Don't use ai given answer accounting questions Alex's Restaurant has total assets of $20 million, of which $14 million arecurrent assets. Cash makes up 15% of the current assets and accountsreceivable make up another 35% of current assets. Alex's gross plant andequipment have a book value of $18 million and other long-term assets havea book value of $500,000.What is the balance of inventory and the balance of depreciation on Alex'sRestaurant's balance sheet?

Step 1: Definition of Inventory and DepreciationInventory: Inventory refers to the goods and…

Answered: Alex's Restaurant has total assets of…

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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Mikey's bar-and-grill has total assets of 23 million dollars of which 17 million dollars are current assets cash makes up 10% of the current assets and accounts receiv will makes up another 40% of current assets Mikey's gross plan and equipment has both value of 18.5 million dollars and another long term assets have a book value of 400,000. What is the balance of inventory and the balance of depreciation of Mikey's bar-and-grill's balance sheet enter your answers in millions of dollars rounded to 1 decimal place.
What is the answer for depreciation?
Blue Sun has total assets of $350, current assets of $225, and sales of $600. What is their Asset Turnover?
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Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $475,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (60,600) Depreciation Expense (21,000) Gain on Sale of Plant Assets 23,500 Net Income $195,400 Dec. 31,2018 Cash $347,450 Accounts Receivable 39,750 Inventory 33,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $22,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of…
Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $475,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (60,600) Depreciation Expense (21,000) Gain on Sale of Plant Assets 23,500 Net Income $195,400 Dec. 31,2018 Cash $347,450 Accounts Receivable 39,750 Inventory 33,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $22,000 were declared and paid Cash Flow from Financing Activities: $Dividends Paid I just need the answer on dividends answer box?
What is the company's asset turnover ratio?
The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $23,500 $18,700 Accounts receivable (net) 56,000 48,000 Merchandise inventory 35,500 40,000 Prepaid expenses 4,750 7,000 Accounts payable (merchandise creditors) 21,800 16,800 Wages payable 4,900 5,800 A.Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. B.Briefly explain why net cash flows from operating activities is different from net income.
Aardvark & Co. has sales of $291,200, cost of goods sold of $163,300, net profit of $11,360, net fixed assets of $154, 500, and current assets of $89, 500. What is the total asset turnover rate? a) 1.19 b) 1.11 c) 1.24 d) 1.08 e) 1.28
The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of YearCash $23,500 $18,700Accounts receivable (net) 56,000 48,000Merchandise inventory 35,500 40,000Prepaid expenses 4,750 7,000Accounts payable (merchandise…
JPJ Corp has sales of $1.27 million, accounts receivable of $52,000, total assets of $4.96 million (of which $2.77 million are fixed assets), inventory of $152,000, and cost of goods sold of $604,000. What is JPJ's accounts receivable days? Fixed asset turnover? Total asset turnover? Inventory turnover? JPJ's inventory turnover is
Bill's Pizza has an asset turnover of 3.5. The total assets of Bill's were $95,000. The net sales of Bill's Pizza is A. $332,500.00. B. $271,428.50. C. $33,250.00. D. $27,142.85.

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