BALANCE SHEET ANALYSIS
Complete the balance sheet and sales information using the
following financial data:
Total assets turnover: 1.3x
Days sales outstanding: 37.5 daysa
Inventory turnover ratio: 7x
Fixed assets turnover: 3.5x
Current ratio: 2.1x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =
35%
aCalculation is based on a 365-day year. Do not round
intermediate calculations. Round your answer to the nearest
cent.
| Balance Sheet | ||||
| Cash | $ | Current liabilities | $ | |
| Accounts receivable | Long-term debt | 52,500 | ||
| Inventories | Common stock | |||
| Fixed assets | Retained earnings | 105,000 | ||
| Total assets | $350,000 | Total liabilities and equity | $ | |
| Sales | $ | Cost of goods sold | $ | |
In: Finance
BALANCE SHEET ANALYSIS
Complete the balance sheet and sales information using the
following financial data:
Total assets turnover: 1.4x
Days sales outstanding: 31.5 daysa
Inventory turnover ratio: 7x
Fixed assets turnover: 3x
Current ratio: 2.2x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =
15%
aCalculation is based on a 365-day year. Do not round intermediate
calculations. Round your answer to the nearest cent.
| Balance Sheet | ||||
| Cash | $ | Current liabilities | $ | |
| Accounts receivable | Long-term debt | 56,250 | ||
| Inventories | Common stock | |||
| Fixed assets | Retained earnings | 112,500 | ||
| Total assets | $375,000 | Total liabilities and equity | $ | |
| Sales | $ | Cost of goods sold | $ | |
In: Finance
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 39.5 daysa Inventory turnover ratio: 7x Fixed assets turnover: 2.5x Current ratio: 2.4x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent. Balance Sheet Cash $ Current liabilities $ Accounts receivable Long-term debt 50,000 Inventories 7 Common stock Fixed assets 2.5 Retained earnings 50,000 Total assets $200,000 Total liabilities and equity $ Sales $ Cost of goods sold
In: Finance
Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 31,200 Total fixed manufacturing overhead cost $ 156,000 Variable manufacturing overhead per machine-hour $ 3.00 Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 30 Direct materials $ 665 Direct labor cost $ 1,330 If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)
In: Accounting
Coming Home Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October:
|
Materials |
Conversion |
||||||
|
Units completed and transferred out |
49,000 |
49,000 |
|||||
|
Equivalent units: work in process, October 31 |
11,000 |
5,000 |
|||||
|
Total equivalent units |
60,000 |
54,000 |
|||||
|
Materials |
Conversion |
||||||
|
Costs in work in process on October 1 |
$ |
9,000 |
$ |
5,400 |
|||
|
Costs added to production during October |
243,000 |
513,000 |
|||||
|
Total cost |
$ |
252,000 |
$ |
518,400 |
|||
All materials at Coming Home are added at the beginning of the production process.
What total amount of cost should be assigned to the units completed and transferred out during October?
| a. |
$690,000 |
|
| b. |
$667,800 |
|
| c. |
$642,000 |
|
| d. |
$676,200 |
In: Accounting
|
BALANCE SHEET ANALYSIS Complete the balance sheet and sales information using the
following financial data:
|
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In: Finance
Bettie Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October:
| Materials | Conversion | ||||||
| Units completed and transferred out | 50,000 | 50,000 | |||||
| Equivalent units: work in process, October 31 | 10,000 | 4,000 | |||||
| Total equivalent units | 60,000 | 54,000 | |||||
| Materials | Conversion | ||||||
| Costs in work in process on October 1 | $ | 9,000 | $ | 5,400 | |||
| Costs added to production during October | 243,000 | 513,000 | |||||
| Total cost | $ | 252,000 | $ | 518,400 | |||
All materials at Bettie are added at the beginning of the production process.
What total amount of cost should be assigned to the units completed and transferred out during October?
Multiple Choice
$677,500
$642,000
$691,900
$690,000
In: Accounting
| eBook Problem Walk-Through
Complete the balance sheet and sales information using the
following financial data: Do not round intermediate calculations. Round your answers to the nearest dollar.
|
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In: Finance
3. Counting Services Inc. has the following portfolio of trading equity securities at 12/31/18. All securities were purchased during 2018.
Symbol # shares Total Cost Market Value
AAPL 1000 $105,000 $125
BMX 2000 $47,000 $51
CAT 1000 $100,000 $105
GNC 3000 $64,000 $21
Total $316,000
Prepare the adjustment necessary at 12/31/18.
On February 12, 2019, Counting Services sells 1,000 shares of AAPL for $125,000. Prepare the journal entry.
The total cost of the three remaining securities is $211,000 and the market value is (see below) at March 31, 2019. Prepare the adjusting entry.
|
AAPL |
BMX |
CAT |
GNC |
|
$135 |
$55 |
$99 |
$24 |
In: Accounting
BALANCE SHEET ANALYSIS
Complete the balance sheet and sales information using the
following financial data:
Total assets turnover: 1.2x
Days sales outstanding: 39.5 daysa
Inventory turnover ratio: 4x
Fixed assets turnover: 3x
Current ratio: 2.5x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =
25%
aCalculation is based on a 365-day year. Do not round
intermediate calculations. Round your answer to the nearest
cent.
| Balance Sheet | ||||
| Cash | $ | Current liabilities | $ | |
| Accounts receivable | Long-term debt | 50,000 | ||
| Inventories | Common stock | |||
| Fixed assets | Retained earnings | 60,000 | ||
| Total assets | $200,000 | Total liabilities and equity | $ | |
| Sales | $ | Cost of goods sold | $ | |
In: Finance