Polk Software Inc. has a quick ratio of 2.00x, $24,750 in cash, $13,750 in accounts receivable, some inventory, total current assets of$55,000, and total current liabilities of $19,250. The company reported annual sales of $200,000 in the most recent annual report.Additionally, the company's cost of goods sold is 75% of sales.Over the past year, how often did Polk Software Inc. sell and replace its inventory?

The objective of the question is to determine how often Polk Software Inc. sold and replaced its…

Answered: Polk Software Inc. has a quick ratio of…

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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During its first year of operations, Purple Company recorded sales of $4,000,000. Based on industry statistics, Purple estimates 5% of all sales will be returned. Actual returns during the year totaled $160,000. The year-end adjusting journal entry to account for estimated sales returns would include a: Credit to Refund Liability of $40,000 Debit to Sales Returns of $200,000 Credit to Sales Returns of $40,000 Debit to Refund Liability of $200,000 7 DO
Last year, Jumpin' Trampolines (JT) had a quick ratio of 1.0, a current ratio of 1.8, an inventory turnover of 3.5, total current assets of $67,500, and cash and equivalents of $15,00. If the cost of goods sold equaled 70 percent of sales, what were JT's annual sales and DSO?
Monroe Milk Company has a gross margin of 31.7% on net sales of $9,865,214 and total assets of $7,125,852. The company has a current ratio of 2.7 times, accounts receivable of $1,715,363, cash of $315,488, and current liabilities of $870,938. Based on the information above, what are the days of sales outstanding?
Last year, Hassan's Madhatter, Incorporated had an ROA of 6.8 percent, a profit margin of 12.24 percent, and sales of $20 million. Calculate Hassan's Madhatter's total assets. Note: Enter your answer in millions. Total assets million
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You are trying to prepare financial statements for Bartlett Pickle Company, but seem to be missing its balance sheet. You have Bartlett's income statement, which shows sales last year were $300 million with a gross profit margin of 30 percent. You also know that credit sales equaled three-quarters of Bartlett's total revenues last year. In adlon, Bartlett had a collection period of 40 days, a payables period of 30 days, and an inventory turnover of 7 times based on cost of oods sold. Calculate Bartlett's year-ending balance for accounts receivable, inventory, and accounts payable. Note: Round your answers to 1 decimal place. Bartlett's year-ending balance (million) Accounts receivable Inventory Accounts payable BV3
(Using common-size financial statements) The S&H Construction Company expects to have total sales next year totaling $14,600,000. In addition, the firm pays taxes at 35 percent and will owe $294,000 in interest expense. Based on last year's operations the firm's management predicts that its cost of goods sold will be 63 percent of sales and operating expenses will total 27 percent. What is your estimate of the firm's net income (after taxes) for the coming year? Complete the pro-forma income statement below: (Round to the nearest dollar.) Pro-Forma Income Statement Sales Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Earnings before taxes Taxes Net income $ $ $ $ $ C
Last year, Hassan's Madhatter, Inc. had an ROA of 6 percent, a profit margin of 12.80 percent, and sales of $15 million. Calculate Hassan's Madhatter's total assets. (Enter your answer in dollers, rounded to the nearest dollar.) Total assets
The grocery industry has an annual inventory turnover of about 13 times. Organic Grocers, Inc., had a cost of goods sold last year of $11,310,000; its average inventory was $993,980. What was Organic Grocers' inventory turnover, and how does that performance compare with that of the industry? a) What was Organic Grocers' inventory turnover? times per year (round your response to two decimal places).
Adams Furniture has a quick ratio of 2.00x, $37,575 in cash, $20,875 in accounts receivable, some inventory, total current assets of $83,500, and total current liabilities of $29,225. The company reported annual sales of $100,000 in the most recent annual report. Additionally, the company’s cost of goods sold is 75% of sales. Over the past year, how often did Adams Furniture sell and replace its inventory? 8.01x 3.29x 2.86x 2.99x
Last year a company had sales of $410,000, a turnover of 2.1, and a return on investment of 29.4%. The company's net operating income for the year was: Multiple Cholce $63,140 $195,238 $120,540 $57.400
Earnings per share: O a. will decrease if net income decreases and the number of treasury shares increases. O b. will decrease if net income decreases and the number of shares outstanding increases. c. is the total amount of dividends paid per year on a per share basis. o d. will increase if net income increases and the number of shares outstanding increases. O e. is defined as the addition to retained earnings divided by the number of shares outstanding.

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