The following selected accounts were taken from the financial records of Los Olivos Distributors at December...

The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances.


Cash	$	21,945
Accounts receivable		46,400
Note receivable, due 2020		8,200
Merchandise inventory		34,400
Prepaid insurance		2,220
Supplies		1,280
Equipment		42,200
Accumulated depreciation, equipment		22,200
Note payable to bank, due 2020		22,000
Accounts payable		26,480
Interest payable		220
Sales		523,500
Sales discounts		1,900
Cost of goods sold		380,555

Accounts Receivable at December 31, 2018, was $55,800. Merchandise inventory at December 31, 2018, was $57,300. Based on the account balances above, calculate the following:

The gross profit percentage.
Working capital.
The current ratio.
The inventory turnover.
The accounts receivable turnover. All sales were on credit.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

2. The following selected accounts and account balances were taken from the records of Nowell Company....

2. The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, 2018, before the closing entries were recorded. Consulting revenue $ 9,300 Cash 8,400 Cash received from common stock issued during 2017 3,600 Travel expense 550 Dividends 1,200 Cash flow from investing activities 3,000 Rent expense 1,450 Payment to reduce debt principal 18,200 Retained earnings, January 1, 2018 14,300 Salary expense 2,500 Cash flow...

The following selected accounts and account balances were taken from the records of Nowell Company. Except...

The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. Consulting revenue $ 10,400 Cash 8,100 Cash received from common stock issued during Year 1 4,000 Travel expense 500 Dividends 1,500 Cash flow from investing activities 2,800 Rent expense 1,100 Payment to reduce debt principal 23,300 Retained earnings, January 1, Year 2 14,600 Salary expense 3,400...

The following information was taken from the financial statements of KIM Distributors, for December 31 of...

The following information was taken from the financial statements of KIM Distributors, for December 31 of the current year: Common stock, $5 par value (no change during the year) ……………………………..$1,500,000 Preferred $5 stock, $50 par (no change during the year) …………………………………. 450,000 The net income was $450,000, and the declared dividends on the common stock were $75,000 for the current year. The market price of the common stock is $20 per share. For the common stock, determine (a) earnings per...

The following selected data were taken from the financial statements of Vidahill Inc. for December 31,...

The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 20Y7 20Y6 20Y5 Total assets $268,000 $241,000 $214,000 Notes payable (8% interest) 90,000 90,000 90,000 Common stock 36,000 36,000 36,000 Preferred 3% stock, $100 par 18,000 18,000 18,000 (no change during year) Retained earnings 100,665 69,485 54,000 The 20Y7 net income was $31,720, and the 20Y6 net income was $16,025. No dividends on common stock were declared between...

The following selected data were taken from the financial statements of Squiggle Group Inc. for December...

The following selected data were taken from the financial statements of Squiggle Group Inc. for December 31, 2016, 2015 and 2014: December 31 2016 2015 2014 Total assets $294,000 $265,000 $236,000 Notes payable (10% interest) 100,000 100,000 100,000 Common stock 40,000 40,000 40,000 Preferred 6% stock, $100 par 20,000 20,000 20,000 (no change during year) Retained earnings 93,395 73,850 60,000 The 2016 net income was $20,745, and the 2015 net income was $15,050. No dividends on common stock were declared...

The following accounts are taken from the accounting records of Dory Company at December 31, 2015...

The following accounts are taken from the accounting records of Dory Company at December 31, 2015 after adjustments: Sales revenue $250,000 Sales salaries expense 14,000 Administrative salaries expense 15,000 Depreciation expense: equipment 8,000 Purchases 160,000 Sales returns 1,000 Purchases returns 2,000 Freight-in 10,000 Inventory, 1/1/15 80,000 Retained earnings, 1/1/15 60,000 In addition, the following information is available: · The inventory on December 31, 2015, was $75,000. · Ten thousand shares of common stock were outstanding during the entire year. Dory...

The following selected transactions were taken from the records of Shipway Company for the first year...

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13. Wrote off account of Dean Sheppard, $4,040. May 15. Received $2,020 as partial payment on the $5,370 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27. Received $4,040 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off...

The following selected transactions were taken from the records of Shipway Company for the first year...

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13. Wrote off account of Dean Sheppard, $8,030. May 15. Received $500 as partial payment on the $7,430 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27. Received $8,030 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off...

The following selected transactions were taken from the records of Shipway Company for the first year...

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13. Wrote off account of Dean Sheppard, $8,450. May 15. Received $500 as partial payment on the $7,100 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27. Received $8,450 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off...

The following selected transactions were taken from the records of Shipway Company for the first year...

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13 Wrote off account of Dean Sheppard, $5,190. May 15 Received $2,600 as partial payment on the $6,900 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27 Received $5,190 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off...

Subjects