Question: The following information is available for Smith Enterprises: January 1, 2022 Accounts payable $80,000 Inventory $90,000 December 31, 2022 $60,000 $100,000 Smith Enterprises reported $150,000 of cash paid to suppliers for purchases of inventory in its 2022 cash flow statement. Calculate Smith's cost of goods sold for 2022.
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- The 2024 income statement of Adrian Express reports sales of $16,605, 000, cost of goods sold of $10,106, 000, and net income of $1,620,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash $620, 000 $780,000 Accounts receivable 1,440,000 1,020,000 Inventory 1,840,000 1,420,000 Long -term assets 4, 820, 000 4,260, 000 Total assets $8,720,000 $7, 480,000 Liabilities and Stockholders' Equity Current liabilities $2,000,000 $1,680,000 Long - term liabilities 2, 320,000 2,420,000 Common stock 1,980,000 1,980,000 Retained earnings 2, 420,000 1,400,000 Total liabilities and stockholders' equity $8,720,000 $7, 480,000 Industry averages for the following four risk ratios are as follows: Average collection period 25 days Average days in inventory 60 days Current ratio 2 to 1 Debt to equity ratio 50% Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2024. 2. Do…Bridgeport Corporation had January 1 and December 31 balances as follows. 1/1/20 12/31/20 $78,000 $93,000 Inventory Accounts payable 59,000 66,000 For 2020, cost of goods sold was $486,000. Compute Bridgeport's 2020 cash payments to suppliers. Cash payments to suppliers $ 93000The 2024 income statement of Adrian Express reports sales of $17,595,000, cost of goods sold of $10,887,500, and net income of $1,650,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash $650,000 $810,000 Accounts receivable 1,500,000 1,050,000 Inventory 1,900,000 1,450,000 Long-term assets 4,850,000 4,290,000 Total assets $8,900,000 $7,600,000 Liabilities and Stockholders' Equity Current liabilities $1,970,000 $1,710,000 Long-term liabilities 2,350,000 2,450,000 Common stock 1,950,000 1,950,000 Retained earnings 2,630,000 1,490,000 Total liabilities and stockholders' equity $8,900,000 $7,600,000 Industry averages for the following four risk ratios are as follows: Average collection period 25 days Average days in inventory 60 days Current ratio 2 to 1 Debt to equity ratio 50% Required:1. Calculate the four risk…
- The 2024 income statement of Adrian Express reports sales of $21,510,000, cost of goods sold of $12,800,000, and net income of $2,140,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash $920,000 $970,000 Accounts receivable 1,875,000 1,265,000 Inventory 2,385,000 1,775,000 Long-term assets 5,120,000 4,450,000 Total assets $10,300,000 $8,460,000 Liabilities and Stockholders' Equity Current liabilities $2,162,000 $1,892,000 Long-term liabilities 2,598,000 2,632,000 Common stock 2,175,000 2,065,000 Retained earnings 3,365,000 1,871,000 Total liabilities and stockholders' equity $10,300,000 $8,460,000 Industry averages for the following four risk ratios are as follows: Gross profit ratio 45% Return on assets 25% Profit margin 15% Asset turnover 12.5 times Return on equity 35% Required:1. Calculate the five…Current Attempt in Progress Bramble Corporation had January 1 and December 31 balances as follows. 1/1/20 Inventory $90,000 Accounts payable 47,000 12/31/20 For 2020, cost of goods sold was $597,000. Cash payments to suppliers $105,000 56,000 Compute Bramble's 2020 cash payments to suppliers. LANational, Inc. provides the following data: 2025 2024 Cash $43,000 $25,000 Accounts Receivable, Net 98,000 62,000 Merchandise Inventory 70,000 50,000 Property, Plant, and Equipment, Net 200,000 120,000 Total Assets $411,000 $257,000 For the year ending December 31, 2025: Net Credit Sales $260,000 Cost of Goods Sold (150,000) Gross Profit $110,000 Calculate the accounts receivable turnover ratio for 2025. (Round your answer to two decimal places.)
- n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400The 2021 Income statement of Adrian Express reports sales of $16,932,000, cost of goods sold of $10,363,500, and net income of $1,630,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: $ 630,000 $ 790,000 Cash Accounts receivable Inventory 1,460,000 1,860,000 4,830,000 $8,780,000 $7,520,000 1,030,000 1,430,000 4, 270,000 Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities $1,990,000 $1,690,000 2,330,000 1,970,000 2,490,000 2,430,000 1,970, 000 1,430,000 Common stock Retained earnings Total liabilities and stockholders' equity $8,780,000 $7,520,000 Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 50% Requlred: 1. Calculate the four risk ratios listed above for Adrian Express in 2021. (Use 365 days…The following condensed information is reported by Beany Baby Collectibles. 2024 2023 Income Statement Information Sales revenue $13,020,000 $9,000,000 Cost of goods sold 8,436,960 6,500,000 Net income 394,320 308,000 Balance Sheet Information Current assets $1,660,000 $1,560,000 Long-term assets 2,260,000 1,960,000 Total assets $3,920,000 $3,520,000 Current liabilities $1,260,000 $960,000 Long-term liabilities 1,440,000 1,440,000 Common stock 860,000 860,000 Retained earnings 360,000 260,000 Total liabilities and stockholders' equity $3,920,000 $3,520,000