Happy Selling's had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000, Prepaid Expense-15,000. Compute forthe company's current assets.
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.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 accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?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.
- Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Happy Selling’s had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000, Prepaid Expense-15,000. Compute forthe company’s current assets.
- XYZ Boutique had the following accounts at year end: Cash $250,000, Accounts Payable $70,000, Prepaid Expense $15,000, Non-current assets $500,000.00. What percentage of the boutique's total assets is current assets?During its first year of operations, Yellow Bell Co. provided services to customers for the value of $76,000. At the end of the year, $16,000 of the $76,000 remained in Accounts Receivable. Yellow Bell Co. also incurred expenses of $47,000, of which, $7,000 is remained in Accounts Payable at year end. How much was Yellow Bell's net income assuming they used the accrual method of accounting?During its first year of operations, Yellow Bell Co. provided services to customers for the value of $76,000. At the end of the year, $16,000 of the $76,000 remained in Accounts Receivable. Yellow Bell Co. also incurred expenses of $47,000, of which, $7,000 is remained in Accounts Payable at year end. How much was Yellow Bell’s revenue assuming they used the accrual method of accounting?