McHale Company does business in two customer segments, Retail and Wholesale. Thefollowing annual revenue information was determined from the accounting system'sinvoice information:20Y520Υ4$120,000Retail$126,000Wholesale164,000150,000Total revenues$276,000$284,000Prepare horizontal and vertical analyses of the segments. Round to one decimal place.

Vertical analysis of the financial statement means the expression of each item of the financial…

Answered: McHale Company does business in two…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data was generated as of December 31Accounts receivable, Jan 1 550,000.00Accounts receivable collected 875,000.00Cash Sales 350,000.00Inventory, January 1 450,000.00Inventory, December 31 275,000.00Purchases 950,000.00Gross Margin on Sales 375,000.00 a.) How much is the total sales?b.) How much is the cost of sales?c.) How much is the ending Receivable as of Dec 31?d.) How is the credit sales?
The following data were taken from the financial statements of Tokyo Corporation: Annual Sales - P1,250,666, Cost of Goods Sold - P1,014,540, Inventory - P250,000, Accounts Receivable - P300,000 and Accounts Payable - P150,000. Compute for the Inventory Conversion Period. ______ days. Use whole number, no peso sign.
A sole proprietorship firm has taxable income of $128,200. Assume this is the sole source of income for the owner. Taxable Tax Rate Income 9,525 10 % %$4 9,526 38,700 12 38,701 82,500 22 82,501 157,500 24 157,500 – 200,000 32 The marginal tax rate is percent
The following data were taken from the records of PRAISEWORTHY Company for the year ended December 31, 2020 its first year of operations: Sales on account P20,000,000 Collections from customers (excluding collections from recoveries) 16,000,000 Doubtful accounts expense 500,000 Accounts written off 400,000 Merchandise returned by customers (at selling price) 300,000 Discounts taken by customers 200,000 Collections on accounts written off 100,000 What is the balance of accounts receivable on December 31, 2020?
Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080.
Based on the information that follows: Sales $86,900 Sales Returns and Allowances 2,200 Sales Discounts 1,738 Required: Prepare the revenue section of a multiple-step income statement.
Sellall Department Stores reported the following amounts as of its December 31 year- end: Administrative Expenses, $1,800; Cost of Goods Sold, $19,440; Income Tax Expense, $2,790; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $2,000; Net Sales, $32,580; and Delivery (freight-out) Expense, $240. Prepare a multistep income statement for distribution to external financial statement users. SELLALL DEPARTMENT STORES Income Statement
MDTB Company provided the following information: Net accounts receivable, beginning P 900,000 Net accounts receivable, ending 1,000,000 Accounts receivable turnover 5 to 1 Inventory, beginning 1,100,000 Inventory, ending 1,200,000 Inventory turnover 4 to 1 Required: What is the gross margin for the current year? |
The general merchandise retail industry has a number of segments represented by the following companies: For a recent year, the following cost of goods sold and beginning and ending inventories arc provided from corporate annual reports (in millions) for these three companies: a. Determine the inventory turnover ratio for all three companies. Round all calculations to one decimal place.b. Determine the number of days' sales in inventory for all three companies. Use 365 days and round all calculations to one decimal place. c.Interpret these results based on each company's merchandising concept.
Valenzuela, Incorporated, has a cash cycle of 47 days, an operating cycle of 70 days, and an inventory period of 30.5 days. The company reported cost of goods sold in the amount of $349,000, and credit sales were $572,000. What is the company's average balance in accounts payable and accounts receivable? Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Average accounts payable Average accounts receivable
Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. V: HOYT COMPANY Income Statement (Partial) $ 4

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