Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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Two companies Ebony and Ivory trade in the same market. Their financial statements for the year ended 31 October 2017 are summarized below:
Income statements for the year ended 31 October 2017
Ebony
Ivory
$
$
$
$
Sales revenue
284,000
305,000
Cost of sales
(155,000)
(151,000)
Gross profit
129,000
154,000
Expenses:
Administrative
(24,000)
(37,000)
Selling and distribution
(35,000)
(53,000)
Depreciation
(9,000)
(12,000)
Loan note interest
–
(5,000)
(68,000)
(107,000)
Net profit
61,000
47,000
Balance sheets as at 31 October 2017
Ebony
Ivory
Assets
$
$
$
$
Non-current assets
At cost
320,000
515,000
Accumulated depreciation
(75,000)
(96,000)
245,000…
Columbia Sportswear Company reported cost of goods sold of U.S. $1,252,680 thousand on its 2015 income statement. It also reported a increase in inventory of U.S. $88,987 thousand and an increase in accounts payable of U.S. $2,955 thousand. What amount of cash was paid to suppliers, assuming that the company uses a perpetual inventory system and that accounts payable relate to merchandise creditors?
Cash paid to suppliers
$ Enter the amount of cash paid to suppliers in thousands of dollars
thousand
The following financial information is related to Sheffield Group, a service company.
Revenues
€ 896,000
Income from continuing operations
112,000
Comprehensive income
134,400
Net income
100,800
Income from operations
246,400
Selling and administrative expenses
560,000
Income before income tax
224,000
Compute the following:
(a)
Other income and expense
€ enter an euro amount
(b)
Financing costs
€ enter an euro amount
(c)
Income tax
€ enter an euro amount
(d)
Discontinued operations
€ enter an euro amount
(e)
Other comprehensive income
€ enter an euro amount
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- Account payable at the beginning of the period is P25,600. Total purchases during the period amounted to P178,500, of which 75% was on account. At the end of the period, accounts payable is P32,195. How much is the total cash paid to suppliers during the period? NO. 10 The balance of Pluto Enterprises showed owner's capital at P250,000. The creditors have a 60% claim on the total assets. What would be the correct amount of the assets?arrow_forwardPartial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 30,000 $ 15,000 Accounts receivable 50,000 80,000 Inventory 20,000 30,000 Liabilities Accounts payable $ 55,000 $ 62,000 Additional information for 2018: Net income was $260,000.Depreciation expense was $20,000.Sales totaled $700,000.Cost of goods sold totaled $295,000. Required:Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)arrow_forwardAnalyze and compare Kroger and Tiffany The Kroger Company (KR), a national supermarket chain, reported the following data (in millions) in its financial statements for a recent year: a.Compute the asset turnover ratio. Round to two decimal places. b.Tiffany Co. (TIF) is a large North American retailer of jewelry. Tiffanys asset turnover ratio is 0.78. Why would Tiffanys asset turnover ratio be lower than that of Kroger?arrow_forward
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