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B- AAA Company has estimated the following for the year 2019 for one of its products. C) Sales Estimations First Second Third Fourth Quarter Quarter Quarter Quarter Expected Sales (Units) 1,000 1,100 1,200 1,300 Selling Price $ 25 $ 25 $ 25 $ 25 (ii) Inventory estimations Beginning inventory for first quarter: 200 units • The company desires to have an ending inventory each quarter equal to 30% of the next quarter's sales. • The first quarter's sales for the...
The following data are taken from the financial statements of Colby Company. 2020 2019 Accounts receivable (net), end of year $570,000 $495,000 Net sales on account 3,940,500 3,053,500 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $490,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. At the...
The following data are taken from the financial statements of Colby Company. 2020 2019 Accounts receivable (net), end of year $500,000 $470,000 Net sales on account 3,880,000 3,015,000 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $430,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. At the...
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Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 2019 3M Company Balance Sheets (partial) 2020 Current assets Cash and cash equivalents $3,180 Accounts receivable, net 3,600 Inventories 2,738 Other current assets 1,932 Total current assets $11,450 Current liabilities $4,830 $1,836 3,180 3,019 1,590 $9,625 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter working capital...
3. Assume the following sales data for a company: 2020 2019 2018 If 2018 is the base year, what is the percentage increase in sales from 2018 to 2019? A) 76.900 B) 30% C) 40% D) 71.4% $945,000 877,500 675,000 4. Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%. Sales Controllable margin Total average assets Fixed costs What is the ROI for the year? A) 4% B) 35% C)...
Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 2019 Cash $ 15,000 $ 30,000 Accounts receivable (net) 71,000 60,000 Inventory 61,000 50,000 Plant assets (net) 197,000 175,000 View Policies $344,000 Accounts payable $50,000 $59,200 Mortgage payable (15%) 108,000 108,000 Common stock, $10 par 138,500 124,500 Retained earnings 47,500 23,300 $344,000 $315,000 Additional information for 2020: 1. Net income was $25,700. 2. Sales on account were $412,500. Sales returns and allowances amounted to $19,500....
Lisa Anderson Company was formed on December 1, 2019. The following information is available from Anderson's inventory records for Product BAP. Units 900 Unit Cost January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 1,800 1,950 1,200 900 A physical inventory on March 31, 2020, shows 2,400 units on hand. January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 1,800 1,950 1,200 900 A physical inventory on March...
Leven Company began operations on December 1, 2019. The following information is available for the company’s merchandise inventory. A physical inventory taken on March 31, 2020, showed 3,000 units available. Leven uses a periodic inventory system. Date Units Unit Cost January 1, 2020 (beginning inventory) 1,600 $9.00 Purchases: January 5, 2020 3,000 10.00 January 25, 2020 2,400 10.50 February 16, 2020 1,200 12.00 March 26, 2020 1,800 13.00 Required a. Compute ending inventory and cost of goods sold for the...