Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 2019 $251,806 129,253 17,198 Sales Cost of goods sold Accounts receivable 2021 $501,535 253,218- 24,375 Numerator: 2020 $323,571 163,436 18,897 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Trend Percent for Net Sales: 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 1 1 -2018 2017 $ 176,088 $ 127,600 63,900 8,702 Denominator: 89,294 10,266 Trend percent % 28 2 % % %

Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 2019 $251,806 129,253 17,198 Sales Cost of goods sold Accounts receivable 2021 $501,535 253,218- 24,375 Numerator: 2020 $323,571 163,436 18,897 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Trend Percent for Net Sales: 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 1 1 -2018 2017 $ 176,088 $ 127,600 63,900 8,702 Denominator: 89,294 10,266 Trend percent % 28 2 % % %

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Description: Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1SalesCost of goods soldAccounts receivableNumerator:2021$501,535253,218-24,375Numerator:Compute trend percents for the above accounts, using 2017 as the base year. For each of the thre

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1
Sales
Cost of goods sold
Accounts receivable
Numerator:
2021
$501,535
253,218-
24,375
Numerator:
Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the
situation as revealed by the trend percents appears to be favorable or unfavorable.
2020
2019
$ 323,571 $ 251,906
163,436
18,897
129,253
17,198
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Net Sales favorable or unfavorable?
Numerator:
Trend Percent for Net Sales:
1
1
Denominator:
Trend Percent for Cost of Goods Sold:
Denominator:
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Cost of Goods Sold favorable or unfavorable?
Trend Percent for Accounts Receivable:
Denominator:
-2018
$ 176,088
99,294
10,266
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Accounts Receivable favorable or unfavorable?
2017
$ 127,600
63,800
8,702
Trend percent
Trend percent
Trend percent
****at
%
%
%
%
%
%
%
%
%
%
%
%
%
%

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Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following: Customername Totaloutstanding £ Creditlimit £ 0-30days £ 31-60days £ 61-90days £ Over 90days £ A. Ames 16200 15000 2000 8700 2500 3000 B.Bristow 18300 25000 18300 - - - C.Chen 4700 4800 - 2000 2700 - TOTAL 39200 - 20300 10700 5200 3000 Notes:• The company offers 30 days credit to its customers.• The credit is offered to the customers based on words of mouth• Ames is disputing the quality of some of the goods and refusing to pay, no decision hasbeen made yet (£3,000 over 90 days)• Chen has just put in an order for £5,000, he is a good friend of the directorRequired:What are the key points arising from the credit controller's review in respect of each tradereceivable balance and what suggestions can be made to improve the aged analysis report?
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Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 446,762 225,881 21,623 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 1 1 1 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 290,105 146,803 16,913 Trend Percent for Net Sales: 2019 $ 232,084 119,092 15,828 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Cost of Goods Sold: 1 Denominator: 7 1 1 1 1 1 I 1 Denominator: Trend Percent for Accounts Receivable: Denominator: 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 2018 $ 167,570 84,885 9,820 = = = = = = = = = = 2017 $ 128,900 64,450 8,804 = Trend percent Trend percent Trend percent % % % % % % % % % % % % %…
Calculate average receivable turnover