Noah’s ark video games expects sales to grow by 25% next year. Assume that it pays out 95% of its net income. Using the following statements and the percent of sales method, forecast inventory
Q: Income Statement For the Year Ended April 30, 2020 $7,700,000 Sales revenue Cost of goods sold…
A: Cashflow statement prepared using the indirect method adjust net income to calculate the cashflow…
Q: A company plans to sell 24,000 units of product R next year. Opening inventory of R is expected to…
A: We have the following information: A company plans to sell 24,000 units of product R next year…
Q: A firm with sales of $500,000 has average inventory of $200,000. the industry average for inventory…
A: Inventory turnover measures how many times, on average company sells its entire inventory during the…
Q: What is the inventory conversion period for O'Brian's if it has sales of $320,000, an average…
A: The inventory conversion period is based on the concept of days of inventory take into sales. It can…
Q: Markle's Inc. had the following transactions during the year: total sales = $610,000; sales…
A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…
Q: For the year, your company's sales are $305,000, the gross profit is $250,000, and ending inventory…
A: Gross profit = Net sales - Cost of goods sold where, Cost of goods sold = Beginning inventory + Net…
Q: Fisk Corporation is trying to improve its inventory control system and has installed an online…
A: The company needs to maintain some sort of inventory for the regular functioning of production and…
Q: Assume that gross profit averages 35% for BITCO. If net sales are $1,500,000, beginning inventory…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: At the beginning of 2020, Way Hardware has an inventory of Rs. 600,000. Because sales growth was…
A: Gross Profit = Sales Revenue - Cost of goods sold Cost of goods sold = Beginning Inventory +…
Q: If a company has beginning inventory of $30,000 and ending inventory of$55,000, compute its average…
A: Beginning inventory = $30000 Ending inventory =$55,000 COGS = $140,000 Average inventory = Beginning…
Q: Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter. The…
A: A cash payment schedule is the schedule of payment of cash to the suppliers which is forecasted on…
Q: For next year, if the expected sales quantity is 5,000 units, what is the number of units needed to…
A: Expected sales xxx Add quantity needed in ending inventory xx Total quantity required for the period…
Q: Using the following Quarterly Sales Demand Data; read and answer the questions listed below.…
A:
Q: Bobaflex Corporation has ending inventory of $527,156 and cost of goods sold for the year just ended…
A: Given information: Cost of goods sold for the year is $8,543,132 Ending inventory is amounted to…
Q: Vaughn Manufacturing had January 1 inventory of $300000 when it adopted dollar-value LIFO. During…
A: Dollar Value LIFO : Inventory valuation is important for accurate cost of goods sold which…
Q: Wall Mart Pictures and Decor Company has a net profit margin of 10% and its inventory turnover is 9.…
A: Given, Inventory Turnover = 9 Average Inventory = $96,700
Q: Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter. The…
A: According to the question we need to forecast the payments to be made in the coming quarters.…
Q: Clinton Company makes specialty cases for smart phones and other handheld devices. The company has…
A: Hi since there are many sub parts of this question, we are answering only first three parts of the…
Q: If last year's sales were $906,050 and a store was planning an increase in sales of 3.75% and a…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The annual inventory requirement at the C &E Enterprises is P2,500 units. Each inventory item has a…
A: The annual inventory requirement at the C &E Enterprises is P2,500 units. Each inventory item…
Q: What is the economic order quantity for the following inventory policy. A firm sells 32,000 bags of…
A: Economic Order Quantity = 2AO/C Here, A = Annual Requirement of Bags i.e. 32000 O = Order Cost per…
Q: The annual inventory requirement at the C &E Enterprises is P2,500 units. Each inventory item has a…
A: The annual inventory requirement at the C &E Enterprises is P2,500 units. Each inventory item…
Q: If a firms inventory level of $10,000 represents 30 days sales, what is the annual cost od goods…
A: The computation of annual cost of goods sold: Hence, annual cost of goods sold is $121666.67
Q: The carrying cost curve and ordering cost curve of Bulldogs Inc.'s inventory intersect at 3,50…
A: the concept of economic order quantity for me is applicable where there is ideal order quantity. is…
Q: A retailer has annual sales of $500,000 and an average finished-goods inventory of$15,000. If the…
A: Introduction: Inventory turnover ratio is defined as the number of times a business would sell or…
Q: MJ Department Store expects to generate the following sales figures for the next three months: July…
A: Expected sales figure for the next 3 months Sales Gross Cost of…
Q: Inventory cost at Tech Co. is 35 percent per year. What is the per unit inventory cost (in dollars)…
A: Inventory cost is always computed as a percentage of the cost per unit of a product. Here we will…
Q: Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in…
A: Inventory Turnover Choose Numerator: / Choose Denominator: = Inventory Turnover Cost of…
Q: Tech Company is a medium-sized consumer electronics retailer. The company reported $155,000,000 in…
A: Revenue is the amount received for selling all the goods. The cost of goods sold is the total cost…
Q: Determine the stockturn rate of a retailer carrying an average inventory at cost of $850,000, with a…
A: Retailer need merchandise to make sales . in fact , a retailer inventory is its biggest asset . net…
Q: A firm uses an inventory item with the following characteristics. Cost per-item $ 6.00 Annual…
A: Answer - Calculation of number of reorders to be made each year: EOQ=√2DO / C =√2(1,000)(30) /…
Q: Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter…
A: The account receivables are 1/3th of the current quarter and 2/3rd is received in the next quarter.…
Q: Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Suppose Mako's managers believe the annual inventory turnover can be raised to 8 times without…
A: Cash flow cycle refers to the overall process a business entity takes to convert its cash outflows…
Q: Projected sales for Tony Co. Ltd for next year and beginning and ending inventory data are as…
A: The kilograms of materials to be purchased is calculated as production in units multiplied by the…
Q: What is the economic order quantity for the following inventory policy. A firm sells 32,000 bags of…
A: Annual requirement (A) = 32000 bags Cost per order (O) = P100 Carrying cost (C) = P0.85
Q: What is the average age of inventory for Patsy if it has sales of P320,000, an average inventory of…
A: The average age of inventory is calculated as daus in year divided by inventory turnover ratio.
Q: Purple Company had sales of P4,000,000 during December of the current year. Experience has shown…
A: Introduction:- The following basic information as follows under:- Purple Company had sales of…
Q: In an economy, firms tend to hold 25% of output as inventory. i. If in period 1, total output is 200…
A: when a firm is dealing in inventory it become Paramount to hold inventory in the warehouse in order…
Q: Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices,…
A: LIFO Method is an inventory valuation method where inventory purchased last sold first. Whereas as…
Q: Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter…
A: Quater First Second third fourth Source of cash Cash at start of the period $40 $40…
Q: Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter. The…
A: Given:
Q: Thornton Universal Sales' cost of goods sold (COGS) average $2,000,000 per month, and it keeps…
A: inventory conversion period can be calculated by dividing 365 by inventory turnover ratio.
Q: Given the estimated sales forecast and the estimated relationship between inventories and sales,…
A: Inventory refers to those goods/units which is purchased by the manufacturing business for the…
Q: Libscomb Technologies' annual sales are $5,790,872 and all sales are made on credit, it purchases…
A: Given that, annual sales = $5,790,872 purchases(cost of goods sold) = $3,221,342 inventory =…
Step by step
Solved in 2 steps
- Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?Deferred tax liability $18,000Deferred tax asset 15,000Beta Ltd recorded a profit before tax of $80,000 for the year to 30 June 2020, which included the following items:Depreciation expense – plant $7,000Doubtful debts expense 3,000Long-service leave expense 4,000For taxation purposes the following amounts are allowable deductions for the year to 30 June 2020:Tax depreciation – plant $8,000Bad debts written off 2,000Depreciation rates for taxation purposes are higher than for accounting purposes. A corporate tax rate of 30% applies. What are the balances of the deferred tax liability and deferred tax asset at 30 June 2020?Refer to the following financial information of Scholz Company: NOPAT 8.250.000.00 EBITDA 17,725.000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280.000.00 Tax rate 40% 1. Calculate the Company's depreciation and amortization expense 2. calculate its interest expense. Use 2 decimal places for your final answer. 3. calculate its EVA. Use 2 decimal places for your final answer.
- Prepare an income statement with the information listed below: Accumulated Depreciation $ 35,000Accounts Payable $ 65,000Advertising Expense $ 20,625Prepaid Advertising $ 61,875Common Stock $ 50,000Depreciation Expense $ 12,500Dividend Payable $ 50,000Dividends $ 100,000Income Tax expense $ 48,000Income Tax Payable $ 35,000Interest Expense $ 3,750Interest Revenue $ 500Loss on Disposal of Assets $ 10,000Prepaid Rent $ 56,250Rent Expense $ 18,750Retained Earnings $ 836,875Sales Revenue $ 300,000Utilities Expense $ 8,750Utilities Payable $ 7,000Wage Expense $ 41,250Wages Payable $ 10,125How is 165,000 computed for the additional accumulated depreciation? Trade in Allowance ₱400,000 Less: Book value Cost ₱1,300,000 Less: Accumulated Depreciation (₱660,000 + ₱165,000) 825,000 475,000 Loss on Trade In - October 1, 2021 -₱75,000A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
- Net profit before tax will be: a. OMR 12,740,000 b. OMR 14,540,000 c. OMR 13,440,000 d. OMR 12,540,000 Operating profit for the year will be: a. OMR 15,540,000 b. OMR 10,360,000 c. OMR 15,340,000 d. OMR 13,540,000Refer to the following financial information of Scholz Company: NOPAT 8,250,000.00 EBITDA 17,725,000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280,000.00 Tax rate 40% Calculate the Company’s depreciation and amortization expense Refer to the following financial information of Scholz Company: NOPAT 8,250,000.00 EBITDA 17,725,000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280,000.00 Tax rate 40% 13. Calculate the Company’s depreciation and amortization expense 14. Refer to Scholz Company, calculate its interest expense. Use 2 decimal places for your final answer. 15. Refer to Scholz Company, calculate its…how did you get these numbers ? Year 2022: Weighted-Average accumulated expenditure Date Amount Capitalization period Weighted Average Accumulated Expenditures 1-Jan-22 $8,100,000 9/9 $8,100,000 31-Jan-22 $450,000 8/9 $400,000 30-Apr-22 $783,000 5/9 $435,000 31-Aug-22 $1,080,000 1/9 $120,000 Total $10,413,000 $9,055,000
- Refer to the following financial information of Scholz Company: NOPAT 8,250,000.00 EBITDA 17,725,000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280,000.00 Tax rate 40% Calculate the Company’s depreciation and amortization expenseSubject:accounting Green Bank Corporation claimed $300,000 in Sec.179 epxense and $200000 in bonus depreciation in 2020 and the following is the remaining basis for each asset purchased in 2020 after applying Sec 179 and bonus depreciation: Desks and chairs purchasd on March remaining basis 150,000 and Computers purchased in April remaining basis 250000What is the TOTAL depreciation expense for the taxpayer in 2020?The Company reported net income of P7,410,000 for the current year. The following items are included in the net income:Unrealized gain on foreign translation540,000 Gain on early retirement of bonds payable 2,200,000 Adjustment of profit of prior year for error in depreciation (net of tax) 750,000Loss on fire (1,400,000). What amount should be reported as adjusted net income?