Sales On Account Account $85,000 $75,500 $69,870 $80,030 $63,010 $520,000 $640,000 $760,000 $680,000 $850,000 $420,000 $400,000 $520,000 $440,000 $540,000
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- Company A Company B Company C Sales $2,448,000 $1,665,000 Net operating income $318,240 $266,400 Average operating assets $1,530,000 $2,550,000 Margin 13 % 16 % 4 % Turnover 1.60 2.10 Return on investment (ROI) 0.21 % 8.00 % %Assets Cash Accounts receivable Inventory Year 2 $ 4,000 15,000 35,000 Assuming that net credit sales for Year 2 totaled $270,000, what is the company's most recent accounts receivable turnover? Multiple Choice 20 times 18 times 7.7 times 22.5 times Year 1 $2,000 12,000 $ 38,000 Help Save & Exit SubmitCurrent Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 31,600 88,000 112,500 10,650 281,000 $ 36,250 $ 38,400 62,000 83,800 9,350 249,500 49,500 52,500 4,500 235,000 Total assets $523,750 $440,900 $ 379,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 81,600 160,500 87,000 $523,750 $440,900 $ 379,900 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 620,000 Current Yr For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses $755,000 $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 561,025 700,350 $ 54,650 $ 58,975 Net income $4 3.40 $4 %24 3.67 Earnings per share For both…
- 20 - In the cash count made on 10.05.202, a cash balance of 25.000 TL was determined. As of the same date, the total debit of the cash account is TL 45,000, and the total receivable is TL 15,000. Which of the following calculations is correct in this situation? a) 397 Count and Receipt Surplus Hs. 5.000 TL (Creditor) B) 760 Marketing Sales and Distribution Expenses Hs. 5,000 (Borrower) NS) 770 General Administrative Expenses Hs. 5,000 (Borrower) D) 100 Case Hs. 5,000 TL (Borrower) TO) 197 Lack of Counting and Receipt Hs. 5,000 TL (Borrower)Newark Company has provided the following information: • Cash sales, $450,000 Credit sales, $1,350,000. Selling and administrative expenses, $330,000 Sales returns and allowances, $90,000 Gross profit, $1,360,000 Increase in accounts receivable, $55,000 Bad debt expense, $33,000 Sales discounts, $43,000 Net income, $1,030,000 How much are Newark's net sales? $1,800,000. $1,634,000. $1,667,000. $1,745,000.Smith Wesson Net income $10,000 $100,000 Net sales 50,000 400,000 Calculate the profit margin ratio for each company.
- 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 $102,00030-Amjad Trading LLC: Gross Sales are RO 82,000, Sales Returns RO 2,000, Cost of goods sold is RO 30,000, Total Operating expenses are RO 30,000. Bank interest received RO 1000. The value of Total revenue under simple step income statement is: a. 83,000 b. 50,000 C. 21,000 d. 81,00027 A company reports sales of $1,020,000, sales discounts of $2,600, sales returns and allowances of $11,600, cost of goods sold of $510,000, general and administrative expenses of $20,000, and selling expenses of $30,000. Compute gross profit.
- Beardom Gym Center Cash P150,000 Trading Investments 70,000 Receivables: Jan. 1 158,000 Dec. 31 225,000 Merchandise Inventory Jan. 1 250,000 Dec. 31 185,000 Current Liabilities 230,000 Cost of Goods Sold 2,750,000 Credit Sales 4,800,000 Calculate the following: 1. Inventory turnover 2. Receivable turnover 3. Average age of receivables Question; Is Beardom doing a good job in managing inventory and receivables? Explain.Problem B: Cash Conversion CycleABC Corporation has P5,000,000 in inventory and P2,000,000 in accounts receivable. Its average daily sales are P100,000. Thecompany has P1,500,000 in accounts payable. Its average daily purchases are P50,000.Required: 1. Days it takes to convert inventory to cash2. Days payable outstanding3. Cash Conversion Cycle in daysSales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %