12 INCOME STATEMENT3 Net sales15 BALANCE SHEET16 ASSETS17 Cash and marketable securities18 Accounts receivable19 Inventory20 Current assetsALand, buildings, plant, and21 equipment22 Accumulated depreciation23 Net fixed assets=AVERAGE(F19:G19)* B3none of the answers is correct.=E18*B3O=E19*B24BO=AVERAGE(F19:G19)*B242020$452,500?2020с$ VALUES2019$390,0002019DE$37,974 $154,55010,0006,000250,000 135,000$297,974 $295,550$250,000 $125,000FPERCENT OF SALES2019100.00%20192018 % AVERAGE$327 Close find bar 0.00%2018 % AVERAGE28.46%2.20%52.66%83.32%51.14%64.10%38.17%50,00025,00010.23%12.82%7.63%$200,000 $100,00040.91%51.28%30.53%24 Total assets$497,974 $395,550 124.23% 127.69% 120.78%If you apply the percent of sales method to the balance sheet shown above, what is the formula in B19 to forecast theInventory for 2020?9.74%2.56%64.10%76.40%G2018100.00%201847.19%1.83%41.22%90.24%

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Description: 12 INCOME STATEMENT3 Net sales15 BALANCE SHEET16 ASSETS17 Cash and marketable securities18 Accounts receivable19 Inventory20 Current assetsALand, buildings, plant, and21 equipment22 Accumulated depreciation23 Net fixed assets=AVERAGE(F19:G19)* B3non

If we apply the percent of sales method, then each value is calculated using the respective %…

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1 2 INCOME STATEMENT 3 Net sales 15 BALANCE SHEET 16 ASSETS 17 Cash and marketable securities 18 Accounts receivable 19 Inventory 20 Current assets A Land, buildings, plant, and 21 equipment 22 Accumulated depreciation 23 Net fixed assets O AVERAGE(F19:G19)*B3 none of the answers is correct. =E18*B3 =E19*B24 B O AVERAGE(F19:G19)*B24 2020 $452,500 ? 2020 с $ VALUES 2019 $390,000 2019 $37,974 10,000 D E F PERCENT OF SALES 2019 2018 % AVERAGE $327 Close find bar 00.00% 2018 % AVERAGE $154,550 28.46% 6,000 2.20% 250,000 135,000 52.66% $297,974 $295,550 83.32% $250,000 $125,000 51.14% 64.10% 38.17% 50,000 25,000 10.23% 12.82% 7.63% $200,000 $100,000 40.91% 51.28% 30.53% 24 Total assets $497,974 $395,550 124.23% 127.69% 120.78% If you apply the percent of sales method to the balance sheet shown above, what is the formula in B19 to forecast the Inventory for 2020? 100.00% 2019 9.74% 2.56% 64.10% 76.40% G 2018 100.00% 2018 47.19% 1.83% 41.22% 90.24%

1 2 INCOME STATEMENT 3 Net sales 15 BALANCE SHEET 16 ASSETS 17 Cash and marketable securities 18 Accounts receivable 19 Inventory 20 Current assets A Land, buildings, plant, and 21 equipment 22 Accumulated depreciation 23 Net fixed assets O AVERAGE(F19:G19)B3 none of the answers is correct. =E18B3 =E19B24 B O AVERAGE(F19:G19)B24 2020 $452,500 ? 2020 с $ VALUES 2019 $390,000 2019 $37,974 10,000 D E F PERCENT OF SALES 2019 2018 % AVERAGE $327 Close find bar 00.00% 2018 % AVERAGE $154,550 28.46% 6,000 2.20% 250,000 135,000 52.66% $297,974 $295,550 83.32% $250,000 $125,000 51.14% 64.10% 38.17% 50,000 25,000 10.23% 12.82% 7.63% $200,000 $100,000 40.91% 51.28% 30.53% 24 Total assets $497,974 $395,550 124.23% 127.69% 120.78% If you apply the percent of sales method to the balance sheet shown above, what is the formula in B19 to forecast the Inventory for 2020? 100.00% 2019 9.74% 2.56% 64.10% 76.40% G 2018 100.00% 2018 47.19% 1.83% 41.22% 90.24%

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4CE

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