Note: Problems 1-4 relate to the trial balance below.• Problem 1- Calculate Net SalesProblem 2- Calculate Cost of Goods Sold.Note: Correct answer provided below (show how this dollar amount was calculated).Problem 3- Calculate Shares outstanding.Problem 4– Prepare the Income StatementMarcell Sports Inc.Acct 311 - Quiz 2 of 4 - Trial BalanceDebitCreditCash140,000Accounts Receivable675,000Allowance for Doubtful Accounts28,225Notes Receivable50,00017,000SuppliesInventory, 1/1/17Equipment|Accumulated Deperciation - Equipment675,0001,385,000265,000Building1, 500,000Accumulated Deperciation - Building860,000Land1,325,000Accounts PayableSalaries and Wages PayableNotes Payable365,00065,0001,250,0001,325,000Mortgage PayableCommon Stock, Par Value $0.01125,000APIC475,000424,000Retained EarningsDividends230,000Sales Revenue3,665,000Sales Discounts155,000Sales Returns and Allowances175,0001,650,225PurchasesPurchase Discounts60,000Freight InSelling ExpensesAdministrative Expenses65,000355,000455,000Rent Revenue55,000Income Tax Expense285,000Gain on Sale of Land175,0009,137,2259,137,225Physical Inventory31-Dec602,300

One of a company's fundamental financial statements, the income statement exhibits the company's…

Answered: Note: Problems 1-4 relate to the trial…

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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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
Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would the entry to this sale be recorded? cash decreases by $3,000 sales discounts increase by $200 sales increases by $9,800 accounts receivable increases by $10,000
Refer to the following selected financial information from Texas Electronics. Compute the company's accounts receivable turnover for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 38,300 $ 33,050 98,000 64,000 89,500 83,500 125,000 129,000 12,900 10,500 392,000 342,000 109,400 111,800 715,000 680,000 394,000 379,000
The following items are reported on a company's balance sheet: Cash $283,200 Marketable securities 83,400 Accounts receivable 251,600 Inventory 185,700 Accounts payable 315,200 Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratio
oped Dok H Int 0 ence [The following information applies to the questions displayed below] Forten Company's current year Income statement, comparative balance sheets, and additional Information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to Accounts Payable reflect Sens cash payments for Inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities…
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45) Based on the following information from a business's financial statements, what amount of accounts receivable change was attributed to sales Sales Ending account receivable a. $37.00 b. $40.00 c. $44.40 d. $48.00 Year 1 ($) 4,440 500 Year 2 ($) 4,795 600
Please answer following question Q5: Company Name Net Credit Sales Beginning Net Receivables Ending Net Receivables Brown $180,000 $ 5,000 $30,000 Pink $400,000 $52,000 $42,000 Yellow $ 75,000 $ 5,400 $ 5,800 (a)Which company is doing the best job of managing its accounts receivable? Why? Be sure to support your answer with computations. (b)What are your concerns about these companies? BR,
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Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Totals Cash Accounts receivable Equipment Accounts payable Common stock Use the above information to prepare a December 31 trial balance. LAWSON CONSULTING Trial Balance December 31 $ Debit $14,500 6,400 8,400 Rent expense 4,710 Wages expense 22,190 Dividends Services revenue 0 $ Credit 0 $ 3,400 17,700 3,900 8,000
The following items are reported on a company's balance sheet: Cash $274,700 Marketable securities 84,200 Accounts receivable 226,700 Inventory 210,400 Accounts payable 307,500 Round your answers to two decimal places. a. Determine the current ratio. fill in the blank 1 b. Determine the quick ratio. fill in the blank 2

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