Transaction 2 The company quickly acquired $43,000 in inventory, 60% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days. Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount:

Transaction 2 The company quickly acquired $43,000 in inventory, 60% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days. Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount:

Name: CashAccounts ReceivableInventoryPrepaid RentFixtures and EquipmentAcc
Uploaded: 2024-03-04T10:43:15.000Z
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Description: CashAccounts ReceivableInventoryPrepaid RentFixtures and EquipmentAccounts PayableInterest PayableWages PayableNotes PayablePaid-in CapitalRetained EarningsLeave Blank Transaction 2The company quickly acquired $43,000 in inventory, 60% of which was

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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Complete: Round to Nearest Current Assets Amount Hundredth Percent Cash $ 12,000 % Accounts receivable 9,000 % Prepaid rent Merchandise inventory 5,000 $ 28.000 Total current assets 100 %
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Problem 4-15 Lloyd Inc. has sales of $200,000, a net income of $15,000, and the following balance sheet: ASSETS Cash Receivables Inventories Total Current assets Net fixed assets Total assets AMOUNT LIABILITIES & EQUITY $10,000 Accounts Payables 50,000 Notes Payable to bank 150,000 Total current liabilities $210,000 Long-term debt 90,000 Common Equity $300,000 Total Liabilities and Equity AMOUNT $30,000 20,000 $50,000 50,000 200,000 $300,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.53, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2.53), if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? What will be the firm's new quick ratio? Problem 4-1 Baxley Brothers has a DSO of 23 days, and its annual sales are…
QUESTION 2 Wursthaus, Inc., sold 800 of its sausages that cost $6 each to customers for $8,000 cash. Record both the sale and cost of goods sold by showing the effect of this transaction on total Assets, Liabilities, Stock and/or Retained Earnings and the account titles. If no effect, select "$O No Effect". v Assets A. eR 000 Cash; $(800) Inventory Liabilities B. p0,000 Cash; $(4,800) Inventory v Stock C. 5800 Cash v Retained Earnings D. $8,000 Sales Revenue; $(8,000) Cost of Goods Sold E. $(4,800) Rent Expense F. $(4,800) Cost of Goods Sold G. $8,000 Cash H. $8,000 Sales Revenue: $(4.800) Cost of Goods Sold 1. $8.000 Cash; $(8,000) Inventory J. sO No Effect K. $8.000 Sales Revenue L. $(4,800) Inventory Save All Ans Click Save and Submit to save and submit. Click Save All Answers to save all answers. étv 18 MacBook Air DD 80 888 F8 F9 F10 F6 F7 F3 F4 F5 F2 @ #3 2$ % & 2 3 4 6. 7 8. W Y S F G H J K R D
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q. 13 A company has $628 in inventory, $1,921 in net fixed assets, $300 in accounts receivable, $141 in cash, and $354 in accounts payable. What are the company’s total current assets? $769 $1,069 $2,990 $1,123 $1,423
Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %
WalCo TarMart CostGet Beginning Accounts Receivable $ 1,745 5,816 559 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales? Required 1 Required 2 WalCo TarMart CostGet Complete this question by entering your answers in the tabs below. WalCo TarMart Ending Accounts Receivable $ 2,692 6,344 - 595 Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. Note: Rounded to one decimal place. Enter your dollar answers in millions. Net Sales $ 315,427- 60,878 61,963 Choose Numerator Choose Numerator Receivables Turnover Ratio Choose Denominator Average Collection Period Choose Denominator < Prev 8 of 8 = Receivables turnover ratio times times times + = Average collection period Next days days
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