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Average age of inventory of PETRON STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3 COMPANIES AS DECEMBER 31, 2014 JFC Petron Globe Assets Cash Receivables Inventories 7,619 90, 602 16, 757 7,621 17.927 23, 543 5, 972 2, 810 53, 180 3,186 Other eurrent assets 57, 320 3, 256 Current Assets 24,022 219,029 46, 742 PPE Financial Investments Other non-current assets 13, 364 153,650 117, 299 3, 410 1,613 451 13, 323 17,032 15,015 Non-current Assets 30, 097 172, 295 132, 765 Total Assets 54.119 391.324 179,507 JFC Petron Globe Liabilities Accounts Payable 2,455 29, 496 12,458 1, 587 Income Tax Payable Short-tem debt Other current liabilities 182 73 1, 865 133, 388 14, 589 39, 630 46, 305 Current Liabilities 19,091 202, 587 60, 350 Long-term debt 4, 428 66, 269 59, 146 Other non-current liabilities 2, 522 8. 776 5. 473 Non-current Liabilities 6, 950 75,045 64, 619 Total Liabilities 26,041 277.634 124,969 JFC Petron Globe Equity Capital Stock Additional Paid-Capital Retained Eamings Other equity accounts 8, 429 36,049 1,064 9, 485 4,452 19,653 22, 646 40, 815 10, 852 (84) 43, 739 (792) Total Equity Total Liabilities & Equity 28,078 113, 692 54, 538 54, 119 391,324 179,507 JFC Petron Globe Sales Revenue 90,671 482,535 103,235 Cost of Sales Service (73,728) (463,100) (10,661) Gross Margin 16,943 19,435 92,574 Operating Expenses (10,806) (11,830) (59,506) Operating Profit 6,137 7,605 33,068 Other Income 748 1.736 1,255 Other Expenses (126) (5.528) (14.940) Net Income before Tax 6,759 3,813 19,383 Income Tax (1.271) (804) (6,011) Net Income after Tax 5,488 3,009 13,372

Average age of inventory of PETRON STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3 COMPANIES AS DECEMBER 31, 2014 JFC Petron Globe Assets Cash Receivables Inventories 7,619 90, 602 16, 757 7,621 17.927 23, 543 5, 972 2, 810 53, 180 3,186 Other eurrent assets 57, 320 3, 256 Current Assets 24,022 219,029 46, 742 PPE Financial Investments Other non-current assets 13, 364 153,650 117, 299 3, 410 1,613 451 13, 323 17,032 15,015 Non-current Assets 30, 097 172, 295 132, 765 Total Assets 54.119 391.324 179,507 JFC Petron Globe Liabilities Accounts Payable 2,455 29, 496 12,458 1, 587 Income Tax Payable Short-tem debt Other current liabilities 182 73 1, 865 133, 388 14, 589 39, 630 46, 305 Current Liabilities 19,091 202, 587 60, 350 Long-term debt 4, 428 66, 269 59, 146 Other non-current liabilities 2, 522 8. 776 5. 473 Non-current Liabilities 6, 950 75,045 64, 619 Total Liabilities 26,041 277.634 124,969 JFC Petron Globe Equity Capital Stock Additional Paid-Capital Retained Eamings Other equity accounts 8, 429 36,049 1,064 9, 485 4,452 19,653 22, 646 40, 815 10, 852 (84) 43, 739 (792) Total Equity Total Liabilities & Equity 28,078 113, 692 54, 538 54, 119 391,324 179,507 JFC Petron Globe Sales Revenue 90,671 482,535 103,235 Cost of Sales Service (73,728) (463,100) (10,661) Gross Margin 16,943 19,435 92,574 Operating Expenses (10,806) (11,830) (59,506) Operating Profit 6,137 7,605 33,068 Other Income 748 1.736 1,255 Other Expenses (126) (5.528) (14.940) Net Income before Tax 6,759 3,813 19,383 Income Tax (1.271) (804) (6,011) Net Income after Tax 5,488 3,009 13,372

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 14PB: Assuming a companys year-end inventory were understated by $16,000, indicate the effect...
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What is the age of inventory of PETRON? NOTE: show your solution, don’t use excel thank you.
Average age of inventory of PETRON * STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3 COMPANIES AS DECEMBER 31, 2014 JFC Petron Globe Assets Cash 7,619 90, 602 16, 757 Receivables 7, 621 17.927 23, 543 Inventories 5,972 53, 180 3,186 Other current assets 2. 810 57, 320 3, 256 Current Assets 24, 022 219,029 46, 742 PPE 13, 364 153,650 117, 299 Financial Investments 3, 410 1,613 451 Other non-current assets 13,323 17,032 15,015 Non-current Assets 30, 097 172, 295 132, 765 Total Assets $4.119 391.324 179, 507 JFC Petron Globe Liabilities Accounts Payable Income Tax Payable 2, 455 29, 496 12, 458 182 73 1, 587 Short-temm debt 1, 865 133, 388 Other current liabilities 14, 589 39, 630 46, 305 Current Liabilities 19, 091 202, 587 60, 350 Long-term debt Other non-current liabilities 4, 428 66, 269 59, 146 2, 522 8, 776 5.473 Non-current Liabilities 6, 950 75,045 64, 619 Total Liabilities 26,041 277.634 124,969 JFC Petron Globe Equity 1, 064 9, 485 Capital Stock Additional Paid-Capital 8, 429 4, 452 19,653 36,049 Retained Eamings 22,646 40, 815 10, 852 Other equity accounts (84) 43, 739 (792) Total Equity 28,078 113,692 54, 538 Total Liabilities & Equity 54. 119 391,324 179, 507 JFC Petron Globe Sales Revenue 90,671 482,535 103,235 Cost of Sales Service (73,728) (463,100) (10,661) Gross Margin 16,943 19,435 92,574 Operating Expenses (10,806) (11,830) (59,506) Operating Profit 6,137 7,605 33,068 Other Income 748 1.736 1,255 Other Expenses (126) (5.528) (14.940) Net Income before Tax 6,759 3,813 19,383 Income Tax (1,271) (804) (6,011) Net Income after Tax 5488 3,009 13,372
Transcribed Image Text:Average age of inventory of PETRON * STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3 COMPANIES AS DECEMBER 31, 2014 JFC Petron Globe Assets Cash 7,619 90, 602 16, 757 Receivables 7, 621 17.927 23, 543 Inventories 5,972 53, 180 3,186 Other current assets 2. 810 57, 320 3, 256 Current Assets 24, 022 219,029 46, 742 PPE 13, 364 153,650 117, 299 Financial Investments 3, 410 1,613 451 Other non-current assets 13,323 17,032 15,015 Non-current Assets 30, 097 172, 295 132, 765 Total Assets $4.119 391.324 179, 507 JFC Petron Globe Liabilities Accounts Payable Income Tax Payable 2, 455 29, 496 12, 458 182 73 1, 587 Short-temm debt 1, 865 133, 388 Other current liabilities 14, 589 39, 630 46, 305 Current Liabilities 19, 091 202, 587 60, 350 Long-term debt Other non-current liabilities 4, 428 66, 269 59, 146 2, 522 8, 776 5.473 Non-current Liabilities 6, 950 75,045 64, 619 Total Liabilities 26,041 277.634 124,969 JFC Petron Globe Equity 1, 064 9, 485 Capital Stock Additional Paid-Capital 8, 429 4, 452 19,653 36,049 Retained Eamings 22,646 40, 815 10, 852 Other equity accounts (84) 43, 739 (792) Total Equity 28,078 113,692 54, 538 Total Liabilities & Equity 54. 119 391,324 179, 507 JFC Petron Globe Sales Revenue 90,671 482,535 103,235 Cost of Sales Service (73,728) (463,100) (10,661) Gross Margin 16,943 19,435 92,574 Operating Expenses (10,806) (11,830) (59,506) Operating Profit 6,137 7,605 33,068 Other Income 748 1.736 1,255 Other Expenses (126) (5.528) (14.940) Net Income before Tax 6,759 3,813 19,383 Income Tax (1,271) (804) (6,011) Net Income after Tax 5488 3,009 13,372
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