5. You are given ratios and amounts for X company for 2016 Current ratio 2.7 Quick ratio Inventory turnover Accounts receivable turnover 1.17 3.4 6.5 Cost of goods sold 2015 P 197 200 Credit sales for 1998 260 000 Accounts receivable, Jan. 1, 2015 Merchandise Inventory Jan. 1, 2015 38 200 62 000 X Company Schedule of Current Assets And Current Liabilities Dec. 31, 1998 Current Assets: Cash P 5 000 Accounts Receivable 2) 3) Merchandise Inventory 7 200 Prepaid Insurance Total Current Assets 1) Current Liabilities: Accounts Payable Accrued Payables 4) 5 000 Total Current Liabilities 40 000 REQUIRED: Supply the missing amount in this schedule. Do your calculation the numerical order indicated in this schedule.

5. You are given ratios and amounts for X company for 2016 Current ratio 2.7 Quick ratio Inventory turnover Accounts receivable turnover 1.17 3.4 6.5 Cost of goods sold 2015 P 197 200 Credit sales for 1998 260 000 Accounts receivable, Jan. 1, 2015 Merchandise Inventory Jan. 1, 2015 38 200 62 000 X Company Schedule of Current Assets And Current Liabilities Dec. 31, 1998 Current Assets: Cash P 5 000 Accounts Receivable 2) 3) Merchandise Inventory 7 200 Prepaid Insurance Total Current Assets 1) Current Liabilities: Accounts Payable Accrued Payables 4) 5 000 Total Current Liabilities 40 000 REQUIRED: Supply the missing amount in this schedule. Do your calculation the numerical order indicated in this schedule.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

See similar textbooks

Related questions

Q: A company reports the following Infommation for the year. Net credit sales $110,000 12,000 98,000…

A: Receivables turnover Ratio: The receivable turnover ratio is a kind of measuring ratio how the is…

Q: Suppose the 2017 financial statements of 3M Company report net sales of $23.1 billion. Accounts…

A: Solution: Accounts Receivable Turnover ratio: Accounts receivable is most important part of current…

Q: Calculate: a. Average Receivable days/ Debtors collection period b. Average Payable days/…

A: Solution:- a) Calculation of Average Receivable days/ Debtors collection period as follows:- Average…

Q: H

A: To calculate the operating and cash cycles for the Newk Corporation, we need to first understand…

Q: Wall Corporation’s books disclosed the following information as of and for the year ended December…

A: Accounts receivable turnover is a measure how effectively the company is able to collect its…

Q: Please Solve this one please fast

A: Step 1: Define Average Collection Period:The accounts receivables average collection period refer to…

Q: Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon…

A: Accounts receivable (AR) is the balance owed to a business for goods or services delivered or used…

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Trade Receivable Turnover ratio - It is used to measure how effective a company is in extending…

Q: The following data are taken from the financial statements of Wildhorse Company. Accounts receivable…

A: Ratio analysis aids in the examination of the company's financial accounts. These ratios can be used…

Q: Based on the following data for the current year, what is the accounts receivable turnover? Net…

A: Given the following information: Net sales on account during year: $500,000 Cost of merchandise…

Q: The following information is reported on the financial statements of Speed Cycles, Inc. as of…

A: In order to calculate the ratios, we would use the following formula

Q: Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying…

A: 1. Average Accounts Receivable = (730,000+700,000)/2 = 715,000 2. Average Inventory =…

Q: Review of the financial statements revealed the following for Sandhill Inc.: sales $1251000, net…

A: Gross Margin/Profit is the excess of Sales Revenue over Cost of goods soldGross Margin % is the…

Question

5. You are given ratios and amounts for X company for 2016
Current ratio
2.7
Quick ratio
1.17
Inventory turnover
3.4
Accounts receivable turnover
6.5
Cost of goods sold 2015
P 197 200
Credit sales for 1998
260 000
Accounts receivable, Jan. 1, 2015
38 200
Merchandise Inventory Jan. 1, 2015
62 000
X Company
Schedule of Current Assets
And Current Liabilities
Dec. 31, 1998
Current Assets:
Cash
P5 000
Accounts Receivable
2)
3)
Merchandise Inventory
7 200
Prepaid Insurance
Total Current Assets
1)
Current Liabilities:
Accounts Payable
4)
Accrued Payables
5 000
Total Current Liabilities
40 000
REQUIRED: Supply the missing amount in this schedule. Do your calculation in
the numerical order indicated in this schedule.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Compute for Accounts Receivable Turnover Ratio, Asset Turnover Ratio, Inventory Turnover Ratio in 2015 and 2016
Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %
The 2017 annual report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 0000 December 31, 2016 Total assets $930.9 $920.1 Total liabilities 197.1 208.6 Net sales 515.7 517.4 Net income 80.7 67.2 Instructions Compute the following ratios for Tootsie Roll for 2017. a. Asset turnover. b. Return on assets. c. Profit margin on sales. d. How can the asset turnover be used to compute the return on assets?
Please find the following ratios for both year 2017 and year 2018 based on following data RATIO AT ROA L ROE
N1. Account Calculate the following ratios for Lake of Egypt Marina, Inc. as of year-end 2021. (Use sales when computing the inventory turnover and use total stockholders' equity when computing the equity multiplier. Round your answers to 2 decimal places. Use 365 days a year.)
calculate ratios for the financial statment given and show all working manually: 1. Total Assets Turnover 2. Inventory Turnover 3. Inventory Period
General Accounting
I need ans financial accounting question
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Sales $ 2,272 $ 1,989 $ 1,810 $ 1,659 $ 1,548 $ 1,440 $ 1,180 Cost of goods sold 1,634 1,329 1,143 1,001 930 870 693 Gross profit 638 660 667 658 618 570 487 Operating expenses 486 380 349 257 223 220 183 Net income $ 152 $ 280 $ 318 $ 401 $ 395 $ 350 $ 304 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Assets Cash $ 85 $ 113 $ 117 $ 120 $ 124 $ 123 $ 127 Accounts receivable, net 613 644 583 447 394 373 263 Merchandise inventory 2,218 1,615 1,411 1,189 1,068 907 658 Other current assets 57 51 32 56 48 48 25 Long-term investments 0 0 0 175 175 175 175 Plant assets, net 2,715 2,704 2,365 1,334 1,379 1,226 1,052 Total assets $ 5,688 $ 5,127 $ 4,508 $ 3,321…
Need help with this question
Find Percentages and show work
Using the financial statements and using these ratios from the picture, discuss the performance of Cobham PLC in 2016.