Homework Answers
Inventory turnover = Cost of goods sold / Average inventory
Poston Inc.
Inventory turnover = $10,000,000 / $1,000,000 = 10.0 times
Victor Enterprises:
Inventory turnover = $9,500,000 / $1,250,000 = 7.6 times
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Problem 12-17 (Part Level Submission) Poston, Inc., and Victor Enterprises are competitors in the toy industry. Last ye...
Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent...
Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent annual reports of two companies. Cost of goods sold Average inventory Company A $27,303.1 $2,758.1 Company B $26,558.0 $4,949.5 (1) Calculate each company's inventory turnover. (Round answers to 1 decimal place, e.g. 2.5.) Company A Company B Inventory turnover times times Click if you would like to Show Work for this question: Open Show Work Problem 12-17 (Part Level Submission) Poston, Inc., and Victor...
Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating in British Columbia. Swifty...
Problem 6-08A a1-a2 (Part Level Submission)
Swifty Inc. is a retailer operating in British Columbia. Swifty
uses the perpetual inventory method. All sales returns from
customers result in the goods being returned to inventory; the
inventory is not damaged. Assume that there are no credit
transactions; all amounts are settled in cash. You are provided
with the following information for Swifty Inc. for the month of
January 2020.
Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating...
Problem 6-5A (Part Level Submission) You are provided with the following information for Koetteritz Inc. for...
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Problem 6-08A a1-a2 (Part Level Submission) Bonita Inc. is a retailer operating in British Columbia. Bonita...
Problem 6-08A a1-a2 (Part Level Submission)
Bonita Inc. is a retailer operating in British Columbia. Bonita
uses the perpetual inventory method. All sales returns from
customers result in the goods being returned to inventory; the
inventory is not damaged. Assume that there are no credit
transactions; all amounts are settled in cash. You are provided
with the following information for Bonita Inc. for the month of
January 2020.
Date
Description
Quantity
Unit Cost or Selling Price
January
1
Beginning inventory...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below....
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Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below....
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. $7,500 73,500 26,520 107,520 KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40,720 Less: Accumulated depreciation 10,550 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $39,850 Retained earnings 25,090 Total stockholders' equity Total liabilities and stockholders' equity...
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Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. $7,500 73,500 24,790 105,790 KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40,770 Less: Accumulated depreciation 10,800 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Faulty 29,970 $135,760 $26,810 46,390 73,200 $36,940 25,620 Common stock Retained earnings Total stockholders' equity...
Comprehensive Accounting Cycle Review 11-02 (Part Level Submission) Karen Noonan opened Skysong Cleaning Services Inc. on...
Comprehensive Accounting Cycle Review 11-02 (Part Level Submission) Karen Noonan opened Skysong Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 1 3 Issued 5,500 shares of Skysong Cleaning Services common stock for $14,300. Each share has a $1.50 par. Borrowed $8,800 on a 2-year, 6% note payable. Paid $9,920 to purchase used floor and window cleaning equipment from a company going out of business ($5,300 was for the floor equipment and $4,620...
Problem 1: Financial Statement Ratio Analysis (40 points total) Use the following financial statements for Dell,...
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Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent annual reports of two companies. Cost of goods sold Average inventory Company A $27,303.1 $2,758.1 Company B $26,558.0 $4,949.5 (1) Calculate each company's inventory turnover. (Round answers to 1 decimal place, e.g. 2.5.) Company A Company B Inventory turnover times times Click if you would like to Show Work for this question: Open Show Work Problem 12-17 (Part Level Submission) Poston, Inc., and Victor...
Problem 6-08A a1-a2 (Part Level Submission)
Swifty Inc. is a retailer operating in British Columbia. Swifty
uses the perpetual inventory method. All sales returns from
customers result in the goods being returned to inventory; the
inventory is not damaged. Assume that there are no credit
transactions; all amounts are settled in cash. You are provided
with the following information for Swifty Inc. for the month of
January 2020.
Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating...
Problem 6-5A (Part Level Submission) You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. Unit Cost or Selling Price Date Quantity $40 June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase (a ) Your answer is partially correct. Try again. Calculate ending inventory, cost of goods...
Problem 6-08A 1-a2 (Part Level Submission) Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory method. All sales returns from result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; amounts are settled in cash. You are provided with the following information for Concord Inc. for the month of January 2020. Unit Cost or Selling Date Description Quantity Price January 1 Beginning inventory 100 $14...
Problem 6-08A a1-a2 (Part Level Submission)
Bonita Inc. is a retailer operating in British Columbia. Bonita
uses the perpetual inventory method. All sales returns from
customers result in the goods being returned to inventory; the
inventory is not damaged. Assume that there are no credit
transactions; all amounts are settled in cash. You are provided
with the following information for Bonita Inc. for the month of
January 2020.
Date
Description
Quantity
Unit Cost or Selling Price
January
1
Beginning inventory...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets $7,500 73,500 26,210 107,210 29,840 $137,050 Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, plant, and Equipment Equipment $40,260 Less: Accumulated depreciation 10,420 Total assets Liabilities and Stockholders' Equity abities Notes payable Accounts payable Total abilities Stockholders' Equity Common stock $37,190 Retained earnings 27,910 Total stockholders' equity Total liabilities and stockholders'...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. $7,500 73,500 26,520 107,520 KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40,720 Less: Accumulated depreciation 10,550 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $39,850 Retained earnings 25,090 Total stockholders' equity Total liabilities and stockholders' equity...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. $7,500 73,500 24,790 105,790 KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40,770 Less: Accumulated depreciation 10,800 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Faulty 29,970 $135,760 $26,810 46,390 73,200 $36,940 25,620 Common stock Retained earnings Total stockholders' equity...
Comprehensive Accounting Cycle Review 11-02 (Part Level Submission) Karen Noonan opened Skysong Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 1 3 Issued 5,500 shares of Skysong Cleaning Services common stock for $14,300. Each share has a $1.50 par. Borrowed $8,800 on a 2-year, 6% note payable. Paid $9,920 to purchase used floor and window cleaning equipment from a company going out of business ($5,300 was for the floor equipment and $4,620...
Problem 1: Financial Statement Ratio Analysis (40 points total) Use the following financial statements for Dell, Inc. to answer the questions which follow: BALANCE SHEET (SMil) 2017 10,298 2018 7,972 % 28.9 2019 9,092 % 34.3 40.2 Cash & Short Term Investments Accounts Receivable Inventory Other Current Assets Total Current Assets Net Fixed Assets Intangibles Other Long Term Assets Total Assets 6,152 24.0 660 2.6 2,829 11.3 19.939 76.6 2,409 8.7 0 0 3,287 14.7 25,635 100.0 7,693 27.9 1,180...
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