NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $22,000 Merchandise inventory 14,500 Store supplies 5,400 Prepaid insurance 2,500 Store equipment 43,000 Accumulated depreciation-Store equipment $ 18,950 Accounts payable 15,000 3. Nelson, Capital 37,000 3. Nelson, Withdrawals 2,050 Sales 115,500 Sales discounts 2,050 Sales returns and allowances 2,050 Cost of goods sold 38,000 Depreciation expense-Store equipment e Sales salaries expense 14,300 Office salaries expense 14,300 Insurance expense e Rent expense-Selling space 8,500 Rent expense-office space 8,500 Store supplies expense Advertising expense Totals Additional Information: 9,300 $186,450 $186,450 a. Store supplies still available at fiscal year-end amount to $2,750 b. Expired Insurance, an administrative expense, is $1,700 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,550 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise Inventory is taken. It shows $10.600 of Inventory I available at fiscal year-end 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. (Round your answers to 2 decimal p Current ratio Acid-test ratio Gross margin ratio 11

NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $22,000 Merchandise inventory 14,500 Store supplies 5,400 Prepaid insurance 2,500 Store equipment 43,000 Accumulated depreciation-Store equipment $ 18,950 Accounts payable 15,000 3. Nelson, Capital 37,000 3. Nelson, Withdrawals 2,050 Sales 115,500 Sales discounts 2,050 Sales returns and allowances 2,050 Cost of goods sold 38,000 Depreciation expense-Store equipment e Sales salaries expense 14,300 Office salaries expense 14,300 Insurance expense e Rent expense-Selling space 8,500 Rent expense-office space 8,500 Store supplies expense Advertising expense Totals Additional Information: 9,300 $186,450 $186,450 a. Store supplies still available at fiscal year-end amount to $2,750 b. Expired Insurance, an administrative expense, is $1,700 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,550 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise Inventory is taken. It shows $10.600 of Inventory I available at fiscal year-end 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. (Round your answers to 2 decimal p Current ratio Acid-test ratio Gross margin ratio 11

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...

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Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
TB SA Qu. 16-59 (Static) Complete: Complete: Current Assets Cash Accounts receivable Prepaid rent Merchandise inventory Total current assets $ Amount $ $ $ 12,000 9,000 5,000 28,000 Round to Nearest Hundredth Percent % % % % 100 %
Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
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QOLUTION TANT & T0 mana The general ledger of the Culinary Plate's Food Company provides the following information: Accounts Receivable Inventory Accounts Payable End of Beginning of Year Year $ 65,000 $ 84,000 350,000 200,000 40,000 65,000 The company's net sales for the year were $2,200,000 and cost of goods sold amounted to $1,750,000. REQUIRED: Calculate the following (Show calculations): (a) Cash receipts from customers (b) Cash payments to suppliers
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Loans and borrowings Deferred taxek liability 14,130 10,220- 1,010 960- 15,140 11,180 Current Liabilities Trade payable Current tax 1,260 1,140 1,040 920 payable Interest payable 980- 740k 3,280 40,190 2,800 32,960 Total Equity and Liabilities 2019 £'000 2018 £'000 Sales Cost of sales Distribution costse Administration expenses Gain on disposal of PPE 22,000 (11,800) (3,100) (1,630) 280 16,000 (8,200) (2,600) (1,420) Interest expensee a Тах еexpensee (1,140) (1,820) (760) (1,240) Net profit 2,790 1,780 1. The company disposal of PPE during the year with a book value of £1,000,000. 2. Depreciation of property, plant and equipment for the year was £650,000.4 The intangibles were acquired for cash towards the end of the year and were not sub ject to any amortisation in the current period.e 3. Prepare the statement of cash flows using the indirect method.
38 BB Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…
Compute for the following 1. TIE Ratio 2. Gross Profit Ratio 3. Operating Profit Ratio 4. Net Profit Ratio
Please answer MCQ not working required
Provide statement of financial position
Genatron Manufacturing Corporatio Balancs Sh出出t 2017 216 ASSETS Cach $41,752 $51,878 Accts. recelvable 260, 499 200,543 Inventory 450,460 Total current assets B02, 735 702,181 Fixed asset, nct 300, 100 $1,202, 735 $1,002, 381 LIABILITIES AND EQUITY Accts. paysble $172,648 $131,068 Bank loan 91,013 91,013 Accrusis 70,000 50, 000 Total current Isbllties 333,661 272.081 Long-term deot, 12% 398,220 290,301 Common stock, $10 par 300,000 Capital surplus 44,555 44,555 Retained crninga 126,299 95,444 Total liabiliiti &oulty 51.202,735 51,002,381 2017 2016 Net sales Cost of peocS So0 388,411 Gross profit E72.274 Experses: General ancasm nistrative 50.000 Market ng cod ost rer cs 44.5E5 Ceprec at cn v (a) Calculate Genatron's dollar amount of net working capital in each year. Interest E5.024 Earnings tetsre taxes 267.055 227.266 2017 2016 Incometaxes 75 145 Net working capital et ncome %24