Complete: Current Assets Amount Round to Nearest Hundredth Percent Cash $12,000 % Accounts receivable $9,000 % Prepaid rent $5,000 % Merchandise inventory $28,000 % Total current assets 100 %
Q: The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows:…
A: Cash flow statement: Cash flow statement is a main part of financial statement. It is prepared to…
Q: Pizza Inc. reported the following balances: December 31 Inventory 5,200,000 Accounts payable…
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…
Q: Account Name Debit Credit Sales 750.C00 Sales Returms and Allowances 15,000 Sales Discounts 10.000…
A: Solution Net purchase is calculated by substracting purchase return and purchase discount . It…
Q: Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost…
A: Formula used for calculating Gross profit: Gross profit = Sales revenue - Cost of merchandise sold
Q: Balances at beginning of 2018: Cash$16,900, Inventory 25,000 , Common stock 30,000 Retained earnings…
A: Prepare a multi-step income statement as shown below:
Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000…
A: The income statement is the financial statement that shows the financial performance of the business…
Q: Vilma Co. Nora Co. Net Credit Sales P1,125,000 P1,000,000 Gross Profit Rate 20% of Sales 25% of…
A: Holding period of inventory means for how many days inventory is being held by the business.…
Q: Merchandise Inventory Olson, Capital Olson, Drawing Sales Sales Returns and Allowances Purchases…
A: The closing entries are very important as these are passed to write off temporary accounts whose…
Q: Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net…
A: Ratios are used by the firms to know the exact situation of the firm in comparison to the industry…
Q: Given the following account information, calculate net income: Sales 500,000 Beginning…
A:
Q: Net Purchases Net Income Accounts Payable Inventory Balance per company's books 325,000 $ 25,000 S…
A: Following are the explanations:- Sl. Particulars Explanation a Goods costing $ 4500 were in…
Q: The Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory…
A: Inventory represents the current asset of the company that is reported in the balance sheet.
Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…
A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…
Q: Conor Company provided the following data for the current year: Sales…
A: solution concept cash basis of accounting id different from accrual basis of accounting under cash…
Q: Conor Company provided the following data for the current year: Sales…
A: Cost of goods sold refers to the expenses incurred by the company in producing and selling the goods…
Q: nstruction: make the statement of Financial Position The balances shown are as of December 31,…
A: Balance sheet is the statement which is prepared for the purpose of depicting the financial position…
Q: Conor Company provided the following data for the current year: Sales…
A: solution under cash method we record the transaction as and when the payments are made let us first…
Q: The following information is given about ZEE Company: Beginning inventory S 120,000 Purchases…
A: Inventory is the detailed list of items that are present on hand. It constitute of all the…
Q: Headache Co.'s records show the following information: 15. Purchases Purchase returns Purchase…
A: Gross Profit = Net Sales - Cost of Goods Sold Net Sales = Gross Sales - (Sales discounts + Sales…
Q: The current assets of Mayon Enterprise consists of cash, accounts receivable, and inventory. The…
A: Inventory refers to the level of goods that are currently available with the business for sale.…
Q: Given the following information calculate: Value B. gross cost of merch sold: Cost Retail $80,000.00…
A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses incurred by a…
Q: The below table reports the $ amounts of inventory, receivables, payables, net sales and cost of…
A: 1) Computation:
Q: 2: Accounts Payable, beg. 70,000.00; Account Payable, end 75,000.00; Merchandise Inventory, beg -…
A: Solution: Merchandise purchases during the period = Cost of goods sold + Ending inventory -…
Q: a d Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning)…
A: Cost of Goods Sold (COGS) = Opening Inventory + Purchases made - Closing inventory Gross Profit…
Q: Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000
A: Introduction: Gross profit ratio: It tells the level of gross profit % earned on the Total sales of…
Q: blem 8 OPERATING AND CASH CONVERSION CYCLES. Consider the following selected financial data for the…
A: The operating cycle and cash conversion cycle is calculated as the number of days required to…
Q: Account Name Debit Credit Sales 750,000 Sales Return & Allowances 15,000 Sales Discounts 10,000…
A: Net Profit is the measure of profitability used by the business. This is calculated by deducting all…
Q: Fearless Company began operations at the beginning of current year. The following information is…
A: The accounts receivables are the accounts made by credit sales to customers.
Q: Statement 1: The home office and branch report individual profits of P25,000 and P10,000…
A: The selling price is determined by the managers by adding the desired profit to the cost of the…
Q: Merchandise inventory Notes payable (long-tern) Net sales Buildings and equipment Selling, general,…
A: Formula: Net income = Total Revenues - Total expenses
Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Income Statement Accounts December 31, 20X1 Dr Cr P 475,000 Sales Sales Returns and Allowances…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub- parts for…
Q: The income statement for Rhino Company for the current year ended June 30 and balances of selected…
A: Calculate the amount of cash received from customers and cash paid for merchandise.
Q: Consider the following financial statement information for the Hop Corporation: Item Beginning…
A: Accounts payables are those supplier accounts from whom business has made credit purchases but…
Q: UST Enterprise has 3 items in its current assets section of the balance sheet; cash, AR and…
A: The questions says that, There are 3 current assets i.e. Cash, accounts receivables and Inventory.…
Q: the options 60 3,600 Inventory Inventory Accounts Payable 600 1,200 Cash 600 Cash 2,940 Sales…
A: June 4 Accounts payable A/C dr. (5 shoes * $120). $600 To Inventory…
Q: 19. Sales revenue Freight in Beginning inventory Purchases discounts 44,000 75,000 20,000 44,000…
A: The cost of finished and ready-to-sell goods is the cost of raw materials and labor used to make…
Q: Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales…
A: Net sales is the sum of a company's gross sales minus its returns, allowances, and discounts. Net…
Q: Inventory P 1,900,000 Sales…
A: Cost of Goods sold = Beginning Inventory + Purchases - Ending Inventory When goods are sold on FOB…
Q: Inventory Turnover Ratio 6 Times Creditors Turnover…
A: Inventory turnover ratio: =Cost of goods sold / average inventory Purchases: = Cost of goods sold +…
Q: The current assets of Teresita Enterprise consist of cash, accounts receivable, and inventory. The…
A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.
Q: Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for…
A: Formula: Net purchases = Purchases - purchase returns and allowances - purchase discount
Complete:
|
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent for each sale (rounding to one decimal place) in parentheses next to the effect of the sale on the company’s ability to attain an overall gross profit percent of 30%.ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the following activity measures for 20-2 (round all calculations to two decimal places): (a) Accounts receivable turnover (b) Merchandise inventory turnover (c) Asset turnoverSimon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,328 $ 35,451 $ 36,196 Accounts receivable, net 89,000 62,300 51,200 Merchandise inventory 113,500 83,500 56,000 Prepaid expenses 9,767 9,306 4,022 Plant assets, net 266,348 248,187 214,582 Total assets $ 508,943 $ 438,744 $ 362,000 Liabilities and Equity Accounts payable $ 127,994 $ 74,889 $ 48,262 Long-term notes payable secured bymortgages on plant assets 96,638 101,920 80,802 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 121,811 99,435 70,436 Total liabilities and equity $ 508,943 $ 438,744 $ 362,000 The company’s income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For…
- Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,328 $ 35,451 $ 36,196 Accounts receivable, net 89,000 62,300 51,200 Merchandise inventory 113,500 83,500 56,000 Prepaid expenses 9,767 9,306 4,022 Plant assets, net 266,348 248,187 214,582 Total assets $ 508,943 $ 438,744 $ 362,000 Liabilities and Equity Accounts payable $ 127,994 $ 74,889 $ 48,262 Long-term notes payable secured bymortgages on plant assets 96,638 101,920 80,802 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 121,811 99,435 70,436 Total liabilities and equity $ 508,943 $ 438,744 $ 362,000 The company’s income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For…Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured bymortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 1. Express the balance sheets in common-size percents.2. Assuming annual sales have not changed in the last three years,…Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 The company’s income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr…
- Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured bymortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 (1-a) Compute the current ratio for each of the three years.(1-b) Did the current ratio improve or worsen over the three…UST Enterprise has 3 items in its current assets section of the balance sheet; cash, AR and inventory. Given is the following information: Credit sales 75% of total sales Quick ratio 1.25:1 Inventory turnover 5x Average collection period 42 days Working capital P1,120,000 Working days 360 Current ratio 2:1 What is the amount of inventory?complete the balance sheet Assets Liabilities & Equity Cash $ 100,000 Current Liabilities Receivables Long Term Debt 0 Inventory Total Debt Plant Common Equity $ 600,000 Total Assets Total Claims Additional Information: Current Ratio is 2.5 ; Average Collection Period is 54 days; Total Debt to Total Assets 40 percent ; Total Asset Turnover is 2 ; Inventory Turnover 5
- Worksheet chapter 9 Assets 2,980,000 Liabilities 1,250,000 Inventory 1,410,000 Sales 5,000,000 Avg Inventory 1,500,000 Accounts Receivable 1,320,000 Debt 1,000,000 Given the data above, provide the following calculations: Debt ratio Total asset turnover Receivables turnover Inventory turnover Quick ratio Current ratio Given the above data, construct a balance sheetRecent financial statements ior Madison Company follow : AssetsCurrent assets: Madison Company Balance Sheet June 30 Cash$ 21,000Accounts receivable , net160,000Merchandise inventory prepaid expenses;300,0009,000Total current assets490 ,000Plant and equipment , net810,000Total assets$1 ,300,000Liabilities and Stockholders' EquityLiabilities:Current liabilities$ 200,000Bonds payable, 10%300,000Totalliabil ies500,000Stockholders' equ:Common stock, $5 par value$100,000Retained earnings700,000Total stockholders' equity600,000Totalliabil ies and stockholders' equ$1 ,300,000Madison Company Income StatementFor the Year Ended June 30Sales$2,100,000Cost of goods sold1,260,000Gross rna rgin840,000Selling and administrative expenses660,000Net operating income180,000Interest expense30,000Net income before taxes150,000Income taxes45,000Net income$ 105,000Account balances at the beginning of the company 's fiscal year were : accounts receivable , $140,000 ;and…Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 34,026 $ 39,379 $ 39,798 Accounts receivable, net 98,617 68,224 53,063 Merchandise inventory 120,309 91,975 57,666 Prepaid expenses 10,957 10,544 4,602 Plant assets, net 307,089 282,118 255,071 Total assets $ 570,998 $ 492,240 $ 410,200 Liabilities and Equity Accounts payable $ 142,179 $ 81,525 $ 53,063 Long-term notes payable secured bymortgages on plant assets 104,127 112,083 88,841 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 162,192 136,132 105,796 Total liabilities and equity $ 570,998 $ 492,240 $ 410,200 The company’s income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Yr…
