Please answer first 3 items only asap Problem Solving1. Parliament Company has an average collection period of 35 days and reported sales of P3,400,000for the year ended 2014. How much is the company's average accounts receivable for the year?2. Cane Company shows the following data:●Long-term liabilitiesOwner's EquityNon-current AssetsInventoryCash●Marketable SecuritiesReceivablesCompute for the current ratio of Cane Company for 2014.Compute for the quick ratio of Cane Company for 2014.Assuming a net income of 200,000 for 2014:Compute for return on assets.Compute for return on equity.3. Pudding Company has current assets of 1,500,000 with a current ratio of 1.2. and a quick ratioof 0.9.●●a.b.c.●a. How much is Pudding's current liabilities?b. How much is Pudding's inventory?4. The following ratios were computed for Tourist Company for the year 2014:● Asset turnover, 1.60 times●2014$2,000,0001,500,0002,500,000500,000200,000900,000500,000● Return on assets, 5%Compute for Tourist' profit margin.5. Skateboard Company reported sales amounted to $5,000,000. During the year, average totalassets were $3,000,000 with average receivables of $500,000. 30% of the sales were madeon cash basis with the rest being made on credit.How much is the total assets turnover?2013Compute for the receivable turnover.●Compute for days sales outstanding (average collection period).6. Sales of Jet Company amounted to $2,000,000. Cost of sales was 60% of sales. Averageinventory levels during the year was $400,000.1,500,000800,0001,250,000300,00050,0001,000,00075,000Compute for inventory turnover.Compute for average days in inventory (average inventory period).

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Problem Solving 1. Parliament Company has an average collection period of 35 days and reported sales of $3,400,000 for the year ended 2014. How much is the company's average accounts receivable for the year?

Problem Solving 1. Parliament Company has an average collection period of 35 days and reported sales of $3,400,000 for the year ended 2014. How much is the company's average accounts receivable for the year?

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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Accounting Question
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7. Find all four stated rate (APR)
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