College Accounting, Chapters 1-9
College Accounting, Chapters 1-9
22nd Edition
ISBN: 9781305667679
Author: James A. Heintz; Robert W. Parry
Publisher: Cengage South-Western
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Chapter 12, Problem 5SEA
To determine

Record the payment for merchandised purchased in a cash payments journal.

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The financial statements of Greenfield Inc. reported net sales of $600,000 and accounts receivable of $40,000 at the beginning of the year and $45,000 at the end of the year. What is the receivables turnover ratio for Greenfield Inc.?
Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). 2025 2024 Net sales $5,150.4 $5,100.2 Cost of goods sold 3,000.0 3,700.6 Net income 75.2 190.9 Accounts receivable (net) 65.0 102.2 Inventory 1,250.1 1,350.1 Total assets 2,950.1 3,250.1 Total common stockholders' equity 920.4 1,070.2 Compute the following ratios for 2025. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%) a. Profit margin b. Asset turnover C. Return on assets d. Return on common stockholders' equity e. Gross profit rate 90.8 % times % do % do % do
2025 2024 Cash $14,000 $28,000 Accounts receivable (net) 80,000 51,000 Inventory 58,000 48,000 Plant assets (net) 235,000 220,000 $387,000 $347,000 Accounts payable $51,500 $58,000 Bonds payable (15%) 125,000 125,000 Common stock, $10 par 160,000 124,000 Retained earnings 50,500 40,000 $387,000 $347,000 Additional information for 2025: 1. Net income was $23,500. 2. Sales on account were $370,000. Sales returns and allowances amounted to $27,000. 3. Cost of goods sold was $206,000. 4. Net cash provided by operating activities was $46,000. 5. Capital expenditures were $20,000, and cash dividends paid were $13,000. 6. The bonds payable are due in 2038. Compute the following ratios at December 31, 2025. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) a. Current ratio b. Accounts receivable turnover C. Average collection period d. Inventory turnover e. Days in inventory f. Free cash…

Chapter 12 Solutions

College Accounting, Chapters 1-9

Ch. 12 - Prob. 1CECh. 12 - LO3 Enter the following transactions in a cash...Ch. 12 - LO4 Enter the following transaction in a purchases...Ch. 12 - Enter the following transactions in a cash...Ch. 12 - Prob. 1RQCh. 12 - List four items of information about each sale...Ch. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEACh. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - Prob. 5SEACh. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPACh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEBCh. 12 - Prob. 3SEBCh. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Sandcastles Northwest...Ch. 12 - SALES JOURNAL T. M. Maxwell owns a retail business...Ch. 12 - Prob. 7SPBCh. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL Ann Benton, owner of Bentons...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPBCh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - Prob. 1MYWCh. 12 - Judy Baresford, the store manager of Comfort...Ch. 12 - During the month of October 20--, The Pink Petal...Ch. 12 - Screpcap Co. had the following transactions during...
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