Homework Answers
Answer : C = 5.6 Times
>> Average Inventory = ( $ 370,000 + $ 380,000 ) / 2
>> Average Inventory = $ 375,000.
>> Inventory turnover = Cost of Goods sold / Average inventory
>> Inventory turnover for 2017 = $ 2,100,000 / $ 375,000
>> Inventory turnover for 2017 = 5.6 Times
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The following information is available for Concord Company: 2017 $ 300000 2016 $440000 Accounts receivable (net)...
Concord Corporation's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31 2016 $380000 $330000...
Concord Corporation's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31 2016 $380000 $330000 Raw materials inventory Work in process inventory Finished goods inventory 300000 160000 190000 150000 During 2017, $880000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Concord Corporation's total manufacturing costs incurred in 2017 amounted to $2190000 $2000000 $2140000 $2100000 Sweater Attempts of lused Submit Answer 3
2017 2016 Cash Accounts receivable (net) Inventory Land Buildings Accumulated depreciation-buildings $3,200 23,300 7,200 26,400 70,000...
2017 2016 Cash Accounts receivable (net) Inventory Land Buildings Accumulated depreciation-buildings $3,200 23,300 7,200 26,400 70,000 (14,600) (10,600) $110,300$119,500 $12,70031,100 68,600 19,800 $110,300$119,500 $ 4,500 20,800 10,100 19,500 70,000 Total Accounts payable Common stock Retained earnings 74,900 22,700 Total Wiemers's 2017 income statement included net sales of $110,000, cost of goods sold of $60,800, and net income of $15,000 Compute the following ratios for 2017. (Round answers to 2 decimal places, e.g. 1.65, or 1.65% .) Current ratio Acid-test ratio...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
ORIOLE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents Accounts receivable...
ORIOLE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents Accounts receivable (net) $330 660 600 $360 590 530 Inventory Prepaid expenses 120 160 Total current assets 1,710 1,640 Investments 200 200 Property, plant, and equipment (net) Intangibles and other assets Total assets 420 380 530 510 $2,860 $2,730 $1,090 $980 550 520 Current liabilities Long-term liabilities Stockholders' equity-common Total liabilities and stockholders' equity 1,220 1,230 $2,860 $2,730 ORIOLE COMPANY Income Statements For the Year Ended...
Concord Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It...
Concord Corporation experienced a fire on December 31, 2017, in
which its financial records were partially destroyed. It has been
able to salvage some of the records and has ascertained the
following balances.
December 31, 2017
December 31, 2016
Cash
$ 36,300
$ 19,700
Accounts receivable
(net)
80,900
128,900
Inventory
209,700
183,700
Accounts payable
53,700
89,800
Notes payable
33,600
68,000
Common stock, $100 par
407,000
407,000
Retained earnings
119,600
105,100
Additional information:
1.
The inventory turnover is 3.7
times.
2....
2017 2016 Accounts receivable $18,000 $19,500 Inventory $12,200 $9,000 Fixed assets, net $35,000 $31,000 Accounts payable...
2017 2016 Accounts receivable $18,000 $19,500 Inventory $12,200 $9,000 Fixed assets, net $35,000 $31,000 Accounts payable $15,000 $12,000 Net Sales $157,500 $176,000 Cost of goods sold $125,900 $137,000 Net income $52,900 $54,000 # Shares issued 65,000 60,000 # Shares in treasury stock 8,000 20,000 Calculate the following ratios for 2017: (a) Fixed asset turnover (b) Inventory turnover (c) Receivable turnover (d) Accounts payable turnover (e) Earning Per Share
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000 $520,000 Cost of goods sold 409,500 312,000 Inventory at the end of year 64,000 85,000 Accounts receivable at end of year 90,000 50,000 Compute gross profit percentage for 2017. (Round answer to 0 decimal places, e.g. 25%) Gross profit percentage Compute the inventory turnover for 2017. (Round answer to 1 decimal place, e.g. 5.1) times Inventory turnover Compute accounts receivable turnover for 2017. (Round...
At December 31 2017 2016 2015 Assets Cash $ 33,338 $ 40,138 $38,236 Accounts receivable, net...
At December 31 2017 2016 2015 Assets Cash $ 33,338 $ 40,138 $38,236 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 93,724 125,129 10,521 68,195 91,016 10,127 277,632 53,582 55,403 4,422 242,457 $565,045 $487,108 394,100 302,333 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $140,696 $ 82,321 50,461 112,035 162,500 130,252 $565,045 $487,108 394,100 109,415 162,500 152,434 85,354 162,500 95,785 Total liabilities and...
only question b please. PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
only question b please. PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
Concord Corporation's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31 2016 $380000 $330000 Raw materials inventory Work in process inventory Finished goods inventory 300000 160000 190000 150000 During 2017, $880000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Concord Corporation's total manufacturing costs incurred in 2017 amounted to $2190000 $2000000 $2140000 $2100000 Sweater Attempts of lused Submit Answer 3
2017 2016 Cash Accounts receivable (net) Inventory Land Buildings Accumulated depreciation-buildings $3,200 23,300 7,200 26,400 70,000 (14,600) (10,600) $110,300$119,500 $12,70031,100 68,600 19,800 $110,300$119,500 $ 4,500 20,800 10,100 19,500 70,000 Total Accounts payable Common stock Retained earnings 74,900 22,700 Total Wiemers's 2017 income statement included net sales of $110,000, cost of goods sold of $60,800, and net income of $15,000 Compute the following ratios for 2017. (Round answers to 2 decimal places, e.g. 1.65, or 1.65% .) Current ratio Acid-test ratio...
Selected data of Islander Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31, 2017 2016 $500,000 $470,000 (25,000) (20,000) 475,000 450,000 600,000 550,000 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Year Ended December 31, 2017 2016 $2,500,000 $2,200,000 500,000 400,000 3,000,000 2,600,000 2,000,000 1,800,000 300,000 270,000 50,000 30,000 2,350,000...
ORIOLE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents Accounts receivable (net) $330 660 600 $360 590 530 Inventory Prepaid expenses 120 160 Total current assets 1,710 1,640 Investments 200 200 Property, plant, and equipment (net) Intangibles and other assets Total assets 420 380 530 510 $2,860 $2,730 $1,090 $980 550 520 Current liabilities Long-term liabilities Stockholders' equity-common Total liabilities and stockholders' equity 1,220 1,230 $2,860 $2,730 ORIOLE COMPANY Income Statements For the Year Ended...
Concord Corporation experienced a fire on December 31, 2017, in
which its financial records were partially destroyed. It has been
able to salvage some of the records and has ascertained the
following balances.
December 31, 2017
December 31, 2016
Cash
$ 36,300
$ 19,700
Accounts receivable
(net)
80,900
128,900
Inventory
209,700
183,700
Accounts payable
53,700
89,800
Notes payable
33,600
68,000
Common stock, $100 par
407,000
407,000
Retained earnings
119,600
105,100
Additional information:
1.
The inventory turnover is 3.7
times.
2....
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000 $520,000 Cost of goods sold 409,500 312,000 Inventory at the end of year 64,000 85,000 Accounts receivable at end of year 90,000 50,000 Compute gross profit percentage for 2017. (Round answer to 0 decimal places, e.g. 25%) Gross profit percentage Compute the inventory turnover for 2017. (Round answer to 1 decimal place, e.g. 5.1) times Inventory turnover Compute accounts receivable turnover for 2017. (Round...
At December 31 2017 2016 2015 Assets Cash $ 33,338 $ 40,138 $38,236 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 93,724 125,129 10,521 68,195 91,016 10,127 277,632 53,582 55,403 4,422 242,457 $565,045 $487,108 394,100 302,333 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $140,696 $ 82,321 50,461 112,035 162,500 130,252 $565,045 $487,108 394,100 109,415 162,500 152,434 85,354 162,500 95,785 Total liabilities and...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
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