Homework Answers
A merchandising is a any practice in which goods are sold to the retail customers. So there will be no manufacturing expenses.
To calculate the net income of merchandiser
Sales - cost of goods sold - other expenses = Net Income
Cost of goods sold = opening stock + purchases - closing stock
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compute the current ratio and acid test ratio for each of the
following separate cases
Financial...
which of the statements below are correct regarding cost of goods sold? Financial & Managerial Accounting: Info...
which of the statements below are correct regarding cost of
goods sold?
Financial & Managerial Accounting: Information for Decisions, 8e Progress 0% 19 Multiple Choice Question Which of the statements below are correct regarding cost of goods sold? O Cost of goods sold is an asset account reported on the balance sheet. O Cost of goods sold is the expense of buying and preparing merchandise. O Cost of goods sold can be determined by subtracting the cost of a merchandise...
Compute the current ratio and acid-test ratio for each of the following separate cases. Camaro $1,950...
Compute the current ratio and acid-test ratio for each of the following separate cases. Camaro $1,950 0 180 Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets 1,975 200 $ 4,305 $2,060 GTO $ 150 0 430 1,860 500 $2,940 $1,240 Torino $1,100 600 550 2,650 900 $5,800 $3,150 Current liabilities Current Ratio Choose Denominator: Choose Numerator: Current Ratio Current ratio to 1 maro o to 1 ino to 1 Acid-Test Ratio Choose Numerator: Choose Denominator: Acid-Test Ratio...
Compute the current ratio and acid-test ratio for each of the following separate cases Torino $...
Compute the current ratio and acid-test ratio for each of the following separate cases Torino $ 2,450240 $1,300 400 550 2,200 2,040 3,100 900 6,250 Camaro GTO Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets 520 700 $ 5,220 $ 3,50 270 300 Current liabilities $ 2,240 1,330 3,600 urrent Ratio Choose Numerator: Choose Denominator: Current Ratio Current ratio Camaro GTO Torino to 1 cid-Test Ratio Choose Numerator: Choose Denominator: Acid-Test Ratio Acid-test ratio Camaro GTO Torino...
compute the current ratio and acid test ratio for each of the following seperate cases Exercise...
compute the current ratio and acid test ratio for each of the
following seperate cases
Exercise 4-14 Computing and analyzing acid-test and current ratios LO A1 points Camaro GTO Torino $2,800 $ 310 $1,500 00600 340 590 450 2,375 2,180 3,450 400 700 900 $5,915 $3,780 $6,900 Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets Current liabilities Skipped $2.380 $1.400 $3.950 eBook Hint Compute the current ratio and acid-test ratio for each of the following separate cases....
compute the current ratio and the acid test ratio for each of the following seperate cases. what is missing Camaro $...
compute the current ratio and the acid test ratio for each of
the following seperate cases.
what is missing
Camaro $2,800 GTO $ 310 Torino $1,500 600 450 3,450 590 Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets Current liabilities 3 40 2,375 400 $5,915 $2,380 2.180 700 $3,780 $1,400 $6,900 $3,950 Compute the current ratio and acid-test ratio for each of the following separate cases. Choose Numerator: Current Ratio Choose Denominator: = s Camaro GTO Torino...
Refer to the following selected financial information from McCormik, LLC. Compute the company's acid test ratio...
Refer to the following selected financial information from McCormik, LLC. Compute the company's acid test ratio for Year 2 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Coat of goods sold Year 2 Year 1 $ 37,600 $ 32, 350 91,000 60,500 86,000 80,000 121, 500 125,500 12,200 9,800 388,500 338,500 112,900 108,300 711,500 676,500 390,500 375,500 Multiple Choice 0 0 0 0 0
Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for...
Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,700 $ 32,450 92,000 61,000 86,500 80,500 122,000 126,000 12,300 9,900 389,000 339,000 112,400 108,800 712,000 677,000 391,000 376,000 0 0 0 0 Refer to the following selected financial information from McCormik, LLC. Compute the company's inventory...
Compute net sales, gross profit, and the gross margin ratio for each of the four separate...
Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. (Round your gross margin ratio to 1 decimal place; i.e.; 0.2367 should be entered as 23.7%.). Carrier Lennox Trane York Net sales Gross profit Gross margin ratio Carrier Lennox Trane York Sales $ 152,000 $ 590,000 $ 40,000 $ 259,000 Sales discounts 2,000 13,000 600 4,000 Sales returns and allowances 16,000 6,000 4,100 500 Cost of goods sold 90,852 369,437 26,122 149,646
How do you compute net income for a merchandiser O Cost of goods sold other expenses....
How do you compute net income for a merchandiser O Cost of goods sold other expenses. O Net sales - cost of goods sold other expenses. O Revenues - expenses. O Net sales - cost of goods sold. Explain what the credit terms of 2/10,n/30 mean. (Check all that apply.) The full payment is due within 10 days. The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. The buyer...
38. Refer to the following selected financial information from Fennie's, LLC. Compute the company's acid-test ratio...
38. Refer to the following selected financial information from Fennie's, LLC. Compute the company's acid-test ratio for Year 2. Year 2 Year 1 Cash $37,500 $32,250 Short-term financial assets 90,000 60,000 Accounts receivable, net 85,500 79,500 Merchandise inventory 121,000 125,000 Prepaid expenses 12,100 9,700 Property, plant and equipment 388,000 338,000 Accounts payable 113,400 107,800 Net sales 711,000 676,000 Cost of goods sold 390,000 375,000 Multiple-Choice (2 Points) A. 2.0 B. 3.0 C. 2.3 D. 3.1 E. 1.9
which of the statements below are correct regarding cost of
goods sold?
Financial & Managerial Accounting: Information for Decisions, 8e Progress 0% 19 Multiple Choice Question Which of the statements below are correct regarding cost of goods sold? O Cost of goods sold is an asset account reported on the balance sheet. O Cost of goods sold is the expense of buying and preparing merchandise. O Cost of goods sold can be determined by subtracting the cost of a merchandise...
Compute the current ratio and acid-test ratio for each of the following separate cases. Camaro $1,950 0 180 Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets 1,975 200 $ 4,305 $2,060 GTO $ 150 0 430 1,860 500 $2,940 $1,240 Torino $1,100 600 550 2,650 900 $5,800 $3,150 Current liabilities Current Ratio Choose Denominator: Choose Numerator: Current Ratio Current ratio to 1 maro o to 1 ino to 1 Acid-Test Ratio Choose Numerator: Choose Denominator: Acid-Test Ratio...
Compute the current ratio and acid-test ratio for each of the following separate cases Torino $ 2,450240 $1,300 400 550 2,200 2,040 3,100 900 6,250 Camaro GTO Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets 520 700 $ 5,220 $ 3,50 270 300 Current liabilities $ 2,240 1,330 3,600 urrent Ratio Choose Numerator: Choose Denominator: Current Ratio Current ratio Camaro GTO Torino to 1 cid-Test Ratio Choose Numerator: Choose Denominator: Acid-Test Ratio Acid-test ratio Camaro GTO Torino...
compute the current ratio and acid test ratio for each of the
following seperate cases
Exercise 4-14 Computing and analyzing acid-test and current ratios LO A1 points Camaro GTO Torino $2,800 $ 310 $1,500 00600 340 590 450 2,375 2,180 3,450 400 700 900 $5,915 $3,780 $6,900 Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets Current liabilities Skipped $2.380 $1.400 $3.950 eBook Hint Compute the current ratio and acid-test ratio for each of the following separate cases....
compute the current ratio and the acid test ratio for each of
the following seperate cases.
what is missing
Camaro $2,800 GTO $ 310 Torino $1,500 600 450 3,450 590 Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets Current liabilities 3 40 2,375 400 $5,915 $2,380 2.180 700 $3,780 $1,400 $6,900 $3,950 Compute the current ratio and acid-test ratio for each of the following separate cases. Choose Numerator: Current Ratio Choose Denominator: = s Camaro GTO Torino...
Refer to the following selected financial information from McCormik, LLC. Compute the company's acid test ratio for Year 2 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Coat of goods sold Year 2 Year 1 $ 37,600 $ 32, 350 91,000 60,500 86,000 80,000 121, 500 125,500 12,200 9,800 388,500 338,500 112,900 108,300 711,500 676,500 390,500 375,500 Multiple Choice 0 0 0 0 0
Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,700 $ 32,450 92,000 61,000 86,500 80,500 122,000 126,000 12,300 9,900 389,000 339,000 112,400 108,800 712,000 677,000 391,000 376,000 0 0 0 0 Refer to the following selected financial information from McCormik, LLC. Compute the company's inventory...
How do you compute net income for a merchandiser O Cost of goods sold other expenses. O Net sales - cost of goods sold other expenses. O Revenues - expenses. O Net sales - cost of goods sold. Explain what the credit terms of 2/10,n/30 mean. (Check all that apply.) The full payment is due within 10 days. The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. The buyer...
38. Refer to the following selected financial information from Fennie's, LLC. Compute the company's acid-test ratio for Year 2. Year 2 Year 1 Cash $37,500 $32,250 Short-term financial assets 90,000 60,000 Accounts receivable, net 85,500 79,500 Merchandise inventory 121,000 125,000 Prepaid expenses 12,100 9,700 Property, plant and equipment 388,000 338,000 Accounts payable 113,400 107,800 Net sales 711,000 676,000 Cost of goods sold 390,000 375,000 Multiple-Choice (2 Points) A. 2.0 B. 3.0 C. 2.3 D. 3.1 E. 1.9
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