Homework Answers
Q1.
Answer: 2nd option
Revenues are in the increasing trend, since year 2 and year 3 have higher revenues than year 1.
Year 2 = ($580,000 / $530,000) × 100 = 109.4%
Year 3 = ($630,000 / $530,000) × 100 = 118.9%
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Ash Company reported sales of $530,000 for Year 1, $580,000 for Year 2 and $630,000 for...
Ash Company reported sales of $590.000 for Year 1, $640,000 for Year 2, and $690,000 for...
Ash Company reported sales of $590.000 for Year 1, $640,000 for Year 2, and $690,000 for Year 3. Using Year 1 as the base year, what is the revenue trend percent for Years 2 and 3? Multiple Choice 108.5% for Year 2 and 116.9% for Year 3 92.0% for Year 2 and 85.5% for Year 3 85.5% for Year 2 and 92.8% for Year 3. 92.0% for Year 2 and 92.8% for Year 3 116.9% for Year 2 and 108.5%...
Can someone help me with questions 1-4 please? Thanks 1.Ash Company reported sales of $400,000 for...
Can someone help me with
questions 1-4 please? Thanks
1.Ash Company reported sales of $400,000 for Year 1, $450,000 for Year 2, and $500,000 for Year 3. Using Year 1 as the base year, what is the revenue trend percent for Years 2 and 3? a. 125% for Year 2 and 112.5% for Year 3. b. 80% for Year 2 and 90% for Year 3. c. 88% for Year 2 and 80% for Year 3. d. 112.5% for Year 2...
#2 (6 points) At December 3 of the current year company reported the following Total sales...
#2 (6 points) At December 3 of the current year company reported the following Total sales for the current year: 55.320.000 Accounts receivable balance at Dec 31 end of current year: $450.000 Allowance for Doubtful Account balance at Dec 31 - 600 credit 1. Prepare the necessary adjusting entries to record bad debts expense assuming this company's bad debts are estimated to equal: (a) 2.5% of credit sales. (b) 8% of accounts receivable. 2. Prepare the necessary entry to write...
1) The company had sales revenue $4,000,000 reported on its Income Statement The company had an...
1) The company had sales revenue $4,000,000 reported on its Income Statement The company had an accounts receivable balance of $200,000 and an allowance for uncollectible accounts balance of $1,000 (credit) at the end of the year (before any adjusting entry) The accountant determined that 1% of the SALES REVENUE will ultimately be uncollectible. a) Prepare the journal entry to record Uncollectible Accounts expense for the year. Account Name debit Credit b) Fill in the amounts that would appear on...
A company reported the following amounts of net income: Year 1 $126,960 Year 2 $153,200 Year...
A company reported the following amounts of net income: Year 1 $126,960 Year 2 $153,200 Year 3 $193,488 Which of the following is the percentage change from Year 2 to Year 3? O A. 25.3% O B. 20.67% O c. 26.3% OD. 52.4% Click to select your answer.
Table 19-1 Brandon Company reported the following information for 20x6 and 20x7 20X7 data Net sales...
Table 19-1 Brandon Company reported the following information for 20x6 and 20x7 20X7 data Net sales revenue $950,000 Cost of sales 630,000 Total assets as of December 31 525,000 Current liabilities 25,000 Shareholders' equity on December 31 395,000 Selling and general expenses 230,000 Interest expense 20,000 Profit 70,000 Current assets 60,000 20x6 data Current liabilities$ 20,000 Total assets on December 31 500,000 Shareholders' equity on December 31 275,000 Current assets 55,000 Refer to Table 19-1. The current ratio for 20X7...
Question 11 A company reported the following amounts of net income: 2 pts Year 1 Year...
Question 11 A company reported the following amounts of net income: 2 pts Year 1 Year 2 Year 3 $15,000 $21,000 $31,500 If you performed a horizontal analysis between year 2 and year 3, what is the percentage change? O 50.00% O 110.00% 150.00% 40.00% 2 pts The Nichols Corporation data for the current year: 2 pts AM 000 000 Long-term Commonstad 5,000 Shares Remed cam Net COGS Gross Pro Selling Generales Net Income before taxe Income tax expen Net...
[The following information applies to the questions displayed below.] Westerville Company reported the following results from...
[The following information applies to the questions displayed below.] Westerville Company reported the following results from last year’s operations: Sales $ 1,500,000 Variable expenses 730,000 Contribution margin 770,000 Fixed expenses 470,000 Net operating income $ 300,000 Average operating assets $ 937,500 At the beginning of this year, the company has a $362,500 investment opportunity with the following cost and revenue characteristics: Sales $ 580,000 Contribution margin ratio 70 % of sales Fixed expenses $ 319,000 The company’s minimum required rate...
Franco Co. reported net sales of $10,000 in year 2 and $8,000 in year 1. Franco...
Franco Co. reported net sales of $10,000 in year 2 and $8,000 in year 1. Franco reported total assets of $18,000 in year 2 and $22,000 in year 1. Total asset turnover for year 2 would equal (answer should be a decimal number).
Payne Company's sales and current assets have been reported as follows over the last four years:...
Payne Company's sales and current assets have been reported as follows over the last four years: Year 4 Year 3 Year 2 Year 1 Sales................................. $810,000 $720,000 $630,000 $600,000 Cash................................. $ 36,000 $ 30,000 $ 25,000 $ 20,000 Accounts receivable......... 74,000 60,000 59,200 50,000 Inventory......................... 77,800 72,000 90,000 80,000 Prepaid expenses.............. 46,200 38,000 10,800 30,000 Total current assets.......... $234,000 $200,000 $185,000 $180,000 Suppose that Payne Company employs trend percentages to analyze performance with Year 1 as the base year. Sales...
Ash Company reported sales of $590.000 for Year 1, $640,000 for Year 2, and $690,000 for Year 3. Using Year 1 as the base year, what is the revenue trend percent for Years 2 and 3? Multiple Choice 108.5% for Year 2 and 116.9% for Year 3 92.0% for Year 2 and 85.5% for Year 3 85.5% for Year 2 and 92.8% for Year 3. 92.0% for Year 2 and 92.8% for Year 3 116.9% for Year 2 and 108.5%...
Can someone help me with
questions 1-4 please? Thanks
1.Ash Company reported sales of $400,000 for Year 1, $450,000 for Year 2, and $500,000 for Year 3. Using Year 1 as the base year, what is the revenue trend percent for Years 2 and 3? a. 125% for Year 2 and 112.5% for Year 3. b. 80% for Year 2 and 90% for Year 3. c. 88% for Year 2 and 80% for Year 3. d. 112.5% for Year 2...
#2 (6 points) At December 3 of the current year company reported the following Total sales for the current year: 55.320.000 Accounts receivable balance at Dec 31 end of current year: $450.000 Allowance for Doubtful Account balance at Dec 31 - 600 credit 1. Prepare the necessary adjusting entries to record bad debts expense assuming this company's bad debts are estimated to equal: (a) 2.5% of credit sales. (b) 8% of accounts receivable. 2. Prepare the necessary entry to write...
1) The company had sales revenue $4,000,000 reported on its Income Statement The company had an accounts receivable balance of $200,000 and an allowance for uncollectible accounts balance of $1,000 (credit) at the end of the year (before any adjusting entry) The accountant determined that 1% of the SALES REVENUE will ultimately be uncollectible. a) Prepare the journal entry to record Uncollectible Accounts expense for the year. Account Name debit Credit b) Fill in the amounts that would appear on...
A company reported the following amounts of net income: Year 1 $126,960 Year 2 $153,200 Year 3 $193,488 Which of the following is the percentage change from Year 2 to Year 3? O A. 25.3% O B. 20.67% O c. 26.3% OD. 52.4% Click to select your answer.
Table 19-1 Brandon Company reported the following information for 20x6 and 20x7 20X7 data Net sales revenue $950,000 Cost of sales 630,000 Total assets as of December 31 525,000 Current liabilities 25,000 Shareholders' equity on December 31 395,000 Selling and general expenses 230,000 Interest expense 20,000 Profit 70,000 Current assets 60,000 20x6 data Current liabilities$ 20,000 Total assets on December 31 500,000 Shareholders' equity on December 31 275,000 Current assets 55,000 Refer to Table 19-1. The current ratio for 20X7...
Question 11 A company reported the following amounts of net income: 2 pts Year 1 Year 2 Year 3 $15,000 $21,000 $31,500 If you performed a horizontal analysis between year 2 and year 3, what is the percentage change? O 50.00% O 110.00% 150.00% 40.00% 2 pts The Nichols Corporation data for the current year: 2 pts AM 000 000 Long-term Commonstad 5,000 Shares Remed cam Net COGS Gross Pro Selling Generales Net Income before taxe Income tax expen Net...
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