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HOMEWORK #5 Due February 28, 5:00 pm 10 points Submit your answers to both parts of...
Submit your answers to both parts of the assignment in a single Word document PART 1...
Submit your answers to both parts of the assignment in a single Word document PART 1 The following information is available for a company as of January 1, 2019: Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable (net) $300,000 (8,000) 292,000 The following events took place during 2019: 1. During the year, the company sold services for $600,000 cash and $2,800,000 on credit. 2. On December 31, a decision was made to estimate bad debts as 1% of credit sales....
Please solve. PART 1 The following information is available for a company as of January 1,...
Please solve.
PART 1 The following information is available for a company as of January 1, 2019: Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable (net) $300,000 (8,000) 292,000 The following events took place during 2019: 1. During the year, the company sold services for $600,000 cash and $2,800,000 on credit. 2. On December 31, a decision was made to estimate bad debts as 1% of credit sales. 3. Accounts Receivable of $3,000 from prior years was determined to be...
L06-4,6-5 APG-7 Recording Receivables Transactions Reporting Accounts Receivable, and interpreting Ratios (PG-7) Rodamex Inc. reported the...
L06-4,6-5 APG-7 Recording Receivables Transactions Reporting Accounts Receivable, and interpreting Ratios (PG-7) Rodamex Inc. reported the following summer transactions during the year ended December 31, 2018. a. Sold merchandise for $5,000,000, including $500,000 cash and $4,500,000 on account, with terms net 30 b. Sales returns and allowances, 850,000, 10 percent related to cash sales, and 90 percent related to sales on account c. Received 84,200,000 from customers on credit sales. d. Wrote off $17,000 in uncollectible accounts receivable. c. Recovered...
C2 - Selected information for Smith Company are presented below. [SK3, AR2: 10 marks] December 31,...
C2 - Selected information for Smith Company are presented below. [SK3, AR2: 10 marks] December 31, 2019 December 31, 2018 Cash 100,000 50,000 250,000 200,000 250,000 $74,400 45,000 225,000 150,000 225,000 Short-term investments Net receivables Inventories Total current liabilities During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000. Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current. b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e....
C2 - Selected information for Smith Company are presented below. (SK3, AR2: 10 marks] Cash Short-term...
C2 - Selected information for Smith Company are presented below. (SK3, AR2: 10 marks] Cash Short-term investments Net receivables Inventories Total current liabilities December 31, 2019 100,000 50,000 250,000 200,000 250,000 December 31, 2018 $74,400 45,000 225,000 150,000 225.000 During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000 Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current. b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e....
C2-Selected information for Smith Company are presented below. (SK3, AR2: 10 marks) Cash Short-term investments Net...
C2-Selected information for Smith Company are presented below. (SK3, AR2: 10 marks) Cash Short-term investments Net receivables Inventories Total current liabilities December 31, 2019 100,000 50,000 250,000 200,000 250,000 December 31, 2018 $74,400 45,000 225,000 150,000 225,000 During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000. Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e. Inventory turnover.
1 through 6 please and thank you need time as in to answer this or the...
1 through 6 please and thank you
need time as in to answer this or the time in the actual problem?
thanks again
Problem--Accounts Receivable (4 points each. 24 points total) Mega Multilayered Manufacturing ("Mega") was formed in 2017, and its fiscal year end is December 31st For all of the questions below, assume that on average 10.0% of its accounts receivable and 1.0% of its net credit sales are uncollecti ble (bad debts). 2017 and 2018 On December 31,...
Biblio... Saved Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019 Balance Sheet December 31 2819 2018 Cash $ 270,000 145,000 160,866 395,0...
Biblio... Saved Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019 Balance Sheet December 31 2819 2018 Cash $ 270,000 145,000 160,866 395,000 Accounts receivable 235,008 185,006 Inventory Total current assets $ 825,000 565,000 1,748,901,600,e89 $2,565,0e0 $2,165,0e0 Long-lived assets Total assets Current liabilities 275,000 900,000 990,00 320,000 900,000 1,345,009 Long-term debt Shareholders' equity $2,565,000 $2,165,000 Total debt and equity Income Statement For the years ended December 31 2019 2018 $3,600,000 $3,700,000 2,700,000 2,800,000 900,000...
HOMEWORK #3 Due February 7,5:00 pm 10 points Dr. McMuffin has a medical clinic formed as...
HOMEWORK #3 Due February 7,5:00 pm 10 points Dr. McMuffin has a medical clinic formed as a corporation that provides specialty care services to patients. The balances in the accounts as of January 1, 2019 are as follows: Cash 68,000 122,000 71,200 Accounts Receivable Office Supplies Building Land Office Fixtures and Equipment Medical Instruments Accounts Payable 47,000 Notes Payable 44,000 Contributed Capital 6,200 Retained Earnings 87.000 Patient Service Revenue 51,000 Income Tax Expense 28,000 Compensation Expense 40,000 Insurance Expense 42,000...
HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two...
HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Accounts Payable Salaries Payable $190,000 Cash $250,000 Accounts Receivable 65,000 45,000 Notes Payable – long term Inventory 175,000 29,000 Contributed Capital Retained Earnings Short-term Investments 20,000 220,000 Equipment Land 180,000 210,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance...
Submit your answers to both parts of the assignment in a single Word document PART 1 The following information is available for a company as of January 1, 2019: Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable (net) $300,000 (8,000) 292,000 The following events took place during 2019: 1. During the year, the company sold services for $600,000 cash and $2,800,000 on credit. 2. On December 31, a decision was made to estimate bad debts as 1% of credit sales....
Please solve.
PART 1 The following information is available for a company as of January 1, 2019: Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable (net) $300,000 (8,000) 292,000 The following events took place during 2019: 1. During the year, the company sold services for $600,000 cash and $2,800,000 on credit. 2. On December 31, a decision was made to estimate bad debts as 1% of credit sales. 3. Accounts Receivable of $3,000 from prior years was determined to be...
L06-4,6-5 APG-7 Recording Receivables Transactions Reporting Accounts Receivable, and interpreting Ratios (PG-7) Rodamex Inc. reported the following summer transactions during the year ended December 31, 2018. a. Sold merchandise for $5,000,000, including $500,000 cash and $4,500,000 on account, with terms net 30 b. Sales returns and allowances, 850,000, 10 percent related to cash sales, and 90 percent related to sales on account c. Received 84,200,000 from customers on credit sales. d. Wrote off $17,000 in uncollectible accounts receivable. c. Recovered...
C2 - Selected information for Smith Company are presented below. [SK3, AR2: 10 marks] December 31, 2019 December 31, 2018 Cash 100,000 50,000 250,000 200,000 250,000 $74,400 45,000 225,000 150,000 225,000 Short-term investments Net receivables Inventories Total current liabilities During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000. Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current. b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e....
C2 - Selected information for Smith Company are presented below. (SK3, AR2: 10 marks] Cash Short-term investments Net receivables Inventories Total current liabilities December 31, 2019 100,000 50,000 250,000 200,000 250,000 December 31, 2018 $74,400 45,000 225,000 150,000 225.000 During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000 Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current. b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e....
C2-Selected information for Smith Company are presented below. (SK3, AR2: 10 marks) Cash Short-term investments Net receivables Inventories Total current liabilities December 31, 2019 100,000 50,000 250,000 200,000 250,000 December 31, 2018 $74,400 45,000 225,000 150,000 225,000 During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000. Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e. Inventory turnover.
1 through 6 please and thank you
need time as in to answer this or the time in the actual problem?
thanks again
Problem--Accounts Receivable (4 points each. 24 points total) Mega Multilayered Manufacturing ("Mega") was formed in 2017, and its fiscal year end is December 31st For all of the questions below, assume that on average 10.0% of its accounts receivable and 1.0% of its net credit sales are uncollecti ble (bad debts). 2017 and 2018 On December 31,...
Biblio... Saved Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019 Balance Sheet December 31 2819 2018 Cash $ 270,000 145,000 160,866 395,000 Accounts receivable 235,008 185,006 Inventory Total current assets $ 825,000 565,000 1,748,901,600,e89 $2,565,0e0 $2,165,0e0 Long-lived assets Total assets Current liabilities 275,000 900,000 990,00 320,000 900,000 1,345,009 Long-term debt Shareholders' equity $2,565,000 $2,165,000 Total debt and equity Income Statement For the years ended December 31 2019 2018 $3,600,000 $3,700,000 2,700,000 2,800,000 900,000...
HOMEWORK #3 Due February 7,5:00 pm 10 points Dr. McMuffin has a medical clinic formed as a corporation that provides specialty care services to patients. The balances in the accounts as of January 1, 2019 are as follows: Cash 68,000 122,000 71,200 Accounts Receivable Office Supplies Building Land Office Fixtures and Equipment Medical Instruments Accounts Payable 47,000 Notes Payable 44,000 Contributed Capital 6,200 Retained Earnings 87.000 Patient Service Revenue 51,000 Income Tax Expense 28,000 Compensation Expense 40,000 Insurance Expense 42,000...
HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Accounts Payable Salaries Payable $190,000 Cash $250,000 Accounts Receivable 65,000 45,000 Notes Payable – long term Inventory 175,000 29,000 Contributed Capital Retained Earnings Short-term Investments 20,000 220,000 Equipment Land 180,000 210,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance...
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