Taft Technologies has the following relationships: annual sales $1,200,000 current liabilities $375,000 days sales outstanding (DSO)(360-day year) 40 Inventory Turnover Ratio 4.8 current ratio 1.2 The company's current assets consist of cash, inventories, and accounts receivable. How much cash does Taft have on its balance sheet, knowing also that the company's Cost of Goods Sold (including Depreciation) is 960,000? A -$8,333 B. $116,667 C. $125,000 D. $200,000 E $316,667
Q: Cooper Corporation produces decorator wall coverings. Budgeted production is 240,000 square feet per…
A: Applied Manufacturing Overhead=Budgeted variable overhead×Actual labor hoursBudgeted labor…
Q: FINANCIAL STATEMENT ANALYSIS AND RATIO ANALYSIS The following are the balance sheet and income…
A: 1. Working capital is the excess of Current Assets over Current Liabilities. It is calculated with…
Q: 4. Would you support the proposal? Why or why not? 5. Unit volume to achieve an operating profit of…
A: The sums whereby a firm expects its profits to fluctuate as a result of an investment decision are…
Q: 3- On 1/1: 500,000 shares of C/S are outstanding. 1/4, 100,000 shares are issued. 1/7, a 10% stock…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: directed towards future and present, b) follows standards and norms, c) helps managers in decision…
A: Financial statements comprises of the following: Balance Sheet Income statement Statement of Cash…
Q: What is an account offset against another account called? For example, if the original cost of a…
A: A contra account is an account used to reduce the balance of a related accountThis will useful in…
Q: The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: Jason invests $6000 in a savings account. The savings account pays compound interest at a rate of…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Posa Hotels, Inc., has a sixth night free policy. Every sixth night a guest stays at the hotel is…
A: A journal entry is getting used to file a commercial enterprise transaction in an organization's…
Q: 6.The industrial company PedersensIndustri AS produces one product and has set up the following cost…
A: Zero point turnover is that turnover level at which business is only recovering it's fixed costs and…
Q: Date Transactions 2022 March 1 The owner, Mrs. Clean, invested the following: building cash 2…
A: Post Closing Trial Balance - Post Closing Trial Balance is the summary of ledgers after providing…
Q: Original cost of a machine was Rs. 2,52,000; Salvage value was 12,000. Useful Life was 6 years,…
A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installment…
Q: Using Microsoft Excel, create an investment cash-flow diagram that will have a present zero using…
A: Present worth of the investment is the value of the investment which has been discounted the cash…
Q: a) Discuss the related party disclosures required in the financial statements of Terrier plc only.…
A: Here discuss about the details of the related party information which are involved with the…
Q: A 65 year-old man is retiring and can take either $500,000 in cash or an ordinary annuity that…
A: Solution Concept Time value of money As per the concept of time value of money , the value of amount…
Q: The capital balances of partners Beauty and Purpose before admission of Amazing are 50,000 and…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: How is the account Cash classified and what kind of balance should it have?
A: Cash is covered under the definition of current of asset Assets generally have a debit balance
Q: The Longbranch Western Wear Company has the following financial statements, which are representative…
A: Answer - Part A - Calculation of External Financial Need - Profit Margin = EAT / Sales = 32,000…
Q: Required information [The following information applies to the questions displayed below.] Cooper…
A: Overhead spending variance = Budgeted variable overhead for actual labor hours + Budgeted fixed…
Q: CABLES Trading, a partnership formed by Carlo and Jamie, have the following data in its books: 1…
A: In this Question To calculate Jame Share in Net Income Firstly we need to calculate Interest on…
Q: Calculate the capitalized cost of a project with a P3,000,000 beginning cost and an extra P850,000…
A: Capitalized cost would be present value of all cost that are going to occur in future course of time…
Q: Grainger Ltd makes sofa covers which are sold directly to the public via the company's website. The…
A: Direct material variance is the total difference between the cost of material which is standard that…
Q: The following data relate to Alpha Company: 2018 2017 P500,000 P400,000 240,000 200,000 Sales Cost…
A: Formula: Change in Amount = 2018 year value - 2017 year value
Q: Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: In average cost method the new average price is calculated: a) after the whole period, b) after each…
A: Average cost method is used in the valuation of inventory. Under this method, cost per unit is…
Q: On January 1, 2020, Tonie, Abbie and JM entered into articles of co-partnership for the operation of…
A: Admission of partnership will involve the cash or assets contributed by incoming partner to become…
Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…
A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…
Q: Productivity does not increase when wages (salary) increased during inflation. Assess the statement…
A: Here discuss about the details of the inflation which can be cause in the decrease in the…
Q: Subasta Corporation was able to acquire second hand goods worth P100,000 in an auction. The goods…
A: Irrelevant cost is the cost which does not relevant in decision making. It can be past cost or the…
Q: QUESTION ONE Juan Cruz began professional practice as a system analyst on July 1. He plans to…
A: Adjusted Trial Balance- The second type of trial balance in the accounting cycle is adjusted trial…
Q: Semans is a manufacturer that produces bracket assemblies. Demand for bracket assemblies (0) is 138…
A: The answer is stated below:
Q: When studying a project, the following variable costs were estimated for a normal production…
A: The Break-even point (BEP) indicates the level of sales (in units or value) that a company should…
Q: National Corporation leases its corporate headquarters building. This lease cost is fixed with…
A: The lease is where the lessor provides the asset with the right to use in exchange for rentals.…
Q: Identify if TRUE or FALSE If the adjusted cash balance is P10, the unadjusted cash balance is P8…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: The balance in the supplies account before adjustment on December 31, 2007 is $3,000. The amount of…
A: The supplies expense for the period = supplies account before adjustment on December 31, 2007 -…
Q: Question #4 Arm and Hammer Construction Company, Inc. had these transactions during June through…
A: Introduction: Common stock shows the share in the company's equity position that gives the right to…
Q: Use the information from the Adjusted Trial Balance and Financial Statement templates provided in…
A: Statement of Owner's Equity - Statement of owner's equity includes amount contributed by the owner…
Q: Question. Original cost of a machine was Rs. 2,52,000; Salvage value was 12,000. Useful Life was 6…
A: Depreciation expense refers to the fall in the value of the asset due to time usage, wear and tear,…
Q: Indicate if the statement is TRUE or FALSE. Additionally, assess if the word "may" is the most…
A: IFRS 7 on statement of cash flow recommends how a statement of cash flow should be prepared and…
Q: Date 2022 March 1 2 3 4 5 6 7 8 9 10 11 12 Transactions The owner, Mrs. Clean, invested the…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: How recording assets, liabilities, provisions and foreign exchange transactions in the books of…
A: Accounting is the process of documenting the financial transactions of a business. Accounting is the…
Q: Among her many powers a trustee in bankruptcy may avoid: O a. alimony payments. b. student loan…
A: Bankruptcy trustee is the legal person, often an individual, who is made in charge and is…
Q: What is the difference between the cost of a fixed asset and its accumulated depreciation called?…
A: Accumulated depreciation is the total of all the depreciation that has been charged to the asset…
Q: Prepare comparative balance sheets for 1997 and 1998, showing peso and percentage increases or…
A: Based on the figures of assets and liabilities of two year 1997 and 1998 Comparative balance sheet…
Q: Skinner Butte, Inc. had the following information: Net income Depreciation Increase in accounts…
A: Cash flow statements show the cash inflow and outflow of the cash and cash equivalents. Cash flow…
Q: What is the total amount of S&A expenses for the fourth quarter that the company will report on its…
A: Solution Concept Selling and administrative expense The expenses that is incurred in…
Q: The partners' equity accounts with the corresponding balances represent the residual equity of the…
A: Partnership business is the one where there are more than two or more partners of the business who…
Q: What are the 7 advantages of using a special journal? give brief explanation of the each.
A: Introduction:- The special journal is the general entries of such transactions that are required to…
Q: Edward donated a lot worth P650,000 to his cousin Karl subject to the condition that Karl will…
A: Donor's tax, often known as gift tax or donation tax, is levied on gratuitous transfers of assets to…
Q: difference between a flexible budget and a static budget?
A: Flexible Budgets definition - A flexible budget is one based on different volumes of sales. A…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Taft Technologies has the following relationships: annual sales $1,200,000 current liabilities $375,000 days sales outstanding(DSO)(360-day year) 40 Inventory Turnover Ratio 4.8 current ratio 1.2 The company's current assets consist of cash, inventories, and accounts receivable. How much cash does Taft have on its balance sheet, knowing also that the company's Cost of Goods Sold (including Depreciation) is 960,000 ? A. -$ 8,333 B. $ 116,667 C. $125,000 D. $200,000 E. $316,667Taft Technologies has the following relationships: Annual sales 1,200,000.00 Current liabilities 375,000.00 Days sales outstanding (DSO) (365-day year) 40 Inventory turnover ratio 4.8 Current ratio 1.2 The company’s current assets consist of cash, inventories, and accounts receivable. How much cash does Taft have on its balance sheet?
- The following comparative information is available for Pharoah Company for 2025. LIFO FIFO Sales revenue $87,000 $87,000 Cost of goods sold 41,000 34,100 Operating expenses (including depreciation) 28,000 28,000 Depreciation 9,000 9,000 Cash paid for inventory purchases 32,990 32,990 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. LIFO Net cash provided by operating activities $ FIFO $ Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) LIFO Quality of earnings ratio FIFOJPJ Corp has sales of $1.00 million, accounts receivable of $50,000, total assets of $5.00 million (of which $3.00 million are fixed assets), inventory of $150,000, and cost of goods sold of $600,000. What is JPJ's accounts receivable days? Fixed asset turnover? Total asset turnover? Inventory turnover? What is JPJ's accounts receivable days? JPJ's accounts receivable days are days. (Round to two decimal places)JPJ Corp has sales of $1.27 million, accounts receivable of $52,000, total assets of $4.96 million (of which $2.77 million are fixed assets), inventory of $152,000, and cost of goods sold of $604,000. What is JPJ's accounts receivable days? Fixed asset turnover? Total asset turnover? Inventory turnover? What is JPJ's accounts receivable days? JPJ's accounts receivable days are enter your response here days. (Round to two decimal places.) Part 2 What is JPJ's fixed asset turnover? JPJ's fixed asset turnover is enter your response here . (Round to two decimal places.) Part 3 What is JPJ's total asset turnover? JPJ's total asset turnover is enter your response here . (Round to two decimal places.) Part 4 What is JPJ's inventory turnover? JPJ's inventory turnover is enter your response here .
- JPJ Corp has sales of $1.27 million, accounts receivable of $52,000, total assets of $4.96 million (of which $2.77 million are fixed assets), inventory of $152,000, and cost of goods sold of $604,000. What is JPJ's accounts receivable days? Fixed asset turnover? Total asset turnover? Inventory turnover? JPJ's inventory turnover isYou are given the following information for Smashville, Incorporated. Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: Current liabilities: Cash: $ 184,000 $ 1,600 $ 387,000 $ 88,000 $ 7,400 $ 6,000 21% $ 12,000 $ 21,000 Long-term debt: $ 32,000 $ 40,000 Other assets: Fixed assets: Other liabilities: Investments: Operating assets: $ 125,000 $ 5,000 $ 36,000 $ 64,000 During the year, Smashville, Incorporated, had 17,000 shares of stock outstanding and depreciation expense of $19,000. At the end of the year, Smashville stock sold for $42 per share. Calculate the price-book ratio, price-earnings ratio, and price-cash flow ratio. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Answer is not complete. Price-book ratio Price-earnings ratio Price-cash flow ratio 15.19Zoogle has the following selected data ($ in millions):Net sales $24,651Net income 6,620Operating cash flows 9,326Total assets, beginning 41,768Total assets, ending 50,497Required:1. Calculate the return on assets.2. Calculate the cash return on assets.3. Calculate the cash flow to sales ratio and the asset turnover ratio.
- The balance sheets of Xenon Company reports total assets of $888,000 and $949,000 at the beginning and end of the year, respectively. Sales revenues are $1.8 million, net income is $194,000, and net cash flows from operating activities are $162,000. Required: Calculate the cash return on assets, cash flow to sales, and asset turnover. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Cash return on assets Cash flow to sales Asset turnover % % timesusing the income statement for chester corp below, what is operating cash flow (OCF) for the company? sales- 925,000 COGS- 458,000 Dep Exp- 195,000 EBIT- 272,000 Int exp- 55,800 EBT- 216,200 Taxes- 45,402 NI- 170,798The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 85,300 Expenses Cost of goods $ sold 51,675 Depreciation 8,100 expense Salaries 12,000 71,775 expense Net income $ 13,525 Partial Balance Prior Sheet Current year year Accounts $ $ 9,900 receivable 14,400 Inventory 13,700 8,300 Salaries payable 1,550 850 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Accounts receivable increase