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Accounting 21

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Question The income statement of Cheyenne Company is shown below. CHEYENNE COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue       $6,890,000 Cost of goods sold            Beginning inventory   $1,910,000        Purchases   4,410,000        Goods available for sale   6,320,000        Ending inventory   1,620,000        Cost of goods sold       4,700,000 Gross profit       2,190,000 Operating expenses            Selling expenses   460,000        Administrative expenses   700,000   1,160,000 Net income       $1,030,000 Additional information: 1.   Accounts receivable decreased $350,000 during the year. 2.   Prepaid expenses increased $160,000 during the year. 3.   Accounts payable to suppliers of merchandise decreased $300,000 during the year. 4.   Accrued expenses payable decreased $90,000 during the year. 5.   Administrative expenses include depreciation expense of…

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Item Beginning   Ending Inventory $ 12,435   $ 15,615 Accounts receivable 6,120   6,287 Accounts payable 7,930   9,140 Net sales   $ 143,187   Cost of goods sold   79,218     Calculate the operating and cash cycles.

At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Current Year 1 Year Ago $ 28,952 85,608 105,504 9,512 266,097 $ 33,842 61,019 78,261 9,153 245,029 $ 427,304 $ 495,673 $ 123,423 $ 70,770 Long-term notes payable Common stock, $10 par value Retained earnings 92,255 162,500 117,495 Total liabilities and equity $ 495,673 $ 427,304 99,263 163,500 93,771 For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 35,979 49,426 52,128 4,038 225,529 $ 367,100 $ 49,426 81,940 162,500 73,234 $ 367,100 Exercise 17-7 (Algo) Analyzing liquidity LO P3 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your…

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Inventory, February 28, 2018 $450,000 Inventory, March 31, 2018 $330,500 Purchase Discounts $12,450 Purchase returns and allowances $23,870 Sales $276,900 Sales discounts $34,660 Gross purchases $120,400 a. Compute net purchases and cost of goods sold for the month of March.

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Question Content Area Based on the following data, what is the accounts receivable turnover? Sales on account during year $700,000 Cost of merchandise sold during year 270,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Merchandise inventory, beginning of year 90,000 Merchandise inventory, end of year 110,000 a.20.0 b.15.5 c.2.6 d.17.5

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View Policies Current Attempt in Progress You have been provided with the following selected accounts for Flounder Ltd. for the year ended April 30, 2024: Inventory, May 1, 2023 Purchases Accounts receivable Sales Purchase discounts Freight in Land $578,000 5,932,000 (a) 809,000 9,264,000 Interest expense Interest income Accounts payable Administrative expenses 39,000 Selling expenses 122,000 Cash 869,000 Common shares $29,000 21,000 617,000 837,000 155,000 148,000 199,000 Flounder conducted a physical inventory count on April 30, 2024. Inventory on hand at that date was determined to be $988,280. Prepare a partial multiple-step statement of income for the year ended April 30, 2024, through to gross profit.

Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 2. 3. 4. 5. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.

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