Consider the following financial statement data for Flip Sound Systems: Flip Sound System Financial Statement Data Beginning Item Ending Balance Balance Inventory 10,514 12,820 Accounts 6,529 7,657 Receivable Accounts 8,064 10,675 Payable Net Sales 99,391 Cost of Goods 61,523 Sold What is Flip's Operating Cycle? (Round answers to 1 decimal place. Do not round intermediate calculations)
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- Which of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expenseClassify the following items as either:TPS—transaction processing systemFRS—financial reporting systemMRS—management reporting systema. Variance reportsb. Sales order capturec. Balance sheetd. Budgetse. Purchase order preparationf. Tax returnsg. Sales summary by product lineh. Cash disbursements preparationi. Annual report preparationj. Invoice preparationk. Cost-volume-profit analysisPrepare a vertical analysis scheduleHere is the operating data for Yalis Cleaning, Inc.:2021 2020Service revenue $523,000 $476,000Operating expenses 385,500 319,800Income tax expense 34,375 39,050Net income $103,125 $117,150PurposeThe purpose of this problem is to demonstrate an understanding of preparing a vertical analysis schedule.InstructionsAfter analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenueas the base amount. Round percentages to two decimal places.GuidanceFor formatting guidance, see the vertical analysis examples that are provided in Chapter 13 of the textbook.
- Excel Online Structured Activity: Balance Sheet Analysis Consider the following financial data for J. White Industries: Total assets turnover: 1.2Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 27%Total liabilities-to-assets ratio: 45%Quick ratio: 0.90Days sales outstanding (based on 365-day year): 29.5 daysInventory turnover ratio: 4.0 The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet Complete the balance sheet and sales information in the table that follows for J. White Industries. Do not round intermediate calculations. Round your answers to the nearest whole dollar. Partial Income StatementInformation Sales $ fill in the blank 2 Cost of goods sold $ fill in the blank 3 Balance Sheet Cash $ fill in the blank 4 Accounts payable $ fill in the blank 5 Accounts receivable $ fill in the blank 6 Long-term debt $…"The following table summarizes the rules of debit and credit. For each of the items A through L, indicate whether the proper answer is a debit or a credit.IncreaseDecrease Normal BalanceBalance sheet accounts:AssetABDebitLiabilityCDebitDStockholders’ equity:Common StockCreditEFRetained EarningsGHCreditDividendsDebitCreditIIncome statement accounts:RevenueJKCreditExpenseLCreditDebit"Requirements: a. Prepare horizontal analysis based on the above statements presented (for percent: round of your answers to 2 decimal places) Music Lover, Inc.xlsx b. Evaluate the company's financial position and results of operation using the comparative statement analysis i. Short-term solvency analysis ii. Long-term financial position analysis iii. Operating efficiency and profitability analysis
- Select the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…Complete the comparative income statement and balance sheet for Logic Company. Note: Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your "percent" answers to the nearest hundredth percent.Refer to the information for Hershey above. Compute the common size balance sheet for 20X3 and the rate of change balance sheet for 20X3. Which two asset accounts and which two liability and shareholders' equity accounts are the largest relative to total assets in 20X3？which two asset accounts and which two liability and shareholders' equity accounts grew at the fastest rates 20X3? ( Note: You may find it helpful to enter the data in to an Excel spreadsheet for these computations.)
- Explain the major financial ratios and financial cycles, debt ratio, debt to equity ratio, return on assets, return on equity, current ratio, quick ratio, inventory turnover, days in inventory, accounts receivable turnover, accounts receivable cycle in days, accounts payable turnover, accounts payable cycle in days, earnings per share (EPS), price to earnings ratio (P/E), and cash conversion cycle (CCC) and state the significance of each for financial management. Include examples based on a hypothetical balance sheet and income statement.Explain the major financial ratios and financial cycles, debt ratio, debt to equity ratio, return on assets, return on equity, current ratio, quick ratio, inventory turnover, days in inventory, accounts receivable turnover, accounts receivable cycle in days, accounts payable turnover, accounts payable cycle in days, earnings per share (EPS), price to earnings ratio (P/E), and cash conversion cycle (CCC) and state the significance of each for financial management. Include examples based on a hypothetical balance sheet and income statement. Can CCC be negative? If so, what does it indicate?Explain working capital and its significance. Evaluate working capital in your example given in part “a”. Perform a vertical financial analysis incorporating :Debt ratio Debt to equity ratio Return on assets Return on equity Current ratio Quick ratio Inventory turnover Days in inventory Accounts receivable turnover Accounts receivable cycle in days Accounts payable turnover Accounts payable cycle in…Explain the major financial ratios and financial cycles, debt ratio, debt to equity ratio, return on assets, return on equity, current ratio, quick ratio, inventory turnover, days in inventory, accounts receivable turnover, accounts receivable cycle in days, accounts payable turnover, accounts payable cycle in days, earnings per share (EPS), price to earnings ratio (P/E), and cash conversion cycle (CCC) and state the significance of each for financial management. Include examples based on a hypothetical balance sheet and income statement. Can CCC be negative? If so, what does it indicate? Explain working capital and its significance. Evaluate working capital in your example given in part “a” of this DQ2.
