Camshafts Accounting Assingment Help With Solution
1. The objective of forecasting is to develop
a. stand-alone financial statements for future analysis.
b. a set of realistic expectations for future value-relevant payoffs. c. a balance sheet and income statement that articulate.
d. financial statements for comparison to industry averages.
Just Camshafts sells auto parts. Provided below is selected financial information from the company’s 2014 annual report:
Selected Financial Statement data
Fiscal year end
Cost of Goods Sold Gross Profit
$125,410 -104,090 $21,320
$106,380 -89,359 $17,021
2. Using Just Camshafts financial information what is the company’s inventory turnover ratio for 2014? a. 0.69
b. 1.00 c. 3.35 d. 4.03
3. Just Camshafts forecasts that sales will grow by 25% in 2015 and that its cost of goods sold to sales ratio will be the same in 2015 as it was in 2014. If these assumptions prove correct and Just Camshafts inventory turnover ratio for 2015 is 4.5 what will be the level of inventory at the end of 2015?
a. $31,353 b. $38,320 c. $26,475 d. $42,314
Baseball Card Land, Inc. sells baseball cards and other memorabilia. The company tries to maintain an average cash balance equivalent to approximately 30 days of that year’s sales. Sales in 2013 amounted to $352,412 and the company expects growth in 2014 of 33% and in 2015 of 40%.
4. Given the information provided about Baseball Card Land what is the company’s 2014 projected year-end cash balance?
b. $28,965 c. $15,623 d. $38,524
5. Given the information provided about Baseball Card Land what is the company’s 2015 projected annual sales? a. $656,191
b. $493,377 c. $187,483 d. $542,333
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6. Given the information provided about Baseball Card Land what is the company’s 2015 projected cash balance?
a. $53,934 b. $49,524 c. $21,873 d. $38,524
7. To ensure that the financial statements articulate, it is important that the change in the cash balance on the balance sheet each year agrees with
a. the cash collections from sales in the projected income statement.
b. the cash provided by or used by operations on the projected statement of cash flows. c. the net change in cash on the projected statement of cash flows.
d. the net change in working capital from period to period.
8. When preparing a projected income statement, which of the following additional information, other then the financial statements would probably not be relevant?
a. the competitive environment b. new versus old store mix
c. expected capital expenditure
d. expected level of macroeconomic activity
9. The reliability of a short-term cash forecast depends most heavily on the quality of: a. cost of goods sold forecast
b. current ratio forecast c. sales forecast
d. shares outstanding forecast
10. What is the correct order of the following steps in preparing a projected income statement (not all steps may be shown)?
I. Project future net sales
II. Project future net income
III. Project future cost of goods sold IV. Project future interest expense
a. I, II, III, IV b. II, IV, III, I c. I, III, II, IV d. I, III, IV, II
11. Which of the following would be considered the most discretionary of the following cash outflows? a. Interest payment
b. Payment to suppliers c. Repurchase of stock d. Dividend payments
12. Variability in earning numbers:
a. is desirable as it increases variance of earnings and hence value of stock options b. increases if a company increases its operating leverage
c. increases if a company decreases its financial leverage d. is independent of operating leverage
13. What is the correct order of the following steps in preparing a projected balance sheet (not all steps may be shown)?
I. Project future cash
II. Project future accounts receivable III. Project future accounts payable
IV. Project future property plant and equipment a. I, II, IV, III
b. II, IV, III, I
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