Charlie Company The Balance Sheet and Income Statement of Charlie Company as of and for the...
Charlie Company
The Balance Sheet and Income Statement of Charlie Company as of and for the twelve months ended December 31, 2018 shows the following information (in thousands):
Opening (Prior Period) and Ending balances
Accounts Receivable Opening $4,155, Ending. $5,155
Accounts Payable Opening $5,200, Ending $5,750
Inventory Opening $2,150, Ending 4,150
Sales on Credit (12months) $42,450
Cost of Goods Sold (COGS) (12 months) 31,500
Utilizing the information in question 1 above for Charlie Company in 2018 the number of days in receivable were _____ (round to closest whole number of days)?
A 22 days
B 28 days
C 40 days
D 36 days
Homework Answers
| Average Receivables= ( beginning Receivables+ ending Receivables)/2 |
| Average Receivables = (4155+5155)/2 |
| Average Receivables = 4655 |
| Receivables turnover = Credit sales/receivables |
| Receivables turnover = 42450/4655 |
| Receivables turnover = 9.12 |
| days of sales outstanding = number of days in a year/receivables turnover |
| days of sales outstanding = 365/9.12 |
| days of sales outstanding = 40.02 |
Add Answer to:
Charlie Company
The Balance Sheet and Income Statement of Charlie Company as of
and for the...
Charlie Company The Balance Sheet and Income Statement of Charlie Company as of and for the...
Charlie Company The Balance Sheet and Income Statement of Charlie Company as of and for the twelve months ended December 31, 2018 shows the following information (in thousands): Opening (Prior Period) and Ending balances Accounts Receivable Opening $4,155, Ending. $5,155 Accounts Payable Opening $5,200, Ending $5,750 Inventory Opening $2,150, Ending 4,150 Sales on Credit (12months) $42,450 Cost of Goods Sold (COGS) (12 months) 31,500 QUESTION: Using this information, how many days were in the Inventory Conversion Period for the year...
Using the following Balance Sheet and additional information, prepare a Statement of Cash Flows for Charlie...
Using the following Balance Sheet and additional information, prepare a Statement of Cash Flows for Charlie Company for 2018 on the following page: (30 points): CHARLIE COMPANY Comparative Balance Sheet Dec 31, 2018 Dec 31, 2017 Assets Cash $ 28,000 Accounts receivable 18,000 Prepaid expenses 7,000 Inventory 25,000 Long-term investments -0- Equipment 60,000 Accumulated depreciation equipment (18.000 Total assets $120,000 1 Liabilities and Stockholders' Equity $13,000 14,000 9,000 15,000 18,000 30,000 (14,000 585,000 Accounts payable Bonds payable Common stock Retained...
The accounts related to the Balance Sheet as well as Income Statement for a company are...
The accounts related to the Balance Sheet as well as Income Statement for a company are given below as of Dec 31st 2017. Company Y does not distribute any dividends and had no depreciation in 2017. Accounts in $ Sales Common Stock Cost of Goods Sold Accumulated Retained Earnings Interest Long Term Debt Taxes Notes Payable Net Fixed Assets Accounts Payable Inventory Accounts Receivable Cash 2017 2,000 1,776 1,400 224 320 3,200 56 200 3,600 600 1,200 880 320 Anticipating...
The accounts related to the Balance Sheet as well as Income Statement for a company are...
The accounts related to the Balance Sheet as well as Income Statement for a company are given below as of Dec 31st 2017. Company Y does not distribute any dividends and had no depreciation in 2017. Accounts in $ Sales Common Stock Cost of Goods Sold Accumulated Retained Earnings Interest Long Term Debt Taxes Notes Payable Net Fixed Assets Accounts Payable Inventory Accounts Receivable Cash 2017 2,000 1,776 1,400 224 320 3,200 56 200 3,600 600 1,200 880 320 Anticipating...
The most recent balance sheet and income statement of Penaloza Corporation appear below: Comparative Balance Sheet...
The most recent balance sheet and income statement of Penaloza Corporation appear below: Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents............... $47 $39 Accounts receivable......................... 49 55 Inventory.......................................... 36 39 Property, plant and equipment......... 474 370 Less accumulated depreciation........ 250 218 Total assets..................................... $356 $285 Liabilities and stockholders' equity: Accounts payable.......................... $36 $35 Accured liabilities.......................... 27 25 Income taxes payable.................... 36 44 Bonds payable............................... 88 80 Common stock.............................. 45 40 Retained earnings........................ 124 61 Total liabilities...
The accounts related to the Balance Sheet as well as Income Statement for a company are...
The accounts related to the Balance Sheet as well as Income Statement for a company are given below as of Dec 31s 2017. Company Y does not distribute any dividends and had no depreciation in 2017 Accounts in $ Sales Common Stock Cost of Goods Sold Accumulated Retained Earnings Interest Long Term Debt Taxes Notes Payable Net Fixed Assets Accounts Payable 2017 2,000 1,776 1.400 224 320 3,200 56 200 3,600 600 1,200 880 320 Cash Anticipating the economic recovery...
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. TIGER...
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue $10,500 Operating expenses: Cost of goods sold $4,100 Depreciation 310 Insurance 450 Administrative and other 2,500 Total operating expenses 7, 360 Income before income taxes 3, 140 Income tax expense 1,256 Net income $ 1,884 Balance Sheet Information ($ in thousands) Dec. 31, 2018 Dec. 31, 2017 Assets: Cash...
11. You have the following balance sheet and income statement information for Epic Corp.: Balance sheet...
11. You have the following balance sheet and income statement information for Epic Corp.: Balance sheet $ Accounts receivable (A/R) 1,800 Inventory 3,600 Accounts payable (A/P) 760 Income statement $ Sales 7,200 Cost of goods sold (COGS) 5,760 All sales and purchases were on credit. a. How long is the days inventory outstanding (in days)? b. How long is the collection period (in days)? c. How long is the payables period (in days)? d. How long is the cash conversion...
QUESTION 2 Prepare a balance sheet and an income statement for Cucki Company for the year...
QUESTION 2 Prepare a balance sheet and an income statement for Cucki Company for the year 2017 from the following information: RM 57,000 14,000 150,000 6,200 600,000 Accounts payable Cash Long term debt Marketable securities Sales Taxes (40%) Prepaid rent Accounts receivable Depreciation COGS Interest expenses Inventory Plant and equipment General and administrative expenses 30,000 Accumulated depreciation Accruals Notes payable 1,100 33,000 30,000 460,000 10,000 84,000 300,000 30,000 5,000 mon stockboldes squty135.300
QUESTION 2 repare a balance sheet and an income statement for Cucki Company for the year...
QUESTION 2 repare a balance sheet and an income statement for Cucki Company for the year 2017 from the following information: Accounts payable Cash 57,000 14,000 Long term debt Marketable securities 150,000 6,200 600.00 Sales Taxes (40%) Prepaid rent Accounts receivable Depreciation COGS Interest expenses Inventory 1,100 33,000 30,000 460,000 10.000 84,000 General and administrative expenses 30,000 Accumulated depreciation Accruals Notes payable 30,000 5,000 13,000 Cemmon stockholders, equity183,300
Using the following Balance Sheet and additional information, prepare a Statement of Cash Flows for Charlie Company for 2018 on the following page: (30 points): CHARLIE COMPANY Comparative Balance Sheet Dec 31, 2018 Dec 31, 2017 Assets Cash $ 28,000 Accounts receivable 18,000 Prepaid expenses 7,000 Inventory 25,000 Long-term investments -0- Equipment 60,000 Accumulated depreciation equipment (18.000 Total assets $120,000 1 Liabilities and Stockholders' Equity $13,000 14,000 9,000 15,000 18,000 30,000 (14,000 585,000 Accounts payable Bonds payable Common stock Retained...
The accounts related to the Balance Sheet as well as Income Statement for a company are given below as of Dec 31st 2017. Company Y does not distribute any dividends and had no depreciation in 2017. Accounts in $ Sales Common Stock Cost of Goods Sold Accumulated Retained Earnings Interest Long Term Debt Taxes Notes Payable Net Fixed Assets Accounts Payable Inventory Accounts Receivable Cash 2017 2,000 1,776 1,400 224 320 3,200 56 200 3,600 600 1,200 880 320 Anticipating...
The accounts related to the Balance Sheet as well as Income Statement for a company are given below as of Dec 31st 2017. Company Y does not distribute any dividends and had no depreciation in 2017. Accounts in $ Sales Common Stock Cost of Goods Sold Accumulated Retained Earnings Interest Long Term Debt Taxes Notes Payable Net Fixed Assets Accounts Payable Inventory Accounts Receivable Cash 2017 2,000 1,776 1,400 224 320 3,200 56 200 3,600 600 1,200 880 320 Anticipating...
The accounts related to the Balance Sheet as well as Income Statement for a company are given below as of Dec 31s 2017. Company Y does not distribute any dividends and had no depreciation in 2017 Accounts in $ Sales Common Stock Cost of Goods Sold Accumulated Retained Earnings Interest Long Term Debt Taxes Notes Payable Net Fixed Assets Accounts Payable 2017 2,000 1,776 1.400 224 320 3,200 56 200 3,600 600 1,200 880 320 Cash Anticipating the economic recovery...
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue $10,500 Operating expenses: Cost of goods sold $4,100 Depreciation 310 Insurance 450 Administrative and other 2,500 Total operating expenses 7, 360 Income before income taxes 3, 140 Income tax expense 1,256 Net income $ 1,884 Balance Sheet Information ($ in thousands) Dec. 31, 2018 Dec. 31, 2017 Assets: Cash...
11. You have the following balance sheet and income statement information for Epic Corp.: Balance sheet $ Accounts receivable (A/R) 1,800 Inventory 3,600 Accounts payable (A/P) 760 Income statement $ Sales 7,200 Cost of goods sold (COGS) 5,760 All sales and purchases were on credit. a. How long is the days inventory outstanding (in days)? b. How long is the collection period (in days)? c. How long is the payables period (in days)? d. How long is the cash conversion...
QUESTION 2 Prepare a balance sheet and an income statement for Cucki Company for the year 2017 from the following information: RM 57,000 14,000 150,000 6,200 600,000 Accounts payable Cash Long term debt Marketable securities Sales Taxes (40%) Prepaid rent Accounts receivable Depreciation COGS Interest expenses Inventory Plant and equipment General and administrative expenses 30,000 Accumulated depreciation Accruals Notes payable 1,100 33,000 30,000 460,000 10,000 84,000 300,000 30,000 5,000 mon stockboldes squty135.300
QUESTION 2 repare a balance sheet and an income statement for Cucki Company for the year 2017 from the following information: Accounts payable Cash 57,000 14,000 Long term debt Marketable securities 150,000 6,200 600.00 Sales Taxes (40%) Prepaid rent Accounts receivable Depreciation COGS Interest expenses Inventory 1,100 33,000 30,000 460,000 10.000 84,000 General and administrative expenses 30,000 Accumulated depreciation Accruals Notes payable 30,000 5,000 13,000 Cemmon stockholders, equity183,300
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago