Current assets Classified Balance Sheet As of December 31, 2016 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and stockholders' equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity

Current assets Classified Balance Sheet As of December 31, 2016 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and stockholders' equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,...

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Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Real-world annual report The financial statements for Nike, Inc. (NKE), are presented in Appendix E at the end of the text. The following additional information is available (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2017, and May 31, 2016. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory' h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets, assuming interest expense is 82 million for the year ending May 31. 2017, and 33 million for the year ending May 31, 2016. k. k. Return on common stockholders equity l. Price-eamings ratio, assuming that the market price was 52.81 per share on May 31, 2017, and 54.35 per share on May 31, 2016. m. m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?
ABC Company's accounting records reported the followingaccount balances as of December 31, 2028:Inventory ................... $59,000Trademark ................... $16,000Interest revenue ............ $21,000Accounts receivable ......... $44,000Cost of goods sold .......... $30,000Utilities expense ........... $29,000Salaries payable ............ $14,000Accumulated depreciation .... $37,000Land ........................ ?Dividends ................... $ 9,000Notes payable ............... $48,000Common stock ................ ?Rental revenue .............. $35,000Supplies .................... $23,000Income tax expense .......... $18,000Retained earnings ........... $57,000 (at Jan. 1, 2028)Sales revenue ............... $99,000Equipment ................... $74,000Copyright ................... $38,000Accounts payable ............ $41,000Salaries expense ............ $27,000Cash ........................ $19,000Additional information:The total equity at December 31, 2028 was $196,000.Calculate…
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(Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2017. Check the following image for balance sheet The following information is presented.1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned rent revenue $5,000. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value.2. The investments section includes the cash surrender value of a life insurance contract $40,000; investments in common stock, short-term $80,000 and long-term $270,000; and bond sinking fund $250,000. The cost and fair value of investments in common stock are the same.3. Property, plant, and equipment includes buildings $1,040,000 less accumulated depreciation $360,000, equipment $450,000 less accumulated depreciation $180,000, land $500,000, and land held for future use $270,000.4. Intangible assets include a franchise…
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities…
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities…
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities…
The following balance sheet is for the Ballyhoo Company forfiscal year-end 2014. Please fill in all missingdata. Assets Liabilities and Equity_____________ Cash $4,300 Accountspayable $2,340 Accounts receivable _____ Notespayable 4,300 Inventories 8,200 Accruals 1,620 Total current assets$14,300 Total currentliabs. _____ Gross plant and equip._____ Long-termbonds _____ Less: accum depr. 5,630 Totaldebt $13,100 Net plant and equip. _____ Common stock(100 shares) 6,300 Retainedearnings _____ Total Common equity $13,800 TotalAssets _______ Preferred Stock _____ Total liabs &equity $30,000
A selection of account balance from blue corp. are listed below. All balances are as of December 31,2017, except where noted:Accounts payable $7500Accounts receivable, 1/1/17 $5,250Accumulated depreciation $21500 building 65000Cash 12200Common stock 50000Delivery truck 9500Depreciation expenses 10750Dividends 3650Marketable equity securities 2400Account receivable 12/31/17 7125Inventory, 1/1/17 3050Supplies 5200Salaris 10400Salaris expenses 10400Net sales 61365Rent expenses 7850Retained earnings 1/1/17 25010Equipment 15700Prepaid expenses 2000Cost of goods sold 16350Notes payable (due 2019) 4400Inventory 12/31/17 4750 1) Determine the gross profit ratio?2) Determine the account receivable turnover?3) Determine the inventory turnover?4)Determine the debt to equity ratio as of December 31,2017?
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