Homework Answers
| Beginning inventory | $ 482,000 |
| Add: Purchases | $ 4,346,000 |
| Less: Cost of goods sold ($5,600,000*80%) | $ 4,480,000 |
| Ending inventory | $ 348,000 |
| Inventory turnover = Cost of goods sold / average inventory |
| Inventory turnover = ($5,600,000*80%) / (($482,000+$348,000)/2) |
| Inventory turnover = 10.8 Times |
| Average Days sales in inventory = Ending inventory / Cost of goods sold * 365 |
| Average Days sales in inventory = $348,000 / $4,480,000 * 365 |
| Average Days sales in inventory = 28.4 Days |
You can reach me over comment box if you have any doubts. Please
rate this answer
Add Answer to:
Question 6 B. Jones Corporation has issued common stock only. The company has been successful and...
Exercise 240 B. Jones Corporation has issued common stock only. The company has been successful and...
Exercise 240 B. Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory $ 482,000 Purchases 4,146,000 Ending inventory Average accounts receivable 700,000 Average common stockholders' equity 3,100,000 Sales revenue (all on credit) 5,600,000 Net Income 341,000 Compute the following Accounts receivable turnover and the average number of days required to collect the accounts receivable. Accounts receivable...
8. B. Jones Corporation has issued common stock only. The company has been successful and has...
8. B. Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory $ 482,000 Purchases 4,346,000 Ending inventory Average accounts receivable 700,000 Average common stockholders' equity 3,100,000 Sales revenue (all on credit) 5,600,000 Net income 341,000 Instructions Compute the following: (a) Accounts receivable turnover and the average number of days required to collect the accounts receivable (b)...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 22,000 Accounts payable $ 127,000 Accounts receivable 81,100 Bonds payable (long term) 85,600 Inventory 50,000 Long-Term Assets Stockholders' Equity Gross fixed assets $ 526,000 Common stock $ 150,000 Less: Accumulated depreciation 150,700 Paid-in capital 70,000 Net fixed assets* 375,300 Retained earnings 95,800 Total assets $ 528,400 Total liabilities and equity $ 528,400 Sales (on credit) $ 1,326,000 Cost of goods sold 790,000...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 22,000 Accounts payable $ 127,000 Accounts receivable 81,100 Bonds payable (long term) 85,600 Inventory 50,000 Long-Term Assets Stockholders' Equity Gross fixed assets $ 526,000 Common stock $ 150,000 Less: Accumulated depreciation 150,700 Paid-in capital 70,000 Net fixed assets* 375,300 Retained earnings 95,800 Total assets $ 528,400 Total liabilities and equity $ 528,400 Sales (on credit) $ 1,326,000 Cost of goods sold 790,000...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable Inventory $ 25,800 Accounts payable S188,000 80,400 88,700 54,200 Bonds payable (long term) Long-Term Assets Stockholders' Equity $578,000 153,900 Gross fixed assets Common stock $150,000 70,000 104,400 $592,800 Less: Accumulated Paid-in capital 424,100 Retained earnings $592,800 Net fixed assets* Total assets Total liabilities and equity Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,717,000 782,000 $935,000 283,000 nse...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $15.000 Accounts receivable (net) 70,000 Inventory 61,000 Plant assets (net) 195,000 $341,000 Accounts payable $50,000 Mortgage payable (15%) 101,500 Common stock, $10 par 144,000 Retained earnings 45.500 5341,000 2019 $ 30,000 59.000 49.000 179.000 $317.000 $60.900 101.500 118.500 36.100 $317.000 Additional information for 2020: 1 2 3. - 5. Net income was $25.800. Sales on account were $407,700....
Markus Company's common stock sold for $2.75 per share at the end of this year. The...
Markus Company's common stock sold for $2.75 per share at the end of this year. The company paid a common stock dividend of $0.55 per share this year. It also provided the following data excerpts from this year's financial statements: Ending Beginning Balance Balance Cash $ 35,000 $ 30,000 Accounts receivable $ 60,000 $ 50,000 Inventory $ 55,000 $ 60,000 Current assets $ 150,000 $ 140,000 Total assets $ 450,000 $ 460,000 Current liabilities $ 60,000 $ 40,000 Total liabilities...
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)Accounts receivable turnover _____ timesCalculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Average collection period _____ days
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable nven $123,300 Accounts payable $176,000 89,600 183,600 56,800 Bonds payable (long term) Long-Term Assets Stockholders' Equity Gross fixed assets $554,000 152,300 $150,000 70,000 279,800 $765,400 Total labilities and equity $765,400 Common stock Less: Accumulated depreciation Net fixed assets Paid-in capital 401,700 Retained earnings Total assets Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,255,000 678,000 577,000 355,000 nse...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 123,300 Accounts payable $ 176,000 Accounts receivable 183,600 Bonds payable (long term) 89,600 Inventory 56,800 Long-Term Assets Stockholders' Equity Gross fixed assets $ 554,000 Common stock $ 150,000 Less: Accumulated depreciation 152,300 Paid-in capital 70,000 Net fixed assets* 401,700 Retained earnings 279,800 Total assets $ 765,400 Total liabilities and equity $ 765,400 Sales (on credit) $ 1,255,000 Cost of goods sold 678,000...
Exercise 240 B. Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory $ 482,000 Purchases 4,146,000 Ending inventory Average accounts receivable 700,000 Average common stockholders' equity 3,100,000 Sales revenue (all on credit) 5,600,000 Net Income 341,000 Compute the following Accounts receivable turnover and the average number of days required to collect the accounts receivable. Accounts receivable...
8. B. Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory $ 482,000 Purchases 4,346,000 Ending inventory Average accounts receivable 700,000 Average common stockholders' equity 3,100,000 Sales revenue (all on credit) 5,600,000 Net income 341,000 Instructions Compute the following: (a) Accounts receivable turnover and the average number of days required to collect the accounts receivable (b)...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable Inventory $ 25,800 Accounts payable S188,000 80,400 88,700 54,200 Bonds payable (long term) Long-Term Assets Stockholders' Equity $578,000 153,900 Gross fixed assets Common stock $150,000 70,000 104,400 $592,800 Less: Accumulated Paid-in capital 424,100 Retained earnings $592,800 Net fixed assets* Total assets Total liabilities and equity Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,717,000 782,000 $935,000 283,000 nse...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $15.000 Accounts receivable (net) 70,000 Inventory 61,000 Plant assets (net) 195,000 $341,000 Accounts payable $50,000 Mortgage payable (15%) 101,500 Common stock, $10 par 144,000 Retained earnings 45.500 5341,000 2019 $ 30,000 59.000 49.000 179.000 $317.000 $60.900 101.500 118.500 36.100 $317.000 Additional information for 2020: 1 2 3. - 5. Net income was $25.800. Sales on account were $407,700....
Markus Company's common stock sold for $2.75 per share at the end of this year. The company paid a common stock dividend of $0.55 per share this year. It also provided the following data excerpts from this year's financial statements: Ending Beginning Balance Balance Cash $ 35,000 $ 30,000 Accounts receivable $ 60,000 $ 50,000 Inventory $ 55,000 $ 60,000 Current assets $ 150,000 $ 140,000 Total assets $ 450,000 $ 460,000 Current liabilities $ 60,000 $ 40,000 Total liabilities...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable nven $123,300 Accounts payable $176,000 89,600 183,600 56,800 Bonds payable (long term) Long-Term Assets Stockholders' Equity Gross fixed assets $554,000 152,300 $150,000 70,000 279,800 $765,400 Total labilities and equity $765,400 Common stock Less: Accumulated depreciation Net fixed assets Paid-in capital 401,700 Retained earnings Total assets Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,255,000 678,000 577,000 355,000 nse...
Most questions answered within 3 hours.
-
A recent poll found that 21% of a random sample of 1200 people
lost jobs due...
asked 2 minutes ago -
Include at least one psychology theory, model or concept
discussed in Chapter 1, 2 or the...
asked 7 minutes ago -
Need help in drawing out a map pathway of pentose phosphate
pathway and pyruvate dehydrogenase/citric acid...
asked 14 minutes ago -
Question 1
At the end of Year 6,
South Co.'s tax department estimates that they will...
asked 16 minutes ago -
Use standard enthalpies of formation to determine
ΔHorxn for:
1. 3NO2(g) + H2O(l) → 2HNO3(aq)
+...
asked 20 minutes ago -
Abigail Adams was hired as an associate professor of economics
at Heartland University. She was the...
asked 23 minutes ago -
consider the overall reaction: AB(g) + CB(g) ⟶ A(g) + CB2(g)
A proposed mechanism for this...
asked 30 minutes ago -
In fruit flies, assume bright red eyes (r) and curly wing (w)
are encoded by two...
asked 45 minutes ago -
Consider the compounds represented by the following names:
Compound A: 2,3-dimethylpentane Compound B: 3,4-dimethyl-3-pentene
Compound C:...
asked 50 minutes ago -
C3H8 + 5O2 produces 3CO2 + 4
H2O
How many grams of CO2 are
produced by...
asked 50 minutes ago -
Select a target behavior from your list of potential target
behaviors. State your target behavior in...
asked 1 hour ago -
Guns make a unique marking on the bullets they fire and their
shell casings. These markings...
asked 1 hour ago