Question
In: Accounting
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
ekkarill92 answered 2 years agoRelated 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...
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