P1-3B: (a) Prepare an income statement and a retained earnings statement for the month of May and a balance sheet at May 31, 2012.

P1-3B: (b) Briefly discuss whether the company’s first month of operations was a success.

P1-3B: (c) Discuss the company’s decision to distribute a dividend.

P1-4B: (a) Determine which items should be included in a statement of cash flows, and then prepare the statement for Rowe Corporation.

Rowe Corporation
Statement of Cash Flows
For the Month Ended December 31, 2012

P1-4B: (b) Comment on the adequacy of net cash provided by operating activities to fund the company’s investing activities and dividend payments.

P2-7B: (a) Working capital.

P2-7B: (b) Current ratio. (Round to two decimal places.)

P2-7B: (c) Debt to total assets ratio.

P2-7B: (d) Free cash flow.

P2-7B: (e) Earnings per share.

P2-7B: (f ) Compare the liquidity, profitability, and solvency of the two companies.

  1. Blockbuster liquidity was positive, but Movie gallery was negative.
  2. Blockbuster profitability is positive, and Movie Gallery profitability is negative.
  3. Blockbuster has a positive solvency, but Movie gallery has a negative solvency.

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