Reference no: EM132068287
Answer the following questions
Question 1 : In its financial statements WalkerCo is reporting net income of $235. Its tax rate for the year was 35%. Total assets at the beginning of the year was $1,950 and at the end of the year $2,160. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $115 and at the end of the year $187. Calculate the return on assets based solely on the data reported on the balance sheet and income statement. Present your answer in percentage terms, rounded to two decimal places, e.g., 20.00%.
Question 2 : In its financial statements WalkerCo reported cost of goods sold of $1,432. Inventory at the beginning of the year was $442 and at the end of the year $450. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $77 and at the end of the year $114. If the company had used the FIFO inventory costing method, what would the company have reported as cost of goods sold?
Question 3 : In its financial statements WalkerCo reported cost of goods sold of $1,469. Inventory at the beginning of the year was $429 and at the end of the year $463. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $97 and at the end of the year $137. If the company had used the FIFO inventory costing method, what would the company have reported as cost of goods sold?
Question 4 : In its financial statements WalkerCo reported cost of goods sold of $1,925. Inventory at the beginning of the year was $385 and at the end of the year, $445. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $171 and at the end of the year $218. Calculate the days' sales in inventory based solely on the data reported on the balance sheet and income statement. Present your answer rounded to one decimal place, e.g., 20.0.
Question 5 : In its financial statements WalkerCo is reporting net income of $244. Its tax rate for the year was 34%. Total assets at the beginning of the year was $2,911 and at the end of the year $3,495. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $582 and at the end of the year $245. If the company had used the FIFO inventory costing method, what would it have reported as its net income for the year. You may round to the nearest whole dollar.
Question 6 : In its financial statements WalkerCo is reporting net income of $200. Its tax rate for the year was 35%. Total assets at the beginning of the year was $1,871 and at the end of the year $2,019. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $106 and at the end of the year $176. Calculate the return on assets after accounting for the impact of the LIFO valuation. Present your answer in percentage terms, rounded to two decimal places, e.g., 20.00%.
Question 7 : In its financial statements WalkerCo reported cost of goods sold of $1,787. Inventory at the beginning of the year was $317 and at the end of the year $495. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $121 and at the end of the year $87. Calculate the days' sales in inventory after accounting for the inpact of the LIFO valuation. Present your answer rounded to one decimal place, e.g., 20.0.
Question 8 : In its financial statements WalkerCo reported cost of goods sold of $1,436. Inventory at the beginning of the year was $410 and at the end of the year $480. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $198 and at the end of the year $160. If the company had used the FIFO inventory costing method, what would the company have reported as inventory on its end-of-year balance sheet?
Question 9 : In its financial statements WalkerCo reported cost of goods sold of $1,808. Inventory at the beginning of the year was $322 and at the end of the year $436. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $45 and at the end of the year $87. Calculate the days' sales in inventory after accounting for the inpact of the LIFO valuation. Present your answer rounded to one decimal place, e.g., 20.0.
Question 10 : In its financial statements WalkerCo is reporting net income of $210. Its tax rate for the year was 35%. Total assets at the beginning of the year was $1,876 and at the end of the year $2,010. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $155 and at the end of the year $105. Calculate the return on assets after accounting for the impact of the LIFO valuation. Present your answer in percentage terms, rounded to two decimal places, e.g., 20.00%.