Some recent financial statements for Smolira Golf, Inc., follow.SMOLIRA GOLF, INC.Balance Sheets as of December 31, 2018 and 20192018201920182019AssetsLlabiltles and Owners' EqultyCurrent assetsCurrent liabilities$ 2,198 $ 2,690$ 2,941 $ 2,857 Accounts payable4,72212,658CashNotes payableOtherAccounts recelvable5,69113,6921,7952,206116Inventory99Total$20,321 $22,240Total$ 4,092 $ 5,012$ 14,200 $16,960Long-term debtOwners' equityCommon stock42,500and paid-in surplus$42,500 $Accumulated retained39,769Flxed assets15,699earningsNet plant and82,269$56,170 $ 82,001Total$ 58,199 $equipmentTotal liabilitles and owners'104,241Total assets$76,491 $104,241$ 76,491 $equitySMOLIRA GOLF, INC.2019 Income StatementSales$189,170Cost of goods soldDepreclation127,1035,243$56,8241,340EBITInterest paldTaxable Income$55,484Тахes19,419Net Income$36,065Dividends$ 11,99524,070Retalned earnings Construct the DuPont Identity for Smolira Golf. (Do not round Intermedlate calculationsand round your answers to 2 decimal places, e.g., 32.16. Enter the profit margln andreturn on equlty as a percent.)Profit margin%Total asset tumoverEquity multiplierReturn on equitytimestimes%

Profit Margin = Net Income / Sales x 100. Net Income = $36065 Sales = $189170 Net Margin =…

Answered: lira Golf, Inc., follow. MOLIRA GOLF,…

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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Q6. Pujols Lumber Yard has a current accounts receivable balance of $394,539. Credit sales for the year just ended were $6,236,838. How long did it take on average for credit customers to pay off their accounts during the past year? (Enter the answer with 2 decimal places (e.g. 23.45)
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42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
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! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $25,300 Accounts Receivable 14,300 Allowance for Uncollectible Accounts $1,600 Supplies 3,200 Notes Receivable (6%, due in 2 years) 27,000 Land 77,700 Accounts Payable 9,800 103,000 33,100 $147,500 $147,500 Common Stock Retained Earnings Totals During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $42,100. Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method) Pay cash for salaries, $32,100. January 6 Provide services to customers on account, $79,400. January 15 January 20 January 22 Receive cash on accounts receivable, $77,000. January 25 Pay cash on accounts payable, $6,200. January 30 Pay cash for utilities during January, $14,400. 3. Prepare an adjusted trial…
Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. January 20 Pay cash for salaries, $33,100. January 22 Receive cash on accounts receivable,…
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Q3: Salalah company’s recent financial statements showed the following information. Net Sales 250,000 OMR Accounts Receivables 180,000 OMR The management made two estimates for the uncollectible receivables It can be 4.5 % of net sales or It can be 3.2 % of accounts receivables Calculate and record journal entries in each case. If the company had already recognized an allowance amount of 8,000 OMR, make the journal entry. In this question, make the solution only for net sales case
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…
MN.3.
(Bonus Question 02) Record the sale by Verity Springs, Inc. of $136,000 in accounts receivable on May 1. Verity Springs is charged a 3.00% factoring fee. View transaction list Journal entry worksheet < 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 General Journal Debit Credit

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lira Golf, Inc., follow. MOLIRA GOLF, INc. is of December 31, 20 19 Llabi Current llabilitle 857 Accounts pay 5,691 Notes payabl ,692 Other