Homework Answers
Add Answer to:
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of...
Kingbird, Inc. had net credit sales of $3834000 and cost of goods sold of $3774000 for...
Kingbird, Inc. had net credit sales of $3834000 and cost of goods sold of $3774000 for the year. The Accounts Receivable balances at the beginning and end of the year were $664000 and $756000, respectively. The accounts receivable turnover was 5.1 times. 5.3 times. 5.4 times. 5.8 times.
4. Suppose the Robinson Company had a cost of goods sold of $1,000,000 in 2016 and...
4. Suppose the Robinson Company had a cost of goods sold of
$1,000,000 in 2016 and $1,200,000 in 2017. a. Calculate the
inventory turnover for each year. Comment on your findings. b. What
would have been the amount of inventories in 2017 if the 2016
turnover ratio had been maintained?
Cash and marketable securities Accounts receivable 2017 $50,000 350,000 500,000 $900,000 $250,000 Inventories 2016 $50,000 300,000 350,000 $700,000 $200,000 0 150,000 $350,000 Total current assets Accounts payable Bank loan Accruals...
Mega Screens, Inc., reports net sales of $2,400,000, cost of goods sold of $1,200,000, and income...
Mega Screens, Inc., reports net sales of $2,400,000, cost of goods sold of $1,200,000, and income tax expense of $134,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows: MEGA SCREENS, INC. Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) Cash $ 142,000 $ 179,000 $ 37,000 (D) Accounts receivable 269,000 222,000 47,000 (I) Inventory 117,000 149,000 32,000 (D) Accounts payable 112,000 121,000 9,000 (D) Income tax payable 17,000 14,400...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000 $520,000 Cost of goods sold 409,500 312,000 Inventory at the end of year 64,000 85,000 Accounts receivable at end of year 90,000 50,000 Compute gross profit percentage for 2017. (Round answer to 0 decimal places, e.g. 25%) Gross profit percentage Compute the inventory turnover for 2017. (Round answer to 1 decimal place, e.g. 5.1) times Inventory turnover Compute accounts receivable turnover for 2017. (Round...
During the year, Luke's Hobbies had the following: Net Sales Cash Sale Credit Sales S422,000 111,000...
During the year, Luke's Hobbies had the following: Net Sales Cash Sale Credit Sales S422,000 111,000 Collection on Credit sales Beginning Accounts Receivable Ending Accounts Receivable 300,000 54,000 Allowance for Doubtful Accounts 2,700 Credit 1. Experience suggests that bad debts will amount to 2.7% of credit sale. The company uses the percent-of-sales allowance method to account for uncollectibles. Journalize the Bad Debt Expense. Assume the same facts as in #1 except Luke's Hobbies uses the percent-of-receivable method. Experience suggests that...
Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000...
Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. Simple uses the aging method and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. What amount of Bad Debt Expense would the company record as an end-of-period adjustment? Bad Debt Expense
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
During the year, Luke's Hobbies had the following: Net Sales Cash Sale Credit Sales $422.000 111.000 Collection on...
During the year, Luke's Hobbies had the following: Net Sales Cash Sale Credit Sales $422.000 111.000 Collection on Credit sales Beginning Accounts Receivable Ending Accounts Receivable 300,000 54,000 Allowance for Doubtful Accounts 2,700 Credit 1. Experience suggests that bad debts will amount to 2.7% of credit sale. The company uses the percent-of-sales allowance method to account for uncollectibles. Journalize the Bad Debt Expense. 2. Assume the same facts as in #1 except Luke's Hobbies uses the percent-of-receivable method. Experience suggests...
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...
Skysong, Inc. had net credit sales during the year of s1010600 and cost of coods sold...
Skysong, Inc. had net credit sales during the year of s1010600 and cost of coods sold of $604000. The balance in accounts receivable at the beginning of the year was $114000 and at the end of the year was $152000. What was the accounts receivable turnover? 102
Kingbird, Inc. had net credit sales of $3834000 and cost of goods sold of $3774000 for the year. The Accounts Receivable balances at the beginning and end of the year were $664000 and $756000, respectively. The accounts receivable turnover was 5.1 times. 5.3 times. 5.4 times. 5.8 times.
4. Suppose the Robinson Company had a cost of goods sold of
$1,000,000 in 2016 and $1,200,000 in 2017. a. Calculate the
inventory turnover for each year. Comment on your findings. b. What
would have been the amount of inventories in 2017 if the 2016
turnover ratio had been maintained?
Cash and marketable securities Accounts receivable 2017 $50,000 350,000 500,000 $900,000 $250,000 Inventories 2016 $50,000 300,000 350,000 $700,000 $200,000 0 150,000 $350,000 Total current assets Accounts payable Bank loan Accruals...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000 $520,000 Cost of goods sold 409,500 312,000 Inventory at the end of year 64,000 85,000 Accounts receivable at end of year 90,000 50,000 Compute gross profit percentage for 2017. (Round answer to 0 decimal places, e.g. 25%) Gross profit percentage Compute the inventory turnover for 2017. (Round answer to 1 decimal place, e.g. 5.1) times Inventory turnover Compute accounts receivable turnover for 2017. (Round...
During the year, Luke's Hobbies had the following: Net Sales Cash Sale Credit Sales S422,000 111,000 Collection on Credit sales Beginning Accounts Receivable Ending Accounts Receivable 300,000 54,000 Allowance for Doubtful Accounts 2,700 Credit 1. Experience suggests that bad debts will amount to 2.7% of credit sale. The company uses the percent-of-sales allowance method to account for uncollectibles. Journalize the Bad Debt Expense. Assume the same facts as in #1 except Luke's Hobbies uses the percent-of-receivable method. Experience suggests that...
Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. Simple uses the aging method and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. What amount of Bad Debt Expense would the company record as an end-of-period adjustment? Bad Debt Expense
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
During the year, Luke's Hobbies had the following: Net Sales Cash Sale Credit Sales $422.000 111.000 Collection on Credit sales Beginning Accounts Receivable Ending Accounts Receivable 300,000 54,000 Allowance for Doubtful Accounts 2,700 Credit 1. Experience suggests that bad debts will amount to 2.7% of credit sale. The company uses the percent-of-sales allowance method to account for uncollectibles. Journalize the Bad Debt Expense. 2. Assume the same facts as in #1 except Luke's Hobbies uses the percent-of-receivable method. Experience suggests...
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...
Skysong, Inc. had net credit sales during the year of s1010600 and cost of coods sold of $604000. The balance in accounts receivable at the beginning of the year was $114000 and at the end of the year was $152000. What was the accounts receivable turnover? 102
Most questions answered within 3 hours.
-
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 3 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 7 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 6 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 12 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 11 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 35 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 37 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 39 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 35 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 38 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 48 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 54 minutes ago