64. Alani’s Hawaiian segment had revenues of $2,029 million, operating income of $973 million, and average...

64. Alani’s Hawaiian segment had revenues of $2,029 million, operating income of $973 million, and average assets of $1,283 million. The Hawaiian segment return on assets is: 63.23% 47.95% 75.84% 131.86% 158.14%

73. A company has $101,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 3% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $910 debit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for: $3,940 $910 None of these is correct. $3,030 $2,120

74. A company has $100,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 5% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $900 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for: $5,900 $5,045 $4,100 $4,955 $5,000

80. Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $113,000 in sales during the second quarter of this year. If it began the quarter with $19,300 of inventory at cost and purchased $73,300 of inventory during the quarter, its estimated ending inventory by the gross profit method is: $19,300. $13,500. $33,900. $23,730. $30,900. ?

Expert Solution

64. Answer is 75.84%

Operating income	973 million
Average assets	1283 million
Return on assets = 973 / 1,283 =	75.84%

73. Answer is $3,940

Outstanding accounts receivable	101000
Uncollectible receivable percentage	3%
Uncollectible receivable amount	3030
Balance in allowance account	910 debit
Bad debts to be provided now	3940

Note: Allowance for uncollectible accounts shall have a
credit balance. Hence the two amounts need to be added.


74. Answer is $4,100

Outstanding accounts receivable	100000
Uncollectible receivable percentage	5%
Uncollectible receivable amount	5000
Balance in allowance account	910 credit
Bad debts to be provided now	4090

80. Answer is $13,500.

Sales	(A)	113000
G.P.Ratio	(B)	30%
Gross profit	(C)	33900
Cost of goods sold (A - C)	(D)	79100
Beginning Inventory	(E)	19300
Purchases	(F)	73300
Ending Inventory ((E + F - D)	(G)	13500

ekkarill92 answered 1 year ago

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