Homework Answers
1. Inventory Turnover = Cost of Goods Sold/Average inventory
= 170,000/[(20,000+10,000)/2
= 11.33
2. Gross profit = Gross Profit/Net sales
= 330,000/500,000
= 66%
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Below is a condensed income statement for 20x5 as well as select balance sheet information for...
Below is a condensed income statement for 20X5 as well as select balance sheet information for...
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E 13-18 Prior Company's condensed financial statements provide the following information PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property. Plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec. 31 2016 $ 60,000 80,000 40.000 360,000 7,000 $ 547,000 853,000 $ 1,400,000...
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The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable (11%) (long-term) Common stock Retained earnings Total liabilities and equity $ 19,000 35,000 48,400 70,600 250,000 12,400 $435,400 $108,400 100,000 70,000 157,000 $435,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales...
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Exercise 13-18 a Martinez Company's condensed financial statements provide the following information. MARTINEZ COMPANY BALANCE SHEET Dec. 31, 2020 Dec. 31, 2019 Cash $60,600 $52,400 Accounts receivable (net) 197,600 79,200 Short-term investments 40,000 79,200 361,900 Inventory 437,500 Prepaid expenses 3,000 7,000 Total current assets $769,700 $548,700 858,900 Property, plant, and equipment (net) 854,600 Total assets $1,624,300 $1,407,600 Current liabilities 233,500 167,200 Bonds payable 404,000 404,000 Common stockholders' equity 986,800 836,400 $1,407,600 Total liabilities and stockholders' equity $1,624,300 INCOME STATEMENT FOR...
E 13-18 Prior Company's condensed financial statements provide the following information PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property. Plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec. 31 2016 $ 60,000 80,000 40.000 360,000 7,000 $ 547,000 853,000 $ 1,400,000...
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