Homework Answers
- Gross profit % =(Sales- cost of goods sold)/Sales
=(521500-322695)/521500 *100
=38%
Note: it is assumed that sales discount is not a trade discount but cash discount and hence it is included as indirect expense and not included in computed in gross profit
- Working Capital= Current Assets – Current liabilities
= Cash-Accounts receivable- +note receivable (with in 1 year) + Merchandise inventory+ supplies +prepaid insurance -Note payable (with in 1 year) – Accounts payable – Interest payable
=33985+46000+7800+34000+2180+1240-18000-30920-180
=76105
- Current ratio = Current assets/current liabilities
= 125205/49100
=2.55
- Inventory turnover ratio = Cost of goods sold/Average inventory
Average inventory = (opening inventory + closing inventory )/2
= (56900+34000)/2
=45450
=322695/45450
=7.1 times
- Accounts receivable turnover = Net credit sales/Average accounts receivable
= (46000+56800)/2
=(521500-1500)/ 51400
=10 times
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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...
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...
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,...
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...
#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...
Exercise 13.9 Calculating ratios. LO 13-6 The following selected accounts were taken from the financial records...
Exercise 13.9 Calculating ratios. LO 13-6 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 2828 Accounts payable Interest payable Sales Sales discounts Cost of goods sold 5 24,94 46,300 8,109 34,300 2,218 1,270 42,100 22,100 21,880 27,590 210 523,060 1,8e3 384,300 rint Accounts Receivable...
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially...
Panza Corporation experienced a fire on December 31, 2020, 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, 2020 December 31, 2019 Cash $ 33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58,500 Common stock, $100 par 412,000 412,000 Retained earnings 103,000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2....
Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021 P8.11A...
Jensen Company's general ledger included the following selected
accounts (in thousands) at December 31, 2021
P8.11A (LO 4) AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021: $1,077.3 590.4 858.7 Accounts payable Accounts receivable Accumulated depreciation equipment Allowance for doubtful accounts Bad debt expense Cash 35.4 91.3 395.6 660.4 1,732.8 19.7 Cost of goods sold Equipment Interest revenue Merchandise inventory Notes receivable-due in 2022 Notes receivable-due in 2025 630.9 96.0 191.1 Prepaid expenses...
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially...
Panza Corporation experienced a fire on December 31, 2020, 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, 2020 December 31, 2019 Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings $ 34,000 74,000 202,000 54,000 35,000 402,000 114,000 $ 12,000 128,000 171,000 85,000 59,000 402,000 104,000 Additional information: 1. 2. The inventory turnover is 3.3 times....
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially...
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2020 $ 31,500 80,000 205,000 54,000 33,000 401,000 116,000 December 31, 2019 $ 11,500 124,000 177,000 94,500 61,000 401,000 105,000 Additional information. Additional information: 1. 2. 3. The inventory turnover...
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,...
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...
#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...
Exercise 13.9 Calculating ratios. LO 13-6 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 2828 Accounts payable Interest payable Sales Sales discounts Cost of goods sold 5 24,94 46,300 8,109 34,300 2,218 1,270 42,100 22,100 21,880 27,590 210 523,060 1,8e3 384,300 rint Accounts Receivable...
Jensen Company's general ledger included the following selected
accounts (in thousands) at December 31, 2021
P8.11A (LO 4) AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021: $1,077.3 590.4 858.7 Accounts payable Accounts receivable Accumulated depreciation equipment Allowance for doubtful accounts Bad debt expense Cash 35.4 91.3 395.6 660.4 1,732.8 19.7 Cost of goods sold Equipment Interest revenue Merchandise inventory Notes receivable-due in 2022 Notes receivable-due in 2025 630.9 96.0 191.1 Prepaid expenses...
Panza Corporation experienced a fire on December 31, 2020, 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, 2020 December 31, 2019 Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings $ 34,000 74,000 202,000 54,000 35,000 402,000 114,000 $ 12,000 128,000 171,000 85,000 59,000 402,000 104,000 Additional information: 1. 2. The inventory turnover is 3.3 times....
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2020 $ 31,500 80,000 205,000 54,000 33,000 401,000 116,000 December 31, 2019 $ 11,500 124,000 177,000 94,500 61,000 401,000 105,000 Additional information. Additional information: 1. 2. 3. The inventory turnover...
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