Accounts receivable $ 18,000 Long-term notes payable $ 21,000 Accounts payable 11,000 Office supplies 2,800 Buildings 45,000 Prepaid insurance 3,560 Cash 7,000 Unearned services revenue 3,000 Compute Chavez Company's current ratio using the above information.

Accounts receivable $ 18,000 Long-term notes payable $ 21,000 Accounts payable 11,000 Office supplies 2,800 Buildings 45,000 Prepaid insurance 3,560 Cash 7,000 Unearned services revenue 3,000 Compute Chavez Company's current ratio using the above information.

Name: Accounts receivable$18,000 Long-term notes payable$21,000 Accounts pay
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Accounts receivable$18,000 Long-term notes payable$21,000 Accounts payable 11,000 Office supplies 2,800 Buildings 45,000 Prepaid insurance 3,560 Cash 7,000 Unearned services revenue 3,000 Compute Chavez Company's current ratio using the above info

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Selected data from Thornton Company follow. Balance Sheets As of December 31 Year 2 $377,000 (15,080) $361,920 Year 3 $393,000 (19,650) Accounts receivable Allowance for doubtful accounts Net accounts receivable $373,350 Inventories, lower of cost or market $477,000 $434,000 Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales Net cash sales $2,004,000 400,000 $1,753,000 307,000 Net sales 2,404,000 2,060,000 Cost of goods sold Selling, general, and administrative expenses Other expenses 1,602,000 240,300 40,200 $1,882,500 1,420,000 214,300 24,000 Total operating expenses $1,658,300 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) a. Accounts receivable turnover times b. Inventory turnover times c. Net margin %
Selected data from Fanning Company follow: Balance SheetsAs of December 31 Year 3 Year 2 Accounts receivable $ 392,000 $ 375,000 Allowance for doubtful accounts (19,600 ) (15,000 ) Net accounts receivable $ 372,400 $ 360,000 Inventories, lower of cost or market $ 478,000 $ 431,000 Income StatementFor the Years Ended December 31 Year 3 Year 2 Net credit sales $ 2,019,000 $ 1,753,000 Net cash sales 408,000 314,000 Net sales 2,427,000 2,067,000 Cost of goods sold 1,602,000 1,434,000 Selling, general, and administrative expenses 239,600 214,500 Other expenses 39,600 22,100 Total operating expenses $ 1,881,200 $ 1,670,600 Requireda. Compute the accounts receivable turnover for Year 3.b. Compute the inventory turnover for Year 3.c. Compute the net margin for Year 2.
Below are amounts (in millions) from three companies' annual reports. WalCo TarMart CostGet Required: Beginning Accounts Receivable $1,805 6,116 619 Ending Accounts Receivable $2,752 6,644 655 Net Sales $321,427 66,878 67,963 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales?
A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28
A company has net income of $182,000, a profit margin of 9.90 percent, and an accounts receivable balance of $106,014. Assuming 69 percent of sales are on credit, what is the company's days' sales in receivables? Multiple Choice 21.05 days 40.40 days 30.50 days
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,722 6,494 625 WalCo TarMart CostGet Receivable $1,775 5,966 589 Net Sales $318,427 63,878 64,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales?
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,453,630, beginning accounts receivable balance of $587,900, and an ending accounts receivable balance of $623,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. Accounts receivable turnover ratio fill in the blank 1 times Sales in receivables ratio fill in the blank 2 days B. What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day’s sales ratio is 180 days? a. Millennial Manufacturing collects its accounts more quickly than its competitors. b. A lender may favour Millennial Manufacturing over its competitors because of its faster collection period. c. Without prior years’ data it is hard to tell if Millennial Manufacturing is really more efficient than its competitors. d. All of the above statements may be correct.
Cash and accounts receivable for Adams Company are provided below: Prior Year Current Year Cash $50,799 Accounts receivable (net) 26,163 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash Accounts Receivable $41,300 45,900
Starwood Corporation has current assets of $410,000, total current liabilities of $960,000, net credit sales of $1,510,000, beginning accounts receivable of $86,000, and ending accounts receivable of $90,000. What is Starwood's accounts receivable turnover? Multiple Choice O 21.4 times 17.2 times 21.8 times 5.6 times
ABC Company has net sales of $500,000 and average accounts receivable of $100,000. Calculate the accounts receivable turnover ratio.

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bartleby, a Learneo, Inc. business

Accounts receivable	$	18,000	Long-term notes payable	$	21,000
Accounts payable		11,000	Office supplies		2,800
Buildings		45,000	Prepaid insurance		3,560
Cash		7,000	Unearned services revenue		3,000