Homework Answers
Ans:
Total sales per employee = Total sales / Number of employees
= $4672770 / 675
= $6923 per employee
Hence the total sales per employee is $6923.
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nline Operations and Suppl ABC Corp reported the following Data Average Receivables $2424144 Average Inventory $766438...
Net credit sales $120,000 Average accounts receivable 20,000 Cash collections on credit sales 100,000 271) What...
Net credit sales $120,000 Average accounts receivable 20,000 Cash collections on credit sales 100,000 271) What is the receivables turnover ratio? A) 5.0. B) 1.2. C) 0.2. D) 6.0. If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is reasonably possible, a contingent liability should be Neither disclosed nor reported as a liability. Disclosed and reported as a liability. Reported as a liability, but not disclosed....
5. Calculate the 2015 financial ratios for Phocbe Corporation rounded to the nearest tenth and put...
5. Calculate the 2015 financial ratios for Phocbe Corporation rounded to the nearest tenth and put a checkmark in tbe row in which Phorbe's ratios are better than the industry average: Ratio Gross Profit Margin Net Profit Margin Current Ratio Inventory Turnover Receivables Turnover Phoebe Corporation (2015) Industry Averages Phocbe is Better 55.0% 27.5% 3.3 % % 15.5 8.5 Select Financial Ratios What It Measures Eficiency of operations and product pricing Lisiency afher all expenses are considered Short-run debt-paying ability...
only question b please. PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
only question b please. PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
E7-8 Evaluating the Effects of Inventory Methods on Income from Operations, Income Taxes, and Net Income...
E7-8 Evaluating the Effects of Inventory Methods on Income from Operations, Income Taxes, and Net Income (Periodic) [LO 7-3) Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units at $25; purchases, 3,000 units at $28; operating expenses (excluding income taxes), S94,000; ending inventory per physical count at December 31, 1,000 units; sales price per unit, $75; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted...
In its income statement for the year ended December 31, 2022, Sheffield Corp, reported the following...
In its income statement for the year ended December 31, 2022, Sheffield Corp, reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $725,000 1,261,000 76,000 50,000 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive income (net of $1,200 tax) $ 38,000 22,000 2,204,000 8,800 Sheffield Corp. Income Statement For the Year Ended December 31, 2022 Net Sales 2204000 Cost of Goods Sold 1261000 i Gross Profit 943000 Operating Expenses...
The following information is taken from records of ABC Company: Items Amount Account receivables 30000 Inventory...
The following information is taken from records of ABC Company: Items Amount Account receivables 30000 Inventory 80000 Cash 10000 Prepaid expense 6000 Equipment’s 60000 Land 100000 Building 40000 Wages payable 5000 Account payables 30000 Notes payable 25000 Long term liabilities 70000 Owners’ Equity 196000 Sales revenue 150000 Cost of goods sold 125000 Net income 25000 According to above information, answer the following questions: The company’s gross profit margin is: 60% 55% None of the above The company’s net profit margin...
The following information pertains to Blue Spruce Corp.. Assume that all balance sheet amounts represent both average an...
The following information pertains to Blue Spruce Corp.. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 41000 Accounts receivable (net) 37000 Inventory 36000 Property, plant and equipment 244000 Total Assets $358000 Liabilities and Stockholders’ Equity Current liabilities $ 68000 Long-term liabilities 84000 Stockholders’ equity—common 206000 Total Liabilities and Stockholders’ Equity $$358000 Income Statement Sales revenue $83000 Cost of goods sold 44000 Gross...
Pina Colada Corp. reported net sales of $253,000, cost of goods sold of $151,800, operating expenses...
Pina Colada Corp. reported net sales of $253,000, cost of goods sold of $151,800, operating expenses of $45,600, net income of $40,480, beginning total assets of $537,900, and ending total assets of $615,900. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin Gross profit rate
5. Calculate the 2015 financial ratios for Phocbe Corporation rounded to the nearest tenth and put a checkmark in tbe row in which Phorbe's ratios are better than the industry average: Ratio Gross Profit Margin Net Profit Margin Current Ratio Inventory Turnover Receivables Turnover Phoebe Corporation (2015) Industry Averages Phocbe is Better 55.0% 27.5% 3.3 % % 15.5 8.5 Select Financial Ratios What It Measures Eficiency of operations and product pricing Lisiency afher all expenses are considered Short-run debt-paying ability...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
only question b please.
PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
E7-8 Evaluating the Effects of Inventory Methods on Income from Operations, Income Taxes, and Net Income (Periodic) [LO 7-3) Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units at $25; purchases, 3,000 units at $28; operating expenses (excluding income taxes), S94,000; ending inventory per physical count at December 31, 1,000 units; sales price per unit, $75; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted...
In its income statement for the year ended December 31, 2022, Sheffield Corp, reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $725,000 1,261,000 76,000 50,000 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive income (net of $1,200 tax) $ 38,000 22,000 2,204,000 8,800 Sheffield Corp. Income Statement For the Year Ended December 31, 2022 Net Sales 2204000 Cost of Goods Sold 1261000 i Gross Profit 943000 Operating Expenses...
Pina Colada Corp. reported net sales of $253,000, cost of goods sold of $151,800, operating expenses of $45,600, net income of $40,480, beginning total assets of $537,900, and ending total assets of $615,900. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin Gross profit rate
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