Horizontal analysis (trend analysis) percentages for Carla Vista Company's net sales, cost of goods sold, and expenses are listed here. Horizontal Analysis 2022 2021 2020 Net sales 94.9 % 105.3 % 100.0 % Cost of goods sold 102.1 94.9 100.0 Expenses 105.2 95.0 100.0

Horizontal analysis (trend analysis) percentages for Carla Vista Company's net sales, cost of goods sold, and expenses are listed here. Horizontal Analysis 2022 2021 2020 Net sales 94.9 % 105.3 % 100.0 % Cost of goods sold 102.1 94.9 100.0 Expenses 105.2 95.0 100.0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2021 2020 2019 Cost of goods sold $15,357 $13,433 $14,619 Inventories 3,414 3,266 3,379 Current assets 22,545 19,240 20,411 Current liabilities 19,950 14,601 26,973 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its invertory. The industry averages for the inventory tumover, days in inventory, and current ratios are as follows: 2021 2020 Inventory turnover 8.1 times 10.1 times Days in inventory 45 days 36 days Current ratio 0.9:1 1.1:1 (a1) Calculate Coca-Cola's inventory tumover, days in inventory, and current ratios for 2021 and 2020. (Round inventory turnover and ratio to 1 decimal place, e.g. 15.2. Round days in inventory to the nearest day, e.g. 15 days. Use 365 days for calculation.) Inventory Tumover Days In Inventory Current Ratio 2021 times days :1 2020 times days
Use the following statement of financial position and statement of comprehensive income Blue Bird, Inc. 2018 Statement of comprehensive income Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income Blue Bird, Inc. Statement of financial position Years ended 2017 and 2018 $12,630 8,240 1,010 3,380 750 $2,630 920 $1,710 Cash Accounts rec. Inventory Total 2017 2018 $640 $590 1,200 1,390 2,300 2,470 $4,140 $4,450 Net fixed assets 4,640 5,200 Total assets $8,780 $9,650 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings 2017 2018 2,500 2,800 4,000 4,500 1,040 1,690 $8,780 $9,650 Blue Bird, Inc. has 1,500 shares of stock outstanding. The price-earnings ratio for 2018 is 21. What is the market price per share of stock?
Periodic System— Computing Cost of Sales and Gross Profit under FIFO and LIFO The owner of Valley Cycle wants to maximize after-tax cash flows and is considering switching from FIFO. The following data are available for its first quarter of 2020. In addition, sales for the first quarter totaled 374 units, and a physical inventory taken on March 31, 2020, showed 170 units available in inventory. Valley uses the periodic inventory method. Date Units Unit Cost January 1, 2020 (beginning inventory) 102 $180 Purchases: January 15, 2020 136 205 February 12, 2020 170 215 March 19, 2020 136 230 Required a. Which of the following inventory flow methods would we recommend that Valley use to produce the greatest after-tax cash flows: FIFO or LIFO? AnswerLIFOFIFOCollect more data to verify trends b. Prepare a table showing the gross profit and gross profit percentage for each method in part a assuming all units for the quarter were sold for $300 each. Note: Do not use…
Net Sales Revenue Cost of Goods Sold: Healthy Bite Grocery Income Statements Years Ended September 30, 2025 and 2024 2025 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income $ 11,000 75,000 86,000 19,500 $ 137,000 66,500 70,500 32,000 $ 38,500 2024 12,000 74,000 86,000 11,000 $ 122,000 75,000 47,000 26,000 21,000
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Inventory Turnover Calculate the company's inventory turnover for 2020 and compare the result to the industry average.
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Background Jimmy's Sweets Company sells a lovely range of irresistible sweets to the general public. Jimmy has calculated the following ratio analysis for the years ending 2020 and 2019 below: 2020 2019 Current Ratio 3.20 1.50 Quick Ratio 0.30 1.20 Inventory Turnover (days) 17 days 22 days Accounts Receivable Turnover (days) 62 days 32 days Question Which answer below is the correct interpretation of the change in each ratio, from 2019 to 2020? Select one: O a. Current Ratio is worse, Quick Ratio is worse, Inventory Turnover is worse, Accounts Receivable Turnover is worse. O b. Current Ratio is better, Quick Ratio is better, Inventory Turnover is better, Accounts Receivable Turnover is better. O c. Current Ratio is better, Quick Ratio is worse, Inventory Turnover is better, Accounts Receivable Turnover is better. O d. Current Ratio is better, Quick Ratio is worse, Inventory Turnover is better, Accounts Receivable Turnover is worse.
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