Homework Answers
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1. Inventory Turnover = Cost of Goods Sold/Average inventory = 375,000/[(121,000+125,000)/2] = 3.05 times (I have rounded. Comment if you face any issues) |
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Common size percentage for operating expenses Year 2 = 55,240/276,200 = 20% Year 1 = 53,240/231,400 = 23% (I have calculated year 2 first. Please make sure you enter correctly) |
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Refer to the following selected financial information from Fennie's, LLC. Compute the company's inventory turnover for...
5. Use the following selected information from Wheeler, LLC to determine the 2015 and 2014 common size percentages...
5. Use the following selected information from Wheeler, LLC to determine the 2015 and 2014 common size percentages for operating expenses using Net sales as the base (this is vertical analysis for the income statement) Net sales Cost of goods sold Operating expenses Net earnings 2015 $276,200 151,900 55,240 27,820 2014 $231,400 129,590 53,240 19,820 A. 36.4% for 2015 and 41.1% for 2014. B. 55.0% for 2015 and 56.0% for 2014. C. 23.9% for 2015 and 23.0% for 2014. D....
Use the following selected information Whitman Corp. to determine the Year 1 and Year 2 common...
Use the following selected information Whitman Corp. to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the bar Net sales Cost of goods sold Operating expenses Net earnings Year 2 $276,200 151,900 55,240 27,820 Year 1 $231,400 129,590 53,240 19,820 Multiple Choice 0 36.4% for year 2 and 4 for year 1 0 550 for year 2 and 56.% for your O 119.45 for year 2 and 100.0% for...
38. Refer to the following selected financial information from Fennie's, LLC. Compute the company's acid-test ratio...
38. Refer to the following selected financial information from Fennie's, LLC. Compute the company's acid-test ratio for Year 2. Year 2 Year 1 Cash $37,500 $32,250 Short-term financial assets 90,000 60,000 Accounts receivable, net 85,500 79,500 Merchandise inventory 121,000 125,000 Prepaid expenses 12,100 9,700 Property, plant and equipment 388,000 338,000 Accounts payable 113,400 107,800 Net sales 711,000 676,000 Cost of goods sold 390,000 375,000 Multiple-Choice (2 Points) A. 2.0 B. 3.0 C. 2.3 D. 3.1 E. 1.9
Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for...
Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for Year 2. Year 2 Year 1 Cash $ 38,700 $ 33,450 Short-term investments 102,000 66,000 Accounts receivable, net 91,500 85,500 Merchandise inventory 127,000 131,000 Prepaid expenses 13,300 10,900 Plant assets 394,000 344,000 Accounts payable 107,400 113,800 Net sales 717,000 682,000 Cost of goods sold 396,000 381,000
Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover...
Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover for Year 2 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant asaeta Accounts payable Net sales Cost of goods Bold Year 2 Year 1 $ 39,500 $ 110,000 70,000 95,500 89,500 131,000 135,000 14,100 11,700 398,000 348,000 103, 400 117,00 721,000 686,000 400,000 385,000 Multiple Choice 0 0 6.55 0 0 255. 0 8 .06. 0 0 5.50 0 779
Refer to the following selected financial information from Texas Electronics. Compute the company's current ratio for...
Refer to the following selected financial information from Texas Electronics. Compute the company's current ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,500 $ 36,850 90,000 90,000 85,500 86,250 121,000 117,000 12,100 13,500 388,000 392,000 113,400 111,750 711,000 706,000 390,000 385,500 Multiple Choice 1.88 3.05 2.26
Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for...
Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,700 $ 32,450 92,000 61,000 86,500 80,500 122,000 126,000 12,300 9,900 389,000 339,000 112,400 108,800 712,000 677,000 391,000 376,000 0 0 0 0 Refer to the following selected financial information from McCormik, LLC. Compute the company's inventory...
Refer to the following selected financial information from Texas Electronics Compute the company's working capital for...
Refer to the following selected financial information from Texas Electronics Compute the company's working capital for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,500 $ 36,850 90,000 90,000 85,500 86,250 121,000 117,000 12,100 13,500 388,000 392,000 113,400 111,750 711,000 706,000 390,090 385,500 ο $232,700. ο $220,600. ο $147,200. ο $111,700. ο $142,700.
Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for...
Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for Year 2. Year 2 Year 1 Cash $ 39,400 $ 34,150 Short-term investments 109,000 69,500 Accounts 95,000 receivable, net 89,000 Merchandise inventory 130,500 134,500 Prepaid expenses 14,000 11,600 Plant assets 397,500 347,500 Accounts payable 103,900 117,300 Net sales 720,500 685,500 Cost of goods sold 399,580 384,500 Multiple Choice $175,000 $270,000 $189,000 $284,000 $153,500.
Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover...
Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover for Year 2. Year 2 Year 1 Cash $ 39,800 $ 33,750 Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold 105,000 67,500 93,000 87,000 128,500 132,500 13,600 11,200 395,500 345,500 105,900 115,300 718,500 683,500 397,500 382,500 10 0 0 0 On December 31 of the current year, the unadjusted trial balance of a...
5. Use the following selected information from Wheeler, LLC to determine the 2015 and 2014 common size percentages for operating expenses using Net sales as the base (this is vertical analysis for the income statement) Net sales Cost of goods sold Operating expenses Net earnings 2015 $276,200 151,900 55,240 27,820 2014 $231,400 129,590 53,240 19,820 A. 36.4% for 2015 and 41.1% for 2014. B. 55.0% for 2015 and 56.0% for 2014. C. 23.9% for 2015 and 23.0% for 2014. D....
Use the following selected information Whitman Corp. to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the bar Net sales Cost of goods sold Operating expenses Net earnings Year 2 $276,200 151,900 55,240 27,820 Year 1 $231,400 129,590 53,240 19,820 Multiple Choice 0 36.4% for year 2 and 4 for year 1 0 550 for year 2 and 56.% for your O 119.45 for year 2 and 100.0% for...
38. Refer to the following selected financial information from Fennie's, LLC. Compute the company's acid-test ratio for Year 2. Year 2 Year 1 Cash $37,500 $32,250 Short-term financial assets 90,000 60,000 Accounts receivable, net 85,500 79,500 Merchandise inventory 121,000 125,000 Prepaid expenses 12,100 9,700 Property, plant and equipment 388,000 338,000 Accounts payable 113,400 107,800 Net sales 711,000 676,000 Cost of goods sold 390,000 375,000 Multiple-Choice (2 Points) A. 2.0 B. 3.0 C. 2.3 D. 3.1 E. 1.9
Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover for Year 2 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant asaeta Accounts payable Net sales Cost of goods Bold Year 2 Year 1 $ 39,500 $ 110,000 70,000 95,500 89,500 131,000 135,000 14,100 11,700 398,000 348,000 103, 400 117,00 721,000 686,000 400,000 385,000 Multiple Choice 0 0 6.55 0 0 255. 0 8 .06. 0 0 5.50 0 779
Refer to the following selected financial information from Texas Electronics. Compute the company's current ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,500 $ 36,850 90,000 90,000 85,500 86,250 121,000 117,000 12,100 13,500 388,000 392,000 113,400 111,750 711,000 706,000 390,000 385,500 Multiple Choice 1.88 3.05 2.26
Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,700 $ 32,450 92,000 61,000 86,500 80,500 122,000 126,000 12,300 9,900 389,000 339,000 112,400 108,800 712,000 677,000 391,000 376,000 0 0 0 0 Refer to the following selected financial information from McCormik, LLC. Compute the company's inventory...
Refer to the following selected financial information from Texas Electronics Compute the company's working capital for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 37,500 $ 36,850 90,000 90,000 85,500 86,250 121,000 117,000 12,100 13,500 388,000 392,000 113,400 111,750 711,000 706,000 390,090 385,500 ο $232,700. ο $220,600. ο $147,200. ο $111,700. ο $142,700.
Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for Year 2. Year 2 Year 1 Cash $ 39,400 $ 34,150 Short-term investments 109,000 69,500 Accounts 95,000 receivable, net 89,000 Merchandise inventory 130,500 134,500 Prepaid expenses 14,000 11,600 Plant assets 397,500 347,500 Accounts payable 103,900 117,300 Net sales 720,500 685,500 Cost of goods sold 399,580 384,500 Multiple Choice $175,000 $270,000 $189,000 $284,000 $153,500.
Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover for Year 2. Year 2 Year 1 Cash $ 39,800 $ 33,750 Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold 105,000 67,500 93,000 87,000 128,500 132,500 13,600 11,200 395,500 345,500 105,900 115,300 718,500 683,500 397,500 382,500 10 0 0 0 On December 31 of the current year, the unadjusted trial balance of a...
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