Homework Answers
Correct answer------------(A) 1,050,000
Working
| Cost of goods sold | $ 1,000,000* |
| Add: Increase in Inventory | $ 50,000 |
| Net purchases | $ 1,050,000 |
*Sales revenue minus gross profit.
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16 Lloyd Management Corp, has provided the following information: Their...
please explain how to do this The Heritage Company has provided the following information: • Allowance...
please explain how to do this
The Heritage Company has provided the following information: • Allowance for doubtful accounts increased $25,000 and accounts receiv increased $400,000 during the year. • Accounts written off as uncollectible totaled $10,000. divissa • Net sales totaled $3,250,000. • Sales discounts were $90,000. • The gross profit percentage was 30%. How much was Heritage's bad debt expense? A. $ 90,000 B. $ 35,000 C. $125,000 D. $ 55,000 E. None of the above.
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...
Help on my Finance homework please! Integrative: Complete ratio analysis Given the following financial statements, historical...
Help on my Finance homework please! Integrative: Complete ratio analysis Given the following financial statements, historical ratios, and industry averages, calculate Sterling Company’s financial ratios for the most recent year. (Assume a 365-day year.) Sterling Company Income Statement for the Year Ended December 31, 2019 Sales revenue $10,000,000 Less: Cost of goods sold 7,500,000 Gross profits $ 2,500,000 Less: Operating expenses Selling expense $ 300,000 General and administrative expenses 650,000 Lease expense 50,000 Depreciation expense...
help with 2-6. the Beginning and End Balance and Income Statement is provided. Please and thank...
help with 2-6. the Beginning and End Balance and Income Statement
is provided. Please and thank you.
New
Images below. help with 2-6
beginning balance sheet
end balance sheet
income statement
2. For the accounting period, does the data contained in the financial statements indicate that total revenue on a cash basis for the year too high or too low? Why? 3. What is the accrual adjusted revenue for the year? 4. For the accounting period, does the data contained...
In a previous homework assignment you were provided with the following information. A company has...
In a previous homework assignment you were provided with the following information. A company has the following ratios: Current ratio - .85 Inventory to Sales Conversion Period – 180 days Sales to Cash Conversion Period – 75 days Purchases to Payments Conversion Period - 7 days The accountant also reports that the gross profit margin is 15% and the next profit margin is 3%. Now you are being provided with this additional information on the company. The company also has...
In a previous homework assignment you were provided with the following information. A company has the...
In a previous homework assignment you were provided with the following information. A company has the following ratios: Current ratio -85 Inventory to Sales Conversion Period - 180 days Sales to Cash Conversion Period - 75 days Purchases to Payments Conversion Period - 7 days The accountant also reports that the gross profit margin is 15% and the next profit margin is 3%. Now you are being provided with this additional information on the company. The company also has a...
Find the profit margin, ROA, and ROE for each period. X2 X3 X4 $2,500,000 3.200,000 3,500,000...
Find the profit margin, ROA, and ROE 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 DIVIDENDS RETAINED EARNINGS 125,000 87,000 56,550 7,850 50,000 40,000 CASH ACCOUNTS...
Question 2 (Total marks= 20) Adams Corporation manufactures fasteners. The company’s income statements for three years...
Question 2 (Total marks= 20) Adams Corporation manufactures fasteners. The company’s income statements for three years are indicated in Exhibit 1. The balance Sheets for the same period are shown in Exhibit 2. Exhibit 1 ADAMS CORPORATION Income Statement 2017 2018 2019 Sales (all on credit)………………………… $1,500,000 $1,800,000 $2,160,000 Cost of goods sold……………………… 950,000 1,120,000 1,300,000 Gross profit………………………………… 550,000 680,000 860,000 Selling and administrative expense……… 380,000 490,000 590,000 Operating profit…………………………… 170,000 190,000 270,000 Interest expense……………………..... 30,000 40,000 85,000 Net income...
Help with #8 please? quarter ending December 31, 2017. B. Prepare monthly pro forma balance sheets...
Help with #8 please?
quarter ending December 31, 2017. B. Prepare monthly pro forma balance sheets at the end of October, November, and December 2017. C. Prepare both a monthly cash budget and pro forma statements of cash flows for October, Novem ber, and December 2017. D. Describe your findings and indicate the maximum amount of bank borrowing that is needed & Cash Conversion Cycle Two years of financial statement data for the Munich Export Corpor shown below. A. Calculate...
The following trial balance was extracted from the books of G & E Production Company Ltd...
The following trial balance was extracted from the books of G & E Production Company Ltd on 31 December 2018 and presented to you the Financial Accountant: Trial Balance Details/Accounts Dr $ Cr $ Purchases of direct raw materials 24,200,000 Stock of direct raw materials 1 January 2018 5,500,000 Wages paid to manufacture goods 12,000,000 Insurance 2,000,000 Electricity 1,450,000 Cash at bank 28,000,000 Accounts payable 3,500,000 Discounts 450,000 500,000 Return of direct raw materials 200,000 Cash in hand 600,000 Work-in-progress...
please explain how to do this
The Heritage Company has provided the following information: • Allowance for doubtful accounts increased $25,000 and accounts receiv increased $400,000 during the year. • Accounts written off as uncollectible totaled $10,000. divissa • Net sales totaled $3,250,000. • Sales discounts were $90,000. • The gross profit percentage was 30%. How much was Heritage's bad debt expense? A. $ 90,000 B. $ 35,000 C. $125,000 D. $ 55,000 E. None of the above.
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...
help with 2-6. the Beginning and End Balance and Income Statement
is provided. Please and thank you.
New
Images below. help with 2-6
beginning balance sheet
end balance sheet
income statement
2. For the accounting period, does the data contained in the financial statements indicate that total revenue on a cash basis for the year too high or too low? Why? 3. What is the accrual adjusted revenue for the year? 4. For the accounting period, does the data contained...
In a previous homework assignment you were provided with the following information. A company has the following ratios: Current ratio -85 Inventory to Sales Conversion Period - 180 days Sales to Cash Conversion Period - 75 days Purchases to Payments Conversion Period - 7 days The accountant also reports that the gross profit margin is 15% and the next profit margin is 3%. Now you are being provided with this additional information on the company. The company also has a...
Find the profit margin, ROA, and ROE 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 DIVIDENDS RETAINED EARNINGS 125,000 87,000 56,550 7,850 50,000 40,000 CASH ACCOUNTS...
Help with #8 please?
quarter ending December 31, 2017. B. Prepare monthly pro forma balance sheets at the end of October, November, and December 2017. C. Prepare both a monthly cash budget and pro forma statements of cash flows for October, Novem ber, and December 2017. D. Describe your findings and indicate the maximum amount of bank borrowing that is needed & Cash Conversion Cycle Two years of financial statement data for the Munich Export Corpor shown below. A. Calculate...
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