VII – 30. Greg. Inc. began operations on January 1, 2017. The following data VII - 30. Greg. Inc. began operations on January 1, 2017. The following data pertain to the company's first two years in business: Reported Amount Correct Amount Inventory Dec. 31, 2016 Dec. 31, 2017 P40,000 35,000 P20,000 35,000 Net Income 60,000 66,000 For 2016 For 2017 Retained earnings Dec. 31, 2016 Dec. 31, 2017 60,000 126,000 During 2016 and 2017 the company's income tax expense rate was 40%, and the company declared no dividends. Instructions: Compute the correct amount for each of the following items: a. Net income for 2016. b. Net income for 2017. C. Retained earnings, December 31, 2016. d. Retained earnings, December 31, 2017.

Inventory Turnover and Days Sales in Inventory The Eastern Corporation installed a new inventory management system at the beginning of 2012. Shown below are data from the companys accounting records as reported by the new system: 2012 /2013 Sales Revenue $21,000,000, $23,000,000 Cost of goods sold 11,000,000, 11,900,000 Beginning inventory 5,500,000,  5,530,000 Ending inventory 5,530,000 5,600,000 Calculate the companys (a) inventory turnover and (b) days sales in inventory for 2012 and 2013. Round your answers to two decimal points. HINT: Use your rounded answers for inventory turnover to calculate days' sales in inventory.

None

Current Attempt in Progress The following financial statement items are shown for Cullumber Manufacturing. Inventory Total assets Salaries payable Total liabilities $27060 455% 22.0% 15.2% O 10.0% 123000 15000 55000 Calculate the common-size percentage for inventory.

Subject: accounting

Inventory Turnover and Days’ Sales in Inventory  Shown below are data from the Northern Company’s accounting records:   Year 1 Year 2 Sales Revenue $8,000,000 $11,000,000 Cost of Goods Sold 4,000,000 4,800,000 Beginning Inventory 510,000 540,000 Ending Inventory 550,000 600,000 Calculate the company’s (a) inventory turnover and (b) days’ sales in inventory for both years.Round your answer to two decimal points.   Year 1 Year 2 Inventory turnover Answer   Answer   Days' sales in inventory Answer   Answer

34 In the current year, a company reported cost of goods sold of $3,200,000 on its income statement. The company's beginning inventory balance was $160,000. During the year, the company purchased $3,250,000 of inventory. The company's ending inventory balance was $210,000. What was the company's average days to sell inventory for the year, rounded to two decimal places? O 23.58 O 23.95 O 21.10 O 20.78 NEXT > BOOKMARK

pg up F G enter pg dn Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $730,000 Beginning Inventory 53,000 Ending Inventory 68,000 (a) Inventory Turnover Ratio 60,500 (b) Number of Days' Sales in Inventory Ratio 200 Feedback Check My Work a. Refer to the textbook for the inventory turnover ratio formula. Consider the average inventory portion of the formula carefully. b. Average inventory utilizes the total number of days in a year to determine the number of days' sales in inventory ratio. (Refer to the textbook for the formula). 4 more Check My Work uses remaining.

What is the impact on retained earnings each year?

View Policies Current Attempt in Progress The following data were taken from the financial records of Blossom Company. Net sales Beginning inventory Purchases Ending inventory Inventory turnover 2022 $6,310,000 Days in inventory 970,000 4,994,500 eTextbook and Media 1,040,000 2021 $6,120,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2022 910,000 4,948,000 970,000 times Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) 2021 days times 2021 days