Homework Answers
| Current ratio is calculated as Current assets divided by current liabilities. |
| A company with a higher current ratio has a better liquidity and has a higher chance of meeting it's short term obligations on time. |
| Brown company has a Current ratio of more than 2 which is considered good under normal circumstances. |
|
Based on these data, a supplier would be more eager to extend credit to Brown Company. |
| Option A is correct |
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The following data were taken from the records of Action Company and Brown Company: (Dollar amounts...
The following data were taken from the records of Carrington Company: Current assets Property, plant, and...
The following data were taken from the records of Carrington Company: Current assets Property, plant, and equipment Current liabilities Long-term liabilities Stockholders' equity $10,000 20,000 5,000 10,000 15,000 What is Carrington Company's current ratio?
The following cost data for the month of May were taken from the records of the...
The following cost data for the month of May were taken from the records of the Terrence Manufacturing Company: (CIA adapted) Depreciation on factory equipment $ 1,600 Depreciation on sales office 800 Advertising 7,600 Wages of production workers 27,500 Raw materials used 42,000 Sales salaries and commissions 10,600 Factory rent 2,600 Factory insurance 800 Materials handling 2,100 Administrative salaries 2,600 Based upon this information, the manufacturing cost incurred during the month was:
The following data were taken from the records of Clarkson Company for the fiscal year ended...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $56,700 Factory Insurance $5,100 Raw Materials Inventory 6/30/20 40,400 Factory Machinery Depreciation 17,300 Finished Goods Inventory 7/1/19 96,100 Factory Utilities 30,600 Finished Goods Inventory 6/30/20 20,100 Office Utilities Expense 8,550 Work in Process Inventory 7/1/19 28,600 Sales Revenue 560,600 Work in Process Inventory 6/30/20 24,500 Sales Discounts 4,800 Direct Labor 142,850 Plant Manager’s Salary 61,500 Indirect Labor...
Problem 14-4A The following data were taken from the records of Clarkson Company for the fiscal...
Problem 14-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable $50,400 49,700 97,000 25,500 27,800 22,200 149,050 26,860 29,700 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory...
The following data were taken from the records of Clarkson Company for the fiscal year ended...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $48,900 46,900 97,700 21,600 25,200 23,700 142,050 25,360 35,500 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes...
The following data were taken from the records of Clarkson Company for the fiscal year ended...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $56,700 40,400 96,100 20,100 28,600 24,500 142,850 25,160 34,800 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes...
P19-4B The following data were taken from the records of Goodman Manufacturing Company for the year...
P19-4B The following data were taken from the records of Goodman Manufacturing Company for the year ended December 31. 2012 $7.400 Raw Materials Factory Insurance Inventory 1/1/12 $47.000 Factory Machinery Raw Materials Depreciation Inventory 12/31/12 44.200 Factory Utilities Finished Goods Office Utilities Expense Inventory 1/1/12 85,000 Sales Finished Goods Sales Discounts Inventory 12/31/12 67,800 Plant Manager's Salary Work in Process Factory Property Taxes Inventory 1/1/12 9,500 Factory Repairs Work in Process Raw Materials Purchases Inventory 12/31/128,000 Cash Direct Labor 145.100...
The following data were taken from the records of Crane Company for the fiscal year ended...
The following data were taken from the records of Crane Company
for the fiscal year ended June 30, 2020.
Prepare a cost of goods manufactured schedule. (Assume all raw
materials used were direct materials.)
Problem 14-04A a-c (Video) (Part Level Submission) The following data were taken from the records of Crane Company for the fiscal year ended June 30, 2020 Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory...
The following data were taken from the records of Clarkson Company for the fiscal year ended...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017 Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes...
The following data concerning the retail inventory method are taken from the financial records of Oriole...
The following data concerning the retail inventory method are taken from the financial records of Oriole Company. Cost Retail 198000 $ 270000 Beginning inventory Purchases Freight-in Net markups Net markdowns Sales 891000 1290000 24400 78700 54900 1414000 Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be O $148920 O $114069 O $124520. O $120492
The following data were taken from the records of Carrington Company: Current assets Property, plant, and equipment Current liabilities Long-term liabilities Stockholders' equity $10,000 20,000 5,000 10,000 15,000 What is Carrington Company's current ratio?
Problem 14-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable $50,400 49,700 97,000 25,500 27,800 22,200 149,050 26,860 29,700 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $48,900 46,900 97,700 21,600 25,200 23,700 142,050 25,360 35,500 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $56,700 40,400 96,100 20,100 28,600 24,500 142,850 25,160 34,800 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes...
P19-4B The following data were taken from the records of Goodman Manufacturing Company for the year ended December 31. 2012 $7.400 Raw Materials Factory Insurance Inventory 1/1/12 $47.000 Factory Machinery Raw Materials Depreciation Inventory 12/31/12 44.200 Factory Utilities Finished Goods Office Utilities Expense Inventory 1/1/12 85,000 Sales Finished Goods Sales Discounts Inventory 12/31/12 67,800 Plant Manager's Salary Work in Process Factory Property Taxes Inventory 1/1/12 9,500 Factory Repairs Work in Process Raw Materials Purchases Inventory 12/31/128,000 Cash Direct Labor 145.100...
The following data were taken from the records of Crane Company
for the fiscal year ended June 30, 2020.
Prepare a cost of goods manufactured schedule. (Assume all raw
materials used were direct materials.)
Problem 14-04A a-c (Video) (Part Level Submission) The following data were taken from the records of Crane Company for the fiscal year ended June 30, 2020 Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017 Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes...
The following data concerning the retail inventory method are taken from the financial records of Oriole Company. Cost Retail 198000 $ 270000 Beginning inventory Purchases Freight-in Net markups Net markdowns Sales 891000 1290000 24400 78700 54900 1414000 Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be O $148920 O $114069 O $124520. O $120492
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