Question

I need help working out these problems, please help

ACCT 102-Fundamentals of Accounting II Test 1 Review Study Guide (1) For both companies for 2018, compute the: (a) Current ratio (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover (e) Days' sales in inventory (1) Days' sales uncollected (8) Profit margin ratio (h) Return on total assets (1) Return on common stockholders' equity 6) Debt to equity ratio Kouris Company Consolidated Balance Sheets(in millions) May 31 2018 2017 Assets Current assets: Cash and cash equivalents Accounts receivable, net of allowance Inventories Other current assets Total current assets Property, plant, and equipment, net Other long term assets Total assets $ 634.0 2,101.1 1.514.9 429.2 4,679.9 1,620.8 413.2 $56.713 $575.5 1.804.1 1.373.8 401.3 4.154.7 1,614.5 670,8 56.440.0 55.3 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long term liabilities Total Habilities Stockholders' equity Common stock Contributed capital in excess of par val Unearned stock compensation Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 205.75 75.4 425.2 572.71 504.4 1,054.2 765.3 1072 2,015.2 1,8332 7080 7678 2.7235276010 225 589.0 38.7 (0.61 (5.1) (239,7) (192.41 3.639.2 3.495.0 3.990.7 3.839.0 $6.713. 9 56.4400 Page 1

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

As per HOMEWORKLIB POLICY I can only solve first two questions. Thanks!

Answer 1
Kouris Company
Statement of Income	2018
Revenues	10,697.00
Cost of Sales	6,313.60
Gross Profit	4,383.40
Operating Expenses	3,137.60
Operating Income	1,245.80
Interest Expense	42.90
Other revenue and expense	79.90
Income before tax	1,123.00
Income taxes	382.90
Income before effect of accounting change	740.10
Cumulative effect of accounting change, net of tax	266.10
Net Income	474.00
Statement of Financial Position
Assets	2018	2017
Current Assets
Cash	634.00	575.50
Accounts Receivable	2,101.10	1,804.10
Inventory	1,514.90	1,373.80
Other Current Assets	429.90	401.30
Total Current Assets	4,679.90	4,154.70
Property Plant & Equipment (Net)	1,620.80	1,614.50
Other long term assets	413.20	670.80
Total Assets	6,713.90	6,440.00
Liabilities & Stockholders' Equity	2018	2017
Liabilities
Current Liabilities
Current portion of Long term debt	205.70	55.30
Notes Payable	75.40	425.20
Accounts Payable	572.70	504.40
Accrued Liabilities	1,054.20	765.30
Income Taxes Payable	107.20	83.00
Total Current Liabilities	2,015.20	1,833.20
Long Term Liabilities	708.00	767.80
Total Liabilities	2,723.20	2,601.00
Stockholders' Equity
Common Stock	2.80	2.80
Contributed capital in excess of par value	589.00	538.70
Unearned stock compensation	(0.60)	(5.10)
Accumulated other comprehensive loss	(239.70)	(192.40)
Retained Earnings	3,639.20	3,495.00
Total Stockholders' Equity	3,990.70	3,839.00
Total Liabilities & Stockholders' Equity	6,713.90	6,440.00
Accounts Receivable	2,101.10	1,804.10
Average Accounts Receivable	1,952.60
Total Inventory	1,514.90	1,373.80
Average Inventory	1,444.35
Total Current Assets	4,679.90	4,154.70
Less:
Inventory	1,514.90	1,373.80
Quick Assets	3,165.00	2,780.90

Ans 1 a	2018
Current Ratio	2.32
Current Assets/Current Liabilities
Ans 1 b
Quick Ratio	1.57
Quick Assets/Current Liabilities
Ans 1 c
Accounts Receivables Turnover	5.48
Sales Revenue/Average Accounts Receivable
Ans 1 d
Inventory Turnover
Cost of sales /Average Inventory	4.37
Ans 1 e
Days sales in inventory	83.50
365/ Inventory Turnover
Ans 1 f
Days sales uncollected	66.63
365/ Accounts Receivables Turnover
Ans 1 g
Profit margin ratio
Net Income/Net Sales	4.43%
Ans 1 h
Return on Total Assets	11.02%
Net Income/ Total Assets
Ans 1 i
Return on Common Stockholder's Equity	11.88%
Net Income/Total Common Stock Holders Equity
Ans 1 j
Debt to Equity Ratio	0.68
Total Liabilities /Total Stockholders' Equity

Answer 2
Cost Item	Type
a.	Product cost. Factory Overhead
b.	Product cost. Factory Overhead
c.	Product cost. Factory Overhead
d.	Period cost. General Expense
e.	Period cost. Selling Expense
f.	Product cost. Factory Overhead
g.	Period cost. Selling Expense
h.	Product cost. Factory Overhead
i.	Product cost. Direct Materials