Homework Answers
Answer
| Choose numerator | Choose Denominator | Inventory Turnover | ||
| Cost of Goods Sold | Average Inventory [($110000 + 118000) / 2] | |||
| $1,300,000 | $114,000 | 11.40350877 | times | |
| Choose numerator | Choose Denominator | x | Days | Days' sales in inventory |
| Average Inventory [($110000 + 118000) / 2] | Cost of Goods Sold | x | 365 | |
| $114,000 | $1,300,000 | x | 365 | 32.007692 |
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Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in...
Save Help Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in inventory ha...
Save Help Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in inventory has increased to $103,000. Cost of goods sold for the year is $600,000. Compute Endor's inventory turnover and days' sales in inventory. Assume that there are 365 days in the year. Inventory Turnover Choose Numerator: Choose Denominator: Inventory Turnover Inventory Turnover times Days' Sales in Inventory Days Days' Sales in Inventory Choose Denominator Choose Numerator: 365 Days'sales in inventory x days...
Barco Куan Сompany Barco Куan Сompany Сompany Сопрany Data from the current year-end balance sheets Assets Data from th...
Barco Куan Сompany Barco Куan Сompany Сompany Сопрany Data from the current year-end balance sheets Assets Data from the current year's income statement Sales $790,000 $901,200 591 100 19,000 35,000 37,400 84,340 5,800 320,000 305,400 Cash Cost of goods sold Interest expense Income tax expense Net income 640,500 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 54,400 134,500 7,600 8,500 15 185 175,215 $.48 16,000 24,879 219,821 Basic earnings per share 5.09 $466,540 $536,900 Total assets Cash dividends...
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for...
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for Palmer Co. Cost of goods sold Ending inventory $ 643,825 97,422 2016 $426,650 87,750 2015 $ 391,300 92,500 Use the above Information to compute Inventory turnover for 2017 and 2016, and its days' sales In Inventory at December 31, 2017 and 2016. % Answer is not complete. (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory...
need help ? Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit;...
need help ?
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $52.900; total assets, $229,400; common stock, $88,000; and retained earnings. $32,712.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 450, 600 Cost of goods sold 297,650 Gross profit 152,950 Operating expenses 99, 100 Interest expense 3,800 Income before taxes 50,050 Income taxes 20. 162 Net Income $ 29,888 $ 16,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,904 $ 32...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
27,904
$
32,617
$
34,676
Accounts receivable, net
89,700
62,600
59,700
Merchandise inventory
113,000
83,000
54,000
Prepaid expenses
8,986
8,562
3,853
Plant assets, net
247,981
233,541
208,871
Total assets
$
487,571
$
420,320
$
361,100
Liabilities and Equity
Accounts payable
$
117,763
$
68,903
$
46,235
Long-term notes payable secured by
mortgages on plant assets
88,913
93,773
77,409
Common stock, $10 par value
162,500
162,500...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $54,900; total assets, $259,400; common stock, $81,000; and retained earnings, $34,712) слвот СОRРORATION Income Statement For Current Year Ended Decenber 31 454,600 297,850 156,750 99,100 4,000 S3.650 21,612 32,038 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income слвот СORPORATION Balance Sheet December...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 32,935 $ 38,498 $ 38,545 Accounts receivable, net 89,200 62,800 51,100 Merchandise inventory 114,000 85,000 51,000 Prepaid expenses 10,606 10,106 4,283 Plant assets, net 295,220 270,804 233,072 Total assets $ 541,961 $ 467,208 $ 378,000 Liabilities and Equity Accounts payable $ 138,997 $ 81,327 $ 51,393 Long-term notes payable...
Cost of goods sold Ending inventory Year 3 $593,825 101,400 Year 2 $376,650 91,750 Year 1...
Cost of goods sold Ending inventory Year 3 $593,825 101,400 Year 2 $376,650 91,750 Year 1 $341,300 96,500 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2 (a) Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator 1 Denominator = Ratio Inventory turnover Days' sales in inventory...
Required information [The following information applies to the questions displayed below.] Simon Company's year-end bal...
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 37,196 89,500 114,000 11,978 359,398 $ 612,072 $ 43,478 $ 43,531 62,100...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance...
Selected current year-end financial statements of Cabot
Corporation follow. (All sales were on credit; selected balance
sheet amounts at December 31 of the prior year were inventory,
$46,900; total assets, $219,400; common stock, $81,000; and
retained earnings, $38,566.)
CABOT CORPORATION
Income Statement
For Current Year Ended December 31
Sales
$
450,600
Cost of goods sold
298,450
Gross profit
152,150
Operating expenses
99,500
Interest expense
4,700
Income before taxes
47,950
Income tax expense
19,316
Net income
$
28,634
CABOT CORPORATION
Balance...
Save Help Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in inventory has increased to $103,000. Cost of goods sold for the year is $600,000. Compute Endor's inventory turnover and days' sales in inventory. Assume that there are 365 days in the year. Inventory Turnover Choose Numerator: Choose Denominator: Inventory Turnover Inventory Turnover times Days' Sales in Inventory Days Days' Sales in Inventory Choose Denominator Choose Numerator: 365 Days'sales in inventory x days...
Barco Куan Сompany Barco Куan Сompany Сompany Сопрany Data from the current year-end balance sheets Assets Data from the current year's income statement Sales $790,000 $901,200 591 100 19,000 35,000 37,400 84,340 5,800 320,000 305,400 Cash Cost of goods sold Interest expense Income tax expense Net income 640,500 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 54,400 134,500 7,600 8,500 15 185 175,215 $.48 16,000 24,879 219,821 Basic earnings per share 5.09 $466,540 $536,900 Total assets Cash dividends...
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for Palmer Co. Cost of goods sold Ending inventory $ 643,825 97,422 2016 $426,650 87,750 2015 $ 391,300 92,500 Use the above Information to compute Inventory turnover for 2017 and 2016, and its days' sales In Inventory at December 31, 2017 and 2016. % Answer is not complete. (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory...
need help ?
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $52.900; total assets, $229,400; common stock, $88,000; and retained earnings. $32,712.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 450, 600 Cost of goods sold 297,650 Gross profit 152,950 Operating expenses 99, 100 Interest expense 3,800 Income before taxes 50,050 Income taxes 20. 162 Net Income $ 29,888 $ 16,500...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
27,904
$
32,617
$
34,676
Accounts receivable, net
89,700
62,600
59,700
Merchandise inventory
113,000
83,000
54,000
Prepaid expenses
8,986
8,562
3,853
Plant assets, net
247,981
233,541
208,871
Total assets
$
487,571
$
420,320
$
361,100
Liabilities and Equity
Accounts payable
$
117,763
$
68,903
$
46,235
Long-term notes payable secured by
mortgages on plant assets
88,913
93,773
77,409
Common stock, $10 par value
162,500
162,500...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $54,900; total assets, $259,400; common stock, $81,000; and retained earnings, $34,712) слвот СОRРORATION Income Statement For Current Year Ended Decenber 31 454,600 297,850 156,750 99,100 4,000 S3.650 21,612 32,038 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income слвот СORPORATION Balance Sheet December...
Cost of goods sold Ending inventory Year 3 $593,825 101,400 Year 2 $376,650 91,750 Year 1 $341,300 96,500 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2 (a) Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator 1 Denominator = Ratio Inventory turnover Days' sales in inventory...
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 37,196 89,500 114,000 11,978 359,398 $ 612,072 $ 43,478 $ 43,531 62,100...
Selected current year-end financial statements of Cabot
Corporation follow. (All sales were on credit; selected balance
sheet amounts at December 31 of the prior year were inventory,
$46,900; total assets, $219,400; common stock, $81,000; and
retained earnings, $38,566.)
CABOT CORPORATION
Income Statement
For Current Year Ended December 31
Sales
$
450,600
Cost of goods sold
298,450
Gross profit
152,150
Operating expenses
99,500
Interest expense
4,700
Income before taxes
47,950
Income tax expense
19,316
Net income
$
28,634
CABOT CORPORATION
Balance...
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