The president of Oriole Enterprises asks if you could indicate the impact certain transactions have on the following ratios.Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided forOriole Enterprises.1.2.3.4.TransactionReceived $5,100 on cash sale. The cost of the goods sold was $2,652Recorded bad debt expense of $510 using allowance method.Wrote off a $102 account receivable as uncollectible (Uses allowance method.)Recorded $2,550 sales on account. The cost of the goods sold was $1,530.Current Ratio(2:1)11Accounts Receivable(10x) The president of Oriole Enterprises asks if you could indicate the impact certain transactions have on the following ratios.Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided forOriole Enterprises.ransactioncost of the goods sold was $2,652O using allowance method.le as uncollectible (Uses allowance method.)The cost of the goods sold was $1,530.Current Ratio(2:1)<Accounts Receivable Turnover(10x)Average Collection Period(36.5 days)

The president of Oriole Enterprises asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Oriole Enterprises. 1. 2. 3. 4. Transaction Received $5,100 on cash sale. The cost of the goods sold was $2,652 Recorded bad debt expense of $510 using allowance method. Wrote off a $102 account receivable as uncollectible (Uses allowance method.) Recorded $2,550 sales on account. The cost of the goods sold was $1,530. Current Ratio (2:1) Accounts Receivable (10x)

The president of Oriole Enterprises asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Oriole Enterprises. 1. 2. 3. 4. Transaction Received $5,100 on cash sale. The cost of the goods sold was $2,652 Recorded bad debt expense of $510 using allowance method. Wrote off a $102 account receivable as uncollectible (Uses allowance method.) Recorded $2,550 sales on account. The cost of the goods sold was $1,530. Current Ratio (2:1) Accounts Receivable (10x)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400
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