Selected financial information for Goulden Gifts: Cash Accounts receivable Inventory Sales Cost of goods sold Net income 3,025 5,050 10,000 51,170 40,000 4,000 Using a 365-day year, what is the days of sales outstanding? Round your answer to the nearest day.
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- Ratio of cash to monthly cash expenses Pacira Pharmaceuticals Inc. (PCRX) Develops, produces, and sells products used in hospitals and surgery centers. The following data (in thousands) were adapted from recent financial statements. Including short-term investments as part of cash and cash equivalents, compute the ratio of cash to monthly cash expenses for Years 1 and 2. Round to one decimal place.Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…
- Income tac was $300,409 for the year. Income tac payable was $28,102 and $42,997 at the beginning and end of the year,reapectively. Cash payants for income tac reportés on the statement pc cash flots usine the direct method la a. $ 285,514 b. 315,304 c. 300,409 d. 371,508Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
- Days' cash on handFinancial statement data for years ending December 31 for NewtonCompany follow: 20Y9 20Y8 Cash (end of year)Short-term investments (end of year)Operating expensesDepreciation expense $25,5008,27060,13513,225 $24,2509.46063,78011,400 Determine the days' cash on hand for 20Y8 and 2019. Round allcalculations to one decimal place.Penny Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $665,451 $682,867 Cash at Bank $148,399 $121,663 Mortgage payable this year $26,754 $32,503 Inventory $36,200 $44,066 Accounts payable $128,305 $127,187 Accounts receivable (trade debtors) $445,025 $401,750 Mortgage payable in 5 years time $501,383 $623,093 Owner's Equity $1,482,532 $1,130,496 Based on the information provided, calculate the Current Ratio for 2021.Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
- From the following list of accounts, calculate the quick ratio.Cash.......................................Accounts receivable................Inventory................................Prepaid insurance ...................$ 2,0007,00017,0001,000Accounts payable ............................Salary payable .................................Notes payable (due in two years) ....Short-term investments....................$ 5,0009,0008,0005,000a. 1.5b. 1.0c. 1.8d. 2.3ABC Corporation sells merchandise on the installment basis, and the uncertainties of cash collection make the use of the installment sales method of accounting acceptable. The following data relate to two years of operations. 2020 2021Installment sales ............................ P500,000 P600,000Cost of installment sales .................... ? ?Gross profit ................................. 180,000 150,000Gross profit percentage ...................... ? ?The realized gross profit for 2020 was 132,500 which includes 62,500 for 2020 sale. How much was the total collection for the year 2020?ABC Corporation sells merchandise on the installment basis, and the uncertainties of cash collection make the use of the installment sales method of accounting acceptable. The following data relate to two years of operations. 2019 2020Cost of sales P500,000 P600,000Gross profit based on sales 25% 20%Collection from: 2019 sales 180,000 150,0002020 sales 250,000 How much was the total realized gross for the year 2020? Prepare the journal entries for collection and realized profit.
