On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable...
On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 100,000. Purchases of inventory totaled $300,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 190,000. And the net realizable value of Accounts receivable was 45,000. Prepare 2015 income statement for the limited facts given. Tax rate is 40%.
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On December 31, 2015 it was determined that ending inventory on
hand was $200,000. Accounts Receivable...
On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable...
On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 120,000. Purchases of inventory totaled $350,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 185,000. Beginning A4DA had a credit balance of $1,000 And the net realizable value of Accounts receivable was 45,000. Prepare BDE JE and 2015 income statement for the limited facts given....
1. On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts...
1. On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 120,000. Purchases of inventory totaled $350,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 185,000. Beginning A4DA had a credit balance of $1,000 And the net realizable value of Accounts receivable was 45,000. Prepare BDE JE and 2015 income statement for the limited facts...
Question 31 At December 31, 2015, Wynne Company reported Accounts Receivable of $45,000 and allowance for Doubtful Acco...
Question 31 At December 31, 2015, Wynne Company reported Accounts Receivable of $45,000 and allowance for Doubtful Accounts of $3,500. On January 7, 2016, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realizable value of Accounts Receivable at December 31, 2015? Cash realizable value & What entry would Wynne make to write off the Brown account? (Credit account titles are automatically indented when the amount is...
MARNI COMPANY Balance Sheet As of December 31 ASSETS Cash 50,000 Accounts receivable 100,000 Inventory 200,000...
MARNI COMPANY Balance Sheet As of December 31 ASSETS Cash 50,000 Accounts receivable 100,000 Inventory 200,000 650,000 Net plant and equipment $1,000,000 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable 100,000 Accrued expenses 90,000 Long-term debt Common stock 250,000 100,000 Paid-in capital 50,000 Retained earnings 410,000 $1,000,000 Total liabilities and stockholders' equity MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) $2,000,000 1,750,000 Cost of goods sold Gross profit 250,000 Sales and administrative expenses 30,000...
Calculate the accounts receivable turnover, average collection period (days), inventory turnover, fixed asset turnover, and total...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were...
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory? Inventory, December 31 _______ In its first month of operations, Bethke Company made...
Ace Co. prepared an aging of its accounts receivable at December 31, 2018 and determined that...
Ace Co. prepared an aging of its accounts receivable at December 31, 2018 and determined that the net realizable value of the receivables was $600,000. Additional information is available as follows: Allowance for doubtful accounts at 1/1/18—credit balance $ 68,000 Accounts written off as uncollectible during 2018 46,000 Accounts receivable at 12/31/18 650,000 For the year ended December 31, 2018, Ace's bad debt expense would be a. $50,000. b. $46,000. c. $32,000. d. $18,000. e. None of the above
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fis...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
A company's assets consist of $200,000 of cash, $400,000 of accounts receivable, $600,000 of inventory, and...
A company's assets consist of $200,000 of cash, $400,000 of accounts receivable, $600,000 of inventory, and $1,500,000 of plant and equipment. Its liabilities consist of $100,000 of accounts payable, $150,000 of accruals, and $800,000 of long-term debt. The company's annual sales are $5,000,000, its earnings before interest and taxes are $700,000, and its net income is $300,000. What is the company's current ratio? 1) 4.6 2) 4.8 O 3) 5.0 4) 5.2 5) 4.4
1. On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 120,000. Purchases of inventory totaled $350,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 185,000. Beginning A4DA had a credit balance of $1,000 And the net realizable value of Accounts receivable was 45,000. Prepare BDE JE and 2015 income statement for the limited facts...
Question 31 At December 31, 2015, Wynne Company reported Accounts Receivable of $45,000 and allowance for Doubtful Accounts of $3,500. On January 7, 2016, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realizable value of Accounts Receivable at December 31, 2015? Cash realizable value & What entry would Wynne make to write off the Brown account? (Credit account titles are automatically indented when the amount is...
MARNI COMPANY Balance Sheet As of December 31 ASSETS Cash 50,000 Accounts receivable 100,000 Inventory 200,000 650,000 Net plant and equipment $1,000,000 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable 100,000 Accrued expenses 90,000 Long-term debt Common stock 250,000 100,000 Paid-in capital 50,000 Retained earnings 410,000 $1,000,000 Total liabilities and stockholders' equity MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) $2,000,000 1,750,000 Cost of goods sold Gross profit 250,000 Sales and administrative expenses 30,000...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
A company's assets consist of $200,000 of cash, $400,000 of accounts receivable, $600,000 of inventory, and $1,500,000 of plant and equipment. Its liabilities consist of $100,000 of accounts payable, $150,000 of accruals, and $800,000 of long-term debt. The company's annual sales are $5,000,000, its earnings before interest and taxes are $700,000, and its net income is $300,000. What is the company's current ratio? 1) 4.6 2) 4.8 O 3) 5.0 4) 5.2 5) 4.4
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