The following financial information is for Annapolis Corporation for the fiscal years ending 2018 and 2019 (all balances are normal): Cost of Accounts Net Sales Net Item/Account Inventory Goods Receivable (all credit) Income Sold 2019 2018 $44,000 $42,000 $410,000 $154,000 $27,200 $34,000 $38,000 $350,000 $152,000 $24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 days a year. Round your answers to one decimal place.)
Q: Provide correct answer accounting
A: Step 1: Define General PartnershipWhen two or more people decide to come together to run a business…
Q: 4 marks financial accounting prblm
A: Explanation of Cash Discount: A cash discount is a reduction in the amount owed that a seller offers…
Q: Please solve this general accounting problem with calculation
A: Step 1: Define AssetsAssets can be defined as something of value that a company uses in the business…
Q: What should be the price earnings ratio of this company on these general accounting question?
A: The formula for the Price-to-Earnings (P/E) ratio using the Dividend Payout Ratio and the growth…
Q: Extruded elments had net income please solve this question
A: Step 1: Calculate the Dividend Per Share (DPS)The company has a net income of $26,250,000 for the…
Q: What is its accounts receivable turnover for the period on this general accounting question?
A: Step 1: Define Accounts Receivable TurnoverThe activity ratios like accounts receivable turnover…
Q: A company total overhead cost please answer this question
A: Step 1: Define Fixed and variable costFixed cost are those costs which don't change with increase in…
Q: Need help with this question solution general accounting
A: Step 1: Define Operating LeverageThe operating leverage is the ratio of the contribution margin and…
Q: give short and simple answer
A: determine the inventory value using the Lower of Cost or Market (LCM) method, we need to compare the…
Q: Atomic Corporation has a June 30th year end. It has used straight line depreciation on its reactor…
A: Approach to solving the question: Analysis Detailed explanation:Key Considerations:Straight-Line…
Q: Provide correct answer the financial accounting question
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: Need answer the financial accounting question
A: Step 1: Define Account ReceivableAccount receivable can be classified as a type of current asset…
Q: De la mare company has $14000 in account
A: Step 1: Given Value for Calculation Initial Value = i = $130,000Final Value = f = $135,000 Step 2:…
Q: Financial account please solve the question
A: Step 1:Given, Initial fixed asset requirement: $1.3 millionProjected fixed costs:…
Q: I need answer this question
A: Step 1: Define CVP AnalysisCVP analysis is also termed as cost-volume-profit analysis. It can be…
Q: Net Salary?
A: Net Salary Payable = Gross Salary - Income Tax Deducted - Insurance Premium Net Salary Payable =…
Q: Need answer correct
A: STEP 1 STEP 2 STEP 3
Q: Give true answer this financial accounting question
A: Step 1: Define Balance SheetA balance sheet is a financial statement that is prepared at the end of…
Q: CIS 133 Advanced Micro Spreadsheet Software May I please have a written review for a tutor that has…
A: Here's a step-by-step explanation of the detailed review for your tutor:IntroductionThe review…
Q: Please given answer Accounting question not use ai...
A: Step 1: Define Total Manufacturing Costs"Total Manufacturing Costs" is the cost incurred on…
Q: Under which basis should companies record donated assets in their books?
A: Explanation of Donated Assets:Donated assets refer to physical or intangible items given to a…
Q: A company had sales of $ 154000 and cost of good solution this question
A: Step 1: Define Gross ProfitIn the preparation of the income statement of a firm, two types of…
Q: Give true answer the accounting question not use ai
A: Step 1:As per high low method variable cost per unit is calculated by following formula = ( Cost at…
Q: follow this account questions and give proper answer
A: Step 1:Inventory value using the LCNRV on an individual item basis can be calculated by using the…
Q: Agrico.inc.accepted a 10 month solve this question
A: Step 1: Given value for calculation Interest Rate = r = 13.8%Principal Amount = p = $4500Time = t =…
Q: Give true solution for this accounting question
A: Step 1: Define Absorption CostingUnder absorption costing, not only the variable cost but also the…
Q: Please help me answer with explanation
A: Explanation of Capital Maintenance: Capital maintenance is the concept in accounting that refers to…
Q: Please give me answer general accounting
A: Step 1: Define Allocating Overhead in a Professional FirmA professional practice uses predetermined…
Q: Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for…
A: The gain on the sale of the property is calculated by subtracting the purchase price from the sale…
Q: Can you please answer the general accounting question?
A: Step 1: Define SalesSales is an equity account that is recorded when the company sells goods to its…
Q: What was Indiana Corporation's net operating income for the year using variable costing on these…
A: Step 1:Under variable costing product cost includes all variable cost, fixed cost is part of period…
Q: Need help with this question solution general accounting
A: Step 1:The maturity value of the note is the sum of the principal amount of the Note and the…
Q: Please provide answer this accounting question not use ai and chatgpt
A: Step 1: Define Income StatementAn income statement is prepared at the end of each accounting year to…
Q: The December 31, 2024, inventory of Tog Company, based on a physical count, was determined to be…
A: - Understated inventory at year-end overstates COGS, which understates net income. By fixing the…
Q: Financial Accounting
A: Step 1: Introduction to accounts receivableAccounts receivable refers to the customers who have…
Q: Find the break even point accounting questions
A: Step 1: Find the contribution margin.= selling price per unit - variable cost per unit= $8 - $3= $5…
Q: Exercise 11-3 (Static) Accounting for par, stated, and no-par stock issuances LO P1 Rodriguez…
A: Formula:Part 1: When Stock is issued at par of $2, the remaining amount is credited to paid-in…
Q: Greenbird bank lends money to hall company please answer this question ❓
A: Step 1: Identify the principal amountStep 2: Identify the interest rateStep 3: Calculate the time…
Q: tutor help it on this subject: general account query
A: Step 1: Calculate the Net PurchasesNet purchases are calculated by taking the total purchases and…
Q: Answer this Question accurately
A: To calculate the expected cash receipts for June, July, and August, we need to break down the sales…
Q: Financial Accounting
A: Step 1: Define Financial RatioFinancial ratios are evaluation tools used internally and externally…
Q: Don't use ai to answer I will report you answer
A: Detailed explanation:a, Inventory Purchases Budget AprilMayJune…
Q: need help
A: 1. Determine the estimated number of defective units:Total units sold =400Defective rate…
Q: Hello tutor answer these general accounting question not use ai and chatgpt please don't
A: Step 1: Define Equity MultiplierThe equity multiplier serves as a metric to assess the level of…
Q: Please tutor help me correct answer this general accounting
A: Step 1: Define Degree of Operating LeverageThe degree of operating leverage (DOL) shows how the…
Q: Lone star has computed the following unit costs solution this question
A: Step 1: Define Variable CostingThe variable costing income statement only considers the variable…
Q: In 2010 Casey made a taxable gift of $6.9 million to both Stephanie and Linda (a total of $13.8…
A: Exhibit Data Used2024 Exclusion Amount: $13.61 million (Gift Tax and Estate Tax exclusion).Exhibit…
Q: Complete the 2024 federal income tax return for Caleb and Anne Stone. You may assume the Stones have…
A: Form 1040: U.S. Individual Income Tax Return (2024)Filing Status:Married Filing JointlyPersonal…
Q: Please given answer accounting
A: Step 1: Define General And Administrative Expenses:General and Administrative Expenses are routine…
Q: I want to correct answer accounting
A: Step 1: Define Average Collection PeriodAs its name suggests, the average collection period denotes…
Step by step
Solved in 2 steps
- Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?Need help provide correct answer general accountingSuppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893 (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million (b)The parts of this question must be completed in order. This part will be available when you complete the part above.
- Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to TextGeneral AccountHerbert Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $656,810 $672,346 Cost of Sales $54,269 $53,251 Sales Revenue $259,368 $212,962 Inventory $35,505 $45,285 Accounts payable $120,483 $129,398 Accounts receivable (Debtors) $59,498 $79,380 Owner's Equity $1,523,999 $1,131,784 Based on the information provided, calculate the Days in Accounts Receivable for 2021, expressed in days to 2 decimal places.
- K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2020 2019 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2020: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2020. (Round current ratio and inventory turnover to 2 decimal places, e.g.…The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 10, 620 $ 13, 275 Accounts payable $ 52, 560 $ 60, 750 Accounts receivable 21,420 29, 925 Notes payable 19, 260 24,075 Inventory 67, 860 82, 575 Total $ 99,900 $ 125, 775 Total $ 71,820 $ 84, 825 Long-term debt $ 36,000 $ 27,000 Owners' equity Common stock and paid - in surplus $ 45,000 $ 45,000 Retained earnings 207, 180 293, 175 Net plant and equipment $ 260, 100 $ 324, 225 Total $ 252, 180 $ 338, 175 Total assets $ 360,000 $ 450,000 Total liabilities and owners' equity $ 360,000 $ 450,000 For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter…Atlantic Corporation reported the following financial statements: E (Click the icon to view the financial statements.) The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX. O A. $1.90 Financial Statements O B. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities 24 7.087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 24 25,200 $ 22,471 Clear Al All parts showing Total…The following data are taken from the financial statements of Cullumber Company. 2022 2021 Accounts receivable (net), end of year $ 587,000 $ 585,000 Net sales on account 4,927,000 3,921,000 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $554,500. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Accounts receivable turnover Enter turnover in times rounded to 1 decimal place. times Enter turnover in times rounded to 1 decimal place. times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2022 2021 Average collection period Enter the collection period in days rounded to 1 decimal place. days Enter the collection period in days rounded to 1 decimal place. days