QUESTION:NATCHER CORPORATION'S ACCOUNTSRECEIVABLE AT THE END OF YEAR 2WAS $155,000 AND ITS ACCOUNTSRECEIVABLE AT THE END OF YEAR 1WAS $161,000. THE COMPANY'SINVENTORY AT THE END OF YEAR 2WAS $156,000 AND ITS INVENTORYAT THE END OF YEAR 1 WAS$149,000. SALES, ALL ON THEACCOUNT,$1,411,000 IN YEAR 2. COST OFGOODS SOLD AMOUNTED ΤΟ$828,000 IN YEAR 2. THECOMPANY'S OPERATING CYCLE FORYEAR 2 IS CLOSEST TO: (ASSUME 365DAYS A YEAR. DO NOT ROUND YOURINTERMEDIATE ANSWERS.)AMOUNTEDTO

Average inventory = (156000 + 149000) /2 = 305000/2…

Answered: QUESTION: NATCHER CORPORATION'S…

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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LaRoe Lawns’ inventory increased during the year by $5.9 million. Its accounts payable increased by $4.8 million during the same period.Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $56 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Record the net effect of merchandise purchases.
Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s gross profit? $802,000 $222,000 $875,000 $248,000 $102,000
Assume a merchandising company had credit sales of $380,000, cost of goods sold of $187,000, and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 39,000 $ 44,000 Income taxes payable $ 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information provided, the company’s cash paid for inventory purchases would be: Garrison 17e Rechecks 2020-10-02 Multiple Choice $189,000. $185,000. $195,000. $179,000.
At the beginning of the current period, Penny Worth Corporation had balances in Accounts Receivable of $176,000 and in Allowance for Expected Credit Losses of $8,000 (credit). During the period, Penny Worth had credit sales of $704,000 and collections on account of $671,600. Penny Worth expects a return rate of 5%. Penny Worth uses a perpetual inventory system and determined that the cost of goods sold during the period was $589,600. Penny Worth wrote off as uncollectible, accounts receivable of $6,400. However, a $2,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,000 at the end of the period. (a) Prepare the entries to record sales, cost of goods sold, and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of the goods sold is $341,500. What is the amount of the gross profit? $
Subject :- Account For the current fiscal year, Purchases were $315,000, Purchases Returns and Allowances were $9,300, Purchases Discounts were $3,300 and Freight In was $43,000. If the beginning merchandise inventory was $67,000 and the ending merchandise inventory was $89,000, the Cost of Goods Sold is:
Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]

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