Homework Answers
Solution:-
a. The accounts receivable turnover:-
| Accounts Receivable Turnover | ||||
| Choose Numerator | Choose Denominator | Accounts Receivable Turnover | ||
| Net Sales | / | Average accounts receivable | = | Accounts Receivable Turnover |
| 1,081,600 | / | 104,000 | = | 10.4 |
Explanation:-
1,081,600 / [(94,000 + 114,000) / 2] = 10.4
b. The Inventory Turnover:-
| Inventory Turnover | ||||
| Choose Numerator | Choose Denominator | Inventory Turnover | ||
| Cost Of Goods Sold | / | Average Inventory | = | Inventory Turnover |
| 633,600 | / | 64,000 | = | 9.9 |
Explanation:-
633,600 / [(59,000 + 69,000) / 2]= 9.9
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Solomon Company reports the following in its most recent year of operations • Sales, $1081,600 (all...
#3 Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (all...
#3
Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (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, $69,000 Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Required a Required b The accounts receivable turnover. Accounts Receivable Turnover Accounts Receivable Choose Numerator Choose...
A food manufacturer reports the following for two of its divisions for a recent year. ($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 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...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019....
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances Cash $ 22,599 46,800 8,680 34,800 2,260 1,320 42,600 22,600 26,800 21,248 Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumuleted depreciation, equipment Note payable to bank, due 2820 Accounts payable Interest payable Sales Sales discounts 260 525,500 2,300 397,320 Cost of goods sold Accounts Receivable at December 31, 2018, was $52,800. Merchandise...
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,...
o reported the following for the current year Net sales Cost of goods sold Beginning balance...
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
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...
Exercise 13.9 Calculating ratios. LO 13-6 The following selected accounts were taken from the financial records...
Exercise 13.9 Calculating ratios. LO 13-6 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 2828 Accounts payable Interest payable Sales Sales discounts Cost of goods sold 5 24,94 46,300 8,109 34,300 2,218 1,270 42,100 22,100 21,880 27,590 210 523,060 1,8e3 384,300 rint Accounts Receivable...
#3
Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (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, $69,000 Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Required a Required b The accounts receivable turnover. Accounts Receivable Turnover Accounts Receivable Choose Numerator Choose...
A food manufacturer reports the following for two of its
divisions for a recent year.
($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 $ 28,821 89,600 110,500 9,281 260, 262 $ 498,464 $ 33,689 $ 35,451...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances Cash $ 22,599 46,800 8,680 34,800 2,260 1,320 42,600 22,600 26,800 21,248 Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumuleted depreciation, equipment Note payable to bank, due 2820 Accounts payable Interest payable Sales Sales discounts 260 525,500 2,300 397,320 Cost of goods sold Accounts Receivable at December 31, 2018, was $52,800. Merchandise...
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,...
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
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...
Exercise 13.9 Calculating ratios. LO 13-6 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 2828 Accounts payable Interest payable Sales Sales discounts Cost of goods sold 5 24,94 46,300 8,109 34,300 2,218 1,270 42,100 22,100 21,880 27,590 210 523,060 1,8e3 384,300 rint Accounts Receivable...
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