Richard & James is a multination corporation that manufactures and markets many household products. Last year, sales for the company were $77,000( all amounts in million). The annual report did not disclose the amount of credit sales, so we will assume that 80% of sales were on credit. The average gross profit sales was 50 percent. Additional account balance were.
Ending Beginning
Account receivable (net) $6,700 $5,900
Inventory 6,822 6.305
Round intermediate calculations to the nearest whole dollar Round your answer to 2 decimal places).
Turnover
a. Account receivable
b. Inventory
Richard & James is a multination corporation that manufactures and markets many household products. Last year,...
Question 28 - Part 2 Never Answered Richard & James is a multination corporation that manufactures and markets many household products. Last year, sales for the company were $77,000(all amounts in million). The annual report did not disclose the amount of credit sales, so we will assume that 80% of sales were on credit. The average gross profit sales was 50 percent. Additional account balance were. Ending Beginning Account receivable (net) $6,700 $5,900 Inventory 6,822 6.305 How many...
Procter & Gamble is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $83,062 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 49 percent. Additional account balances were: Ending $6,386 Beginning $6,508 6,909 Accounts receivable (net) Inventory 6,759 Required: 1. Compute Procter & Gamble's receivable turnover...
Paul & Griffon is a multinational corporation that manufactures and markets many products that you use every day. In 2013, sales for the company were $85,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 49.6 percent. Account balances for that year follow: Accounts receivable (net) Inventory Beginning Ending $6,300 $6,700 7,080 7,100 Required: 1. Compute the following...
Procter & Gamble is a multinational corporation that manufactures and markets many products that you use every day. In 2013, sales for the company were $91,500 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 50.9 percent. Account balances for that year follow: Accounts receivable (net) Inventory Beginning Ending S5,600 6,000 6,380 6,400 Required 1. Compute the following...
Procter & Gamble Is a multnational corporation that manufactures and markets many products that you use every day. In 2013, sales for the company were $91.500 (all amounts In milions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross proflt percentage was 50.9 percent Account balances for that year tollow: Beginning Ending $ 5.300 6,000 6380 ,400 Accounts receivable (net) Required: 1. Compute the following...
Inverness Steel Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products. The company's income statement for the 2018 fiscal year reported the following information ($ in millions): Sales $ 6,400 Cost of goods sold 5,400 The company's balance sheets for 2018 and 2017 included the following information ($ in millions): 2018 2017 Current assets: Accounts receivable, net $ 708 $ 608 Inventories 905 826 The statement of cash flows reported bad debt expense for 2018...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Cash Accounts receivable Inventory Prepaid expenses Plant & equipment (net) Other assets Total 113,000 150,000 290,000 60,000 570,000 90,000 $ 1,273,000 Liabilities & Stockholders' Equity Notes payable (due in 6 months) $ 48,000 Accounts payable 112,000 Long-term liabilities 376,000 Capital stock, $5 par 300,000 Retained earnings 437,000 Total $ 1,273,000 During the year, the company earned a gross profit of $1,116,000 on...
Chi A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Cash Accounts receivable Inventory Prepaid expenses Plant & equipment (net) Other assets Total Liabilities & Stockholders' Equity $ 102,000N otes payable (due in 6 months) $ 49,000 140,000 Accounts payable 102,000 270,000 Long-term liabilities 363,000 60,000 Capital stock, $5 par 300,000 570,000 Retained earnings 418,000 90,000 $1,232,000 Total $ 1,232,000 During the year, the company earned a gross profit of $1,116,000...
End of Year Beginning of Year Cash and cash equivalents $ 770 $ 79 Accounts receivable (net) 1,930 1,830 Inventory 850 840 Other current assets 750 501 Total current assets $4,300 $3,250 Total current liabilities $1,990 $1,630 For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million Compute the current ratio, accounts receivable turnover, average collection period, Inventory turnover and days in Inventory at...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. Assets Liabilities & Stockholders' Equity Cash $ 107,000 Notes payable (due in 6 months) $ 44,000 Accounts receivable 120,000 Accounts payable 118,000 Inventory 270,000 Long-term liabilities 328,000 Prepaid expenses 60,000 Capital stock, $5 par 300,000 Plant & equipment (net) 570,000 Retained earnings 427,000 Other assets 90,000 Total $ 1,217,000 Total $ 1,217,000 During the year, the company earned a gross profit of $1,116,000...