Homework Answers
Days Sales Uncollected = ( Accounts Receivables / Net Credit Sales ) * 365 Days
Days sales Uncollected = ( 70,922 / 611,000 ) * 365 Days = 42.37 Days
Answer : 42.37 Days
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The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents...
The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents...
The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 10,419 Accounts receivable 80,422 Merchandise inventories 70,362 Prepaid expenses 6,100 Accounts payable $ 16,950 Notes payable 96,638 Other current liabilities 11,500 If net sales for the current year were $601,500, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
3. The following information is taken from the balance sheet of Raineer Pumbling: cash and cash...
3. The following information is taken from the balance sheet of Raineer Pumbling: cash and cash equivalents: $51,000 accounts receivable: $131,000 inventories: ? total current assets: $290,000 property, plant, and equipment (net): ? total assets: $510,000 accounts payable: $43,000 note payable (due in two years): $61,000 common stock: $140,000 retained earnings: ? Determine the missing amounts.
The following information was taken from the December 31, 2020, annual report of West Con Developments....
The following information was taken from the December 31, 2020, annual report of West Con Developments. Net sales Accounts receivable ($ millions) 2020 2019 $ 7,220 $5,366 596 487 Accounts receivable turnover Days' sales uncollected Industry Average 16.5 20.0 Required: 1. Calculate accounts receivable turnover and days' sales uncollected for the year 2020. (Assume 365 days in a year. Round your answers to 2 decimal places.) times Accounts receivable turnover Days' sales uncollected days 3 of 6 BAR Next >...
[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At...
[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash 27,664 $ 89,400 32,336 $ 62,7ee 84, eee 8,488 32,375 52,1ee Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 113,50e 59,eee 8,909 215,746 3,597 284,906 170,428 455,219 $ 392,430 Total assets 317,5ee Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 116,750 $...
2 e following information is available for Birch Company at December 31 Money market fund balance...
2
e following information is available for Birch Company at December 31 Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,880 $15,900 $ 1,700 $23,331 $ 740 $ 290 $ 27 $19,900 Based on this...
[The following information applies to the questions displayed below.] Summary information from the financial statements of...
[The following information applies to the questions
displayed below.]
Summary information from the financial statements of two companies
competing in the same industry follows.
Barco
Company
Kyan
Company
Barco
Company
Kyan
Company
Data from the current year-end balance
sheets
Data from the current year’s income
statement
Assets
Sales
$
770,000
$
880,200
Cash
$
19,500
$
34,000
Cost of goods sold
585,100
632,500
Accounts receivable, net
46,500
64,600
Interest expense
7,900
13,000
Merchandise inventory
84,440
132,500
Income tax expense...
! Required information [The following information applies to the questions displayed below.) Simon Company's year-end balance...
! 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 $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 35,625 $ 37,800...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December...
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 $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 35,625 $ 37,800 62,500 50,200 82,500 54,000 9,375 5,000 255,000 230, 500 $ 445,000 $...
Monipunny wycurer WIGILE JUICCI TUHUVY. Current Yr 1 Yr Ago 2 Yrs Ago At December 31...
Monipunny wycurer WIGILE JUICCI TUHUVY. 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 $ 34,119 89,500 113,000 10,987 319,336 $566,942 $ 39,881 $ 40,321 62,800 50, 100 82,000 51,000 10,469 4,480 293,593 253,399 $ 488,743 $ 399, 300...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 29,254 $ 34,195 $ 35,264 Accounts receivable, net 89,400 62,900 51,400 Merchandise inventory 112,000 83,000 59,000 Prepaid expenses 9,421 8,976 3,918 Plant assets, net 255,755 238,369 206,618 Total assets $ 495,830 $ 427,440 $ 356,200 Liabilities and Equity Accounts payable $ 123,462 $ 72,237 $ 47,018 Long-term notes payable secured by mortgages on plant assets 93,216 98,311 78,720 Common stock,...
The following information was taken from the December 31, 2020, annual report of West Con Developments. Net sales Accounts receivable ($ millions) 2020 2019 $ 7,220 $5,366 596 487 Accounts receivable turnover Days' sales uncollected Industry Average 16.5 20.0 Required: 1. Calculate accounts receivable turnover and days' sales uncollected for the year 2020. (Assume 365 days in a year. Round your answers to 2 decimal places.) times Accounts receivable turnover Days' sales uncollected days 3 of 6 BAR Next >...
[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash 27,664 $ 89,400 32,336 $ 62,7ee 84, eee 8,488 32,375 52,1ee Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 113,50e 59,eee 8,909 215,746 3,597 284,906 170,428 455,219 $ 392,430 Total assets 317,5ee Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 116,750 $...
2
e following information is available for Birch Company at December 31 Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,880 $15,900 $ 1,700 $23,331 $ 740 $ 290 $ 27 $19,900 Based on this...
[The following information applies to the questions
displayed below.]
Summary information from the financial statements of two companies
competing in the same industry follows.
Barco
Company
Kyan
Company
Barco
Company
Kyan
Company
Data from the current year-end balance
sheets
Data from the current year’s income
statement
Assets
Sales
$
770,000
$
880,200
Cash
$
19,500
$
34,000
Cost of goods sold
585,100
632,500
Accounts receivable, net
46,500
64,600
Interest expense
7,900
13,000
Merchandise inventory
84,440
132,500
Income tax expense...
! 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 $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 35,625 $ 37,800...
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 $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 35,625 $ 37,800 62,500 50,200 82,500 54,000 9,375 5,000 255,000 230, 500 $ 445,000 $...
Monipunny wycurer WIGILE JUICCI TUHUVY. 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 $ 34,119 89,500 113,000 10,987 319,336 $566,942 $ 39,881 $ 40,321 62,800 50, 100 82,000 51,000 10,469 4,480 293,593 253,399 $ 488,743 $ 399, 300...
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