Homework Answers
1. Accounts receivable turnover = ( Net sales / Average accounts receivable ).
>> Average accounts receivable = ( $ 4800000 + $ 5200000 ) / 2 = $ 5000000.
>> Accounts receivable turnover = $ 50000000 / $ 5000000 = 10. Times.
2. Inventory Turnover Ratio = Cost of Goods sold / Average inventory.
Average inventory = ( $ 2800000 + $ 2200000 ) / 2 = $ 2500000.
>> Inventory Turnover Ratio = ( $ 30000000 / $ 2500000 = 12. Times.
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Problem 6 (12 pts) De Niro Products had sales of $50,000,000 for 2017. On December 31,...
Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017,...
Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017, the balance in Accounts Receivable was $3,500,000. An aging analysis of the accounts receivable indicated that $154,000 in accounts are expected to be uncollectible. Prepare the adjusting entry to record estimated bad debts expense using the percentage of receivables basis under each of the following independent assumptions: Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Allowance for Doubtful Accounts has...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,904 $ 32...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
27,904
$
32,617
$
34,676
Accounts receivable, net
89,700
62,600
59,700
Merchandise inventory
113,000
83,000
54,000
Prepaid expenses
8,986
8,562
3,853
Plant assets, net
247,981
233,541
208,871
Total assets
$
487,571
$
420,320
$
361,100
Liabilities and Equity
Accounts payable
$
117,763
$
68,903
$
46,235
Long-term notes payable secured by
mortgages on plant assets
88,913
93,773
77,409
Common stock, $10 par value
162,500
162,500...
Belcanto Corporation experienced a fire on December 31, 2017, in which its financial records were partially...
Belcanto Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 40,000 84,000 200,000 50,000 30,000 400,000 170,000 December 31, 2016 15,000 126,000 180,000 10,000 20,000 400,000 101,000 Additional information 1. The inventory turnover is 4.2 times. 2. The return...
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially...
Lingenfelter Corporation experienced a fire on December 31,
2017, in which its financial records were partially destroyed. It
has been able to salvage some of the records and has ascertained
the following balances.
December 31, 2017
December 31, 2016
Cash
$ 30,000
$ 16,000
Accounts receivable (net)
74,500
130,000
Inventory
195,000
176,000
Accounts payable
45,000
91,000
Notes payable
28,000
61,000
Common stock, $100 par
401,000
401,000
Retained earnings
120,000
106,500
Additional information:
1.
The inventory turnover is 3.0 times.
2....
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially...
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Concord Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It...
Concord Corporation experienced a fire on December 31, 2017, in
which its financial records were partially destroyed. It has been
able to salvage some of the records and has ascertained the
following balances.
December 31, 2017
December 31, 2016
Cash
$ 36,300
$ 19,700
Accounts receivable
(net)
80,900
128,900
Inventory
209,700
183,700
Accounts payable
53,700
89,800
Notes payable
33,600
68,000
Common stock, $100 par
407,000
407,000
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119,600
105,100
Additional information:
1.
The inventory turnover is 3.7
times.
2....
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of...
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Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially...
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December December 31, 2017 31, 2016 $ 26,500 $ 11,000 Cash Accounts receivable (net) 77,500 123,500 199,000 Inventory 186,000 Accounts payable 93,000 52,000 Notes payable 64,000 28,500 Common stock, $100 par 388,000 388,000 Retained earnings 111,000 108,500 Additional information: 1. The inventory turnover is 3.7 times. 2....
Your answer is partially correct. Try again. Ungenfelter Corporation experienced a fire on December 31, 2017...
Your answer is partially correct. Try again. Ungenfelter Corporation experienced a fire on December 31, 2017 in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. tudy December 31, 2017 Cash $ 33,000 Accounts receivable (net) 75,500 Inventory 202,000 Accounts payable 54,500 Notes payable 32,000 Common stock, $100 par 389,000 Retained earnings 109,000 December 31, 2016 $ 10.500 127,500 185,000 88,000 58.500 389,000 109,000 Additional information:...
Exercise 14-10 Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records...
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Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017, the balance in Accounts Receivable was $3,500,000. An aging analysis of the accounts receivable indicated that $154,000 in accounts are expected to be uncollectible. Prepare the adjusting entry to record estimated bad debts expense using the percentage of receivables basis under each of the following independent assumptions: Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Allowance for Doubtful Accounts has...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
27,904
$
32,617
$
34,676
Accounts receivable, net
89,700
62,600
59,700
Merchandise inventory
113,000
83,000
54,000
Prepaid expenses
8,986
8,562
3,853
Plant assets, net
247,981
233,541
208,871
Total assets
$
487,571
$
420,320
$
361,100
Liabilities and Equity
Accounts payable
$
117,763
$
68,903
$
46,235
Long-term notes payable secured by
mortgages on plant assets
88,913
93,773
77,409
Common stock, $10 par value
162,500
162,500...
Belcanto Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 40,000 84,000 200,000 50,000 30,000 400,000 170,000 December 31, 2016 15,000 126,000 180,000 10,000 20,000 400,000 101,000 Additional information 1. The inventory turnover is 4.2 times. 2. The return...
Lingenfelter Corporation experienced a fire on December 31,
2017, in which its financial records were partially destroyed. It
has been able to salvage some of the records and has ascertained
the following balances.
December 31, 2017
December 31, 2016
Cash
$ 30,000
$ 16,000
Accounts receivable (net)
74,500
130,000
Inventory
195,000
176,000
Accounts payable
45,000
91,000
Notes payable
28,000
61,000
Common stock, $100 par
401,000
401,000
Retained earnings
120,000
106,500
Additional information:
1.
The inventory turnover is 3.0 times.
2....
Concord Corporation experienced a fire on December 31, 2017, in
which its financial records were partially destroyed. It has been
able to salvage some of the records and has ascertained the
following balances.
December 31, 2017
December 31, 2016
Cash
$ 36,300
$ 19,700
Accounts receivable
(net)
80,900
128,900
Inventory
209,700
183,700
Accounts payable
53,700
89,800
Notes payable
33,600
68,000
Common stock, $100 par
407,000
407,000
Retained earnings
119,600
105,100
Additional information:
1.
The inventory turnover is 3.7
times.
2....
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,440 $1,756,400 1,011,900 744,500 484,900 259,600 1,064,440 832,000 505,900 326,100 Interest expense Income before income taxes Income tax expense Net income 24,100 302,000 94,100 $207,900 22,100 237,500 75,100 $162,400 BLOSSOM COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory 60,100 64,200...
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December December 31, 2017 31, 2016 $ 26,500 $ 11,000 Cash Accounts receivable (net) 77,500 123,500 199,000 Inventory 186,000 Accounts payable 93,000 52,000 Notes payable 64,000 28,500 Common stock, $100 par 388,000 388,000 Retained earnings 111,000 108,500 Additional information: 1. The inventory turnover is 3.7 times. 2....
Your answer is partially correct. Try again. Ungenfelter Corporation experienced a fire on December 31, 2017 in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. tudy December 31, 2017 Cash $ 33,000 Accounts receivable (net) 75,500 Inventory 202,000 Accounts payable 54,500 Notes payable 32,000 Common stock, $100 par 389,000 Retained earnings 109,000 December 31, 2016 $ 10.500 127,500 185,000 88,000 58.500 389,000 109,000 Additional information:...
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