Homework Answers
Gross profit ratio = Gross profit / Net sales
= $172000/303000
= 56.8%
Option A. is correct answer.
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3. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2017 2018 $311,000 8,000 $...
MC Qu.83 Anthony Thomas Candies... Anthony Thomas Candies (ATC) reported the following financial data for 2018...
MC Qu.83 Anthony Thomas Candies... Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017 Sales $312,000 $291,0e0 Sales returns and allowances 8,800 4,400 $286, 600 $303, 200 Net sales Cost of goods sold: Inventory, January 1 18,000 57,000 Net purchases 132, е00 139,000 Goods available for sale 189,000 157,000 Inventory, December 31 Cost of goods sold 74,000 57,000 115,000 100, еее Gross profit $188,200 $186,600 The average days inventory for ATC (rounded) for 2018...
15. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017...
15. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017 Sales $ 324,000 $ 297,000 Sales returns and allowances 8,600 5,700 Net sales $ 315,400 $ 291,300 Cost of goods sold: Inventory, January 1 59,000 29,000 Net purchases 145,000 128,000 Goods available for sale 204,000 157,000 Inventory, December 31 66,000 59,000 Cost of goods sold 138,000 98,000 Gross profit $ 177,400 $ 193,300 The average days inventory for ATC (rounded) for 2018 is: Multiple...
40 Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 $309,000...
40
Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 $309,000 7,500 $301,500 2020 $304,000 5,900 $ 298,100 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 44,000 149,000 193,000 61,000 132,000 $169,500 27,000 144,000 171,000 44,000 127,000 $171,100 ATC's gross profit ratio (rounded) in 2021 is: (Round your answer to one decimal place e.g.,...
Dreamworld had $ 400 000 in 14% bonds outstanding through both years Dreamworld's capitalized interest in...
Dreamworld had $ 400 000 in 14% bonds outstanding through both years Dreamworld's capitalized interest in 2018 was A. $44.240. B. $65.800. C. $76,860. D. $88,480. 5. Anthony The Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 2018 $311,000 8.000 2017 $295.000 5303.000 5.500 $289,500 57,000...
Solve the Average Merchandise Inventory and Inventory Turnover for 2017, 2018, and 2019. 2018 $ 2017...
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
Rulix Watch Company reported the following income statement data for a 2-year period. 2018 2019 Sales...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Comparative financial statement data of Manfield, Inc. follow: Comparative financial statement data of Manfield, Inc. follow:...
Comparative financial statement data of Manfield, Inc.
follow:
Comparative financial statement data of Manfield, Inc. follow: 囲(Click the icon to view the income statement.) EEE (Click the icon to view the balance sheet.) 1 (Click the icon to view the additional financial information.) Read the requirements Requirement 1a. Compute the current ratios for 2018 and 2017. Begin by selecting the formula to compute the current ratio Current ratio = Manfield, Inc. Comparative Income Statement Years Ended December 31, 2018 and...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 48 $...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 48 $ 50 55 44 Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Depreciation 40 LAKE OF EGYPT MARINA, INC. Balance Sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Liabilities and Equity Current liabilities: $ 50 $ 56 Accrued wages and taxes 60 52 Accounts payable 205 Notes payable $315...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 40 $...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 40 $ 36 45 52 LAKE OF EGYPT MARINA, INC. Balance sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Assets Liabilities and Equity Current assets: Current liabilities: Cash and marketable securities $ 55 S 48 Accrued wages and taxes Accounts receivable Accounts payable Inventory 180 Notes payable Total Total Fixed assets: Long-term debt: Gross plant and equipment $265 $ 224...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 40 $...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 40 $ 36 45 52 LAKE OF EGYPT MARINA, INC. Balance sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Assets Liabilities and Equity Current assets: Current liabilities: Cash and marketable securities $ 55 S 48 Accrued wages and taxes Accounts receivable Accounts payable Inventory 180 Notes payable Total Total Fixed assets: Long-term debt: Gross plant and equipment $265 $ 224...
MC Qu.83 Anthony Thomas Candies... Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017 Sales $312,000 $291,0e0 Sales returns and allowances 8,800 4,400 $286, 600 $303, 200 Net sales Cost of goods sold: Inventory, January 1 18,000 57,000 Net purchases 132, е00 139,000 Goods available for sale 189,000 157,000 Inventory, December 31 Cost of goods sold 74,000 57,000 115,000 100, еее Gross profit $188,200 $186,600 The average days inventory for ATC (rounded) for 2018...
40
Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 $309,000 7,500 $301,500 2020 $304,000 5,900 $ 298,100 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 44,000 149,000 193,000 61,000 132,000 $169,500 27,000 144,000 171,000 44,000 127,000 $171,100 ATC's gross profit ratio (rounded) in 2021 is: (Round your answer to one decimal place e.g.,...
Dreamworld had $ 400 000 in 14% bonds outstanding through both years Dreamworld's capitalized interest in 2018 was A. $44.240. B. $65.800. C. $76,860. D. $88,480. 5. Anthony The Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 2018 $311,000 8.000 2017 $295.000 5303.000 5.500 $289,500 57,000...
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Comparative financial statement data of Manfield, Inc.
follow:
Comparative financial statement data of Manfield, Inc. follow: 囲(Click the icon to view the income statement.) EEE (Click the icon to view the balance sheet.) 1 (Click the icon to view the additional financial information.) Read the requirements Requirement 1a. Compute the current ratios for 2018 and 2017. Begin by selecting the formula to compute the current ratio Current ratio = Manfield, Inc. Comparative Income Statement Years Ended December 31, 2018 and...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 48 $ 50 55 44 Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Depreciation 40 LAKE OF EGYPT MARINA, INC. Balance Sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Liabilities and Equity Current liabilities: $ 50 $ 56 Accrued wages and taxes 60 52 Accounts payable 205 Notes payable $315...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 40 $ 36 45 52 LAKE OF EGYPT MARINA, INC. Balance sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Assets Liabilities and Equity Current assets: Current liabilities: Cash and marketable securities $ 55 S 48 Accrued wages and taxes Accounts receivable Accounts payable Inventory 180 Notes payable Total Total Fixed assets: Long-term debt: Gross plant and equipment $265 $ 224...
Use the following financial statements for Lake of Egypt Marina, Inc. 2018 2017 $ 40 $ 36 45 52 LAKE OF EGYPT MARINA, INC. Balance sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Assets Liabilities and Equity Current assets: Current liabilities: Cash and marketable securities $ 55 S 48 Accrued wages and taxes Accounts receivable Accounts payable Inventory 180 Notes payable Total Total Fixed assets: Long-term debt: Gross plant and equipment $265 $ 224...
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