Ayayai Ltd. had the following 2020 income statement data: Sales $205,600 Cost of goods sold 119,400 Gross profit 86,200 Operating expenses (includes depreciation of $22,400) 48,300 Income before income taxes 37,900 Income taxes 15,000 Net income $22,900 The following accounts increased during 2020 by the amounts shown: Accounts Receivable, $16,000; Inventory, $10,500; Accounts Pavable (relating to inventory), $14.000: Taxes Payable, $2.000: and Mortgage Payable, $40.200.

Ayayai Ltd. had the following 2020 income statement data: Sales $205,600 Cost of goods sold 119,400 Gross profit 86,200 Operating expenses (includes depreciation of $22,400) 48,300 Income before income taxes 37,900 Income taxes 15,000 Net income $22,900 The following accounts increased during 2020 by the amounts shown: Accounts Receivable, $16,000; Inventory, $10,500; Accounts Pavable (relating to inventory), $14.000: Taxes Payable, $2.000: and Mortgage Payable, $40.200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The accounting records of Uniontown Industries, Inc., provided the data below for the year endedDecember 31, 2020:Sales $1,000,000Cost of goods sold 500,000Depreciation expense 15,000Insurance expense 6,000Selling, general and administrative expenses 140,000Interest expense 20,000Income tax expense 125,000Net income 194,000Decrease in inventory 2,000Increase in accounts receivable 1,400Amortization of bond discount 5,000Decrease in prepaid insurance 300Cash dividends paid 20,000Required: In good form, prepare the operating activities section of the statement of cash flows for 2020using the direct method. Show all work for partial credit.
Manero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 $ 18,549 2,416 5,890 Cash flow from assets Cash flow to creditors Cash flow to stockholders 1,371 1,130 GA 8,696 11,528 1,714 29,180 72,861 6,293 20,492 2,179 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. $ $ $ 2021 $ 18,888 2,524 6,771 1,198 1,345 9,367 13,602 1,681 35,329 77,730 6,760 21,902 2,354 -1,538.80 -4,804.00 7,250.00
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? What is JPJ's accounts receivable days? JPJ's accounts receivable days are enter your response here days. (Round to two decimal places.) Part 2 What is JPJ's fixed asset turnover? JPJ's fixed asset turnover is enter your response here . (Round to two decimal places.) Part 3 What is JPJ's total asset turnover? JPJ's total asset turnover is enter your response here . (Round to two decimal places.) Part 4 What is JPJ's inventory turnover? JPJ's inventory turnover is enter your response here .
9 )
e. The average sale period. (The inventory at the beginning of last year totaled$1,920,000.) f. The operating cycle. g. The total asset turnover. (The total assets at the beginning of last year totaled$12,960,000.)
JPJ Corp has sales of $1.00 million, accounts receivable of $50,000, total assets of $5.00 million (of which $3.00 million are fixed assets), inventory of $150,000, and cost of goods sold of $600,000. What is JPJ's accounts receivable days? Fixed asset turnover? Total asset turnover? Inventory turnover? What is JPJ's accounts receivable days? JPJ's accounts receivable days are days. (Round to two decimal places)
16 )
The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes Accounts payable Accounts receivable 2021 $ 4.500 1,900 600 290 540 130 420 280 440 Price 5,300 1.800 856 440 850 per share 2022 $ 4.600 2,000 620 350 590 Net fixed assets Long-tern debt Notes payable Dividends paid Cash and marketable securities *Taxes are paid in their entirety in the year that the tax obligation is incurred. 130 440 320 510 6. 190 *Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Suppose that the market value (in thousands of dollars) of Fincorp's fixed assets in 2022 is $6,500 and that the value of its long-term debt is only…
A company reports the following amounts at the end of the year: Total sales revenue = $560,000; sales discounts = $17,000; sales returns = $34,000; sales allowances = $20,000. Compute net revenues. Net revenues
ABC Company Ltd. has annual revenues of $750 million and annual cost of goods sold of $450 million. Annual cash flows from operations are $51 minion, while daly credit sales were $163,548. It published its annual report for the financial year 2021-22 ending, with the following balance sheet items as at 31 march 2022: Ending inventory: $82 million Ending accounts receivable: $56 million Ending accounts payable: $43 million ABC Co. Lid, treasurers forecast the following balance pattern for monthly collections: Month 0: 5% Month 1: 40% Month 2 35% Month 3: 15% Month 4: 5% Required: a) Calculate the Cash Conversion Cycle (CCC) for the company and discuss measures the company could adopt to shorten its CCC. b) What percentage of outstanding sales proceeds are yet to be collected as receivables 3 months after the sales were invoiced?