find the inventory turnover at cost.
Q: Global Company factored $ 800,000 of accounts receivable with Marks Financing on a without recourse…
A:
Q: A change in the company's income taxes Changing the selling price of a com
A: In business, net income refers to the amount of money left over after all expenses have been paid,…
Q: Period SD Peso value of Output % of Scrap Jan 1,500,000 4.5 Feb 1,650,000 2.5 Mar 1,600,000 3.0…
A: Fixed Cost is the cost that is the same at all levels of output. Variable cost is that cost that is…
Q: n August 31, 2020, Southampton Co. acquired all of the common stock of Brighton Company, which…
A: Impairment Loss- An impairment loss is defined as a decline in an asset's carrying value caused by a…
Q: Jen and Cassian earned $650,000 in salaries and $36,000 in interest income during the year. They had…
A: In the context of the given question, we are required to compute Jen and Cassian's taxes due or…
Q: Manchester Company provided the following accounts abstracted from the unadjusted trial balance on…
A: Assets are the rights and resources being held by the business. It can be current assets or non…
Q: Accounting Which one below is not an area on which financial statement auditors provide an opinion?…
A: Auditor analyse the financial statement of company and States weather the books of accounts are…
Q: Waterway Industries produces a product that requires 2.60 pounds of materials per unit. The…
A: Standard direct materials price per pound is the purchase price of raw materials after excluding…
Q: On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting…
A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…
Q: The records of Blair Company show the following: Masthead, purchased from a competitor = 50,000…
A: Answer:- Intangible asset meaning:- An intangible asset is that kind of asset which has no physical…
Q: Assume a company is going to make an investment of $450,000 in a machine and the following are the…
A: Payback period shows the number of years in which the amount invested gets recover. Given that,…
Q: Ending retained Earnings balance to be? Account DR CR Cash $40,000 A/R 20,000 Rent Exp 12,000…
A:
Q: rchases land and constructs a service station and car wash for a total of $487500. At January 2,…
A: The discount rate refers to the concept of computing future cash flows on the current value of money…
Q: JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Cash Accounts…
A: Financial statements (FS) are those statements which comprises of income statement, cash flow…
Q: Using MACRS: (a) Determine the depreciation schedule for each truck. (b) Determine the book value at…
A: The business has 10 new delivery trucks cost of each truck=$18000 useful (expected) life= 4 years…
Q: capital will be released 5 and 6 year of the project A and project B respectively, for investment…
A:
Q: the information is said to be: Multiple Choice comparable. understandable. verifiable.…
A: Individual term relates to a single person.On the other hand party refers to two or more persons.
Q: 1. The income statements for Mavis Manufacturing Inc. are provided for two recent years.…
A: Particulars 2022 2021 Revenue 100% 100% Cost of goods sold 40% 40% Gross Profit 60% 60%…
Q: Profitability Analysis Alex Enterprises reports the following information on its year-end income…
A: The gross profit is calculated as difference between sales and cost of goods sold. The operating…
Q: 4) Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during…
A: Solution:- Pension expense is the amount of expenses relating to pensions payable to employees.
Q: Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 Prepaid insurance Salary expense…
A: Dividend does not effect the profit and loss account. It's impact shareholders equity section.…
Q: How much would be the loss on derecognition to be recogniz
A: To answer this question, firstly we need to calculate the Total Acquisition cost of the Machine:…
Q: 1. Cash balance according to the company's records at August 31, $17,100. 2. Cash balance according…
A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…
Q: Planner Corporation owns 70 percent of Schedule Company's voting shares. During 20X3, Planner…
A: Introduction: The cost of goods sold refers to the direct costs of delivering the product sold by a…
Q: om the following Income and Expenditure Account and the Balance Sheet of a club, prepare its ceipts…
A: The receipt and payment account are prepared in order to calculate and summarize the actual cash…
Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%,…
A: A bond is issued by the company for raising finance for the business working. It is considered a…
Q: In the first part, how did you get the new price* new shared issued as 1000000? I am very confused.
A: Outstanding shares: This includes the total number of company's shares that are actually held by…
Q: Arrow Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…
Q: Which of the following is a usefulness of the statement of financial position? OA. The use of…
A: For every business, accounting is very important for analysis and evaluation. Accounting is based on…
Q: 2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and…
A: Value-added tax [VAT] is a tax that is charged on each and every stage of the goods and services…
Q: On January 1, 2018, the Moody Company entered into a transaction for 100% of the outstanding common…
A: The consolidated common stock is the par value of the common stock issued by the parent entity.
Q: A firm is considering purchasing equipment that will reduce costs by $40,000. The equipment costs…
A: Introduction: Annual Worth Method: Since the AW value only needs to be calculated once each life…
Q: 1. What will be the earnings of a worker at 60 paise per hour when he takes 100 hours to do a volume…
A: You have asked three questions but our protocol allows us to answer or solve one question only…
Q: A company began operations on January 1, 2020. Purchases of property, plant and equipment during…
A: The depreciation expense is the decrease in the value of fixed assets as a result of wear and tear,…
Q: The balance in the prepaid rent account before adjustment at the end of the year is $15,764, which…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: Your answer is correct. Using time value of money tables, a financial calculator, or Excel…
A: Lease refers to a contract between two parties under which one party who is the real owner of an…
Q: Poppy Corporation acquires Stevens Company, paying the owners of Stevens 1,000,000 new shares with a…
A: Given that, Poppy issue 1,000,000 shares to stevens. Par value of share = $0.50 Fair value of share…
Q: Question 12 At the 15 January 2019, the amount of Retained earnings reported by Moon Corporation is…
A: Retained earning is the accumulation of the net income earned by the organization after deduction of…
Q: The manager at Rainbow International prepares a Cost of Quality report to report the following…
A: Production Cost: Production Cost is the accumulated cost incurred while producing a product. It…
Q: Karim Ahmed, a recent graduate of an accounting program, evaluated the operating performance of…
A: Explanation of Concept Cost is the expenses which have been incurred for production, marketing and…
Q: Oriole Company is considering a capital investment of $196,000 in additional productive facilities.…
A: Cash flow states the cash inflow and cash outflow of the company. It is represented in the cash flow…
Q: Company Y has the following inventory data: August 1 Beginning inventory 20 units at $10 Purchases 8…
A: When average cost method is used in perpetual system average unit cost is calculated each time a…
Q: The following balances are extracted from the books of a commercial establishment on 31/12/2021…
A: Financial statements are the summaries showing net and gross losses and profits, assets and…
Q: Journal entries? 1 Transferred cash from a personal bank account in exchange for stock, $50,000 2…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Under absorption costing, a company had the following per unit costs when 5,000 units were produced.…
A: 1. Total product cost per unit Particulars per unit direct labor 5.60 Direct material 6.60…
Q: wing information is provided for the first month of operations for Legal Services Inc.: A. The…
A: Explanation of Concept Journal entries: Journal entries are the accounting treatment done in the…
Q: A trial balance shows a subtotal for current assets and current liabilities. True or False
A: Lets understand basics. Trial balance is prepared after posting. It is as name suggest balance the…
Q: Journal Entries for Sale, Return, and Remittance-Perpetual System On October 14, the Patrick Company…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Ending retained Earnings balance to be?
A: Introduction: Retained earnings: Retained earnings are shareholders funds. Part of profit is…
Q: Policy A Policy B Fire/Theft A company is considering two insurance plans with coverage and premiums…
A: Answer to (1) Suppose : Units of A need to added = X Units of B need to added = Y From the question…
Step by step
Solved in 2 steps
- Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
- Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?