QRB 501 WEEK 5 CONTEMPORARY WOOD FURNITURE
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QRB 501 WEEK 5 CONTEMPORARY WOOD FURNITURE
Week 5 Learning Team Case Studies
Complete the following case studies from Ch. 21 of Business Math:
• Case Study 21-1, p. 768
• Case Study 21-2, p. 769
Create your own Microst Excel worksheet and format it to answer your questions.
Note. Show all work and calculations. (The use of Microsoft® Excel® software is required.)
21.1 Contemporary Wood Furniture Case Study 21-1, p. 768
Charles Royston was checking the year-end balances for his wood furniture manufacturing and retail business and was concerned about the numbers. From what he remembered, his debts and accounts receivable were higher than the previous year. Rather than get worked up over nothing, he decided he would gather the information and make a comparison. For December 31, 2011, the business had current assets of: $1,844 cash, $11,807 accounts receivable, and $9,628 inventory. Plant and equipment totaled $158,700. Current liabilities were: accounts payable $13,446; wages payable
$650; and property and taxes payable $4,124. Long-term debt totaled $92,800 and owner’s equity
$70,959. By comparison, for December 31, 2010, the business had current assets of: $3,278 cash;
$6,954 accounts receivable; $17,417 inventory. Plant and equipment totaled $144,500. Current liabilities were: accounts payable $9,250; wages payable $1,110; property and taxes payable $3,650.
Long-term debt totaled $75,800; and owner’s equity $82,339.
1. Construct a comparative balance sheet for Contemporary Wood Furniture for year-end 2010 and 2011, including a vertical and horizontal analysis of the comparative balance sheet.
Express percents to the nearest tenth of