116 182,411 32,055 34,927 (1,385) (18,654) — (4,455) (40,578) — 77,935 60,823 (6,073) 20,329 (13,910) 90,434 13,777 901,423 (179,538) (21,949) (54,457) 46,584 74,000 37,228 293,272 1,065,749 (126,324) (19,146) Proceeds from sales of property, plant and equipment Proceeds from sales of trademark licensing rights Business acquisitions Net Cash (Used by) Investing Activities Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings Long-term borrowings Repayment of long-term debt Proceeds from lease financing agreement Cash dividends paid Exercise of stock options Excess tax benefits from stock-based compensation Contributions from noncontrolling interests in subsidiaries Repurchase of Common Stock Net Cash (Used by) Financing Activities (Decrease) Increase in Cash and Cash Equivalents Cash and Cash Equivalents as of January 1 Cash and Cash Equivalents as of December 31 Interest Paid Income Taxes Paid 312 20,000 (5,750) (333,005) 2,201 — — (199,286) 10,364 — (15,220) (150,326) 10,834 249,126 (256,189) 47,601 (304,083) 184,411 13,997 — (384,515) (438,818) (190,956) 884,642 $693,686 $97,892 292,315 1,156 348,208 (71,548) — (283,434) 92,033 1,385 10,199 (169,099) (71,100) 631,037 253,605 $884,642 $97,932 350,948 (458,047) — (8,252) — (263,403) 28,318 4,455 7,322 (9,314) (698,921) 216,502 37,103 $253,605 $91,623 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 $43,938 $53,063 $53,157 Net earnings Net earnings Other comprehensive earnings (loss) Comprehensive earnings Retained earnings at beginning of year. Net earnings Cash dividends Stock dividends Retained earnings at end of year Earnings per share $43,938 (8,740) $35,198 $135,866 43,938 (18,360) (47,175) $114,269 $0.76 $53,063 1,183 $54,246 $53,157 2,845 $56,002 $147,687 53,063 (18,078) (46,806) $135,866 $144,949 53,157 (17,790) (32,629) $147,687 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 (The accompanying notes are an integral part of these statements.) 59,425 CONSOLIDATED STATEMENTS OF Financial Position TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories: Finished goods and work-in-process 42,676 35,416 Raw materials and supplies 29,084 21,236 Prepaid expenses 5,070 6,499 Deferred income taxes 578 689 Total current assets 212,201 235,167 PROPERTY, PLANT AND EQUIPMENT, at cost: Land 21,939 21,696 Buildings 107,567 102,934 Machinery and equipment 322,993 307,178 Construction in progress 2,598 9,243 455,097 440,974 Less—Accumulated depreciation 242,935 225,482 Net property, plant and equipment 212,162 215,492 OTHER ASSETS: Goodwill 73,237 73,237 Trademarks 175,024 175,024 Investments 96,161 64,461 Split dollar officer life insurance 74,209 74,441 Prepaid expenses 3,212 6,680 Equity method investment 3,935 4,254 Deferred income taxes 7,715 9,203 Total other assets 433,493 407,300 $857,856 $857,959 Total assets Liabilities and Shareholders’ Equity December 31, 2011 2010 CURRENT LIABILITIES: Accounts payable $10,683 $9,791 Dividends payable 4,603 4,529 Accrued liabilities 43,069 44,185 Total current liabilities 58,355 58,505 NONCURRENT LIABILITES: Deferred income taxes 43,521 47,865 Postretirement health care and life insurance benefits 26,108 20,689 Industrial development bonds 7,500 7,500 Liability for uncertain tax positions 8,345 9,835 Deferred compensation and other liabilities 48,092 46,157 Total noncurrent liabilities 133,566 132,046 SHAREHOLDERS’ EQUITY: Common stock, $.69-4/9 par value—120,000 shares authorized—36,479 and 25,333 25,040 36,057 respectively, issued Class B common stock, $.69-4/9 par value—40,000 shares authorized—21,025 14,601 14,212 and 20,466 respectively, issued Capital in excess of par value Retained earnings, per accompanying statement Accumulated other comprehensive loss Treasury stock (at cost)—71 shares and 69 shares, respectively 533,677 114,269 (19,953) (1,992) 505,495 135,866 (11,213) (1,992) Total shareholders’ equity Total liabilities and shareholders’ equity 665,935 $857,856 667,408 $857,959 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Cash Flows (in thousands) For the year ended December 31, 2011 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $43,938 $53,063 $53,157 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 19,229 18,279 17,862 Impairment charges — — 14,000 Impairment of equity method investment — — 4,400 Loss from equity method investment 194 342 233 Amortization of marketable security premiums 1,267 522 320 Changes in operating assets and liabilities: Accounts receivable (5,448) 717 (5,899) Other receivables 3,963 (2,373) (2,088) Inventories (15,631) (1,447) 455 Prepaid expenses and other assets 5,106 4,936 5,203 Accounts payable and accrued liabilities 84 2,180 (2,755) Income taxes payable and deferred (5,772) 2,322 (12,543) Postretirement health care and life insurance benefits 2,022 1,429 1,384 Deferred compensation and other liabilities 2,146 2,525 2,960 Others (708) 310 305 Net cash provided by operating activities 50,390 82,805 76,994 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (16,351) (12,813) (20,831) Net purchase of trading securities (3,234) (2,902) (1,713) Purchase of available for sale securities (39,252) (9,301) (11,331) Sale and maturity of available for sale securities 7,680 8,208 17,511 Net cash used in investing activities (51,157) (16,808) (16,364) CASH FLOWS FROM FINANCING ACTIVITIES: Shares repurchased and retired (18,190) (22,881) (20,723) Dividends paid in cash (18,407) (18,130) (17,825) Net cash used in financing activities (36,597) (41,011) (38,548) Increase (decrease) in cash and cash equivalents (37,364) 24,986 22,082 Cash and cash equivalents at beginning of year 115,976 90,990 $78,612 $115,976 Cash and cash equivalents at end of year Supplemental cash flow information Income taxes paid $16,906 $20,586 Interest paid $38 $49 Stock dividend issued $47,053 $46,683 (The accompanying notes are an integral part of these statements.) 68,908 $90,990 $22,364 $182 $32,538 Based on the information in the financial statements, determine each of the following for each company: The percentage increase (i) in net sales and (ii) in net income from 2010 to 2011. (Round answers to 1 decimal places, e.g. 15.2%. Enter negative amounts using either a negative sign preceding the number e.g. -15.2% or parentheses e.g. (15.2)%.) Hershey Tootsie Roll Percentage increase (decrease) in net sales % % Percentage increase (decrease) in net income % % The percentage increase (i) in total assets and (ii) in total stockholders’ equity from 2010 to 2011. (Round answers to 1 decimal place, e.g. 15.2%. Enter negative amounts using either a negative sign preceding the number e.g. -15.2% or parentheses e.g. (15.2)%.) Hershey Tootsie Roll Percentage increase (decrease) in total assets % % Percentage increase (decrease) in total stockholders’ equity % % The earnings per share for 2011. (Round answers to 2 decimal places, e.g. 15.25.) Hershey Earnings per share Tootsie Roll

Question 1)Solution: The z-critical values for a two-tailed test, for a significance level ofzc = -1.64 and zc = 1.64The z-critical values for a two-tailed test, for a significance level ofzc =…







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