Question
In: Accounting
Selected financial data from Barrymore Co. are As of December 31 Cash $75,000 Accounts receivable (net)...
Selected financial data from Barrymore Co. are
| As of December 31 | |
| Cash | $75,000 |
| Accounts receivable (net) | 225,000 |
| Merchandise inventory | 270,000 |
| Trading securities (current) | 40,000 |
| Land and building (net) | 500,000 |
| Mortgage payable-current portion | 30,000 |
| Accounts payable and accrued liabilities |
2,000 |
| Short-term notes payable | 50,000 |
| Year Ended December 31 | |
| Sales | $1,500,000 |
| Cost of goods sold |
900,000 |
Barrymore’s quick (acid-test) ratio as of December 31 is
Solutions
ekkarill92 answered 3 years agoRelated Solutions
The following data is given: December 31, 2018 2017 Cash $66,500 $49,500 Accounts receivable (net) 90,000...
The following data is given:
December 31, 2018 2017
Cash $66,500 $49,500
Accounts receivable (net) 90,000 59,000
Inventories 90,000 105,000
Plant assets (net) 382,500 324,000
Accounts payable 55,500 39,500
Salaries and wages payable 12,000 5,500
Bonds payable 68,500 72,000 8%
Preferred stock, $40 par 100,000 100,000
Common stock, $10 par 120,000 90,000
Paid-in capital in excess of par 75,000 70,000
Retained earnings 198,000 160,500
Net credit sales 995,000
Cost of goods sold 740,000
Net income 82,000
Compute the following ratios:...
10a. Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31,...
10a. Alpha's net accounts receivable were $500,000 at
December 31, 2015, and $600,000 at December 31,
2016. Net cash sales for 2016 were
$250,000. The accounts receivable turnover for 2016 was
5.3. Use this information to determine the Fiscal Year
2016: (Round & enter your answers to one decimal place for
non-dollar ratios and enter the value. For dollar ratio enter as
whole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
10b. The following financial information is
for Alpha Corporation...
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.
Metlock Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable $...
Metlock Company has the following balances in selected
accounts on December 31, 2022.
Accounts Receivable
$ 0
Accumulated Depreciation—Equipment
0
Equipment
7,840
Interest Payable
0
Notes Payable
11,200
Prepaid Insurance
2,352
Salaries and Wages Payable
0
Supplies
2,744
Unearned Service Revenue
33,600
All the accounts have normal balances. The following
information has been gathered at December 31, 2022.
1. Metlock Company borrowed $11,200 by signing a 12%, one-year
note on September 1, 2022. Interest will be paid when the note...
As of December 31, 2020, Gill Co. reported accounts receivable of $226,000 and an allowance for...
As of December 31, 2020, Gill Co. reported accounts receivable of
$226,000 and an allowance for uncollectible accounts of $8,600.
During 2021, accounts receivable increased by $22,500, (that change
includes $7,700 of bad debts that were written off). An analysis of
Gill Co.'s December 31, 2021, accounts receivable suggests that the
allowance for uncollectible accounts should be 1% of accounts
receivable. Bad debt expense for 2021 would be:
Multiple
Choice
·
$1,585.
·
$7,700.
·
$2,485.
·
None of these...
Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable...
Financial Statements
A list of accounts for Lloyd Inc. at December 31, 2017,
follows:
Accounts Receivable
$56,359
Net purchases
$61,608
Advertising Expense
12,900
Retained Earnings, January 1, 2017
28,252
Capital Stock
50,000
Salaries Payable
650
Cash
22,340
Net sales
111,760
Dividends
6,000
Transportation-In
375
Income Tax Expense
1,450
Utilities Expense
1,800
Income Tax Payable
1,450
Wages and Salaries Expense
23,000
Inventory:
Wages Payable
120
January 1, 2017
6,400
December 31, 2017
5,900
1. Determine cost of goods sold for 2017....
Kyla Co. prepared an aging of its accounts receivable at December 31, 2020 and determined that...
Kyla Co. prepared an aging of its accounts receivable at
December 31, 2020 and determined that the net realizable value of
the receivables was $580,000. Additional information for calendar
2020 follows:
Allowance for doubtful accounts, Jan 1
$68,000 (cr.)
Uncollectible account written off during year
46,000
Bad debt expense for 2020
28,000
Uncollectible accounts recovered during year
10,000
At the year end December 31, 2020, Kyla Co.’s Accounts
receivable balance should be
1)
$640,000.00
2)
$658,000.00
3)
$644,000.00
4)...
Selected financial statement information and additional data for Carla Vista Co. is presented below. December 31...
Selected financial statement information and additional data for
Carla Vista Co. is presented below.
December
31
2019
2020
Cash
$41,000
$80,800
Accounts
receivable (net)
83,000
141,000
Inventory
168,000
202,000
Land
58,000
18,000
Equipment
502,000
788,000
TOTAL
$852,000
$1,229,800
Accumulated
depreciation
$85,000
$117,000
Accounts
payable
50,000
86,000
Notes payable -
short-term
67,000
31,000
Notes payable -
long-term
167,000
302,000
Common stock
423,000
491,000
Retained
earnings
60,000
202,800
TOTAL
$852,000
$1,229,800
Additional data
for 2020:
1.
Net income was $224,000.
2.
Depreciation...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net...
Dec. 31,
2015
Dec. 31,
2014
Assets
Cash and cash equivalents
129,852
593,175
Accounts receivable, net
433,638
279,835
Inventories
783,031
536,714
Prepaid expenses and other
current assets
152,242
87,177
Deferred income taxes
52,498
Total current assets
1,498,763
1,549,399
Property and equipment, net
538,531
305,564
Goodwill
585,181
123,256
Intangible assets, net
75,686
26,230
Deferred income taxes
92,157
33,570
Other long-term assets
78,582
57,064
Total assets
2,868,900
2,095,083
Liabilities and Stockholders
Equity
Accounts payable
200,460
210,432
Accrued expenses
192,935
147,681
Current maturities...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net...
Dec. 31,
2015
Dec. 31,
2014
Assets
Cash and cash equivalents
129,852
593,175
Accounts receivable, net
433,638
279,835
Inventories
783,031
536,714
Prepaid expenses and other
current assets
152,242
87,177
Deferred income taxes
52,498
Total current assets
1,498,763
1,549,399
Property and equipment, net
538,531
305,564
Goodwill
585,181
123,256
Intangible assets, net
75,686
26,230
Deferred income taxes
92,157
33,570
Other long-term assets
78,582
57,064
Total assets
2,868,900
2,095,083
Liabilities and Stockholders
Equity
Accounts payable
200,460
210,432
Accrued expenses
192,935
147,681
Current maturities...
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