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In: Accounting
The following information is available from the annual reports of Vaughn Manufacturing and Bramble Corp. Companies....
The following information is available from the annual reports of Vaughn Manufacturing and Bramble Corp. Companies. (In millions) Vaughn Manufacturing Bramble Corp. Sales $128,000 $37,100 Beginning receivables, net 21,400 3,700 Ending receivables, net 16,900 4,600 Based on the preceding information, compute the following for each company: (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 1. Accounts receivable turnover. (Assume all sales were credit sales.) 2. Average collection period. Vaughn Manufacturing Bramble Corp. 1. Accounts receivable turnover Enter the accounts receivable turnover in times times Enter the accounts receivable turnover in times times 2. Average collection period Enter the average collection period in days days Enter the average collection period in days daysv
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Information on Bramble Corp., which reports under ASPE, follows: July 1 Bramble Corp. sold to Cullumber...
Information on Bramble Corp., which reports under ASPE,
follows:
July 1
Bramble Corp. sold to Cullumber Company merchandise having a
sales price of $8,800, terms 3/10, n/60. Bramble records its sales
and receivables net.
3
Cullumber Company returned defective merchandise having a sales
price of $700.
5
Accounts receivable of $18,300 (gross) are factored with Ayayai
Corp. without recourse at a financing charge of 8%. Cash is
received for the proceeds and collections are handled by the
finance company. (These...
Many companies make annual reports available on their corporate Internet home page. Annual reports also can...
Many companies make annual reports available on their corporate
Internet home page. Annual reports also can be accessed through the
SEC’s EDGAR system at www.sec.gov (under Filings, click Company
Filings Search, type in Company Name, and under Filing Type, search
for 10-K). Access the most recent annual report for each of the
following companies:
Bristol-Myers Squibb
Bli Lilly
Merck
Pitzer
Prepare a one-page describtion to the extent to which direct
comparisons can be made of the geographic area information provided...
This information is available for Bramble Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning...
This information is available for Bramble Corp. for 2018, 2019,
and 2020.
2018
2019
2020
Beginning inventory
$ 115,000
$ 314,500
$ 411,500
Ending inventory
314,500
411,500
477,000
Cost of goods sold
901,000
1,126,000
1,301,000
Sales revenue
1,208,000
1,599,500
1,892,500
a) Calculate inventory turnover for Bramble Corp. for 2018,
2019, and 2020. (Round answers to 2 decimal places,
e.g. 1.52.)
b) Calculate days in inventory for Bramble Corp. for 2018, 2019,
and 2020. (Round answers to 1 decimal place, e.g....
Bramble Corp. reported the following information for 2017. Bramble Corp. Comparative Balance Sheets December 31 Assets...
Bramble Corp. reported the following information for 2017.
Bramble Corp. Comparative Balance Sheets December 31 Assets 2017
2016 Change Increase/Decrease Cash $51,510 $36,090 $15,420 Increase
Accounts receivable 61,380 21,880 39,500 Increase Inventory 44,120
–0– 44,120 Increase Prepaid expenses 5,950 3,970 1,980 Increase
Land 55,190 69,510 14,320 Decrease Buildings 198,490 198,490 –0–
Accumulated depreciation—buildings (20,790 ) (13,860 ) 6,930
Increase Equipment 182,860 68,310 114,550 Increase Accumulated
depreciation—equipment (27,700 ) (10,080 ) 17,620 Increase Totals
$551,010 $374,310 Liabilities and Stockholders’ Equity Accounts...
Inventory information for Part 311 of Vaughn Corp. discloses the following information for the month of...
Inventory information for Part 311 of Vaughn Corp. discloses the
following information for the month of June.
June 1
Balance
297 units @ $14
June 10
Sold
204 units @ $35
11
Purchased
803 units @ $17
15
Sold
497 units @ $36
20
Purchased
505 units @ $19
27
Sold
296 units @ $39
Assuming that the periodic inventory method is used, compute the
cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
(1)
LIFO
(2)...
You have the following information for Bramble Corp. for the month ended October 31, 2022. Bramble...
You have the following information for Bramble Corp. for the
month ended October 31, 2022. Bramble uses a periodic method for
inventory. Date Description Units Unit Cost or Selling Price Oct. 1
Beginning inventory 65 $26 Oct. 9 Purchase 115 28 Oct. 11 Sale 95
40 Oct. 17 Purchase 95 29 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 31
Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round
answer to 3 decimal places, e.g. 5.125.) Weighted-average cost...
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of...
Inventory information for Part 311 of Bramble Corp. discloses
the following information for the month of June.
June 1
Balance
303 units @ $14
June 10
Sold
201 units @ $34
11
Purchased
798 units @ $17
15
Sold
498 units @ $35
20
Purchased
497 units @ $18
27
Sold
299 units @ $38
Assuming that the perpetual inventory method is used and costs
are computed at the time of each withdrawal, what is the gross
profit if the...
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of...
Inventory information for Part 311 of Bramble Corp. discloses
the following information for the month of June.
June 1
Balance
303 units @ $14
June 10
Sold
201 units @ $34
11
Purchased
798 units @ $17
15
Sold
498 units @ $35
20
Purchased
497 units @ $18
27
Sold
299 units @ $38
Assuming that the perpetual inventory method is used and costs
are computed at the time of each withdrawal, what is the value of
the ending...
Many companies make annual reports available on their corporate website, often under an Investors tab. Annual...
Many companies make annual reports available on their corporate
website, often under an Investors tab. Annual reports also can be
accessed through the SEC's EDGAR system at www.sec.gov (under
Filings, click Company Filings Search, type in Company Name, and
under Filing Type, search for 10-K).
Access the most recent annual report for the following
U.S.-based multinational corporations to complete the
requirements:
International Business Machines Corporation
Intel Corporation
Required:
a. Identify the location(s) in the annual report that provides
disclosures related...
The following information was available from the inventory records of Anderson Corp. for January:
The following
information was available from the inventory records of Anderson
Corp. for January:
Units Unit
Cost
Balance at March
1
3,100
9.75
Purchases:
03/05/2016
2,000 10.50
03/25/2015
2,500 10.70
Sales:
03/08/2016
-2,750
03/30/2016
-3,500
Balance at March
31
1,350
Assuming that Anderson
maintains perpetual inventory records, what should be the inventory
at March 31, using the moving-average inventory method, rounded to
the nearest dollar?
Select one:
A. $13,851
B. $13,928
C. $14,016
D. $14,224
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