Homework Answers
Inventory turnover ratio:
Days in inventory:
Current ratio based on presented data:
After adjusting LIFO reserve :Current ratio
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Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment Suppose...
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose...
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the following information in its 2017 annual report. (in millions) 2017 2016 Inventories (LIFO) $2,512 3,126 Current assets 33,200 Current liabilities 12,550 LIFO reserve 1,449 Cost of goods sold 15,063 Compute Deere & Company’s inventory turnover for 2017. Inventory turnover: ________ Compute Deere & Company’s days in inventory for 2017. Days in inventory: ________ days Compute Deere & Company’s current ratio using...
Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3...
Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M's accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times e Textbook and Media List of Accounts Compute 3M's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365...
Question 4 View Policies Current Attempt in Progress Nordstrom, Inc. operates department stores in numerous states....
Question 4 View Policies Current Attempt in Progress Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End of Year Beginning of Year Cash and cash equivalents $ 770 $ 65 Accounts receivable (net) 1,810 1.910 810 Inventory 810 Other current assets 730 605 $3.290 Total current assets $4220 Total current liabilities $2,080 $1.650 For the year, net credit sales were $8,258 million cost of goods sold was $5,328...
Suppose the 2022 financial statements of 3M Company report net sales of $22.8 billion. Accounts receivable...
Suppose the 2022 financial statements of 3M Company report net sales of $22.8 billion. Accounts receivable (net) are $2.9 billion at the beginning of the year and $3.10 billion at the end of the year. Compute 3M's accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times e Textbook and Media List of Accounts Compute 3M's average collection period for accounts receivable in days. (Round answer to 1 decimal place, eg. 12.5. Use 365...
Current Attempt in Progress Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets...
Current Attempt in Progress Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Cash Accounts receivable (net) Inventory Plant assets (net) $ 21,630 $43.260 100,940 86,520 86,520 72,100 288.400 259,560 $497.490 $461,440 $ 72,100 $86.520 144,200 144,200 201,880 173,040 Accounts payable Mortgage payable (15%) Common stock, $10 par Retained earnings 79,310 57680 57.00 $461.440 $497,490 Additional information for 2022: 1. Net income was $32,400. 2. Sales on account were $376,500. Sales returns and...
Atten Suppose the following information is available for Callaway Golf Company for the years 2022 and...
Atten Suppose the following information is available for Callaway Golf Company for the years 2022 and 2021. (Dollars are in thousands except share information.) 2022 $1,121,000 76,329 855,338 2021 $1,128,400 61,171 838,078 Net sales Net income (loss) Total assets Share information Shares outstanding at year-end Preferred dividends 8,500,000 0 70,280,000 0 There were 77,120,000 shares outstanding at the end of 2020. (a) What was the company's earnings per share for each year? (Round answers to 2 decimal places, eg. 15.25.)...
Current Attempt in Progress ons The following data are from the income statements of Cullumber Company...
Current Attempt in Progress ons The following data are from the income statements of Cullumber Company inces ations US Support Sales revenue Beginning inventory Purchases Ending inventory 2021 2020 $6,402,000 $6,116,000 970,400 782,500 4,753,000 4,618,000 1,133,000 970,400 Calculate the inventory turnover for each year. (Round answers to 1 decimal places. 1250 2021 2020 Inventory turnover times times e Textbook and Media Calculate the days in inventory for each yearl (Round answers to decimal places, 3. 124. Use 365 days for...
Sheridan Company has these comparative balance sheet data: SHERIDAN COMPANY Balance Sheets December 31 2022 2021...
Sheridan Company has these comparative balance sheet data: SHERIDAN COMPANY Balance Sheets December 31 2022 2021 Cash $ 24,510 $ 49,020 Accounts receivable (net) 114,380 98,040 Inventory 98,040 81,700 Plant assets (net) 326,800 294,120 $563,730 $522,880 $81,700 $98,040 Accounts payable Mortgage payable (15%) 163,400 163,400 Common stock, $10 par Retained earnings 228,760 196,080 89,870 65,360 $563,730 $522,880 Additional information for 2022: Additional information for 2022: 1. Net income was $34,200. 2. Sales on account were $384,100. Sales returns and allowances...
Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets December 31 2022 2021...
Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Cash $21,630 $43,260 Accounts receivable (net) 100,940 86,520 Inventory 86,520 72,100 Plant assets (net) 288,400 259,560 $497,490 $461,440 Accounts payable $72,100 $86,520 Mortgage payable (15%) 144,200 144,200 PDF Common stock, $10 par 201,880 173,040 Retained earnings 79,310 57,680 $497,490 $461,440 Additional information for 2022: Net income was $32,400. 1. Sales on account were $376,500. Sales returns and allowances amounted to $26,700. 2. Cost of...
Presented below is information related to Blowfish radios for the Sunland Company for the month of...
Presented below is information related to Blowfish radios for the Sunland Company for the month of July. Units Sold Selling Price Total Total $ 507 4,160 390 390 $6.70 7.00 $2,613 2,730 2,236 Date Transaction Units In Unit Cost July 1 Balance 130 $3.90 6 Purchase 1,040 4.00 7 Sale 10 Sale 12 Purchase 520 4.30 15 Sale 18 Purchase 390 4.40 22 Sale 25 Purchase 650 4.38 30 Sale Totals 2,730 260 7.10 1,846 1,716 520 7.10 3,692 2,847...
Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M's accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times e Textbook and Media List of Accounts Compute 3M's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365...
Question 4 View Policies Current Attempt in Progress Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End of Year Beginning of Year Cash and cash equivalents $ 770 $ 65 Accounts receivable (net) 1,810 1.910 810 Inventory 810 Other current assets 730 605 $3.290 Total current assets $4220 Total current liabilities $2,080 $1.650 For the year, net credit sales were $8,258 million cost of goods sold was $5,328...
Suppose the 2022 financial statements of 3M Company report net sales of $22.8 billion. Accounts receivable (net) are $2.9 billion at the beginning of the year and $3.10 billion at the end of the year. Compute 3M's accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times e Textbook and Media List of Accounts Compute 3M's average collection period for accounts receivable in days. (Round answer to 1 decimal place, eg. 12.5. Use 365...
Current Attempt in Progress Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Cash Accounts receivable (net) Inventory Plant assets (net) $ 21,630 $43.260 100,940 86,520 86,520 72,100 288.400 259,560 $497.490 $461,440 $ 72,100 $86.520 144,200 144,200 201,880 173,040 Accounts payable Mortgage payable (15%) Common stock, $10 par Retained earnings 79,310 57680 57.00 $461.440 $497,490 Additional information for 2022: 1. Net income was $32,400. 2. Sales on account were $376,500. Sales returns and...
Atten Suppose the following information is available for Callaway Golf Company for the years 2022 and 2021. (Dollars are in thousands except share information.) 2022 $1,121,000 76,329 855,338 2021 $1,128,400 61,171 838,078 Net sales Net income (loss) Total assets Share information Shares outstanding at year-end Preferred dividends 8,500,000 0 70,280,000 0 There were 77,120,000 shares outstanding at the end of 2020. (a) What was the company's earnings per share for each year? (Round answers to 2 decimal places, eg. 15.25.)...
Current Attempt in Progress ons The following data are from the income statements of Cullumber Company inces ations US Support Sales revenue Beginning inventory Purchases Ending inventory 2021 2020 $6,402,000 $6,116,000 970,400 782,500 4,753,000 4,618,000 1,133,000 970,400 Calculate the inventory turnover for each year. (Round answers to 1 decimal places. 1250 2021 2020 Inventory turnover times times e Textbook and Media Calculate the days in inventory for each yearl (Round answers to decimal places, 3. 124. Use 365 days for...
Sheridan Company has these comparative balance sheet data: SHERIDAN COMPANY Balance Sheets December 31 2022 2021 Cash $ 24,510 $ 49,020 Accounts receivable (net) 114,380 98,040 Inventory 98,040 81,700 Plant assets (net) 326,800 294,120 $563,730 $522,880 $81,700 $98,040 Accounts payable Mortgage payable (15%) 163,400 163,400 Common stock, $10 par Retained earnings 228,760 196,080 89,870 65,360 $563,730 $522,880 Additional information for 2022: Additional information for 2022: 1. Net income was $34,200. 2. Sales on account were $384,100. Sales returns and allowances...
Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Cash $21,630 $43,260 Accounts receivable (net) 100,940 86,520 Inventory 86,520 72,100 Plant assets (net) 288,400 259,560 $497,490 $461,440 Accounts payable $72,100 $86,520 Mortgage payable (15%) 144,200 144,200 PDF Common stock, $10 par 201,880 173,040 Retained earnings 79,310 57,680 $497,490 $461,440 Additional information for 2022: Net income was $32,400. 1. Sales on account were $376,500. Sales returns and allowances amounted to $26,700. 2. Cost of...
Presented below is information related to Blowfish radios for the Sunland Company for the month of July. Units Sold Selling Price Total Total $ 507 4,160 390 390 $6.70 7.00 $2,613 2,730 2,236 Date Transaction Units In Unit Cost July 1 Balance 130 $3.90 6 Purchase 1,040 4.00 7 Sale 10 Sale 12 Purchase 520 4.30 15 Sale 18 Purchase 390 4.40 22 Sale 25 Purchase 650 4.38 30 Sale Totals 2,730 260 7.10 1,846 1,716 520 7.10 3,692 2,847...
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