An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online bank statement for any unusual items and errors

An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online bank statement for any unusual items and errors. Describe how a bank reconciliation and an online review (or reading) of the bank statement are not equivalent. Identify and explain at least two frauds or errors that would be uncovered through a bank reconciliation and that would not be uncovered through an online review of the bank statement.

Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check

Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2016, its Cash account shows a $22,352 debit balance. Nolan's June 30 bank statement shows $21,332 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. Outstanding checks as of June 30 total $3,713. The June 30 bank statement included a $41 debit memorandum for bank services; the company has not yet recorded the cost of these services. In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company's books at $99. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. The bank statement included a $23 credit for interest earned on the cash in the bank.

Prince Albert Canning PLC had a net loss of £27,835 on sales of £204,350. What was the company’s profit margin

Prince Albert Canning PLC had a net loss of £27,835 on sales of £204,350. What was the company’s profit margin? Does the fact that these figures are quoted in a foreign currency make any difference? Why? In dollars, sales were $327,810. What was the net loss in dollars?



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Smolira Golf Corp. has 25,000 shares of common stock outstanding, and the market price for a share

Smolira Golf Corp. has 25,000 shares of common stock outstanding, and the market price for a share of stock at the end of 2015 was $58. What is the price–earnings ratio? What are the dividends per share? What is the market-to-book ratio at the end of 2015? If the company’s growth rate is 9 percent, what is the PEG ratio?








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Ratio Analysis at S&S Air, Inc.

Ratio Analysis at S&S Air, Inc. Chris Guthrie was recently hired by S&S Air, Inc., to assist the company with its financial planning and to evaluate the company’s performance. Chris graduated from college five years ago with a finance degree. He has been employed in the finance department of a Fortune 500 company since then.
S&S Air was founded 10 years ago by friends Mark Sexton and Todd Story. The company has manufactured and sold light airplanes over this period, and the company’s products have received high reviews for safety and reliability. The company has a niche market in that it sells primarily to individuals who own and fly their own airplanes. The company has two models; the Birdie, which sells for $53,000, and the Eagle, which sells for $78,000.
Although the company manufactures aircraft, its operations are different from commercial aircraft companies. S&S Air builds aircraft to order. By using prefabricated parts, the company can complete the manufacture of an airplane in only five weeks. The company also receives a deposit on each order, as well as another partial payment before the order is complete. In contrast, a commercial airplane may take one and one-half to two years to manufacture once the order is placed.
Mark and Todd have provided the following financial statements. Chris has gathered the industry ratios for the light airplane manufacturing industry.

Fundamentals of Corporate Finance ROSS, 11e




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On the balance sheet, the net fixed assets (NFA) account is equal to the gross fixed assets

On the balance sheet, the net fixed assets (NFA) account is equal to the gross fixed assets (FA) account (which records the acquisition cost of fixed assets) minus the accumulated depreciation (AD) account (which records the total depreciation taken by the firm against its fixed assets). Using the fact that NFA = FA − AD, show that the expression given in the chapter for net capital spending, NFAend − NFAbeg + D (where D is the depreciation expense during the year), is equivalent to FAend − FAbeg.

Fundamentals of Corporate Finance ROSS, 11e

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Given the following information for Gandolfino Pizza Co

Given the following information for Gandolfino Pizza Co., calculate the depreciation expense: sales = $61,000; costs = $29,600; addition to retained earnings = $5,600; dividends paid = $1,950; interest expense = $4,300; tax rate = 35 percent.

Fundamentals of Corporate Finance ROSS, 11e

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Volbeat Corp. shows the following information on its 2015 income statement

Volbeat Corp. shows the following information on its 2015 income statement: sales = $267,000; costs = $148,000; other expenses = $8,200; depreciation expense = $17,600; interest expense = $12,400; taxes = $32,620; dividends = $15,500. In addition, you’re told that the firm issued $6,400 in new equity during 2015 and redeemed $4,900 in outstanding long-term debt. What is the 2015 operating cash flow? What is the 2015 cash flow to creditors? What is the 2015 cash flow to stockholders? If net fixed assets increased by $25,000 during the year, what was the addition to NWC?




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Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $6 million

Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $6 million. The machinery can be sold to the Romulans today for $4.8 million. Klingon’s current balance sheet shows net fixed assets of $3.3 million, current liabilities of $850,000, and net working capital of $220,000. If all the current assets were liquidated today, the company would receive $1.05 million cash. What is the book value of Klingon’s total assets today? What is the sum of NWC and the market value of fixed assets?

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The 2014 balance sheet of Steelo, Inc., showed current assets of $4,630 and current liabilities of $2,190

The 2014 balance sheet of Steelo, Inc., showed current assets of $4,630 and current liabilities of $2,190. The 2015 balance sheet showed current assets of $5,180 and current liabilities of $2,830. What was the company’s 2015 change in net working capital, or NWC?

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Bowyer Driving School’s 2014 balance sheet showed net fixed assets of $2.7 million

Bowyer Driving School’s 2014 balance sheet showed net fixed assets of $2.7 million, and the 2015 balance sheet showed net fixed assets of $3.5 million. The company’s 2015 income statement showed a depreciation expense of $328,000. What was net capital spending for 2015?
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KCCO, Inc., has current assets of $5,300, net fixed assets of $24,900, current liabilities of $4,600

KCCO, Inc., has current assets of $5,300, net fixed assets of $24,900, current liabilities of $4,600, and long-term debt of $10,300. What is the value of the shareholders’ equity account for this firm? How much is net working capital?
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The McGee Cake Company In early 2008, Doc and Lyn McGee formed the McGee Cake Company

The McGee Cake Company In early 2008, Doc and Lyn McGee formed the McGee Cake Company. The company produced a full line of cakes, and its specialties included chess cake*, lemon pound cake, and double-iced, double-chocolate cake.

The couple formed the company as an outside interest, and both continued to work at their current jobs. Doc did all the baking, and Lyn handled the marketing and distribution. With good product quality and a sound marketing plan, the company grew rapidly. In early 2013, the company was featured in a widely distributed entrepreneurial magazine. Later that year, the company was featured in Gourmet Desserts, a leading specialty food magazine. After the article appeared in Gourmet Desserts, sales exploded, and the company began receiving orders from all over the world. Because of the increased sales, Doc left his other job, followed shortly by Lyn. The company hired additional workers to meet demand. Unfortunately, the fast growth experienced by the company led to cash flow and capacity problems. The company is currently producing as many cakes as possible with the assets it owns, but demand for its cakes is still growing. Further, the company has been approached by a national supermarket chain with a proposal to put four of its cakes in all of the chain's stores, and a national restaurant chain has contacted the company about selling McGee cakes in its restaurants. The restaurant would sell the cakes without a brand name. Doc and Lyn have operated the company as a sole proprietorship. They have approached you to help manage and direct the company's growth. Specifically, they have asked you to answer the following questions.

QUESTIONS What are the advantages and disadvantages of changing the company organization from a sole proprietorship to an LLC? What are the advantages and disadvantages of changing the company organization from a sole proprietorship to a corporation? Ultimately, what action would you recommend the company undertake? Why?

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You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50

You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50. The interest rate is 4.5%, compounded monthly. How many years until you have it paid off?

a. 8.98 years b. 10.72 years c. 11.58 years d. 11.95 years e. 15.22 years

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