Q: 1. Cost of goods sold + ending inventory equals?
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: 1. What are the main differences between perpetual and periodic inventory systems regarding…
A: Cost of Goods Sold: Cost of goods sold is the conveying worth of products sold during a specific…
Q: What is the “days of inventory” in 20x2? (Use 365 days) 30.49 What is the return on assets in 20x2?…
A: Days of Inventory = 365 x Average Inventory / Cost of Sales Return on Assets = Net Profit / Total…
Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $70.00, what is…
A: As per lower of cost or market price method, we need to record the inventory at the lowest value of…
Q: If ending inventory is understated in the current fiscal year, what effect will this have on net…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Please refer to the picture below for information. Kindly use a Table in showing the complete…
A: As per perpetual inventory system, the value of inventory is determined based on the beginning…
Q: If Wrecking Ball uses a periodic inventory system, the cost of the inventory using the periodic…
A: Introduction: Average cost method is one of the method of inventory valuation. While applying…
Q: 46. When a company uses the periodic inventory system in accounting for its merchandise inventory,…
A: Inventory is one of the important current asset of the business. It includes inventory of raw…
Q: Below are the components in determining cost of goods sold. Determine the missing amounts.…
A: Cost of Goods Available for Sale = Beginning Inventory + Purchases Cost of Goods Sold = Cost of…
Q: Question: What is the impairment loss to be allocated to Inventory? a. P717,391.30 b. P513,157.89…
A: Impairment loss occurs when the carrying amount of the asset exceeds its recoverable amount.…
Q: Which function or department below records the decrease in inventory due to a sale? a. warehouse b.…
A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…
Q: In which of the following methods does the debit remainder of the Trade Goods Account show the…
A: Inventory (trade goods) refers to the stock that the company held for the resale purpose or the…
Q: Ann M. Martin Company makes the following errors during the current year. (Evaluate each case…
A: Introduction Errors in Inventory will affect Cost of Goods Sold, Gross Profit as well as Net Income.…
Q: If a group of inventory items costing $15,000 had been omitted from the year-end inventory count,…
A: The errors in inventory causes overstatement or understatement of inventory. When the ending…
Q: 1, how can assets and liabilities be classified for a more informative balance sheet?
A: Introduction :- A classified balance sheet is a financial statement with classifications like…
Q: If purchases were recorded correctly but ending physical inventory is understated, which one of the…
A: Working capital, conjointly referred to as web assets (NWC), is that the distinction between a…
Q: Project the average inventory balance in Year X and use it to compute the implied ending inventory…
A: The term sales revenue represents gross earnings generated by selling goods and services in the…
Q: wer the following independent questions and show computations supporting your answers. 1. Assume…
A: Ending inventory as per FIFO Method = 50 units from purchase on 25th July + 100 units from purchase…
Q: JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: In Perpetual inventory system the loss of goods is included in a. Purchases b. Closing stock c.…
A: Explanation of Loss of goods and answer is given below,
Q: Deere and Company reported inventory in its balance sheet as follows.…
A: Inventory: Inventory refers to the raw materials, work-in-process, and the finished goods products…
Q: Which statements are true? 1. Perpetual system keeps only costs of inventories up-to-date, whereas…
A: Perpetual Inventory system :- It is method of inventory control in which every inflow and outflow of…
Q: Using Carrot Corp data. What is the inventory turn over for year 2? a. 6 b. 4 c. 3 d. 5
A: Inventory turnover ratio refers to the accounting ratio that determines how the stock of goods has…
Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: What should be the journal entry to match the inventory record to the physical count of inventory?…
A: Inventory is the goods which the company has which are in order to sell them. In simple terms, these…
Q: Assume that Audio Outfitter Inc. in Discussion Question 9 experienced an abnormal inventory…
A: Adjustment entry for abnormal inventory shrinkage:
Q: This exercise tests your understanding of the four inventory methods. List the name of the inventory…
A: Inventory costing is an important concept in accounting that deals with inventory valuation based on…
Q: Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Adams 100 $140…
A: Product Inventory Quantity Cost per Unit Market Value per Unit (NRV) Total Cost Total Market Value…
Q: 9. Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at…
A: Under perpetual inventory system transaction of the sale or purchase as and when it occurred as…
Q: May I ask for a solution and explanation to the problem for a better understanding. Thank you! 20.…
A: Inventory Turnover ratio = Cost of Goods Sold / Average Inventory Average Inventory =[ Opening…
May I ask for an explanation and solution to the question for a better understanding. Thank you!
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- Required:a. Calculate the following ratios for Sweets plc for 2021 and 2020, showing the formulas and workings:4- Net profit margin5- Asset turnover6- Stock holding days7- Debtors collection period8- Current ratio9- Gearing ratio10- Interest coverRequirement 1. Compute these ratios: Working Capital Current Debt-to- Ratio Cash Ratio Debt Ratio Equity Ratio Round ratios to two 14.44 212400 7.73 decimal places or format as percentages or Accounts Days Sales currency as appropriate. Inventory Days Sales in Gross ProfitReceivable in Turnover Inventory Percentage Turnover Receivables 2019 Total Assets = Rate of Rate of Asset Return on Return on Turnover Stockholders' Earnings Total Assets Ratio Equity Per Share 2019 SHE = Price/ Earnings *Current Stock Price is Dividend $10.00 per share Ratio* Dividend Yield Payout Dividend per share= Requirement 2. Based on the ratios computed above, analyze the company's ability to pay its debts (both current and long term). Refer to at least 3 specific ratios in your analysis. Requirement 3: Based on the ratios computed above, analyze the company's management of inventory. Refer to at least 2 specific ratios in your analysis. Requirement 4: Based on the ratios computed above, analyze the company's…Calculating Ratios and Estimating Credit Rating The following data are from Kellogg's 10-K report dated December 29, 2018 ($ millions). Revenue Interest expense Tax expense Amortization expense Depreciation expense $13,547 Earnings from continuing operations $1,344 Capital expenditures (CAPEX) 578 287 181 Total debt 8,893 23 Average assets 17,066 493 a. Use the data above to calculate the following ratios: EBITA/Average assets, EBITA Margin, EBITA/ Interest expense, Debt/EBITDA, CAPEX/Depreciation Expense. Definitions for these ratios are in Exhibit 7.4. b. Refer to Exhibit 7.4 and the ratios you calculated in part a. Estimate the credit rating that Moody's might assign to Kellogg. Round answers to one decimal place (percentage ex: 0.2345 = 23.5%) Ratio Moody's rating EBITA/Avg. assets EBITA margin EBITA/Int. expense Debt/EBITDA CAPEX/Dep. expense Please answer all parts of the question. 0% 0% 0 0 0 ◆ ◆
- FINANCIAL RATIO: Requirement: Compute for the following financial ratios for the year 2021 (round-off answers to two decimal places) f. Accounts receivable turnover (assume all sales are on credit) g. Days of receivable (use 365 days) h. Debt ratio i. Equity ratio j. Debt-to-equity ratio k. Gross profit ratio 1. Net profit ratio m. Return on assets n. Return on equityThe following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Numerator: 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 156,366 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 1 1 / 1 1 58,007 36,990 94,997 61,369 12,581 $ 74,141 $ 48,788 December 31 2021 $ 62,574 0 Current Ratio 114,438 $ 177,012 $ 25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,881 $…
- FINANCIAL RATIO: Requirement: Compute for the following financial ratios for the year 2021 (round-off answers to two decimal places) a. Current ratio b. Quick (Acid-test) ratio c. Working capital d. Inventory turnover e. Days of inventory (use 365 days) f. Accounts receivable turnover (assume all sales are on credit) g. Days of receivable (use 365 days) h. Debt ratio i. Equity ratio j. Debt-to-equity ratio k. Gross profit ratio 1. Net profit ratio m. Return on assets n. Return on equity[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
- Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets 2020 Net plant and equipment $240,750 $310,600 a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio $8,850 $14,200 15,750 23,000 34,650 52,200 $ 59,250 $89,400 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 300,000 400,000 2020 times times times % times times times times Liabilities and Owners' Equity Current liabilities 2021 Accounts payable Notes payable Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for…Rousseau Corporation has the following Statement of Income for the year ended May 31, 2020: Sales... $1,675,200 Cost of goods sold.. 887,600 Gross margin... 787,600 Selling & administrative expense.. 241,200 Interest expense. 65,000 Income before income taxes. 481,400 192,500 $288,900 Income taxes.. Net income.... Calculate the interest-coverage ratio for Rousseau Corporation for May31, 2020 (place answer at up to 2 decimal places in the space below). 신The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.