Computing and analyzing trend percents LO P1
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- Choose the letter of answer and solution A company reports the following data relative to accounts receivable: Average accounts receivable of P400,000.00 and P416,000.00 in FYs 2021 and 2020, respectively; and Net Credit Sales of P2,600,000.00 and P3,100,000.00 in FYs 2021 and 2020, respectively. The term of sale are net 30 days. Compute the accounts receivable turnover and the collection period in FY 2021. * a. 6.5 times and 56.2 daysb. 7.45 times and 49 daysc. 7.5 times and 56.2 daysd. 6.5 times and 49 daysA firm’s Balance Sheet and Income Statement for FY 2021 is displayed below and in the in the attached excel file. Answer the following questions. NOTE: For this question, use the end-of-the year approach (and not the mid-year convention). For example, this means that days receivables = end of FY receivables/daily sales; similarly for the remaining relevant ratios. BALANCE SHEET 2021 Cash and cash equivalents 280 Receivables 2588 Inventory 2516 Other 189 TOTAL CA 5573 Fixed assets 5024 TOTAL ASSETS 10597 Accounts payable 4713 Short term debt 78 TOTAL CL 4790 LT debt 921 Shareh. Equity 4886 TOTAL LIAB. AND SHARH. EQUITY 10597 INCOME STATEMENT 2021 Sales 19418 COGS 13136 Depreciation 354 SG&A 4952 EBIT 976 Interest Expenses 52 Tax 268 Net income 656 Determine the managerial balance sheet for the FY 2021.21. Mahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the year ended December 31, 2020. Additional information are as follows: Accounts receivable, December 31, 2019, P700,000 and Accounts receivable, December 31, 2020, P1,100,000. Under the cash basis, how much should Mahal Mo Co. report as revenue for 2020? Choices: P3,500,000 P2,000,000 P2,700,000 P2,400,000
- A firm’s Balance Sheet and Income Statement for FY 2021 is displayed below and in the in the attached excel file. Answer the following questions. NOTE: For this question, use the end-of-the year approach (and not the mid-year convention). For example, this means that days receivables = end of FY receivables/daily sales; similarly for the remaining relevant ratios. You may use the tables below BALANCE SHEET 2021 Cash and cash equivalents 280 Receivables 2588 Inventory 2516 Other 189 TOTAL CA 5573 Fixed assets 5024 TOTAL ASSETS 10597 Accounts payable 4713 Short term debt 78 TOTAL CL 4790 LT debt 921 Shareh. Equity 4886 TOTAL LIAB. AND SHARH. EQUITY 10597 INCOME STATEMENT 2021 Sales 19418 COGS 13136 Depreciation 354 SG&A 4952 EBIT 976 Interest Expenses 52 Tax 268 Net income 656 Decompose the return on equity for the FY 2021…A firm’s Balance Sheet and Income Statement for FY 2021 is displayed below and in the in the attached excel file. Answer the following questions. NOTE: For this question, use the end-of-the year approach (and not the mid-year convention). For example, this means that days receivables = end of FY receivables/daily sales; similarly for the remaining relevant ratios. You may use the tables below BALANCE SHEET 2021 Cash and cash equivalents 280 Receivables 2588 Inventory 2516 Other 189 TOTAL CA 5573 Fixed assets 5024 TOTAL ASSETS 10597 Accounts payable 4713 Short term debt 78 TOTAL CL 4790 LT debt 921 Shareh. Equity 4886 TOTAL LIAB. AND SHARH. EQUITY 10597 INCOME STATEMENT 2021 Sales 19418 COGS 13136 Depreciation 354 SG&A 4952 EBIT 976 Interest Expenses 52 Tax 268 Net income 656 Determine the NLF, NSF and the liquidity ratio…Company A's net credit sales in 2020 and 2021 are 21115 and 35118 respectively. Cost of sales in 2020 is 15432, and in 2021 is 17088. Company A'a account receivable in 2020 and 2021 are 500 and 1000 respectively and its inventory in 2020 and 2021 are 2839 and 3489 respectively. Company A's cash collections from customers in 2021 are:
- 40.On January 1, 2021, BNY Company had Accounts Receivable and Allowance for Uncollectible Accounts of P4,650,000 and P120,000, respectively. Sales (all on credit) during 2020 amounted to P15,000,000. Accounts of P75,000 were written off during the year. Analysis of BNY Company's accounts receivable at December 31, 2021 revealed the following:Age Amount Est. uncollectible0-60 da P3,250,000 1%61-120 da 2,200,000 3%Over 120 da 800,000 10%There are no other transactions affecting accounts receivable. How much is the carrying amount/amortized cost of accounts receivable at December 31, 2021?-What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,0005.Blige Corporation had sales revenue of $12,000,000 in 2019 and$15,000,000 in 2020. Accounts receivable were $1,800,000 at the end of2019 and $2,000,000 at the end of 2020.Required(a)Calculate the accounts receivable turnover ratio for 2019 and 2020.(b)Has the management of accounts receivable improved or worsenedfrom 2019 to 2020?(c)What are the advantages and disadvantages of selling goods oncredit?(d)How much cash did Blige Corporation collect from its customers in2020?(e)If sales in 2021 were expected to be $22,500,000, what would youexpect accounts receivable to be at the end of 2021?Does a major increase in accounts receivable create
- Required; (a) Calculate the purchasing power gain or loss on the monetary items.(b) Prepare an inflation-adjusted income statement account for the year ended 31 December 2020.(c) Prepare an inflation-adjusted balance sheet as at 31 December 2020 when the price level index was 130Bond Company reported the following inventory data:Year Inventory (in millions)2016201720182019$2,500$2,350$2,600$2,170Use 2016 as the base year. The trend percentage in 2019 is closest toa. 83%.b. 87%.c. 92%.d. 115%.Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following:Customer nameTotal outstandingCredit limit0-30days31-60days61-90daysOver 90 days£ £ £ £ £ £A Ames 16 200 15 000 2 000 8 700 2 500 3 000B Bristow 18 300 25 000 18 300C Chen 4 700 4 800 2 000 2 700TOTAL 39 200 - 20 300 10 700 5 200 3 000Notes:• The company offers 30 days credit to its customers.• The credit is offered to the customers based on words of mouth• Ames is disputing the quality of some of the goods and refusing to pay, no decision hasbeen made yet (£3,000 over 90 days)• Chen has just put in an order for £5,000, he is a good friend of the directorRequired:What are the key points arising from the credit controller's review in respect of each trade receivable balance and what suggestions can be made to improve the aged analysis report
