At the end of February 2016, Accounting Service had the following accounts: Cash Trucks Equipment $27,000 $25,500 $17,000 Accounts Payable $18,000 By the end of the month, this company had: $57,000 in Revenues, $2,000 in Utilities Expenses, $250 in Phone Expenses, and $5,500 in Salaries Expenses. Calculate the net income to be reported by the company at the end of this month. a. $64,750 b. $5,750 c. $49,250 d. $57,000

At the end of February 2016, Accounting Service had the following accounts: Cash Trucks Equipment $27,000 $25,500 $17,000 Accounts Payable $18,000 By the end of the month, this company had: $57,000 in Revenues, $2,000 in Utilities Expenses, $250 in Phone Expenses, and $5,500 in Salaries Expenses. Calculate the net income to be reported by the company at the end of this month. a. $64,750 b. $5,750 c. $49,250 d. $57,000

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
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