The financial statements of Wines, Inc., provide the following information for the current year: Dec.31 ($) Jan.1 ($) Accounts receivable Inventory Prepaid expenses 210,000 180,000 200,000 190,000 14,000 10,000 Accounts payable (for merchandise) 176,000 161,000 Accrued expenses payable Net sales 13,000 19,000 2,900,000 Cost of goods sold 1,500,000 Operating expenses (including depreciation of $40,000) 300,000 Wine's net cash flow from operating activities for the current year is: A. $1,105,000 B. $1,375,000 C. $1,495,000 D. Some other amount

The financial statements of Wines, Inc., provide the following information for the current year: Dec.31 ($) Jan.1 ($) Accounts receivable Inventory Prepaid expenses 210,000 180,000 200,000 190,000 14,000 10,000 Accounts payable (for merchandise) 176,000 161,000 Accrued expenses payable Net sales 13,000 19,000 2,900,000 Cost of goods sold 1,500,000 Operating expenses (including depreciation of $40,000) 300,000 Wine's net cash flow from operating activities for the current year is: A. $1,105,000 B. $1,375,000 C. $1,495,000 D. Some other amount

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4SEA: FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement,...

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FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement, statement of owners equity, and balance sheet) shown on pages 596597, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was 21,600. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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FINANCIAL RATIOS Based on the financial statements, shown on pages 605606, for McDonald Carpeting Co. (income statement, statement of owners equity, and balance sheet), prepare the following financial ratios. All sales are credit sales. The balance of Accounts Receivable on January 1, 20--, was 6,800. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and the average number of days required to collect receivables 6. Inventory turnover and the average number of days required to sell inventory
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The financial statements of Wines, Inc., provide the following information for the current year: Dec.31 ($) Jan.1 ($) Accounts receivable Inventory Prepaid expenses 210,000 180,000 200,000 190,000 14,000 10,000 Accounts payable (for merchandise) 176,000 161,000 Accrued expenses payable Net sales 13,000 19,000 2,900,000 Cost of goods sold 1,500,000 Operating expenses (including depreciation of $40,000) 300,000 Wine's net cash flow from operating activities for the current year is: A. $1,105,000 B. $1,375,000 C. $1,495,000 D. Some other amount
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MDTB Company provided the following information: Net accounts receivable, beginning P 900,000 Net accounts receivable, ending 1,000,000 Accounts receivable turnover 5 to 1 Inventory, beginning 1,100,000 Inventory, ending 1,200,000 Inventory turnover 4 to 1 Required: What is the gross margin for the current year? |
Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows: January 1 December 31 Accounts receivable 2,000,000 3,000,000 Allowance for uncollectible accounts (150,000) (200,000) Accounts payable 1,500,000 2,400,000 Inventory 2,300,000 2,600,000 Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit? 3,200,000 1,700,000 2,300,000 2,200,000
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Simon Company's year-end balance sheets follow, At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $4 36,772 $ 37,181 60,602 82,558 9,090 257, 236 49,574 52,807 4,131 224,507 Total assets $ 517,659 $ 446,258 S 368, 200 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 131,475 73,909 $ 48,116 95,373 163, 500 127,311 83,813 163, 500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 Total liabilities and equity $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable?
Financial accounting