Question

In: Finance

Kenny Rogers Roasters recently reported $92,560 in Cash $878,000 , $878,000 in Accounts Receivable, $1,716,000 in...

Kenny Rogers Roasters recently reported $92,560 in Cash $878,000 , $878,000 in Accounts Receivable, $1,716,000 in Inventory, $5,340,000 in Sales, $745,060 in net fixed assets, $3,431,620 in Total Assets, and $941,800 in Current Liabilities. What is the total asset turnover for Kenny Rogers Roasters? (round to two decimals)

None of the above

6.76

1.56

0.68

1.47

Solutions

Expert Solution

calc:


Related Solutions

Kenny Rogers Roasters recently reported $92,560 in Cash, $878,000 in Accounts Receivable, $1,716,000 in Inventory, $205,000...
Kenny Rogers Roasters recently reported $92,560 in Cash, $878,000 in Accounts Receivable, $1,716,000 in Inventory, $205,000 in Notes Payable, $116,960 in depreciation, and $981,400 in Current Liabilities. Calculate the Current Ratio for Kenny Rogers Roasters? (round to two decimals) 2.85 0.35 2.74 3.07 None of the above
Kenny Rogers Roasters recently reported Earnings before Interest and Taxes of $235,600. They have a tax...
Kenny Rogers Roasters recently reported Earnings before Interest and Taxes of $235,600. They have a tax rate of 30%. They also reported $6,034,000 in Sales, $75,600 in Net Income, and $3,496,672 in Total Assets. What is the Basic Earning Power for Kenny Rogers Roasters? (answers are in percentage rounded to two decimals)
ABC Company reported accounts receivable of $225,000 and an allowance for doubtful accounts with a $28,000...
ABC Company reported accounts receivable of $225,000 and an allowance for doubtful accounts with a $28,000 credit balance on January 1, 2017. ABC Company records bad debt expense using the net credit sales method. The following information was available for ABC Company for the years 2017 and 2018: 2017 2018 Cash collections from customers ? 275,870 Recoveries 3,600 6,760 Net realizable value at December 31 127,180 154,240 Accounts receivable turnover ratio 2.4 1.80 Sales revenue 468,000 ? % of sales...
If ending accounts receivable exceeds the beginning accounts receivable: A. cash collections during-the period exceed the...
If ending accounts receivable exceeds the beginning accounts receivable: A. cash collections during-the period exceed the amount of revenue earned. B. net Income for the period is less than the amount of cash basis income. C. no cash was collected during the period. D. cash collections during the year are less than the amount of revenue earned.
cash collections of accounts receivable will increase ____ and decrease _____ 1) accounts payable , accounts...
cash collections of accounts receivable will increase ____ and decrease _____ 1) accounts payable , accounts receivable 2) accounts receivable, accounts payable 3) cash, accounts receivable 4) cast, accounts payable when developring cost functions , which of the following is false 1) the cost funtion must be believable 2) the cost function does not have to be reliable 3) personal observations of cost and activities provide the best evidence of a plausible relationship between a cost and its cost driver...
JKL Enterprise reported the following trial balance for year ending December 31,2017 Cash 45,000 Accounts receivable...
JKL Enterprise reported the following trial balance for year ending December 31,2017 Cash 45,000 Accounts receivable 15,000 Inventory 20,000 Note receivable 60,000 Interest receivable Plant, property and equipment 1,125,000 Accumulate depreciation 800,000 Land 700,000 Note payable 180,000 Interest payable 15,000 Common stock 2,000 Retained earning 878,000 Sales revenue 1,200,000 Cost of goods sold 960,000 Salaries 120,000 Insurance 30,000 Notes indicate that: Bookkeeper was instructed to charge all checks written to the appropriate expense. Accountants will do all adjusting, accruals and...
At December 31, Gill Co. reported accounts receivable of $274,000 and an allowance for uncollectible accounts...
At December 31, Gill Co. reported accounts receivable of $274,000 and an allowance for uncollectible accounts of $1,500 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 1% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: $1,500. $1,240. $2,740. $950.
Question: What are the auditing implications to the Cash and Accounts Receivable accounts in the situation...
Question: What are the auditing implications to the Cash and Accounts Receivable accounts in the situation described below? White, CPA audits LJM Supply. There is an issue as to the proper treatment of $60 million in capitalized costs related to the construction of a partially complete processing plant. This issue impacts the company's financial statements. Six years ago, LJM started construction of the processing plant, with the original estimated cost of $37 million and completion expected within four years. Cost...
(Accounts receivable and uncollectible accounts—aging of receivables method) On December 31, 2019, Ajacks Company reported the...
(Accounts receivable and uncollectible accounts—aging of receivables method) On December 31, 2019, Ajacks Company reported the following information in its financial statements: Accounts receivable $1,193,400 Allowance for doubtful accounts 81,648 Bad debts expense 80,448 During 2020, the company had the following transactions related to receivables: a. Sales were $10,560,000, of which $8,448,000 were on account. b. Collections of accounts receivable were $7,284,000. c. Writeoffs of accounts receivable were $78,000. d. Recoveries of accounts previously written off as uncollectible were $8,100....
1. The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance...
1. The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. A.Prepare the journal entry for sales. B. Prepare the journal entry for collections. C. Prepare the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT