Sales revenue Cost of sales Gross profit Operating expenses Profit The operating expenses include $18,000 of interest expense. The following amounts have been extracted from the company's balance sheet at 30 June 2017: Accounts receivable Prepaid expenses Cash Inventory Bank overdraft Accounts payable Accrued expenses $360,000 253,000 107,000 55,000 $52,000 s Days inventory S Days debtors $65,500 4,300 7,800 41,500 6,000 35,000 2,900 Calculate the following: (Round current ratio & quick ratio to 2 decimal places, e.g. 15.52 and all others answers to 0 decimal places, e.g. 15. Use 365 days for calculatio not deduct bank overdraft from your calculation for quick ratio.) 59.87 days days

Sales revenue Cost of sales Gross profit Operating expenses Profit The operating expenses include $18,000 of interest expense. The following amounts have been extracted from the company's balance sheet at 30 June 2017: Accounts receivable Prepaid expenses Cash Inventory Bank overdraft Accounts payable Accrued expenses $360,000 253,000 107,000 55,000 $52,000 s Days inventory S Days debtors $65,500 4,300 7,800 41,500 6,000 35,000 2,900 Calculate the following: (Round current ratio & quick ratio to 2 decimal places, e.g. 15.52 and all others answers to 0 decimal places, e.g. 15. Use 365 days for calculatio not deduct bank overdraft from your calculation for quick ratio.) 59.87 days days

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.21MCE

See similar textbooks

Similar questions

The following information is taken Aiello Corporation's fiscal 2016 annual report. Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087 Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year? a. $1,003,881 b. $1,004,635 c. $1,003,127 d. $1,247,301
owing income statement accounts in the popup window, E t for the year. ow for the year. Data Table nt for the year. at below. (Round to the nearest dollar. (Click on the following icon in order to copy its contents into a spreadsheet.) ncome Statement Income Statement Accounts for the Year Ending 2017 Balance nding December 31, 2017 Account Cost of goods sold Interest expense Taxes Revenue Selling, general, and administrative expenses Depreciation $341,000 $75,000 59,600 S743,000 $62,000 $116,000 Print Done %24 %24 %24
Use the following tables to answer the question: LOGIC COMPANY Income Statement For years ended December 31, 2016 and 2017 (values in $) 2016 2017 Gross sales 19,800 15,600 Sales returns and allowances 900 100 Net sales 18,900 15,500 COGS 11,800 8,800 Gross profit 7,100 6,700 Depreciation 780 640 Selling and administrative expenses 2,800 2,400 Research 630 540 Miscellaneous 440 340 Total operating expenses 4,650 3,920 Income before interest and taxes 2,450 2,780 Interest expense 640 540 Income before taxes 1,810 2,240 Provision for taxes 724 896 LOGIC COMPANY Balance Sheet For years ended December 31, 2016 and 2017 (values in $) 2016 2017 Current assets 12,300 9,400 Accounts receivable 16,900 12,900 Merchandise inventory 8,900 14,400 Prepaid expenses 24,400 10,400 Total current assets 62,500 47,100 Building (net) 14,900 11,400 Land 13,900 9,400 Total plant and equipment 28,800 20,800 Total assets 91,300 67,900 Accounts payable 13,400 7,400 Salaries payable 7,500 5,400 Total current…
Suppose the 2017 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.40 billion at the beginning of the year and $3.54 billion at the end of the year. Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) times Accounts receivable turnover ratio SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days
Orlando Medical’s common-size income statement for 2018 would report cost ofgoods sold asa. 82.4%.b. $35,147 million.c. up by 20.1%.d. 137.9%.
Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500 Salaries expense 85,000 Cost of goods sold 217,600 The following balances have been excerpted from the company's comparative balance sheets: 31-Dec-24 31-Dec-23 Interest receivable $9,100 $7,500 Salaries payable 8,900 4,200 Accounts payable 12,700 10,900 Inventory 36,100 32,500 The amount of cash paid by the companies for salaries in 2024 was Select one: $89,700. $93,900. $80,300. $80,800.
Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500 Salaries expense 85,000 Cost of goods sold 217,600 The following balances have been excerpted from the company's comparative balance sheets: 31-Dec-24 31-Dec-23 Interest receivable $9,100 $7,500 Salaries payable 8,900 4,200 Accounts payable 12,700 10,900 Inventory 36,100 32,500 The amount of cash paid by the company to suppliers in 2024 was Select one: $215,800. $212,200. $219,400. $248,290.
Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500 Salaries expense 85,000 Cost of goods sold 217,600 The company's comparative balance sheets included the following: 31-Dec-24 31-Dec-23 Interest receivable $9,100 $7,500 Salaries payable 8,900 4,200 Accounts payable 12,700 10,900 Inventory 36,100 32,500 What amount of cash was received for interest revenue during 2024? Select one: $65,500 $63,900 $67,100 $56,400
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
Selected information from Bigg Company's financial statements follows: Fiscal Year Ended December 31 2019 2018 2017 (in thousands) Gross sales $2,004,719 $1,937,021 $1,835,987 Less: Sales discounts 4,811 4,649 4,406 Less: Sales returns and allowances 2,406 2,324 2,203 Net sales $1,997,502 $1,930,048 $1,829,378 Cost of goods sold 621,463 619,847 660,955 Gross profit $1,376,039 $1,310,201 $1,168,423 Operating expenses 577,369 595,226 583,555 Operating income $798,670 $714,975 $584,868 Other income (expenses) 15,973 (6,070) (8,773) Net income $814,643 $708,905 $576,095 At December 31 2019 2018 2017 (in thousands) Accounts receivable $201,290 $195,427 $182,642 Less: Allowance for doubtful accounts 2,516 2,736 2,192 Net accounts receivable $198,774 $192,691 $180,450 Required: 1. Calculate the following ratios for 2018 and 2019. Round your answers to two decimal places. 2018 2019 a. Gross profit margin 67.88 % 68.89 % b. Operating margin 37.04 39.98 c. Net profit margin х % 36.77 40.78 % d.…
Please find the following ratios for both year 2017 and year 2018 based on following data RATIO AT ROA L ROE
Selected balance sheet and income statement information for Home Depot follows. $ millions Jan. 31, 2016 Feb. 01, 2015 Operating assets $40,683 $38,573 Nonoperating assets 2,266 1,773 Total assets 42,949 40,346 Operating liabilities 15,043 13,552 Nonoperating liabilities 21,275 17,157 Total liabilities 36,318 30,709 Sales 89,234 Net operating profit before tax (NOPBT) 12,124 Nonoperting expense before tax 803 Tax expense 4,001 Net income 7,320 Round answers to two decimal places (ex: 0.12345 = 12.35%). a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 37%.Answer% b. Disaggregate RNOA into components of profitability and productivity and show that the product of the two components equals RNOA. Assume a statutory tax rate of 37%.NOPM Answer%NOAT Answer