Alice Co. has a current ratio of 2.7. The acid test ratio is 2.2. The current liabilities of Alice Co. are $46,000. Could you calculate the dollar amount of merchandise inventory? (assume no prepaid expenses)

Q: ast year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000. Nikkola…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Jefferson Company has sales of $314,000 and cost of goods available for sale of $271,400. If the…

A: The question is based on the concept of Cost Accounting.

Q: Kingbird Beachwear Inc. had beginning inventory of $38,400 at cost and $46,080 at retail. Net…

A: The ending inventory can be calculated using various methods such as conventional retail methods.…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Average age of the inventory is described as the number of days the company requires to sell the…

Q: Caminas has the following products in inventory at the year end. Product Quantity Cost Selling…

A: We have the following information: Product : AQuantity: 1,000Cost: $40Selling Price: $55Selling…

Q: The quick ratio is 1.7 while the current ratio is 2.5. The current liabilities amount to PHP5,000.…

A: Here, Quick Ratio is 1.7 Current Ratio is 2.5 Current Liabilities is PHP5,000 Cost of Good Sold is…

Q: Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah…

A: Journal entry is a record of financial transaction in the books of accounts by an organization. It…

Q: Ahku Mab LTD has 13,500 sales revenue in 2021. The inventory information for the year is Beginning…

A: The cost of goods sold includes the total cost of goods that are sold during the period.  Cost of…

Q: Following are the Dhofar Company's information: Gross sales. . OMR 255000, ....... Sales returns and…

A: The gross profit margin ratio is calculated by deducting the cost of goods sold from the sales…

Q: On January 1,2021, Wackisan Co. sells inventory with list price of ₱100,000 on account under credit…

A: The current asset arising by providing the services or selling the goods on credit is known as…

Q: Assume that Morgan Company uses a periodic inventory system and has these account balances:…

A: Net purchases of the business means purchases after deducting all the discounts and returns. Sales =…

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

Q: Shockley Co. reported the following amounts in its financial statements: (a) Cost of goods sold (b)…

A: Lets understand the basics. When there is inventory overstated or understated then there is impact…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Average age of inventory = 25 days  Inventory level = P8,500

Q: multiple-step income statement.

A: Multi-Step Income statement - Under multi-step income statement all expenses and income are dividend…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

Q: Oshkosh B'Gosh, Inc., uses LIFO, Recent financial statements included the following daia (dal lars…

A: Formulas :- Inventory turnover rate = Cost of goods sold / Average Inventory Current Ratio = Current…

Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…

A: UNDER FIFO (FISRT IN , FIRST OUT) METHOD THE ASSETS PURCHASED OR ACQUIRED FIRST ARE DISPOSED OF…

Q: The below table reports the $ amounts of inventory, receivables, payables, net sales and cost of…

A: 1) Computation:

Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Net Income is the measure of profitability of the business. This is calculated by deducting all type…

Q: LM ltd has the following products in inventory at the year end. Product             Quantity…

A: Inventory of an entity must be reported at the lower of two; cost or  NRV (Net realizable value).

Q: I'm having issue with the attached screenshot.   Thanks

A: Given information   First Purchase cost $1,180 Second Purchase cost $1,580 Ending inventory 1…

Q: Generally, ending inventory is required to be recorded under perpetual inventory system. O True O…

A: Solution 1: False. This is because ending inventory can be recorded under both periodic or perpetual…

Q: SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Crane Inc. had beginning inventory of $12,000 at cost and $19,600 at retail. Net purchases were…

A: Conventional retail method: It can be defined as a method of valuing that is based on the relation…

Q: The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to…

A: Cost of goods sold is estimated by subtracting ending inventory from cost of goods available from…

Q: Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to…

A: The ending inventory as per retail ratio includes cost and profit both. So for calculating ending…

Q: Martinez Company has the following account balances: Sales Revenue $220,800, Sales Discounts $2,810,…

A: Solution: Prepare entries to record the closing of the given items to Income summary as shown below…

Q: Ace Company reported the following information for the current year:   Sales $ 416,000 Cost of…

A: The cost of goods sold includes the total cost of goods that are sold during the period.  Cost of…

Q: The cost of goods sold for Veltron International last year amounted to $534,600, and the average…

A: The inventory turnover ratio can be calculated by dividing the cost of goods sold by average…

Q: Coleman Company has provided the following information: beginning inventory, $100,000; cost of goods…

A: Formula: Ending inventory= beginning inventory + Purchases - cost of goods sold

Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…

A: Answer -  Formula for Inventory Turnover ratio -   = Cost of goods sold /  (Beginning inventory +…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: The company made purchases of P60,000 and sales of P85,000 with P10,000 left in inventory. If the…

A: Cost of sales means how much cost of goods or products has been sold to the customers. Some…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory  = Average inventory/Cost of Goods sold * 365

Q: Consider the following financial statement information for the Sourstone Corporation: Item…

A: Operating Cycle = Average Collection Period + Days sales in Inventory -----------------------------…

Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution:- Calculation of Net income as follows under:- Note:- Calculation of net sales =Sales -…

Q: Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business…

A: Answer -  Calculation of Estimated Ending Inventory at Cost -  Particular AmountRetail AmountCost…

Q: August Co had beginning inventory of $54,000, During the period the company purchased $109,800 of…

A:

Q: Palmer Co. had cost of goods sold of $7,576, ending inventory of $2,270, and average inventory of…

A: Inventory turnover ratio = Cost of goods sold / Average stock Day sales in inventory = Ending…

Q: Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries…

A: Perpetual Inventory System :— A perpetual inventory system is a program that continuously estimates…

Q: The following items were taken from the records of FDN Trading: Purchases, P30,000; Purchase Returns…

A: Cost of goods sold = Purchases - Purchase returns + Freight on merchandise purchased = P30,000 -…

Q: Chyna Corporation has the following statement of comprehensive income for the year ended December…

A: Over (under) recorded inventory = Recorded ending inventory - Correct ending inventory  = $12,000 -…

Q: Pro Leather, a supplier to sporting goods manufacturers, has a current ratio of 0.90, based on…

A: Journal entry for purchase on inventory on account: Date Account Titles Debit Credit…

Q: Lambert's Auto Mart had a beginning inventory of $1,400,800, purchases of $3,001,300, and an ending…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning…

Q: Uptown Department Store uses the perpetual inventory system and has ending inventory with a…

A: As per the LIFO method, the ending inventory is measured at cost or replacement cost whichever is…

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Q: Hull Company reported the following income statement information for the current year: Sales…

A: Computation of the correct gross profit is as follows:

Q: Following is a random list of some of the accounts and their balances on December 31, 2019, for…

A: In this numerical has covered the concept of Closing Entries .  Closing Entries are prepared to…

Q: Manuals Corp. determined the following information for the purpose of applying the retail method of…

A: Inventory refers to the stock that is held by the company for reselling purposes or the goods that…