Homework Answers
44. B. 53.33 times
Inventory turnover Ratio = Cogs/Average Inventory(opening+closing/2)
6000000/112500 =53.33 times
45. D. 6.84 days
Length of production cycle = Average Inventory*365/COGS = 112500*365/6000000 = 6.84 days
46. B. 29.41 times
Accounts receivable turnover = Net credit sales/Average Account receivables
=7500000/(240000+270000/2)
=29.41 times
47. D. 12.41 days
Collection cycle = 365/Accounts receivable turnover ratio = 365/29.41 = 12.41 days
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Allied Industries, Inc. Selected Income Statement Items, 2017 Cash Sales $1,500,000 Credit Sales S7.500.000 Total Sales...
Allied Industries, Inc. Selected Income Statement Items, 2017 Cash Sales$1,500,000 Credit Sales$7,500,000 Total Sales$9,000,000 COGS$6,000,000 Allied...
Allied Industries, Inc. Selected Income Statement Items, 2017 Cash Sales$1,500,000 Credit Sales$7,500,000 Total Sales$9,000,000 COGS$6,000,000 Allied Industries, Inc. Selected Balance Sheet Accounts 12/31/201712/31/2016Change Accounts Receivable$270,000$240,000$30,000 Inventory$125,000$100,000$25,000 Accounts Payable$110,000$90,000$20,000 45) Using the information provided, what is the length of the production cycle for the firm? A) 6.08 days B) 7.60 days C) 53.33 days D) 6.84 days 46) Using the information provided, what is the accounts receivable turnover for the firm? A) 23.53 times B) 29.41 times C) 53.33 times D)...
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[The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement...
[The following information applies to the questions
displayed below.]
Income statement and balance sheet data for Great Adventures,
Inc., are provided below.
GREAT ADVENTURES, INC.
Income Statement
For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing,
TEAM)
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Sales revenue (MU watches)
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Total
revenues
$645,000
Expenses:
Cost of goods sold (MU
watches)
66,000
Operating expenses
303,876
Depreciation expense
46,000
Interest expense
29,324
Income tax expense
54,600
Total
expenses
499,800
Net income
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GREAT ADVENTURES, INC.
Balance...
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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net...
Financial statements for Askew Industries for 2021 are shown
below (in thousands):
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Net sales
$
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Cost of goods sold
(6,425
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Gross profit
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Interest expense
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2020
Assets
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450
Inventory
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$
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Liabilities and Shareholders’ Equity...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net...
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total rev can replace that 2009 $34137 660 34797 CostPlus Company Income Statements 2008 Net Sales...
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[The following information applies to the questions
displayed below.]
Income statement and balance sheet data for Great Adventures,
Inc., are provided below.
GREAT ADVENTURES, INC.
Income Statement
For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing,
TEAM)
$535,000
Sales revenue (MU watches)
110,000
Total
revenues
$645,000
Expenses:
Cost of goods sold (MU
watches)
66,000
Operating expenses
303,876
Depreciation expense
46,000
Interest expense
29,324
Income tax expense
54,600
Total
expenses
499,800
Net income
$145,200
GREAT ADVENTURES, INC.
Balance...
Check 1 The 2017 financial statements for Growth Industries are presented below INCOME STATEMENT, 2017 Sales 250,000 175,000 7.33 Costs points 75,000 15,000 $60,000 21,000 39,000 $ ЕBIT Interest expense Taxable income Taxes (at 35) Net income Dividends еВook 23,400 15,600 Addition to retained earnings Print BALANCE SHEET, YEAR-END, 2017 Liabilities Assets Current assets Current liabilities $ 15,000 $ 15,000 Cash 8,000 13,000 29,000 $ 50,000 190,000 Accounts payable Accounts receivable Inventories Total current liabilities Long-term debt Stockholders' equity Common...
11. You have the following balance sheet and income statement information for Epic Corp.: Balance sheet $ Accounts receivable (A/R) 1,800 Inventory 3,600 Accounts payable (A/P) 760 Income statement $ Sales 7,200 Cost of goods sold (COGS) 5,760 All sales and purchases were on credit. a. How long is the days inventory outstanding (in days)? b. How long is the collection period (in days)? c. How long is the payables period (in days)? d. How long is the cash conversion...
Financial statements for Askew Industries for 2021 are shown below in thousands 2021 Income Statement Net sales $ 8,700 Cost of goods sold (6,075) Gross profit 2,625 Operating expenses (1,875) Interest expense (110) Income tax expense (256) Net income 384 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 510 510 710 1,100 $2,830 $ 410 310 510 1,200 $2,430 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained...
Financial statements for Askew Industries for 2021 are shown
below (in thousands):
2021 Income Statement
Net sales
$
9,500
Cost of goods sold
(6,425
)
Gross profit
3,075
Operating expenses
(2,225
)
Interest expense
(250
)
Income tax expense
(240
)
Net income
$
360
Comparative Balance Sheets
Dec. 31
2021
2020
Assets
Cash
$
650
$
550
Accounts receivable
650
450
Inventory
850
650
Property, plant, and equipment (net)
2,500
2,600
$
4,650
$
4,250
Liabilities and Shareholders’ Equity...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,200 Cost of goods sold (6,350) Gross profit 2,850 Operating expenses (2,150) Interest expense (220) Income tax expense (192) Net income $ 288 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 620 620 820 2,200 $4,260 $ 520 420 620 2,300 $3,860 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock...
total rev can replace that
2009 $34137 660 34797 CostPlus Company Income Statements 2008 Net Sales $31621 Membership Fees 543 Total Revenue 32164 Operating expenses Merchandise Costs 28322 SG&A 2615 Depreciation 190 Interest Expense Total Operating Expenses 31166 Interest Income Taxable income 1052 Taxes 421 Net Income $631 30598 2966 241 39 32 54 33837 43 1003 401 $602 2009 CostPlus Company Balance Sheets 2008 $524 48 175 2490 $602 325 2739 Cash Short-term Investments Accounts Receivable Inventory Other Current...
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