IF A COMPANY HAS COST OF GOODS SOLD OF $255,000 AND AVERAGE INVENTORY OF $84,000, WHAT IS ITS INVENTORY TURNOVER RATIO? - 2.0 - 3.8 - 3.4 - 5.0

Q: At the beginning of the year, ABC Company's liabilities equal $97,000. During the year, assets…

A: Explanation of Assets:Assets are resources owned by a company that have economic value and are…

Q: Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects…

A: The correct answer is:b. Increase cash by $25,000 and increase notes payable by $25,000.…

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A: Concept of Accrual Principle:The accrual principle is a fundamental accounting concept that requires…

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A: Step 1: Definition of Depreciation MethodsStraight-Line Method: Allocates the depreciable cost of an…

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A: Step 1: Define Inventory ShrinkageInventory shrinkage is the loss of inventory that occurs due to…

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A: Step 1: Define Joint Cost Allocation Using Value BasisJoint cost allocation using a value basis is a…

Q: Merchandise is sold on account to a customer for $72,500, terms GEB shipping point, 3/10, n/30. The…

A: Concept of Terms of Sale (3/10, n/30): This term defines the payment agreement between the buyer and…

Q: A business reports sales revenue of $320,000 and the cost of goods sold is $175,000. What is the…

A: Concept of Sales Revenue: Sales revenue is the total income a business earns from selling goods or…

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A: Step 1: Define Cost AllocationThe costs incurred by a firm can be broadly categorized into direct…

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A: Step 1: Definition of Avoidable CostsAvoidable costs are the costs a business can eliminate if it…

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A: To determine the total liabilities, we use the accounting equation, which states:…

Q: Net Income: $250,000 & Sales:$7,500, 000 and average assets: $730,000

A: Explanation of Profit Margin:Profit Margin is a financial metric that shows the percentage of…

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A: Step 1: Define Holding Period ReturnHolding period return is any increment or reduction in the…

Q: At the start of the year, Finished good Goods Inventory=$1,000,000. At the end of the year, the…

A: The Variable Costing method only includes variable manufacturing costs such as direct materials,…

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A: Step 1: Define Contribution Margin and Net Operating IncomeContribution Margin: Contribution margin…

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A: Explanation: As per High-Low method, first, variable cost per unit is calculated, and then such…

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A: Step 1: Define Monthly PaymentThe monthly payment is the amount a borrower pays each month to repay…

Q: What is the maturity value of the note on these accounting question?

A: Step 1: Define Maturity ValueThe maturity value of a note refers to the total amount that is due to…

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A: Step 1: Define Non-Current AssetsNon-current assets, also known as long-term assets, are assets that…

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A: Explanation of Fixed Assets: A fixed asset is a long-term tangible item that a business owns and…

Q: Earning after taxes of $25,000? General accounting

A: Step 1: Define Net Profit MarginNet profit margin is also called net margin. It is a financial…

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A: Step 1: Define Absorption Costing ConceptAbsorption costing is the costing method prescribed by the…

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A: Step 1: Define Variance AnalysisThe variance analysis is usually conducted to compare the actual…

Q: How much net income did the partnership earn in that period?

A: Step 1: Define Net incomeIt's the amount of money left to the business after the incurrence of all…

Q: Yum Yum Meat Company uses a process costing system. The following information relates to one month's…

A: Explanation: Total cost for units transferred out will be calculated as = Equivalent units completed…

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A: Explanation of Return on Assets (ROA):Return on Assets (ROA) is a profitability metric that measures…

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A: Step 1: Current Debt-Equity Ratio: 1.Current Market Value of Equity:Equity=Shares Outstanding× Share…

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A: Step 1: Define Applied OverheadsApplied overhead is the cost that the business compute and debit to…

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A: Step 1: Define  Profit MarginProfit margin is a term that indicates how much profit a firm generates…

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A: Step 1: Under the weighted average method of inventory, the average cost per unit needs to be…

Q: The last department in a production process shows the following information at the end of the…

A: To calculate how many units have been transferred to finished goods, use the following…

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A: Step 1: Definition of Cost of Goods Manufactured (COGM)COGM refers to the total production cost of…

Q: Unit costs in a process-costing system are derived by using:

A: The correct answer is:d. equivalent units.  Explanation:In a process-costing system, costs are…

Q: Compute the cash cycle based ????

A: Step 1: Define Cash Conversion CycleAs a process of production and sales, inventory is purchased…

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A: Step 1: ROE needs to be computed by using the DuPont formula as stated below: ROE = Profit Margin *…

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A: Step 1: If Applied manufacturing overhead cost is less than the actual manufacturing overhead cost…

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A: Step 1: Define Corporate Income TaxA tax levied on the profit earned by the corporation in a year is…

Q: Earning after taxes of $25,000?

A: Step 1: Use the gross profit margin formula Step 2: Use the net profit margin formula to find sales…

Q: Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as…

A: Step 1: Key Data for Drawing DepartmentWork in process, June 1:Units: 7,400Percent complete…

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A: Step 1: Definition of Average Collection PeriodThe average collection period is the average number…

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A: Approach to solving the question: To find the degree of operating leverage, we use the formula:…

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A: Step 1: Definition of Cost of Merchandise Sold (COGS)Cost of Merchandise Sold (COGS) is the total…

Q: What is the net change in total liabilities?

A: To determine the net change in total liabilities, evaluate each transaction's effect on assets,…

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A: Determine the required pre-tax operating profitCrest's desired after-tax operating profit is…

Q: Calculate the gross profit margin?

A: Step 1: Define Gross Profit MarginThe gross profit of a company can be calculated in terms of ratio…

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A: Step 1: Define Contribution MarginContribution margin is the amount remaining from sales revenue…

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A: Definition of Gross ProfitGross profit is the amount of revenue remaining after deducting the cost…

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A: The question requires the determination of the ROE and the ROIC.Return on equity (ROE) is a…

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A: To prepare the income statement for variable costing, we exclude fixed manufacturing costs from…

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A: Step 1: Define Savings RatioSavings ratio is a ratio in finance which determines the proportion of…