Accounts Payable 420 Accounts Receivable 3,200 Capital Stock 240 Cash 100 Cost of Goods Sold 600...
|
Accounts Payable |
420 |
|
Accounts Receivable |
3,200 |
|
Capital Stock |
240 |
|
Cash |
100 |
|
Cost of Goods Sold |
600 |
|
Inventory |
380 |
|
Long-term Debt |
4,640 |
|
Net Income |
280 |
|
Property, Plant, and Equipment (net) |
1,400 |
|
Retained Earnings |
(220) |
|
Sales |
3,000 |
Note: The retained earnings amount reported is as of the END of the year (after the closing entries have been made).
Compute NUMBER OF DAYS’ SALES IN INVENTORY. Note: If you need to compute the average balance for any account, assume that the beginning-of-year balance is the same as the end-of-year balance reported above. Keep all calculations in your calculator and do not round until the end.
Group of answer choices
73 days
231.2 days
115.6 days
46.2 days
576.0 days
Homework Answers
Cost of goods sold = 600
Inventory = 380
NUMBER OF DAYS’ SALES IN INVENTORY = 365 x Inventory/Cost of goods sold
= 365 x 380/600
= 231.2 days
Second option is the correct option
Other information given in the question is not relevant to calculate NUMBER OF DAYS’ SALES IN INVENTORY, hence it has been ignored
kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.
Add Answer to:
Accounts Payable
420
Accounts Receivable
3,200
Capital Stock
240
Cash
100
Cost of Goods Sold
600...
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end...
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $1,095,000 657,000 44,250 18,000 226,000 158,400 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained Earnings $2,000 Dividends Revenue Rent Expense Supplies Expense $2,600 Salary Expense Using the information above, prepare the Income Statement $2,400 $1,600 $995 $11,500 $2,100 $1,400 ncome Statement Total Expenses Net Income Question Cash Supplies Accounts Payable Accounts Receivable Common Stock Retained Earnings Dividends Revenue Rent Expense $3,066 $2,300 $2,500 $2,000 $1,200 $2,200 $4,834 $11,400 $1,900 $1,500 $1.700 Expense Salary Expense Income Statement $11400 $1900...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
9a- Compute the cost of goods sold 9b. compute Gross Profit Durable Equipment Co
9a- Compute the cost of goods sold
9b. compute Gross Profit
Durable Equipment Company uses the periodic inventory system. Durable reported 9- the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided) (8 points, 4 Pts.ea) AED Merchandise Inventory, July 1, 2018 22,00 Merchandise Inventory, June 30, 2019 19,000 Purchases 96,000 Purchase Discounts 5,000 Purchase Returns and Allowances 8,500 Freight In 3,200 Net Sales Revenue 212,400 Delivery Expense 1,400 Sales Salaries Expense 44,200 Common...
QUESTION 24 Fenwick Holdings reported cash sales in 2014 of $220,000. Accounts receivable at the beginning...
QUESTION 24 Fenwick Holdings reported cash sales in 2014 of $220,000. Accounts receivable at the beginning of the year totaled $420,000, with a balance of $490,000 at the end of the year. If the company's accounts receivable turnover is 3.5 for the year, how much are its total sales for the year? $2,250,000 O $1,715,000 O $1,495,000 $1,935,000 QUESTION 25 Real Crisp Company reported cost of goods sold of $800,000 last year. The company's beginning inventory balance was $58,000 and...
2011 2012 Cash 300 400 Accounts receivable 1,000 1,400 Inventories 3,200 3,000 Current assets 4,500 4,800...
2011 2012 Cash 300 400 Accounts receivable 1,000 1,400 Inventories 3,200 3,000 Current assets 4,500 4,800 Net fixed assets 3,800 Total assets 4,300 9,100 8,300 Notes payable 300 Accounts payable 500 Accruals Current portion of long- term debt Current liabilities 1,220 Long-term debt 4,300 Common stock ($.20 par) 1,200 Additional paid-in capital 680 Retained earnings Total liabilities and equity 8,300 Het income as reported on the 2012 Income statement) - 528 960 4,900 1,300 740 1,200 900 9,100 Depreciation as...
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December...
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 34,000 77,000 210,000 54,000 29,000 417,000 106,000 December 31, 2016 $ 16,500 122,500 183,000 92,500 65,000 417,000 102,500 Additional information: 1. The inventory turnover is 2.2 times. 2. The return on common stockholders' equity is 25%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.1 times. 4. The return on assets is 12.5%. 5. Total assets...
Equipment Accounts payable Delivery expense Salaries expense 23,000 cost of goods sold (food expense) 3,200 Buildings...
Equipment Accounts payable Delivery expense Salaries expense 23,000 cost of goods sold (food expense) 3,200 Buildings 2,800 Supplies 5,700 Salaries payable 53,600 28,000 2,200 900 In addition, the company had common stock of $28,000 at the beginning of the year and issued an ade The company also had retained earnings of $13,000 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
2017 2016 Cash Accounts receivable (net) Inventory Land Buildings Accumulated depreciation-buildings $3,200 23,300 7,200 26,400 70,000...
2017 2016 Cash Accounts receivable (net) Inventory Land Buildings Accumulated depreciation-buildings $3,200 23,300 7,200 26,400 70,000 (14,600) (10,600) $110,300$119,500 $12,70031,100 68,600 19,800 $110,300$119,500 $ 4,500 20,800 10,100 19,500 70,000 Total Accounts payable Common stock Retained earnings 74,900 22,700 Total Wiemers's 2017 income statement included net sales of $110,000, cost of goods sold of $60,800, and net income of $15,000 Compute the following ratios for 2017. (Round answers to 2 decimal places, e.g. 1.65, or 1.65% .) Current ratio Acid-test ratio...
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $1,095,000 657,000 44,250 18,000 226,000 158,400 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained Earnings $2,000 Dividends Revenue Rent Expense Supplies Expense $2,600 Salary Expense Using the information above, prepare the Income Statement $2,400 $1,600 $995 $11,500 $2,100 $1,400 ncome Statement Total Expenses Net Income Question Cash Supplies Accounts Payable Accounts Receivable Common Stock Retained Earnings Dividends Revenue Rent Expense $3,066 $2,300 $2,500 $2,000 $1,200 $2,200 $4,834 $11,400 $1,900 $1,500 $1.700 Expense Salary Expense Income Statement $11400 $1900...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
9a- Compute the cost of goods sold
9b. compute Gross Profit
Durable Equipment Company uses the periodic inventory system. Durable reported 9- the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided) (8 points, 4 Pts.ea) AED Merchandise Inventory, July 1, 2018 22,00 Merchandise Inventory, June 30, 2019 19,000 Purchases 96,000 Purchase Discounts 5,000 Purchase Returns and Allowances 8,500 Freight In 3,200 Net Sales Revenue 212,400 Delivery Expense 1,400 Sales Salaries Expense 44,200 Common...
QUESTION 24 Fenwick Holdings reported cash sales in 2014 of $220,000. Accounts receivable at the beginning of the year totaled $420,000, with a balance of $490,000 at the end of the year. If the company's accounts receivable turnover is 3.5 for the year, how much are its total sales for the year? $2,250,000 O $1,715,000 O $1,495,000 $1,935,000 QUESTION 25 Real Crisp Company reported cost of goods sold of $800,000 last year. The company's beginning inventory balance was $58,000 and...
2011 2012 Cash 300 400 Accounts receivable 1,000 1,400 Inventories 3,200 3,000 Current assets 4,500 4,800 Net fixed assets 3,800 Total assets 4,300 9,100 8,300 Notes payable 300 Accounts payable 500 Accruals Current portion of long- term debt Current liabilities 1,220 Long-term debt 4,300 Common stock ($.20 par) 1,200 Additional paid-in capital 680 Retained earnings Total liabilities and equity 8,300 Het income as reported on the 2012 Income statement) - 528 960 4,900 1,300 740 1,200 900 9,100 Depreciation as...
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 34,000 77,000 210,000 54,000 29,000 417,000 106,000 December 31, 2016 $ 16,500 122,500 183,000 92,500 65,000 417,000 102,500 Additional information: 1. The inventory turnover is 2.2 times. 2. The return on common stockholders' equity is 25%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.1 times. 4. The return on assets is 12.5%. 5. Total assets...
Equipment Accounts payable Delivery expense Salaries expense 23,000 cost of goods sold (food expense) 3,200 Buildings 2,800 Supplies 5,700 Salaries payable 53,600 28,000 2,200 900 In addition, the company had common stock of $28,000 at the beginning of the year and issued an ade The company also had retained earnings of $13,000 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
2017 2016 Cash Accounts receivable (net) Inventory Land Buildings Accumulated depreciation-buildings $3,200 23,300 7,200 26,400 70,000 (14,600) (10,600) $110,300$119,500 $12,70031,100 68,600 19,800 $110,300$119,500 $ 4,500 20,800 10,100 19,500 70,000 Total Accounts payable Common stock Retained earnings 74,900 22,700 Total Wiemers's 2017 income statement included net sales of $110,000, cost of goods sold of $60,800, and net income of $15,000 Compute the following ratios for 2017. (Round answers to 2 decimal places, e.g. 1.65, or 1.65% .) Current ratio Acid-test ratio...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago