Homework Answers
| Gross profit percentage = Gross profit / Net Sales |
| Gross profit percentage = ($523,000-$1,800-$384,300) / ($523,000-$1,800) |
| Gross profit percentage = 26.26631% |
| Working capital = Current assets - Current liabilities |
| Working capital = ($24,940+$46,300+$8,100+$34,300+$2,210+$1,270) - ($21,000+$27,590+$210) |
| Working capital = $68,320 |
| Current ratio = Current assets / Current liabilities |
| Current ratio = ($24,940+$46,300+$8,100+$34,300+$2,210+$1,270) / ($21,000+$27,590+$210) |
| Current ratio = 240% |
| Inventory turnover = Cost of goods sold / average inventory |
| Inventory turnover = $384,300 / (($34,300+$57,200)/2) |
| Inventory turnover = 8.4 Times |
| Accounts Receiveble Turnover = Net Credit Sales / Average accounts receiveble |
| Accounts Receiveble Turnover = ($523,000-$1,800) / (($46,300+$56,050)/2) |
| Accounts Receiveble Turnover = 10.18466 |
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Exercise 13.9 Calculating ratios. LO 13-6 The following selected accounts were taken from the financial records...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019....
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances Cash $ 22,599 46,800 8,680 34,800 2,260 1,320 42,600 22,600 26,800 21,248 Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumuleted depreciation, equipment Note payable to bank, due 2820 Accounts payable Interest payable Sales Sales discounts 260 525,500 2,300 397,320 Cost of goods sold Accounts Receivable at December 31, 2018, was $52,800. Merchandise...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 19,740 47, 400 9,200 35.400 2.320 1,380 43,200 23, 200 32.000 15,780 320 528,500 2.900 355, 680 Accounts Receivable at December 31, 2018,...
#5 The following selected accounts were taken from the financial records of Los Olivos Distribut...
#5
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 34,220 47, 300 9, 100 35, 300 2,310 1, 370 43, 100 23, 100 31,000 16, 690 310 528,000 2,800 350, 250...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 27,215 47,000 8,800 35,000 2,280 1,340 42,800 22,800 28,000 19,420 280 526,500 2,500 408,320 Accounts Receivable at December 31, 2018, was $53,300. Merchandise...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 33,985 46,009 7,800 34,000 2,180 1. 240 41.800 21,800 18,000 30,920 180 521,500 1,500 322.695 Accounts Receivable at December 31, 2018, was $56,800....
The following selected accounts were taken from the financial records of Los Olivos Distributors at December...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash $ 26,760 Accounts receivable 47,700 Note receivable, due 2020 9,500 Merchandise inventory 35,700 Prepaid insurance 2,350 Supplies 1,410 Equipment 43,500 Accumulated depreciation, equipment 23,500 Note payable to bank, due 2020 35,000 Accounts payable 13,050 Interest payable 350 Sales 530,000 Sales discounts 3,200 Cost of goods sold 348,540 Accounts Receivable at December 31, 2018, was $55,050. Merchandise...
Problem 13-4A Calculating financial statement ratios LO P3 Selected current year-end financial statements of Cabot Corporation...
Problem 13-4A Calculating financial statement ratios LO
P3
Selected current year-end financial statements of Cabot
Corporation follow. (All sales were on credit; selected balance
sheet amounts at December 31 of the prior year were inventory,
$50,900; total assets, $169,400; common stock, $84,000; and
retained earnings, $31,305.)
CABOT CORPORATION
Income Statement
For Current Year Ended December 31
Sales
$
455,600
Cost of goods sold
297,350
Gross profit
158,250
Operating expenses
98,800
Interest expense
4,700
Income before taxes
54,750
Income tax expense...
Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation...
Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $49,900; total assets, $259,400; common stock, $88,000; and retained earnings, $28,484.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $451,600 Cost of goods sold 297,950 Gross profit 153,650 Operating expenses 98,600 Interest expense 4,200 Income before taxes 50,850 Income taxes 20,484 Net income $30,366 CABOT...
Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation...
Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $47,900; total assets, $209,400, common stock, $90,000; and retained earnings, $37,678.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 453,600 Cost of goods sold 298,450 Gross profit 155, 150 Operating expenses 99,200 Interest expense 4,000 Incone before taxes 51,950 Income taxes 20,928 Net Income...
Problem 13-4A Calculating financial statement ratios LO P3 Selected current year-end financial statements of Cabot Corporation...
Problem 13-4A Calculating financial statement ratios LO P3 Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selo at December 31 of the prior year were inventory, $50,900; total assets, $209,400; common stock, $83,00 $54,315.) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 452,600 Cost of goods sold 297,550 Gross profit 155,050 Operating expenses 99,500 Interest expense 4,500 Income before taxes 51,050 Income tax expense 20,565 Net income $ 30,485 $...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances Cash $ 22,599 46,800 8,680 34,800 2,260 1,320 42,600 22,600 26,800 21,248 Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumuleted depreciation, equipment Note payable to bank, due 2820 Accounts payable Interest payable Sales Sales discounts 260 525,500 2,300 397,320 Cost of goods sold Accounts Receivable at December 31, 2018, was $52,800. Merchandise...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 19,740 47, 400 9,200 35.400 2.320 1,380 43,200 23, 200 32.000 15,780 320 528,500 2.900 355, 680 Accounts Receivable at December 31, 2018,...
#5
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 34,220 47, 300 9, 100 35, 300 2,310 1, 370 43, 100 23, 100 31,000 16, 690 310 528,000 2,800 350, 250...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 27,215 47,000 8,800 35,000 2,280 1,340 42,800 22,800 28,000 19,420 280 526,500 2,500 408,320 Accounts Receivable at December 31, 2018, was $53,300. Merchandise...
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 33,985 46,009 7,800 34,000 2,180 1. 240 41.800 21,800 18,000 30,920 180 521,500 1,500 322.695 Accounts Receivable at December 31, 2018, was $56,800....
Problem 13-4A Calculating financial statement ratios LO
P3
Selected current year-end financial statements of Cabot
Corporation follow. (All sales were on credit; selected balance
sheet amounts at December 31 of the prior year were inventory,
$50,900; total assets, $169,400; common stock, $84,000; and
retained earnings, $31,305.)
CABOT CORPORATION
Income Statement
For Current Year Ended December 31
Sales
$
455,600
Cost of goods sold
297,350
Gross profit
158,250
Operating expenses
98,800
Interest expense
4,700
Income before taxes
54,750
Income tax expense...
Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $47,900; total assets, $209,400, common stock, $90,000; and retained earnings, $37,678.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 453,600 Cost of goods sold 298,450 Gross profit 155, 150 Operating expenses 99,200 Interest expense 4,000 Incone before taxes 51,950 Income taxes 20,928 Net Income...
Problem 13-4A Calculating financial statement ratios LO P3 Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selo at December 31 of the prior year were inventory, $50,900; total assets, $209,400; common stock, $83,00 $54,315.) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 452,600 Cost of goods sold 297,550 Gross profit 155,050 Operating expenses 99,500 Interest expense 4,500 Income before taxes 51,050 Income tax expense 20,565 Net income $ 30,485 $...
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