EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Bargain Deal, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the
fiscal year ended January 28, 2017, are shown below.
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable (net)
Inventory
Other current assets
Total current assets.
Long-term assets
Total assets
Bargain Deal, Inc.
Balance Sheet
At January 28, 2017
($ in millions)
Assets
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
Other current liabilities
Total current liabilities
Long-term liabilities
Shareholders' equity
Total liabilities and shareholders' equity
Bargain Deal, Inc.
Income Statement
For the Year Ended January 28, 2017
($ in millions)
Revenues
Costs and expenses
Operating income
Other income (expense)*
Income before income taxes
Income tax expense
Net income
Current ratio
1-a.
1-b. Acid-test ratio
1-c. Debt to equity ratio
1-d.
$39,618
38,171
1,447
Times interest earned ratio
$
(83)
1,364…
Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company's consolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands):
2016
2015
Current assets:
Receivables, less allowances of $132,960 in2016 and $88,560 in 2015
$
461,300
$
441,200
A disclosure note accompanying the financial statements reported the following ($ in thousands)
Year Ended
2016
2015
(In thousands)
Calculation of account receivables, net:
Receivables
$
594,260
$
529,760
Less: allowance for doubtful accounts
(123,080
)
(77,780
)
Less: reserve for product returns
(9,880
)
(10,780
)
Trade accounts receivable, net:
$
461,300
$
441,200
Assume that the company reported bad debt expense in 2016 of $192,200 and had products returned for credit totaling $187,180 (sales price). Net sales for…
ABC Co. is a manufacturing company and its selected financial statements items are given as following. Net Sales
3 -
equals to 32000 for the year 2020 and 28000 for the year 2019. COGS equals to 24000 and 21000 respectively for the
year 2020 and 2019. Accounts Receivable for the year 2020 equals to 8500 and 7800 for the year 2019. Inventory
equals to 7500 and 6800 respectively for the year 2020 and 2019. Accounts Payable for the year 2020 equals to
11000 and 9000 for the year 2019. (All numbers are in dollars)
What is days payable outstanding for the year 2020?
a)
118
b)
128
o137
138
d)
148
O O O O
()
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