Homework Answers
Account receivable collection period= (Account receivable*365 days)/credit sales
=$52,200*365/$580,000
=32.85 Days
=32.9 days
Thus, jaymore have to wait on an average 32.9 days to collect its accounts receivable
"Please rate if it helps you or let me know if anything else"
Add Answer to:
You are given the following financial data for Jaymore Service-With-A-Smile: Jaymore Service-With-A-Smile 2019 Income Statement Sales...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 250,000...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 250,000 Costs 175,000 EBIT $ 75,000 Interest expense 15,000 Taxable income $ 60,000 Taxes (at 21%) 12,600 Net income $ 47,400 Dividends $ 28,440 Addition to retained earnings $ 18,960 BALANCE SHEET, YEAR-END, 2019 Assets Liabilities Current assets Current liabilities Cash $ 8,000 Accounts payable $ 15,000 Accounts receivable 13,000 Total current liabilities $ 15,000 Inventories 29,000 Long-term debt 150,000 Total current assets $...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 360,000...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 360,000 Costs 230,000 EBIT $ 130,000 Interest expense 26,000 Taxable income $ 104,000 Taxes (at 21%) 21,840 Net income $ 82,160 Dividends $ 41,080 Addition to retained earnings $ 41,080 BALANCE SHEET, YEAR-END, 2019 Assets Liabilities Current assets Current liabilities Cash $ 5,000 Accounts payable $ 12,000 Accounts receivable 10,000 Total current liabilities $ 12,000 Inventories 35,000 Long-term debt 260,000 Total current assets $...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 310,000...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 310,000 Costs 205,000 EBIT $ 105,000 Interest expense 21,000 Taxable income $ 84,000 Taxes (at 21%) 17,640 Net income $ 66,360 Dividends $ 26,544 Addition to retained earnings $ 39,816 BALANCE SHEET, YEAR-END, 2019 Assets Liabilities Current assets Current liabilities Cash $ 7,000 Accounts payable $ 14,000 Accounts receivable 12,000 Total current liabilities $ 14,000 Inventories 31,000 Long-term debt 210,000 Total current assets $ 50,000...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Costs EBIT...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $17,380 Addition to retained earnings $17,380 $210,000 155,000 $ 55,000 11,000 $ 44,000 9,240 $ 34,760 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment $ 11,000 $ 11,000 110,000 BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 4,000 Accounts payable 9,000 Total current liabilities 27,000 Long-term debt $...
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term...
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $50,500 26,000 52,000 131,000 532,000 132,500 16,000 57,000 $42,000 14,500 48,000 51,000 548,000 127,000 16,000 57,000 Compute the acid-test ratio for 2018. (Round your answer to two decimal places) A) 0.87 B) 0.73 C) 0.82 D) 0.63
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Bal...
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 $58,000 $101,500 Cash 40,600 Accounts receivable 58,000 81,200 Inventory 58,000 Property, plant, and equipment 174,000 226,200 (92,800) (69,600) Accumulated depreciation $321,900 $313,200 Total Liabilities and Stockholders' Equity $ 43,500 $55,100 Accounts payable Income taxes payable 20,300 23,200 Bonds payable 49,300 95,700 52,200 Common stock 40,600 Retained earnings 110,200 145,000 $321,900 $313,200 Total Waterway Industries Income Statement For the Year...
HEIR JORDAN CORPORATION Income Statement Sales $48,800 34,800 Costs $14,000 3,080 Taxable income Taxes (22%) $10,...
HEIR JORDAN CORPORATION Income Statement Sales $48,800 34,800 Costs $14,000 3,080 Taxable income Taxes (22%) $10,920 Net income $4,200 Dividends Addition to retained earnings 6,720 The balance sheet for the Heir Jordan Corporation follows. Based on this Information and the Income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not (Leave no cells blank be certain to enter "O" whenever the item is not a constant...
Consider the following income statement for the Heir Jordan Corporation HEIR JORDAN CORPORATION Income Statement Sales...
Consider the following income statement for the Heir Jordan Corporation HEIR JORDAN CORPORATION Income Statement Sales Costs $43,800 34,800 Taxable income Taxes (21%) $9,000 1,890 Net income $ 7110 Dividends Addition to retained $4,300 2,810 earnings The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank be...
Need the answer of question 3 Partial Income Statement At the End of 2019 Sales revenue...
Need the answer of question
3
Partial Income Statement At the End of 2019 Sales revenue Cost of goods sold Fixed costs Selling, general, and administrative expenses Interest expense Depreciation $350,200 $142,000 $43,000 $27,800 $0 $45,800 Tax rate 40% ASSETS Cash Accounts receivable Inventories Gross Fixed assets Accumulated depreciation (-) Intangible assets Partial Balance Sheet 2018 LIABILITIES $16,100 Notes payable $27,800 Accounts payable $47,900 Long-term debt $367,800 OWNERS' EQUITY $143,000 Accumulated retained earnings $81,900 Common stock $14,200 $18,800 $189,900 $131,900...
Income Statement Year 2019 2020 Net Revenue 140,000 - Cost of Goods Sold 70,000 - Depreciation...
Income Statement Year 2019 2020 Net Revenue 140,000 - Cost of Goods Sold 70,000 - Depreciation Expense 9,000 EBIT 61,000 - Interest Expense 10,500 Income Before Taxes 50,500 Tax Expense 10,605 Net Income 2019 Dividend 39,895 9,974 Balance Sheet Year (end of) 2019 2020 2019 2020 Assets Liabilities Current Assets Current Liabilities Cash and Equivalents 10,000 Accounts Payable 21,000 Accounts Receivable 25,000 Long-term Debt 95,000 Inventory 12,000 Total Liabilities 116,000 Fixed Assets, Net 165,000 Stockholders' Equity Total Assets 212,000 Common...
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $17,380 Addition to retained earnings $17,380 $210,000 155,000 $ 55,000 11,000 $ 44,000 9,240 $ 34,760 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment $ 11,000 $ 11,000 110,000 BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 4,000 Accounts payable 9,000 Total current liabilities 27,000 Long-term debt $...
8) The financial statements for Silver Service Company include the following items: 2019 2018 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $50,500 26,000 52,000 131,000 532,000 132,500 16,000 57,000 $42,000 14,500 48,000 51,000 548,000 127,000 16,000 57,000 Compute the acid-test ratio for 2018. (Round your answer to two decimal places) A) 0.87 B) 0.73 C) 0.82 D) 0.63
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 $58,000 $101,500 Cash 40,600 Accounts receivable 58,000 81,200 Inventory 58,000 Property, plant, and equipment 174,000 226,200 (92,800) (69,600) Accumulated depreciation $321,900 $313,200 Total Liabilities and Stockholders' Equity $ 43,500 $55,100 Accounts payable Income taxes payable 20,300 23,200 Bonds payable 49,300 95,700 52,200 Common stock 40,600 Retained earnings 110,200 145,000 $321,900 $313,200 Total Waterway Industries Income Statement For the Year...
HEIR JORDAN CORPORATION Income Statement Sales $48,800 34,800 Costs $14,000 3,080 Taxable income Taxes (22%) $10,920 Net income $4,200 Dividends Addition to retained earnings 6,720 The balance sheet for the Heir Jordan Corporation follows. Based on this Information and the Income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not (Leave no cells blank be certain to enter "O" whenever the item is not a constant...
Consider the following income statement for the Heir Jordan Corporation HEIR JORDAN CORPORATION Income Statement Sales Costs $43,800 34,800 Taxable income Taxes (21%) $9,000 1,890 Net income $ 7110 Dividends Addition to retained $4,300 2,810 earnings The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank be...
Need the answer of question
3
Partial Income Statement At the End of 2019 Sales revenue Cost of goods sold Fixed costs Selling, general, and administrative expenses Interest expense Depreciation $350,200 $142,000 $43,000 $27,800 $0 $45,800 Tax rate 40% ASSETS Cash Accounts receivable Inventories Gross Fixed assets Accumulated depreciation (-) Intangible assets Partial Balance Sheet 2018 LIABILITIES $16,100 Notes payable $27,800 Accounts payable $47,900 Long-term debt $367,800 OWNERS' EQUITY $143,000 Accumulated retained earnings $81,900 Common stock $14,200 $18,800 $189,900 $131,900...
Most questions answered within 3 hours.
-
Do not neglect the old for the new. The existing business must
not lose priority simply...
asked 49 minutes ago -
Kylie is a single mom with two dependent children,
Tanner, age 7 and Olivia, age 11....
asked 2 hours ago -
Phosphorous + bromine = phosphorous tribromide. If 35.0 g of
bromine are reacted and 27.9 grams...
asked 3 hours ago -
Derive the long wavelength limit of the Planck energy density
distribution
asked 3 hours ago -
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 7 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 7 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 7 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 7 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 7 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 7 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 7 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 7 hours ago