Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Accounting questions
XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000, Purchases $600,000, Ending Inventory $150,000, and Gross Profit Rate 40%. Calculate the cost of goods sold and the gross profit for the year.
Total assets turnover: 1.1x
Days sales outstanding: 36.5 daysa
Inventory turnover ratio: 3.75x
Fixed assets turnover: 2.5x
Current ratio: 2.0x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15%
aCalculation is based on a 365-day year.
1
Do not round intermediate calculations. Round your answers to the nearest dollar.
Balance Sheet
Cash
Accounts receivable
Inventories
Fixed assets
Total assets
Sales
$
$
$330,000
Current liabilities
Long-term debt
Common stock
Retained earnings
Total liabilities and equity
Cost of goods sold
$
$
$
49,500
115,500
Check My Work (2 remaini
Problem 1
Gemini Company started business at the beginning of the current year. The entity
established an allowance for doubtful accounts estimated at 5% of credit sales. During the
year, the entity wrote off P50,000 of uncollectible accounts.
Further analysis showed that merchandise purchased amounted to P9,000,000 and
ending merchandise inventory was P1,500,000. Goods were sold at 40% above cost.
The total sales comprised 80% sales on account and 20% cash sales. Total collections
from customers, excluding cash sales, amounted to P6,000,000.
1. What is the amount of cost of goods sold?
2. What is the amount of sales on account?
3. What is the net realizable value of accounts receivable at year-end?_
Chapter 13 Solutions
Connect Access Card for Financial Accounting: Information and Decisions
Ch. 13 - Explain the difference between financial reporting...Ch. 13 - Prob. 2DQCh. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - Prob. 6DQCh. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Prob. 10DQ
Ch. 13 - Prob. 11DQCh. 13 - Prob. 12DQCh. 13 - Prob. 13DQCh. 13 - Prob. 14DQCh. 13 - Prob. 15DQCh. 13 - Prob. 16DQCh. 13 - Prob. 17DQCh. 13 - Financial reporting Cl. Which of the following...Ch. 13 - Prob. 2QSCh. 13 - Prob. 3QSCh. 13 - Prob. 4QSCh. 13 - Prob. 5QSCh. 13 - Prob. 6QSCh. 13 - Prob. 7QSCh. 13 - Prob. 8QSCh. 13 - Prob. 9QSCh. 13 - Prob. 1ECh. 13 - Prob. 2ECh. 13 - Prob. 3ECh. 13 - Prob. 4ECh. 13 - Prob. 5ECh. 13 - Prob. 6ECh. 13 - Prob. 7ECh. 13 - Prob. 8ECh. 13 - Risk and capital structure analysis P3 Refer to...Ch. 13 - Prob. 10ECh. 13 - Prob. 11ECh. 13 - Prob. 12ECh. 13 - Prob. 14ECh. 13 - Prob. 15ECh. 13 - Prob. 1PSACh. 13 - Prob. 2PSACh. 13 - Prob. 3PSACh. 13 - Prob. 4PSACh. 13 - Prob. 5PSACh. 13 - Prob. 6PSACh. 13 - Prob. 1PSBCh. 13 - Prob. 2PSBCh. 13 - Prob. 3PSBCh. 13 - Prob. 4PSBCh. 13 - Prob. 5PSBCh. 13 - Prob. 6PSBCh. 13 - Prob. 13SPCh. 13 - Prob. 1BTNCh. 13 - Prob. 2BTNCh. 13 - Prob. 3BTNCh. 13 - Prob. 7BTNCh. 13 - Prob. 9BTN
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