You are responsible for writing a monthly stockholders' report about your company. Your boss has given you the flexibility to round the numbers to tens, hundreds, thousands, or tens of thousands, depending on which is most beneficial for the company's image. For each of the following monthly figures, make a rounding choice. (a) 84,469—number of items manufactured items (b) $234,733—your department's net sales for the month $ sales (c) 5,838—defective items manufactured defects (d) $629,342—total company profit $ profit (e) 139 new customers new customers

You are responsible for writing a monthly stockholders' report about your company. Your boss has given you the flexibility to round the numbers to tens, hundreds, thousands, or tens of thousands, depending on which is most beneficial for the company's image. For each of the following monthly figures, make a rounding choice. (a) 84,469—number of items manufactured items (b) $234,733—your department's net sales for the month $ sales (c) 5,838—defective items manufactured defects (d) $629,342—total company profit $ profit (e) 139 new customers new customers

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A Firm reported year-end cost of goods sold of $10 million. It listed $2 million of inventory on its balance sheet. Using a 365-day year, how many days did the firm's inventory stay on the premise? Multiple Choice _____ 73 days _____ 20 days _____ 18.25 days _____ 2 days
How to journalize? 1. Product sales totaled $3 million (all customers paid with cash), and my company had paid $2.2 million for that inventory sold.2.Inventory purchases totaled $1.5 million during the quarter, all on a credit basis, with my company's vendors. 2. My company repaid outstanding accounts payable during the quarter in the amount of $1.7 million. 3. Marketing costs of $10,000 were paid in February, all related to a series of President’s Day TV advertisements. 4. Wages, rents, and other administrative expenses totaled $373,000. All, except the March rent of $50,000, were paid with cash. The month of March rent payments, totaling $50,000 and due on or before March 15, haven't been paid as of March 31.
29. Use the following information for questions (29 to 32). The following information pertains to Adel Company Month Sales Purchases July P25,000 P10,000 August 10,000 2,500 September 15,000 5,000 October 12,500 4,000 November December 15,000 5,000 17,500 5,000 Forty percent of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Cash is collected from customers in the following manner. Month of sales 20% Month following sales 50% Two months following sales 25% Amount uncollectible 5% What is the amount collected from customers in September? а. Р14,250 b. P15,000 с. Р4,750 d. P13,000 30. What is the amount disbursed to suppliers in October? а. Р4,000 b. P4,600 с. Р5,200 d. P3.925 31. What is the amount disbursed to suppliers in November? a. P15,500 b. P5,400 C. P6.000 d. P4,400
A company began operations in March with cash and common stock of $36,000. The company made $582,000 in net income in its first month. It performed print jobs for customers and billed these customers $900,000. The company collected half of its receivables by the end of the month. The company had a cost of goods sold of $162,000 paid for in cash and $6,000 inventory left over at the end of the month. The company's employees earned wages but those are not paid until the first of April. This was the company’s only liability. How would I calculate the income statement and balance sheet for the end of March?
The Cena and Lesnar, a retail clothier, has had average sales of $400,000 for the last five years,| 2019-2015. The firm's total assets at the end of 2017 were $400,000. An internal staff cost analyst has prepared the following financial data from the annual reports. You have been hired as a consultant to help analyze the financial position. 2019 2018 2017 2016 2015 Current Ratio 2.80 2.43 2.36 2.10 2.00 Acid Test Ratio 2.03 1.93 1.82 1.61 1.47 Days' Sales in Receivables Merchandise Inventory Turnover Debt Ratio 61 58 54 42 35 4.20 4.10 4.10 3.90 3.70 0.48 0.50 0.49 0.47 0.47 Times Interest Earned 4.60 4.80 5.90 5.70 6.00 Sales as a Percent of 1996 Sales 1.46 1.23 1.12 1.06 1.00 Net Income as a Percent of 1996 Income 1.31 1.20 1.10 1.06 1.00 Gross Profit Margin Operating Expenses to Net Sales Net Profit Margin 38.5% 38.8% 38.9% 40.0% 39.7% 11.4% 11.3% 11.5% 11.4% 11.7% 7.6% 8.6% 8.9% 9.4% 9.3% Return on Total Assets 9.4% 9.6% 9.6% 10.0% 10.7% Required: Have Cena and Lesnar utilized its…
Dominic's, Inc. had actual sales for January and February and forecasted sales for March, April, May and June as follows: Actual: January $192,000 February $218,000 Forecast: March $225,000 April $202,000 May $234,000 June $250,000 Based on company experience, it is estimated that 35 percent of a month's sales are collected in the month of sale, 48 percent in the month following the sale, and 16 percent in the second month following the sale. Calculate the estimated cash collections for March, April, and May.
On average, your firm sells $32,300 of items on credit each day. The average inventory period is 27 days and your operating cycle is 47 days. What is the average accounts receivable balance? $872,100 $1.292.000 $904,400 $646,000 $1,518,100
The following information is given to you about a manufacturing business: The days sale of inventory, DSI - 44 days The days sale outstanding. DSO = 38 days The days payables outstanding. DPO = 53 days The markup policy aplies 20% on cost to determine the sale price of a piece of inventory. All sales are credit sales; vendors also supply on credit basis. The operating capital is borrowed at an interest rate of 37% and the annual days of operations is 346. (1) The cash conversion cycle, CCC - (2) The annual rate of return on capital AFTER interest is days (Round TWO places of decimal) % (Round TWO places of decimal)
please explain how you got your figures
You have recently been appointed as the management accountant attached to the head office of the company with special responsibility of monitoring the performance of the companies within the group. Each company is treated as an investment center and every month produces an operating statement for the group headquarters. Summaries of the statements for companies X and Y which make similar products selling at similar prices for the last month showed a typical situation. Extract from the company monthly operating statements. X Y GHS000 GHS000 Sales 600 370 Less variable cost 229 208 Contribution 371 162 Less controllable fixed…
The following is the Room Department Statement of profit for Calm Shore Hotel for the year 31 December 2023. Revenue $ $ $ Room Sales 800,000 Allowances 2,500 Net Revenue 797,500 Expenses Salaries & Wages 100,000 Employee Benefits 23,000 Total Payroll & related expenses 77,000 Other Expenses Commissions 2,000 Contract Cleaning 5,000 Laundry & Dry Cleaning 6,500…