4,5,6 Can You Solve the Problem?Directions: Read and analyze the problemthen prepare the recessary requirements.Veery Beery CompanyStatement of Financial PositionFor the Year-ended December 312019P 400,0005,600,0001,480,0001,380,0008,860,00010,860,0006,800,000P 17,660,000P 6,600,0002020180,0001,800,0001,060,0001,640,0004,680,000CashShort-term investmentsAccounts receivableInventoryOther Cunent AssetsPTotal Cunent AssetsEquipmentTotal AssetsAccounts PayableNotes Payable - long temOwner, Capital|Total liabilities and equity5,040,0005,200,000P 10,240,000P 2,620,0002,120,0005,500,000P 10,240,0002,460,0008,600,000P 17,660,000Veery Beery CompanyStatement of Comprehensive IncomeFor the Year-ended December 31SalesCost of Goods SoldGIDss ProfitOperating Expenses| Operating IncomeInterest ExpenseNet Income2019P 10,040,0005,680,0004,360,0001,160,0003,200,000100,000P 3,1000,0002020P 8,760,0005,860,0002,800,0001,680,0001,220,00028,000P 1,192,000Requirements: Compute for the following financial ratios.1. Current ratioQuick ratio3. Working capital4. Inventory tumover5. Days of inventory (use 365 days)6. Accounts receivable tumover (assume all sales are on credit)7. Days of receivable (use 365 days)8. Debt ratio9. Equity ratio10. Debt-to-equity ratio11. Gross profit ratio12. Net profit ratio13. Retum on assets14. Retum on equity

Inventory turnover ratio = Cost of goods sold/((Opening inventory + Closing inventory)/2)

Answered: Inventory tumover

Business

Accounting

Inventory tumover

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: To stall the rot in the public sector in Ghana, more value must be placed on the work of the…

A: Yes, I agree with this assertion. Internal auditors play a vital role in ensuring that public sector…

Q: 5. What information is shown on a W-2 statement?

A: W-2 is very important for paying the taxes and preparing the the income tax return and it is…

Q: . D i f f e r e n t i a t e b e t w e e n h o r i z o n t a l a n d v e r t i c a l a n…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: None

A: Step 1: L6: List the expected cash flows for L6.G5: List the expected cash flows for G5. Step…

Q: Identify the break-even point in the chart below: a. The yellow point b. None are the break-even…

A: The Break-even point is the level of sales at which Fixed Cost is equal to Contribution. In other…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts 1. Cash Account Particular Debit Particular Credit To capital A/c…

Q: 3 plus 4

A: Solution: 3 Plus 4 = 3 + 4

Q: Can you also complete part 2 and part 3? Also, 50*e^(.04*.5)=51.01 not 51.99

A: Part 2: Expected stock price in 6 months: = 0.6 x $50 x 1.20 + 0.4 x $50 x 0.90 = $57 Expected…

Q: Can solve question 4 to 7?

A: Salary of the Darnell Johnson = 63500Contribution by his employer toward the retirement plan = 6% of…

Q: pls provide solution for 4,5,6

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: y"+4y'+4y=D0, y(0)=0, y'(O)=1

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: step 5 and step 6 solution please

A: Treasury stock is the stock of the company purchased by the company from the investors in order to…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: 1 . F r e d O n g k e k o w i s h e s t o h a v e P 4 M i n a r e t i r e m e n t…

A: 1. PV = A * 1-(1+r)-nr where , PV = present value of annuity A = periodic withdrawals r = interest…

Q: 1 . F r e d O n g k e k o w i s h e s t o h a v e P 4 M i n a r e t i r e m e n t…

A: Annual withdrawal refers to an amount withdraw at every period from the fund created for the purpose…

Q: Obj. 6 Specialty Auto Racing Inc. retails racing products for BMWS, Porsches, and Ferraris. The fol-…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: the difference between a W-4 form and W-2 form.

A: Form W-4: Employee’s withholding allowance certificate. This form is filled by employees for their…

Q: Classify the nature of the following data set,2,7,1,8,3,1,9 Raw data Processed data…

A: Data means the collection of information. Data have the primary source of information. Firstly, the…

Q: Can you please show how to solve question 4, 5, 6a, 6b.

A: Capital budgeting is a financial management process used by organizations to evaluate and make…

Q: Convert to exponential form. 3) log4 16 = 2

A: Converting a logarithmic expression into exponential form involves expressing the equation in terms…

Q: where is step 5?

A: Where the Depreciation expenses are halved, it would have the following impacts: •Net income: it…

Q: What happened to questions 4 and 5?

A: 4.Margin of safety in revenue = Actual sales – Break-even sales= (35,000*5.90) – 88,382= 206,500 –…

Q: Where is the answer for number 4 and 5 answe

A: The following types of Financial statements as follows under:- Balance Sheet. Income Statement.…

Q: For what values of x is f(x) NOI differentidue:

A: At x=1 the given function is NOT DIFFERENTIABLE. Because, at x=1 the value of the function is…

Q: Could you answer question 4-7? Please

A: The total value of the goods still in stock in a company's inventory at the end of an accounting…

Q: 1 . G i v e t h r e e p o s s i b l e c a u s e s o f a n a d v e r s e d i r e c t…

A: Typically a month or a quarter, a company's cash inflows and outflows are forecasted using the cash…

Q: a . P r e p a r e c a s h b u d g e t s f o r A p r i l , M a y , a n d J u…

A: Cash budget is a part of budgeting that shows anticipated cash inflow and outflow for a period. It…

Q: Please answer 4a above

A: Introduction:- Return on investment is calculated by dividing the net income on an investment by the…

Q: please help me to answer 8, 9, 10 and 11.

A: “Since you have posted multiple questions, we will provide the solution only to the first specified…

Q: 1. A s s u m e y o u ' r e a 2 5 y e a r s o l d b a n k e m p l o y e e w h o p l a…

A: As a 25-year-old bank employee who intends to pursue a master's degree, I would suggest the…

Q: rom where does 184.17 came in step 3

A: When a loan is taken then periodic payments has to be made. In this case and situation monthly…

Q: You didnt answer the question 4, 5 , 6

A: Under or Overapplied Overhead: When real manufacturing overhead expenses exceed allocated…

Q: 6, 7, and 8 are not answe

A: 4. What was the cost of goods manufactured for the year -$ 912,1005. What was the cost of goods sold…

Q: Discuss 5 accountant roles in information system design

A: With the changing face of technology their has been significant safe in the accountant role that is…

Q: two questions

A: Prepare an income statement.

Q: 3. Determine the value of 6x - 3 if x = -0.2 * 3a. Determine the value of 6x - 3 if x =2.25

A: 3) Given X = -0.2 Now, 6X - 3 = 6 (-0.2) - 3 = -1.2 - 3 = -4.2

Q: Enumerate and explain five (5) powers of the BIR.

A: BIR stands for Bureau of Internal Revenue which is compulsory through law to assess as well as…

Q: what is 2 plus eight ?

A: The given sentence "2 plus eight" can be symbolically represented as 2+8. Thus, 2+8 is 10.

Q: Answer Question 4

A: a. Prepare a bank reconciliation of Graser company at December 31, 2019 as shown below:

Q: Calculate the reciprocal latice for a1 *, a2 * and az * ā, - 48 ā, - 4ŷ and ā, = 32

A: The reciprocal lattice is defined as the set of all vectors that are wavevectors of plane waves in…

Q: I, J, K

A: i. Payment of interest would include an outflow of cash and also an increase in interest expense.

Q: Q.7.4 Calculate the closing balance of finished goods as at 30 April 2020. Q.7.5 Calculate the…

A: If applied overheads are greater than actual overheads incurred, then the overhead is over-applied…

Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

4,5,6

Can You Solve the Problem?
Directions: Read and analyze the problemthen prepare the recessary requirements.
Veery Beery Company
Statement of Financial Position
For the Year-ended December 31
2019
P 400,000
5,600,000
1,480,000
1,380,000
8,860,000
10,860,000
6,800,000
P 17,660,000
P 6,600,000
2020
180,000
1,800,000
1,060,000
1,640,000
4,680,000
Cash
Short-term investments
Accounts receivable
Inventory
Other Cunent Assets
P
Total Cunent Assets
Equipment
Total Assets
Accounts Payable
Notes Payable - long tem
Owner, Capital
|Total liabilities and equity
5,040,000
5,200,000
P 10,240,000
P 2,620,000
2,120,000
5,500,000
P 10,240,000
2,460,000
8,600,000
P 17,660,000
Veery Beery Company
Statement of Comprehensive Income
For the Year-ended December 31
Sales
Cost of Goods Sold
GIDss Profit
Operating Expenses
| Operating Income
Interest Expense
Net Income
2019
P 10,040,000
5,680,000
4,360,000
1,160,000
3,200,000
100,000
P 3,1000,000
2020
P 8,760,000
5,860,000
2,800,000
1,680,000
1,220,000
28,000
P 1,192,000
Requirements: Compute for the following financial ratios.
1. Current ratio
Quick ratio
3. Working capital
4. Inventory tumover
5. Days of inventory (use 365 days)
6. Accounts receivable tumover (assume all sales are on credit)
7. Days of receivable (use 365 days)
8. Debt ratio
9. Equity ratio
10. Debt-to-equity ratio
11. Gross profit ratio
12. Net profit ratio
13. Retum on assets
14. Retum on equity

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

4. Formula to compute the inventory turnover ratio

VIEW

Computation of inventory turnover ratio

VIEW

5. Computation of the days of inventory

VIEW

6. Formula to compute the accounts receivable turnover ratio

VIEW

Computation of the accounts receivable turnover ratio

VIEW

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A7 please help[.....
Listen Which of the following graphs shows f(x)=3x+4 and its inverse? Four Graphs Graph A Graph B 6 2 6 2 -2 0 2 6 8 10 4 -2 0 2 4 6 8 -2 -2 Graph C -2 0 2 4 6 8 4 A Graph A B Graph B C Graph C D Graph D y 8 6 12 Graph D 4 -2 0 2 4 6 8 -2
what are the solutions for questions 4 & 5?
1. A-n-n-a- -M-a-r-i-e- -R-o-m--a-n- -r-e-c-e-n-t-l-y- -g-r-a-d-u-a-t-e-d- -f-r-o-m- -c-o-l-l-e-g-e- -a-n-d- -i-s- -e-v-a-l-u-a-t-i-n-g-- t-w-o- -c-r-e-d-i-t- -c-a-r-d-s-.- -C-a-r-d- -A- -h-a-s- -a-n-n-u-a-l- -f-e-e- -o-f P7,500 a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 9%. C-a-r-d- -B- -h-a-s- -n-o- -a-n-n-u-a-l- -f-e-e- -a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 16%. A-s-s-u-m-i-n-g- -t-h-a-t- -A-n-n-a- -M-a-r-i-e- -i-n-t-e-n-d-s- -t-o- -c-a-r-r-y- -n-o- -b-a-l-a-n-c-e- -a-n-d- -p-a-y- -o-f-f- -h-e-r- -c-h-a-r-g-e-s- -i-n- -f-u-l-l- -e-a-c-h- -m-o-n-t-h-,- -w-h-i-c-h- -c-a-r-d- -r-e-p-r-e-s-e-n-t-s- -t-h-e -b-e-t-t-e-r- -d-e-a-l-?- -I-f- -A-n-n-a- -M-a-r-i-e- e-x-p-e-c-t-e-d- -t-o- -c-a-r-r-y- -a- -s-i-g-n-i-f-i-c-a-n-t- -b-a-l-a-n-c-e- -f-r-o-m- -o-n-e- -m-o-n-t-h- -t-o- -t-h-e- -n-e-xt-,- -w-h-i-c-h- -c-ar-d- -w-o-u-l-d- -b-e- -b-e-t-t-e-r-?- -E-x-p-l-a-i-n- 2. -W-h-a-t- -i-s- -y-o-u-r- -o-p-i-n-i-o-n- -a-b-o-u-t- -u-s-i-n-g- -c-o-n-s-u-m-e-r-s- -l-o-a-n-s- -a-n-d-…
Q7
typing clear
Select one:a.(iii) and (iv) onlyb.(ii) and (iii) onlyc.(i) and (ii) onlyd.All four
How do I solve this
7-3 A
how do you get the last part? (number 5)
What is float ? How float can be reduced mention any 6 to 10 ways
i need typing clear