Given the following information about Weber's Online Grocery assuming it wells entirely on credit, what is the total asset turnover? Current Assets $10,555 Accounts receivable 5,582 Cash 3,058 Inventories 1,734 Sales 36,938 Cost of goods sold 30,838 Total current liabilities 11,609 A. 3.49X B. 0.29X C. 2.84X D. 0.82X
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- 3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation - Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Delivery Expense General Expense Rent Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet 4 Net Income Depreciation Expense - Automobiles Depreciation Expense - Equipment Income Statement Debit Credit 45957- 4092- 75 316 20 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 Year…T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.Record the journal enteries under the appropiate accounts that are provided. Account # Account Title 100000 Bank Account 110100 Miscellaneous Accounts Receivable 110400 Allowance for Bad Debt 200600 Inventory-Operating Supplies 200900 Inventory-Raw Materials (Direct Post) 200910 Inventory-Finished Goods (Direct Post) 200920 Inventory-Trading Goods (Direct Post) 210000 Prepaid Insurance 212000 Prepaid Advertising 216000 Deposits on Purchases 220110 Land (Direct Post) 220210 Property, Plant & Equipment (Direct Post) 220310 Accumulated Depreciation-PP&E (Direct Post) 300200 Payables-Miscellaneous 300700 Payables-Salaries and Wages 300800 Accrued Expenses 320000 Accrued Tax-Output 329000 Common Stock 330100 Retained Earnings (Direct Posting) 600000 Sales Revenue 610000 Sales Discounts 780000 Cost of Goods Sold January 3GBI received $55,692 in safety product inventory and $37,128 in raw materials from Dallas Bike Basics. This…
- Need help with this accounting questionsHh1. calculate net sales, cost of goods sold and gross profit from salesFor each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10n/30 and that any purchase returns was known before Mary Paz Abad Retailers made the payments.Freight Prepaid PurchasePurchases (by seller) Returnsa. P12,000 FOB Shipping Point 1,000 P3,000b. 24,000 FOB Destination 2,400 2,000c. 28,000 FOB Shipping Point 4,000Shipping TermsPage 1 of 6d. 40,000 FOB Shipping Point 3,000Required:a. Determine the cash discount available.b. Determine the cash remitted if payment is made within the discount period.
- us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTSWhat is the receivables turnover ratio? General accounting question please solveHello tutor please provide this question solution general accounting