Working Capital Requirement 1. Compute Current Debt-to- these ratios: Ratio Cash Ratio Debt Ratio Equity Ratio Round ratios to two decimal places or format as percentages or Accounts Days Sales Gross Profit Receivable Days Sales in Inventory currency as appropriate. Inventory in Turnover Percentage Turnover Receivables
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- Use the following question to answer next 10 Questions. Comprehensive Problem Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The following information relates to the obligations of the company as of March 31, 2021: Trade payables Accounts payable for suppliers, goods, and services purchases on open account amount to P1,670,000 as of March 31, 2021 before considering of the following items: On March 31, 2021, the company has a P50,000 debit balance in its accounts payable to a supplier, resulting from a P50,000 advance payment for goods ordered by the company. The balance also includes an advance payment of P20,000 made by a customer to Dell in anticipation of a purchase to be made by the customer in April 2021. Additional information: Goods were in transit to the company from a vendor on March 31, 2021. The invoice cost was P35,000. The goods were shipped FOB seller on March 29, 2021 and were received on April 4, 2021. Goods shipped FOB…Use the following question to answer next 10 Questions. Comprehensive Problem Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The following information relates to the obligations of the company as of March 31, 2021: Trade payables Accounts payable for suppliers, goods, and services purchases on open account amount to P1,670,000 as of March 31, 2021 before considering of the following items: On March 31, 2021, the company has a P50,000 debit balance in its accounts payable to a supplier, resulting from a P50,000 advance payment for goods ordered by the company.The balance also includes an advance payment of P20,000 made by a customer to Dell in anticipation of a purchase to be made by the customer in April 2021.Additional information:Goods were in transit to the company from a vendor on March 31, 2021. The invoice cost was P35,000. The goods were shipped FOB seller on March 29, 2021 and were received on April 4, 2021.Goods shipped FOB…Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000The adjusted trial balance of Kingbird, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022 Sales Revenue $902,300; Freight-Out $12,700; Sales Returns and Allowances $19,000; and Sales Discounts $13,900. Prepare the sales section of the income statement. Kingbird, Inc. Income Statement (Partial) 11Caspian is a manufacturer of water filters. Its management has projected values for the following account balances for the period ending on June 30, 2022 including a projected net profit of $10. Required: Prepare a classified Balance Sheet for Caspian as at June 30, 2022. Account titles Projected balance ($) Account titles Projected balance ($) Accum. Dep. – Equipment 13,500 Inventory 5,200 Bank Loan (due in 5 years) 17,100 Equipment 49,800 GST Collected 7,900 Bank overdraft 3,560 Bank Loan (due in 5 months) 2,900 GST Paid 4,700 Share Capital 40,300 PAYG Withheld 6,530 Distributions to owners 16,000 Prepaid Rent 7,100 Accounts Payable 24,000 Accounts Receivable 29,700 Prepaid Insurance 6,500 Wages Payable 3,200 Classified Balance Sheet for Caspian as at June 30, 2022 Assets ($) ($) Liabilities + OE ($) ($)…
- Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?Question involving Revenue Recognition: How much revenue should be recognized by the following Company, in each of the month's of March, April, May, June, July, August, and September? A company pre-sells services to be performed from May through September, inclusive. If payment is made in full by April 1, a 4% discount is allowed. In March, 245 customers took advantage of the discount and purchased the services for $650 each. In June, 220 customers purchased the services for $785, and in July, 95 purchased it for the same price. For the customers who pay after May 1, services start in the month the customer makes the payment. Please explain for each month. Months $ March April May June July August SeptemberNovak Corp. has accounts receivable of $111,000 at March 31, 2022. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2022 2021 March $61,000 $81,000 February 13,300 8,300 December and January 11,300 2,700 November and October 7,200 1,400 $92,800 $93,400 Credit terms are 2/10, n/30. At March 31, 2022, there is a $3,700 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage of receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below Age of Accounts Estimated PercentageUncollectible Current 2 % 1–30 days past due 7 31–90 days past due 25 Over 90 days past due 50 Determine the total estimated uncollectible accounts receivable. Total estimated uncollectibles accounts receivable $Enter the total estimated uncollectibles…
- Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700After analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenue as the base amount. Round percentages to two decimal places. Here is the operating data for Yalis Cleaning, Inc.: 2021 2020Service revenue $523,000 $476,000Operating expenses 385,500 319,800Income tax expense 34,375 39,050Net income $103,125 $117,150Carla Vista Salon Supply Company has accounts receivable of $105,000 at March 31, 2025. An analysis of the accounts shows these amounts: Month of Sale March February December and January October and November Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 (a) 2025 $72,000 14,800 11,000 7,200 $105,000 Credit terms are 2/10, n/30. At March 31, 2025, there is a $2,900 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage of receivables basis for estimating uncollectible accounts. The company's estimates of uncollectibles are as shown below: 2024 $78,600 7 2% 25 9,000 50 2,500 Estimated Percentage 1,000 $91,100 Uncollectible Determine the total estimated uncollectible accounts receivable at March 31, 2025. Total estimated uncollectibles accounts receivable $