Homework Answers
| Inventory turnover = Cost of goods sold/average inventory | |||||
| Inventory turnover = 20172/(984)/2 | |||||
| inventory turnover = 20172/492 = 41 | |||||
| days sales in inventory = 365/inventory turnover | |||||
| days sales in inventory = 365/41 = 8.90 days |
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Serial Problem Business Solutions LO P2, A3 Part A Santana Rey of Business Solutions is evaluating...
Serial Problem Business Solutions LO P2, A3 Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each. Units Inventory Items Office productivity Desktop publishing Accounting NON Per Unit Cost Market $ 82 $ 84 108 111 104 101 7 Required: Compute the lower of cost...
Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must...
Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each Per Unit Inventory Items Office productivity Desktop publishing Accounting Units Cost S 76 Market $ 74 103 100 3 90 96 Required: 1. & 2. Compute the lower of cost or market for ending inventory...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
- 17: Homowo Solected year-end financial statements of Cabot Corporation follow (All sales were on credit...
- 17: Homowo Solected year-end financial statements of Cabot Corporation follow (All sales were on credit selected balance sheet amounts at December 31 2016, were inventory. $54.900, total assets $189,400, common stock. 584,000, and retained earnings. $36,546) $ 55. 158. 9. Cost of goods sold Gross profit Operating expenses Interest expense Income before taves Income taxes CABOT CORPORATION 12.00 9. Liabilities and County Accounts payable Acord es payable 20,000 income takes payable I n ternate payable, secured by sortgage on...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ At...
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 $ 31, 489 89,600 114,000 10, 141 293, 875 $539, 105 36, 808 62,200 84,500 9,662 271, 576 $ 464, 746 $ 38,...
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. 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 $ 28,821 89,600 110,500 9,281 260, 262 $ 498,464 $ 33,689 $ 35,451...
i have the other ones correct but i keep doing the math still comes up wrong...
i have the other ones correct but i keep doing the math still
comes up wrong
Selected ledger account balances for Business Solutions follow For Three Months For Three Months Ended March 31, 2020 $ 8,400 Ended December 31, 2019 Office equipment Accumalated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipeent Total revenue Total assets 8,400 420 10,000 625 31,334 82,660 840 10,000 1,250 45,4004 120,368 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment...
#5 The following selected accounts were taken from the financial records of Los Olivos Distribut...
#5
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 34,220 47, 300 9, 100 35, 300 2,310 1, 370 43, 100 23, 100 31,000 16, 690 310 528,000 2,800 350, 250...
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...
Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in...
Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in inventory has increased to $118,000. Cost of goods sold for the year is $1,300,000. Compute Endor's inventory turnover and days' sales in inventory. Assume that there are 365 days in the year. Choose Numerator: Inventory Turnover Choose Denominator: = Inventory Turnover = Inventory Turnover times Days' Sales in Inventory Choose Denominator: x Days = Days' Sales in Inventory x 365 = Days' sales in...
Serial Problem Business Solutions LO P2, A3 Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each. Units Inventory Items Office productivity Desktop publishing Accounting NON Per Unit Cost Market $ 82 $ 84 108 111 104 101 7 Required: Compute the lower of cost...
Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each Per Unit Inventory Items Office productivity Desktop publishing Accounting Units Cost S 76 Market $ 74 103 100 3 90 96 Required: 1. & 2. Compute the lower of cost or market for ending inventory...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
- 17: Homowo Solected year-end financial statements of Cabot Corporation follow (All sales were on credit selected balance sheet amounts at December 31 2016, were inventory. $54.900, total assets $189,400, common stock. 584,000, and retained earnings. $36,546) $ 55. 158. 9. Cost of goods sold Gross profit Operating expenses Interest expense Income before taves Income taxes CABOT CORPORATION 12.00 9. Liabilities and County Accounts payable Acord es payable 20,000 income takes payable I n ternate payable, secured by sortgage on...
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 $ 31, 489 89,600 114,000 10, 141 293, 875 $539, 105 36, 808 62,200 84,500 9,662 271, 576 $ 464, 746 $ 38,...
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 $ 28,821 89,600 110,500 9,281 260, 262 $ 498,464 $ 33,689 $ 35,451...
i have the other ones correct but i keep doing the math still
comes up wrong
Selected ledger account balances for Business Solutions follow For Three Months For Three Months Ended March 31, 2020 $ 8,400 Ended December 31, 2019 Office equipment Accumalated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipeent Total revenue Total assets 8,400 420 10,000 625 31,334 82,660 840 10,000 1,250 45,4004 120,368 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment...
#5
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 34,220 47, 300 9, 100 35, 300 2,310 1, 370 43, 100 23, 100 31,000 16, 690 310 528,000 2,800 350, 250...
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...
Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in inventory has increased to $118,000. Cost of goods sold for the year is $1,300,000. Compute Endor's inventory turnover and days' sales in inventory. Assume that there are 365 days in the year. Choose Numerator: Inventory Turnover Choose Denominator: = Inventory Turnover = Inventory Turnover times Days' Sales in Inventory Choose Denominator: x Days = Days' Sales in Inventory x 365 = Days' sales in...
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