15. Missoula Inc. reported the following selected financial statement data:Dec 31, 2020Dec 31, 2021$ 44,000$ 53,000CashAccounts receivable (net)InventoryPlant assets (net)62,00082,000224,000447,000159,000288,000501,000400,60034,00080,00086,000246,000423,000159,000264,000525,400453,60053,000Total assetsLiabilitiesShareholders' equityNet salesCost of goods soldNet incomeRequired:Compute the average days in inventory for 2021. (Round your answer to 2 decimal places.)Average days in inventorydays

Lets understand the basics. Average days in the indicates the how many days company holds its…

Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 $ 44,000 62,000 Dec 31, 2021 $ 53,000 80,000 Cash Accounts receivable (net) Inventory Plant assets (net) Total assets 82,000 224,000 447,000 159,000 288,000 501,000 400,600 34,000 86,000 246,000 423,000 159,000 264,000 525,400 453,600 53,000 Liabilities Shareholders' equity Net sales Cost of goods sold Net income Required: Compute the average days in inventory for 2021. (Round your answer to 2 o Average days in inventory days

Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 $ 44,000 62,000 Dec 31, 2021 $ 53,000 80,000 Cash Accounts receivable (net) Inventory Plant assets (net) Total assets 82,000 224,000 447,000 159,000 288,000 501,000 400,600 34,000 86,000 246,000 423,000 159,000 264,000 525,400 453,600 53,000 Liabilities Shareholders' equity Net sales Cost of goods sold Net income Required: Compute the average days in inventory for 2021. (Round your answer to 2 o Average days in inventory days

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

Consider the following information taken from GER's financial statements: September 30(in thousands) 2020 2019 Current assets: Cash and cash equivalents $1,274 $6,450 Receivables 30,071 16,548 Inventories 31,796 14,072 Other current assets 4,818 2,620 Total current assets $67,959 $39,690 Current liabilities: Current portion of long-term debt $97 $3,530 Accounts payable 23,124 11,228 Accrued compensation costs 5,606 1,929 Accrued expenses 9,108 5,054 Other current liabilities 874 777 Total current liabilities $38,809 $22,518 Also, GER's operating cash flows were $11,255 and $13,736 in 2020 and 2019, respectively. Round your answers to two decimal places. 2. Calculate the quick ratios for 2020 and 2019. Quick Ratio 2020 ?? 2019 ?? 3. Calculate the cash ratios for 2020 and 2019. Cash Ratio 2020 ?? 2019 ?? 5. Conceptual Connection: What are some reasons why GER's…
The comparative statement of financial position and statement of comprehensive income of Keriboom on December 31, 2021 are shown below: Keriboom Statement of Financial Position As of December 31, 2021 ASSETS 2021 2020 Cash and cash equivalents 440,000 200,000 Trade and other receivables 130,000 120,000 Inventory 120,000 480,000 Prepaid assets 40,000 160,000 Total current assets 730,000 960,000 Property, plant & equipment 760,000 440,000 Total noncurrent assets 760,000 440,000 TOTAL ASSETS 1,490,000 1,400,000 LIABILITIES Trade and other payables 620,000 560,000 EQUITY Owner’s capital 870,000 840,000 TOTAL LIABILITIES & EQUITY 1,490,000 1,400,000 Entity A Statement of Comprehensive Income For the year ended December 31, 2021 Sales 1,000,000…
Financial statements for the Genatron Manufacturing Corporation for the years 2020 and 2019 are shown. Genatron Manufacturing CorporationBalance Sheet 2020 2019 ASSETS Cash $41,847 $50,643 Accts. receivable 261,201 201,804 Inventory 504,430 450,954 Total current assets 807,478 703,401 Fixed assets, net 400,000 300,000 Total assets $1,207,478 $1,003,401 LIABILITIES AND EQUITY Accts. payable $170,208 $134,265 Bank loan 91,242 91,242 Accruals 70,000 50,000 Total current liabilities 331,450 275,507 Long-term debt, 12% 392,625 293,723 Common stock, $10 par 300,000 300,000 Capital surplus 48,173 48,173 Retained earnings 135,230 85,998 Total liabilities & equity $1,207,478 $1,003,401 Genatron Manufacturing CorporationIncome Statement 2020 2019…
Ratio Analysis Consider the following information taken from GER's financial statements: September 30(in thousands) 2020 2019 Current assets: Cash and cash equivalents $1,274 $6,450 Receivables 30,071 16,548 Inventories 31,796 14,072 Other current assets 4,818 2,620 Total current assets $67,959 $39,690 Current liabilities: Current portion of long-term debt $97 $3,530 Accounts payable 23,124 11,228 Accrued compensation costs 5,606 1,929 Accrued expenses 9,108 5,054 Other current liabilities 874 777 Total current liabilities $38,809 $22,518 Also, GER's operating cash flows were $11,255 and $13,736 in 2020 and 2019, respectively. 4. Calculate the operating cash flow ratios for 2020 and 2019. Operating Cash Flow Ratio 2020 fill in the blank 7 2019 fill in the blank 8
Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021Cash $ 38,000 $ 44,000 Accounts receivable (net) 56,000 68,000 Inventory 76,000 80,000 Plant assets (net) 218,000 234,000 Total assets 429,000 411,000 Liabilities 153,000 153,000 Shareholders' equity 276,000 258,000 Net sales 348,000 848,000 Cost of goods sold 228,000 312,000 Net income 28,000 41,000 Required:Compute the asset turnover ratio for 2021.
The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2020 2019 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2020: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2020. (Round current ratio and inventory turnover to 2 decimal places, e.g.…
December 31, 2019 were as follows: 100,000 200.000 800,000 Total Current Assets 1,100,000 Plant, property & equipment700,000 Total Assets 1,800,000 If sales during 2019 were $4,000,000 Inventory Turnover is BBB Assets balance as of Total Assets Cash Account Receivables Inventory
BBB Assets balance as of December 31, 2019 were as follows: Total Assets Cash Account Receivables Inventory 100,000 300.000 900,000 1,200,000 Total Current Assets Plant, property & equipment700,000 Total Assets 1,900,000 If sales during 2019 were $8,100,000 Inventory Turnover is
The following information for 2021 and 2020 is presented for BuyRite: December 31 Assets Current assets: 2021 2020 Cash $ 42,000 $ 54,000 Accounts receivable 580,000 445,000 Inventory 5,010,000 4,950,000 Prepaid expenses 84,000 79,000 Total current assets 5,716,000 5,528,000 Building and equipment, net 1,097,000 1,095,000 Total assets $6,813,000 $6,623,000 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 605,000 $ 628,000 Bank loan payable 679,000 625,000 Other accrued payables 215,000 315,000 Total current liabilities 1,499,000 1,568,000 Long-term debt 1,729,000 1,791,000 Total liabilities 3,228,000 3,359,000 Stockholders’ equity: Common stock 1,307,000 1,307,000 Retained earnings 2,278,000 1,957,000 Total stockholders’ equity 3,585,000 3,264,000 Total liabilities…
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to Text
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893 (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million (b)The parts of this question must be completed in order. This part will be available when you complete the part above.