Posted: August 19th, 2024
University of Phoenix ACCOUNTING XACC/291 Huffman Trucking Balance Sheet (Unaudited)
Huffman TruckingBalance Sheet(Unaudited)December 31st20112010(In Thousands)AssetsCurrent AssetsCash & Cash Equivalents$89,664$58,00351,86981,5576,2675,529$147,800$145,089Carrier Operating Property (at cost)$85,306$81,461Less: Allowance for Depreciation(69,536)(67,119)Net Carrier Operating Property$15,770$14,3427,5168,739Goodwill (net)49,85249,852Other Assets46,32737,306Accounts ReceivablePrepaid Expenses & SuppliesTotal Current AssetsAssets of Discontinued OperationsHistoric Balance Sheet Data (Excel 2003 Version)Huffman TruckingStatement of Income(Unaudited)December 31st20112010(In Thousands)Revenue$1,109,295$969,240$406,191$367,993Fuel Expense318,737258,904Operating Supplies and Expenses117,670105,875Purchased Transportation138,140114,250Operating ExpensesSalaries, Wages & BenefitsOperating Taxes & Licenses19,03317,753Insurance & Claims11,99512,493Provision for Depreciation3,0092,773Total Operating Expenses$1,014,775$880,041$94,520$89,199$466$76834,88732,923$59,167$55,508Operating Income form Continuing OperationsInterest ExpenseTax ExpenseNet IncomeHistoric Income Statement Data (Excel 2003 Version)Resources: Virtual OrganizationsClick the Virtual Organization link to access the Virtual Organizations.Select one of the Virtual Organizations as the basis for this assignment.Obtain faculty approval of your selected organization before beginning the assignment.Access the information contained in your selected organizationâs balance sheet and income statement to calculate the following:Liquidity ratiosoCurrent ratiooAcid-test, or quick, ratiooReceivables turnoveroInventory turnoverProfitability ratiosoAsset turnoveroProfit marginoReturn on assetsoReturn on common stockholdersâ equitySolvency ratiosoDebt to total assetsoTimes interest earnedShow your calculations for each ratio.Create a horizontal and vertical analysis for the balance sheet and the income statement.Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculationsand your horizontal and vertical analysis. In your memo, address the following questions:What do the liquidity, profitability, and solvency ratios reveal about the financial position of the company?Which users may be interested in each type of ratio?What does the collected data reveal about the performance and position of the company?Format your memo consistent with APA guidelines.
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