A company reported the following amounts and balances: Beginning capital balance $45,000, Net Sales $420,000, Cost...
A company reported the following amounts and balances: Beginning capital balance $45,000, Net Sales $420,000, Cost of Goods Sold $273,000, Total Expenses $112,000, Net Income $35,000, Ending Cash Balance $22,000, Withdrawals $7,200, Ending Accounts Receivable $27,000. What is the Ending Capital Balance?
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$94,600
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$38,200
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$72,800
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$49,600
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A company reported the following amounts and balances: Beginning
capital balance $45,000, Net Sales $420,000, Cost...
o reported the following for the current year Net sales Cost of goods sold Beginning balance...
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
For last year, Lewisburn Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January...
For last year, Lewisburn Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January 1 22,000 Purchases of direct materials 146,000 Ending inventory of direct materials, December 31 16,000 Direct manufacturing labor 18,000 Indirect manufacturing costs 40,000 Beginning inventory of finished goods, January 1 35,000 Beginning inventory of work in process, January 1 4,000 Ending inventory of finished goods, December 31 36,000 Operating costs 140,000 Ending Inventory of work in process, December 31 110,000 What was Lewisbum's cost...
Answer both questions please. QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning...
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 13,700 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 13,700 Accounts Payable 2,000 Accounts Receivable 3,200 Debt 3,600 Inventory 5,100 Other Liabilities 900 Property Plant & Equipment 15,400 Total Liabilities 6,500 Other Assets 800 Paid-In Capital 7,200 Retained Earnings 24,500 Total Equity 31,700 Total Assets 38,200 Total Liabilities & Equity 38,200 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Receive payment of $12,000 owed by a customer...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,800 15,300 7,800...
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. T...
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 13,700 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 13,700 Accounts Payable 2,000 Accounts Receivable 3,200 Debt 3,600 Inventory 5,100 Other Liabilities 900 Property Plant & Equipment 15,400 Total Liabilities 6,500 Other Assets 800 Paid-In Capital 7,200 Retained Earnings 24,500 Total Equity 31,700 Total Assets 38,200 Total Liabilities & Equity 38,200 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Receive payment of $12,000 owed by a customer...
Sandpiper Company reported the following year-end amounts: Beginning Inventory $22,950 Net Cost of Purchases 101,200 Ending...
Sandpiper Company reported the following year-end amounts: Beginning Inventory $22,950 Net Cost of Purchases 101,200 Ending Inventory ? Cost of Goods Sold 93,150 What is Sandpiper Company's Ending Inventory for the year? Select one: A. $22,950 B. $14,850 C. $31,050 D. $ 8,100 2) Using a perpetual inventory system, the buyer’s journal entry to record the purchase of merchandise on credit includes a: Select one: A. Debit to Purchases B. Debit to Inventory C. Debit to Freight In D. Debit...
5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000....
5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Wellstone will report cash collected from customers in its 2022 statement of cash flows (direct method) in the amount of ______. A. $215,000 B. $285,000 C. $135,000 D. $205,000 6 . Pickering Company's prepaid insurance was $8,000 as of December 31, 2021, and $10,000 as of December 31, 2022. Pickering...
Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on...
Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on December 31, 2016 Accounts Receivable $25,000 Net property, plant and $600,000 equipment Cash and cash equivalent $300,000 Accounts payable $35,000 Bonds Payable (3 years) $700,000 Prepaid Insurance $30,000 Unearned gift card revenue $5,000 Accrued expenses payable $10,000 Merchandise Inventory $150,000 Contributed capital $250,000 Retained earnings ????? Identify the items listed above that are assets. What is the amount of Nature’s total assets at the...
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
For last year, Lewisburn Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January 1 22,000 Purchases of direct materials 146,000 Ending inventory of direct materials, December 31 16,000 Direct manufacturing labor 18,000 Indirect manufacturing costs 40,000 Beginning inventory of finished goods, January 1 35,000 Beginning inventory of work in process, January 1 4,000 Ending inventory of finished goods, December 31 36,000 Operating costs 140,000 Ending Inventory of work in process, December 31 110,000 What was Lewisbum's cost...
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,800 15,300 7,800...
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
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