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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合日 Document1 Q. Search in Document Home Insert Draw Design Layout References Mailings Review View + Share a A. A- E -E - E , E E Times New R... - AaBbCcDc AaBbCcDdEe AaBb( AabbCcDdEe AaBbCcDdEe AaBbCcDdEe AgBbCcDdEe AgBbCcDdEe Paste в I U - abe X, x2 Normal Heading 1 Subtle Emph.. Emphasis Styles Pane No Spacing Heading 2 Title Subtitle You are considering opening your own restaurant. To do so, you will have to quit your current job, which pays $46k per year, and cash in your life savings of $200k, which have been in a certificate of deposit paying 6% per year. You will need this $200k to purchase equipment for your restaurant operations. You estimate that you will have to spend $4k during the year to maintain the equipment so as to preserve its market value at $200k. Fortunately, you own a building suitable for the restaurant. You currently rent out this building on a month-by-month basis for $2,500 per month. You anticipate that you will spend $50k for food, $40k for extra help, and…
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ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…
同 Mail - Edjouline X Bb Content- ACG2 X CengageNOWv X (58) YouTube + Microsoft Office X PowerPoint from Towards a A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%=Dassignments&takeAssignmentSessionLocator=assignment-take&inpro. of mail YouTube Maps eBook Show Me How apter Nine Determine Due Date and Interest on Notes .09-03.BLANKSHEET Determine the due date and the amount of interest due at maturity on the following notes: L09-04.BLANKSHEET Date of Note Face Amount Interest Rate Term of Note 09-03.ALGO January 10* $40,000 90 days a. b. March 19 180 days 000 8. 09-04.ALGO June 5 30 days 000'06 d. September 8 90 days 90-60 3. 000'9E e. November 20 60 days 9-11 4. 000' *Assume that February has 28 days. 9-12 Assume 360-days in a year when computing the interest. -19 Note Due Date Interest > -20 (2) (b) 9-22 -24 (p) (a) 890- 8/12 items Check My Work ( Previous Next LE V O 10: N
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