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- You are looking into the accounts of a company that has presented using LIFO for inventory. You see in the notes the LIFO Reserve in 2019 and 2020 were 160,000 and 240,000 respectively. The company pays tax at 30% in both years. Show the relevant adjustments you would have to make to the Balance Sheet and income statement to convert the company to a FIFO basis. Describe the effect that this conversion would have on net profit margin, gross profit margin, debt to equity, inventory turnover and current ratio in 2020. Another company has written down some inventory. Explain why a company would need to write down inventory and the effects this would have on the company accounts.what is the Total Asset Turnover Ratio for pepsi company for year 2019, 2020, 2021?Byers Company presents the following condensed income statement for 2019 and condensed December 31, 2019, balance sheet: Compute the following ratios for Byers ( round all computations to two decimals): ( 1) earnings per share, ( 2) gross profit margin, ( 3) operating profit margin, ( 4) net profit margin, ( 5) total asset turnover, ( 6) return on assets, (7) return on common equity, (8) receivables turnover (in days), and (9 ) interest coverage.
- Inventory Turnover Calculate the company's inventory turnover for 2020 and compare the result to the industry average.Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate $52,848 $3,398 $3,870 $2,610 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment (S in millions) Inventories $4 6,008 x Total assets %24 Deferred tax liabilkies $ 54,108 x 277 x Equity 0 x b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Cost of goods sold %24 0 x Pretax income %24 0 x Income tax expense $ 0 x Net income %24[C] Complete the table: Analyze the transaction made by Cai's General Merchandise for the month of March 2020. Identify the accounts affected following the Perpetual Inventory System.
- XYZ Co. is a retail company and its selected financial statements items are given as following. Its Total Assets are 5- 42300 and 39300 respectively for the year 2020 and 2019. Its Total Current Assets are 20200 and 17700 respectively for the year 2020 and 2019. Its Total Liabilities are 31500 and 29200 respectively for the year 2020 and 2019. Its Total Current Liabilities are 21500 and 18800 respectively for the year 2020 and 2019. Inventory equals to 7500 and 6800 respectively for the year 2020 and 2019. Cash and Cash Equivalents equals to 4000 and 3000 respectively for the year 2020 and 2019. (All numbers are in dollars). What is current ratio of XYZ Co. for the year 2020? a) 74% 01 b) 84% C) 94% d) 99%The following statement is TRUE / FALSE (circle one): Under Current (2020) US GAAP, any Inventory dollars related to "LIFO Layers" that are more than one year old should be classified as "Non-Current Assets" on the Balance Sheet.Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. Calculate the inventory turnover for 2020, 2021, and 2022.
- Total merchandise inventory as of January 1, 2019 amounted to PBlank 1.A) Calculate the following liquidity ratios for 2020. 1. Working capital- 2.Current Ratio- 3. Acid test ratio- 4. Accounts receivable turnover- B) calculate the following liquidity ratios for 2020. 1. Average collection period (in days)- 2. Inventory turnover (in times)- C) calculate the average days to sell inventory for 2020. 1. Average days to sell inventory-How much is the total inventory value at December 31, 2019?