Homework Answers
Required a
Sales / Average accounts receivable = Accounts receivable turnover
$1,081,600 / [($94,000+$114,000)/2] = 10.4 times
Required b
Cost of goods sold / Average inventory = Inventory turnover
$633,600 / [($59,000+$69,000)/2] = 9.9 times
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#3
Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (all...
Solomon Company reports the following in its most recent year of operations • Sales, $1081,600 (all...
Solomon Company reports the following in its most recent year of operations • Sales, $1081,600 (all on account) • Cost of goods sold, $633,600 • Gross profit. $448,000 • Accounts receivable, beginning of year. $94.000 • Accounts receivable, end of year, $114,000 • Merchandise inventory, beginning of year, $59,000 • Merchandise inventory, end of year. $69.000. Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Complete this question entering your answers in the tabs below....
A food manufacturer reports the following for two of its divisions for a recent year. ($millions)...
A food manufacturer reports the following for two of its
divisions for a recent year.
($millions)
Beverage Division
Cheese Division
Invested assets, beginning
$
2,672
$
4,465
Invested assets, ending
2,598
4,405
Sales
2,686
3,930
Operating income
354
639
1. Compute return on investment.
2. Compute profit margin.
3. Compute investment turnover for the year.
Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 2 Compute return on investment. (Enter your answers in...
#5 The following selected accounts were taken from the financial records of Los Olivos Distribut...
#5
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 34,220 47, 300 9, 100 35, 300 2,310 1, 370 43, 100 23, 100 31,000 16, 690 310 528,000 2,800 350, 250...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 27,215 47,000 8,800 35,000 2,280 1,340 42,800 22,800 28,000 19,420 280 526,500 2,500 408,320 Accounts Receivable at December 31, 2018, was $53,300. Merchandise...
Required information [The following information applies to the questions displayed below.] Simon Company's year-end bal...
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 37,196 89,500 114,000 11,978 359,398 $ 612,072 $ 43,478 $ 43,531 62,100...
The following information applies to the questions displayed below A food manufacturer reports the following for two of...
The following information applies to the questions displayed below A food manufacturer reports the following for two of is divisions for a recent year Cheese Division Sons Invested , beginning Investedats, ending Sales Operating income Beverage Division S2580 2502 2.690 4.409 Award: 3.00 points 1. Compute return on investment 2. Compute profit margin 3. Compute investment turnover for the year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute return on...
Required information (The following information applies to the questions displayed below.] A food manufacturer reports the...
Required information (The following information applies to the questions displayed below.] A food manufacturer reports the following for two of its divisions for a recent year. ($ millions) Invested assets, beginning Invested assets, ending Sales Operating income Beverage Division $2,697 2,611 2,699 367 Cheese Division $4,490 4,418 3,943 652 1. Compute return on investment. 2. Compute profit margin. 3. Compute investment turnover for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ At...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 31, 489 89,600 114,000 10, 141 293, 875 $539, 105 36, 808 62,200 84,500 9,662 271, 576 $ 464, 746 $ 38,...
Required information (The following information applies to the questions displayed below.) Simon Company's year-end balance sheets...
Required information (The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,821 89,600 110,500 9,281 260, 262 $ 498,464 $ 33,689 $ 35,451...
Required information [The following information applies to the questions displayed below.] A food manufacturer reports the...
Required information [The following information applies to the questions displayed below.] A food manufacturer reports the following for two of its divisions for a recent year. Cheese Beverage ($millions) Division Division Invested assets, beginning Invested assets, ending $2,675 $4,468 2,599 4,406 Sales 2,687 355 3,931 Operating income 640 1. Compute return on investment. 2. Compute profit margin 3. Compute investment turnover for the year. Complete this question by entering your answers in the tabs below. Required 2 Required 1 Required...
Solomon Company reports the following in its most recent year of operations • Sales, $1081,600 (all on account) • Cost of goods sold, $633,600 • Gross profit. $448,000 • Accounts receivable, beginning of year. $94.000 • Accounts receivable, end of year, $114,000 • Merchandise inventory, beginning of year, $59,000 • Merchandise inventory, end of year. $69.000. Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Complete this question entering your answers in the tabs below....
A food manufacturer reports the following for two of its
divisions for a recent year.
($millions)
Beverage Division
Cheese Division
Invested assets, beginning
$
2,672
$
4,465
Invested assets, ending
2,598
4,405
Sales
2,686
3,930
Operating income
354
639
1. Compute return on investment.
2. Compute profit margin.
3. Compute investment turnover for the year.
Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 2 Compute return on investment. (Enter your answers in...
#5
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 34,220 47, 300 9, 100 35, 300 2,310 1, 370 43, 100 23, 100 31,000 16, 690 310 528,000 2,800 350, 250...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 27,215 47,000 8,800 35,000 2,280 1,340 42,800 22,800 28,000 19,420 280 526,500 2,500 408,320 Accounts Receivable at December 31, 2018, was $53,300. Merchandise...
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 37,196 89,500 114,000 11,978 359,398 $ 612,072 $ 43,478 $ 43,531 62,100...
The following information applies to the questions displayed below A food manufacturer reports the following for two of is divisions for a recent year Cheese Division Sons Invested , beginning Investedats, ending Sales Operating income Beverage Division S2580 2502 2.690 4.409 Award: 3.00 points 1. Compute return on investment 2. Compute profit margin 3. Compute investment turnover for the year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute return on...
Required information (The following information applies to the questions displayed below.] A food manufacturer reports the following for two of its divisions for a recent year. ($ millions) Invested assets, beginning Invested assets, ending Sales Operating income Beverage Division $2,697 2,611 2,699 367 Cheese Division $4,490 4,418 3,943 652 1. Compute return on investment. 2. Compute profit margin. 3. Compute investment turnover for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 31, 489 89,600 114,000 10, 141 293, 875 $539, 105 36, 808 62,200 84,500 9,662 271, 576 $ 464, 746 $ 38,...
Required information (The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,821 89,600 110,500 9,281 260, 262 $ 498,464 $ 33,689 $ 35,451...
Required information [The following information applies to the questions displayed below.] A food manufacturer reports the following for two of its divisions for a recent year. Cheese Beverage ($millions) Division Division Invested assets, beginning Invested assets, ending $2,675 $4,468 2,599 4,406 Sales 2,687 355 3,931 Operating income 640 1. Compute return on investment. 2. Compute profit margin 3. Compute investment turnover for the year. Complete this question by entering your answers in the tabs below. Required 2 Required 1 Required...
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