Homework Answers
a.
Purchase in inventory increases average inventory. When average inventory increases, inventory turnover ratio decreases.
Decreases.
b.
Gross profit is calculated by deducting Cost of goods sold from Net sales. Gross profit ratio is calculated by dividing Gross profit / Net sales. Inventory has nothing to do with gross profit or gross profit percentage.
No change.
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Please answer parts a and b.
How would purchasing additional inventory inventory at the end of...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
The inventory turnover reflects how many times, on average, that the inventory balance was sold during...
The inventory turnover reflects how many times, on average, that the inventory balance was sold during the year. is increased when accounts receivable increases. is decreased if inventory balances decrease from the beginning of the year to the end of the year. is improved if cost of goods sold decrease and inventory balances increase from one year to the next.
1.) If a client experienced the below during the fiscal year, what effect would the auditor...
1.) If a client experienced the below during the fiscal year, what effect would the auditor expect to see on the inventory turnover ratio? * Items shipped on consignment during the last month of the years were recorded as sales. * Year-end purchases of inventory were understated by incorrectly excluding items received before the year end. a.) Inventory turnover would increase b.) Inventory turnover would not change c.) Inventory turnover would decrease 2.) You note that your client's ROE has...
usinf the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit...
usinf the amounts below, calculate the inventory turnover
ratio, average days in inventory, and gross profit ratio.
nventory turnover ratio, average days in inventory Net sales $250,000 180,000 Cost of goods sold Beginning inventory Ending inventory 55,000 45,000 ing a periodic system (106-8)
More Info X Х a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover...
More Info X Х a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover e. Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage Print Done und intermediary calculations to two decimal places X XX and round your final answer to a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term investments. Round your answer to two decimal places, X.XX.) Current ratio b. Compute the ca: 365 days / Accounts...
From this information how would I setup a balance sheet and income sheet to calculate the...
From this information how would I setup a balance sheet and
income sheet to calculate the following:
-Working Capital
-Current ratio
-Acid test Ratio
-Accounts receivable Turnover
-Average Collection period
-Inventory Turnover
-Debt to equity Ratio
-Gross margin Percentage
-Net profit margin percenage
-Return on Assets
Accounts Payable Accounts Receivable, net Cash Common Stock, $1 par Cost of Goods Sold Income Tax rate Interest Expense Inventory Marketable Securities Note Payable Plant, Property, & Equipment, net Prepaid expenses Retained Earnings Sales...
please help Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory,...
please help
Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory, 1/1 $21,250 Cost of goods sold 495,000 Inventory, 12/31 24,850 Gross profit $155,000 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. X % b. Compute Singleton's inventory turnover ratio. X c. Compute Singleton's average days to sell inventory. x days
please help Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory,...
please help
Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory, 1/1 $21,250 Cost of goods sold 495,000 Inventory, 12/31 24,850 Gross profit $155,000 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. X % b. Compute Singleton's inventory turnover ratio. X c. Compute Singleton's average days to sell inventory. x days
Mateo Inc. is a retailer of men's and women's clothing aimed at college-age customers. Listed below...
Mateo Inc. is a retailer of men's and women's clothing aimed at college-age customers. Listed below are additional transactions that Mateo was considering at the end of the accounting period. Required: Complete the following tabulation, indicating the sign of the effect of each additional transaction (+ for increase, - for decrease, and NE for no effect). Consider each item independently and ignore taxes. (Hint. Construct the journal entry for each transaction before evaluating its effect.) (Select "NE" if there is...
Part I Jason Company uses a perpetual inventory system and reported the following transactions involving inventory...
Part I Jason Company uses a perpetual inventory system and reported the following transactions involving inventory during the month of December 2018: December 1 Beginning inventory 4 Purchases 13 Sales 21 Purchases 26 Sales 30 Purchases 100 units 200 units 150 units 300 units 375 units 400 units @ $8.00 @ $8.25 @ $11.20 @ $8.50 @ $11.20 @ $8.75 Required: (Show all workings and rounded amounts to one decimal place of a dollar) a. Calculate the Cost of Goods...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
usinf the amounts below, calculate the inventory turnover
ratio, average days in inventory, and gross profit ratio.
nventory turnover ratio, average days in inventory Net sales $250,000 180,000 Cost of goods sold Beginning inventory Ending inventory 55,000 45,000 ing a periodic system (106-8)
More Info X Х a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover e. Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage Print Done und intermediary calculations to two decimal places X XX and round your final answer to a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term investments. Round your answer to two decimal places, X.XX.) Current ratio b. Compute the ca: 365 days / Accounts...
From this information how would I setup a balance sheet and
income sheet to calculate the following:
-Working Capital
-Current ratio
-Acid test Ratio
-Accounts receivable Turnover
-Average Collection period
-Inventory Turnover
-Debt to equity Ratio
-Gross margin Percentage
-Net profit margin percenage
-Return on Assets
Accounts Payable Accounts Receivable, net Cash Common Stock, $1 par Cost of Goods Sold Income Tax rate Interest Expense Inventory Marketable Securities Note Payable Plant, Property, & Equipment, net Prepaid expenses Retained Earnings Sales...
please help
Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory, 1/1 $21,250 Cost of goods sold 495,000 Inventory, 12/31 24,850 Gross profit $155,000 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. X % b. Compute Singleton's inventory turnover ratio. X c. Compute Singleton's average days to sell inventory. x days
please help
Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory, 1/1 $21,250 Cost of goods sold 495,000 Inventory, 12/31 24,850 Gross profit $155,000 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. X % b. Compute Singleton's inventory turnover ratio. X c. Compute Singleton's average days to sell inventory. x days
Mateo Inc. is a retailer of men's and women's clothing aimed at college-age customers. Listed below are additional transactions that Mateo was considering at the end of the accounting period. Required: Complete the following tabulation, indicating the sign of the effect of each additional transaction (+ for increase, - for decrease, and NE for no effect). Consider each item independently and ignore taxes. (Hint. Construct the journal entry for each transaction before evaluating its effect.) (Select "NE" if there is...
Part I Jason Company uses a perpetual inventory system and reported the following transactions involving inventory during the month of December 2018: December 1 Beginning inventory 4 Purchases 13 Sales 21 Purchases 26 Sales 30 Purchases 100 units 200 units 150 units 300 units 375 units 400 units @ $8.00 @ $8.25 @ $11.20 @ $8.50 @ $11.20 @ $8.75 Required: (Show all workings and rounded amounts to one decimal place of a dollar) a. Calculate the Cost of Goods...
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