the cost of goods sold during the year was $50,000 merchandise inventory as were $12,500 and $10,500 at the beginning and the end of the year respectively accounts payable all owed to merchandising suppliers were $6,000 and $5,000 at the beginning and the end of the year respectively using the direct method of reporting cash flows from operating activities cash payments for merchandise total 47,000 51,000 49,000

the cost of goods sold during the year was $50,000 merchandise inventory as were $12,500 and $10,500 at the beginning and the end of the year respectively accounts payable all owed to merchandising suppliers were $6,000 and $5,000 at the beginning and the end of the year respectively using the direct method of reporting cash flows from operating activities cash payments for merchandise total 47,000 51,000 49,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

You are provided the following working capital information for the Ridge Company: Account Inventory $ $12,890 Accounts receivable 12,800 Accounts payable 12,670 Net sales $124,589 99,630 Cost of goods sold What is the cash conversion cycle for Ridge Company? a. 38.3 days b. 129.9 days c. 83.5 days d. 46.4 days
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 627,500 Cost of goods sold 294,000 Gross profit 333,500 Operating expenses (excluding depreciation) $ 141,400 Depreciation expense 29,750 171,150 Other gains (losses) Loss on sale of equipment (14,125) Income before taxes 148,225 Income taxes expense 36,850 Net income $ 111,375 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 63,400 $ 82,500 Accounts receivable 79,360 59,625 Inventory 289,156 260,800 Prepaid expenses 1,300 2,075 Total…
The following balance sheet information was provided by O'Connor Company: Assets Cash Accounts receivable Inventory Year 2 Year 1 $ 2,300 $ 1,300 5,300 7,300 $ $ 23,000 24,000 Assuming that net credit sales for Year 2 totaled $148,000, what is the company's most recent accounts receivable turnover? Multiple Choice O 11.75 times 20.27 times 27.92 times 23.49 times MacBook Air
Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance decreased $29,200, and the inventory balance increased by $62,700 over the year. Determine the amount of cash paid for merchandise.
The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the beginning of the year was $125,000 and merchandise inventory at the end of the year was $133,000. The merchandise inventory turnover for the year was O a. 65.5. O b. 14.7. Oc. 0.1. Od. 33.8.
Direct Method The following data is from Los Altos, Inc.: Cost of goods sold $243,000 Inventory, January 1 42,750 Inventory, December 31 49,500 Accounts payable, January 1 24,750 Accounts payable, December 31 15,750 Using the above data, calculate the cash Los Altos, Inc. paid for merchandise purchased: $Answer
Uramilaben
Calculate the cash cycle (in days) based on the following information (keep two decimal places). Variable Inventory Accounts receivable Accounts payable Beginning of the year End of the year $2500 $4000 $3900 $3000 $1500 $1000 Net sales over the year is $14000 and costs of goods sold is $8000. Your Answer: Answer
The cost of merchandise sold by Kohl's Corporation for a recent year was $12,265 million. The balance sheet showed the following current account balances (in millions): Merchandise inventories Accounts payable Balance, End of Year Balance, Beginning of Year $ 4,038 1,251 $ 3,814 1,511 Determine the amount of cash payments for merchandise.
I need help with problem
The following figures appear on LaGrange’s financial statements for the most recent fiscalyear: Cost of Goods Sold $1,960,000 Beginning Inventory 238,000 Ending Inventory 278,000 Accounts Payable 182,000 What is the age of this company’s accounts payable? Responses 33.2 days 35.3 days 34.7 days 33.9 days
A manufacturer reports the data below. Accounts payable Accounts receivable Inventory Net sales $ 9,649 18,474 5,455 233,607 Cost of goods sold 138,200 (1) Compute the number of days in the cash conversion cycle. (2) Is the company more efficient at managing cash than its competitor who has a cash conversion cycle of 14 days? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of days in the cash conversion cycle. Note: Use 365 days in a year. Round calculations to the nearest whole day. Cash conversion cycle days