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Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year Credit Account Titles Debit 37.200 Carh

Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year Credit Account Titles Debit 37.200 Carh

FINANCIAL ACCOUNTING
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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Required information (The following information applies to the questions displayed below.) Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year. Debit $ 37,200 24,300 55,600 43,600 Account Titles Credit Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, current year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Incone tax expense $ 20,400 27,600 75,600 12,880 165, 100 6,500 80, 200 15,900 17,200 3,400 8,200 9,480 $301, 580 Totals $301,580 2. The beginning balance in Accounts Receivable (net) was $17,800. Compute the receivables turnover ratio. Recelvables Turnover Ratio Numerator times Denominator
Transcribed Image Text:Required information (The following information applies to the questions displayed below.) Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year. Debit $ 37,200 24,300 55,600 43,600 Account Titles Credit Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, current year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Incone tax expense $ 20,400 27,600 75,600 12,880 165, 100 6,500 80, 200 15,900 17,200 3,400 8,200 9,480 $301, 580 Totals $301,580 2. The beginning balance in Accounts Receivable (net) was $17,800. Compute the receivables turnover ratio. Recelvables Turnover Ratio Numerator times Denominator
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