The following information is from Remmer Company for the year 2017. Accounts Payable $145,000 Accounts Receivable...

The following information is from Remmer Company for the year 2017. Accounts Payable $145,000 Accounts Receivable 15,000 Cash (balance on January 1, 2017) 75,000 Cash (balance on December 31, 2017) Common Stock 100,000 Dividends 10,000 Equipment 755,000 Notes Payable 30,000 Office Expenses 95,000 Prepaid Rent 50,000 Retained Earnings (Jan 1 2017) 410,000 Retained Earnings (December 31, 2017) Salaries and Wages Expense 955,000 Salaries and Wages Payable 170,000 Sales Revenue 1,660,000 Supplies 25,000 Utilities Expense 530,000 Cash from Operating Activities 171,000 Cash from Investing Activities (40,000) Cash from Financing Activities (126,000) Required: 1. Using what you know about the relationship of the financial statements, solve for the ending Cash and ending Retained Earnings balances. 2. Prepare the four financial statements (Income Statement, Statement of Retained earnings, Balance Sheet and Statement of Cash Flows) for Remmer Company as of December 31, 2017. 3. Compute the following for Remmer Company: (Use year-end amounts as opposed to the averages for your calculations.) a. Return on Assets b. Profit Margin c. Asset Turnover d. Return on Equity 4. Do ratios alone provide enough information to gauge a company’s performance? What other information would help you to better utilize these ratios to make your decision about the company?

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ekkarill92 answered 12 hours ago

ABC reports the following accounts and balances at December 31, 2017: Accounts Payable $22,800 Accounts Receivable &nb

ABC reports the following accounts and balances at December 31, 2017: Accounts Payable $22,800 Accounts Receivable 18,800 Cash 24,400 Land 82,400 Machine 129,200 Merchandise Inventory 63,600 Long-term Note Payable 79,200 Short-term Note Payable 14,400 Paid-in Capital 200,000 Retained Earnings ? Sales Revenue 122,000 Cost of Goods Sold 80,000 Operating Expenses 40,000 Required: Prepare a balance sheet at December 31, 2017 Also, prepare an income statement for the year ended December 31, 2017. Ignore depreciation expense and interest expense.

accounts payable and accounts receivable

What is the difference between accounts payable and accounts receivable?

Mayfield Company has the following information available: Accounts payable $108,000 Intangible assets $180,000 Accounts receivable 90,000...

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The following accounts were extracted from Salem Company by end of the year: Accounts payable Accounts...

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Accounts payable, end of year $ 9,803 $ 13,748 Accounts receivable, net, end of year 31,885...

Accounts payable, end of year $ 9,803 $ 13,748 Accounts receivable, net, end of year 31,885 19,286 Inventory, end of year 12,104 11,655 Net sales 157,000 104,000 Cost of goods sold 76,000 115,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current year? Use the information above to compute the number of days in the cash conversion cycle for...

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Current Year Prior Year Accounts payable, end of year $ 6,943 $ 10,888 Accounts receivable, net, end of year 24,625 17,328 Inventory, end of year 9,244 8,575 Net sales 184,000 137,000 Cost of goods sold 94,000 120,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current year?

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The following information comes from the 2019 Annual Report of the Cola Company: Accounts Receivable at 1/1/19 $ 3,141 Allowance for Uncollectible Acconts at 1/1/19 51 2019 Sales (assume all were on credit) 30,990 2018 Collections of cash from customers 30,289 Write off of Customer Accounts 22 2019 estimate of Uncollectible Accounts 26 Required: Prepare t-accounts showing how the above activity flows through the Cola Company's accounts. MAKE SURE TO SHOW THE ENDING BALANCE (Label "Balance"FOR EACH ACCOUNT) Then answer...

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