Alma Appliance Service had net income for the year of $49,400. In addition, the balance sheet reports the following balances: Jan. 1, 2018 Dec. 31, 2018 Notes payable $34,000 $71,000 Cash $38,000 $32,600 Office furniture $27,000 $55,000 Building $140,000 $140,000 Accounts payable $12,500 $9,000 Total stockholders' equity $188,700 $204,800 Accounts receivable $3,400 $17,400 Equipment $21,000 $38,000 Office supplies $5,800 $1,800 Calculate the return on assets (ROA) for Alma Appliance Service the year ending December 31, 2018.

Selected information from the comparative financial statements of AppleVerse Company for the year ended December 31 appears below: 2018 2017 Php Php Accounts receivable (net) 175,000 200,000 Inventory 130,000 150,000 Total assets 1,100,000 800,000 Current liabilities 140,000 110,000 Long-term debt 410,000 300,000 Net credit sales 800,000 700,000 Cost of goods sold 600,000 530.000 Interest expense 40.000 25,000 Income tax expense 60.000 29,000 Net income 150.000 85,000 Net cash provided by operating 220,000 135,000 activities Compute for the Receivables Turnover for 2018. O 2.13 O 4.27 O 5.95 O 3.23

The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020:     OutstandingBalance   Percentage Estimatedto be Uncollectible 0 – 30 days outstanding   $156,000   0.5% 31 – 60 days outstanding   65,400   2.5% 61 – 90 days outstanding   40,000   4.0% 91 – 120 days outstanding   20,800   6.5% Over 120 days outstanding   5,100   10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit             (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…

Consider the following financial data for Nguyen Industries:     Statement of Financial Position as of December 31, 2018               Cash $ 232,500   Accounts payable $ 86,500 Accts. receivable   357,500   Short-term bank note   254,000 Inventories   150,500   Accrued wages & taxes   80,000   Total current assets $ 740,500     Total current liabilities $ 420,500         Long-term debt   566,000 Net fixed assets   774,500   Common equity   528,500 Total assets $ 1,515,000   Total liab. & equity $ 1,515,000               Profit & Loss Statement for 2018   Industry Average Ratios               Net sales $ 1,894,000   Current ratio 1.4× Cost of goods sold   1,382,500   Quick ratio 1.0× Gross profit $ 511,500   Days sales outstanding 63 days Operating expenses   373,000   Inventory turnover 9.5×   EBIT $ 138,500   Total asset turnover 1.5× Interest expense   64,000   Net…

On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts                                                 Debit             CreditCash                                                       $ 11,200Accounts Receivable                                34,000Allowance for Uncollectible Accounts                           $ 1,800Inventory                                                152,000Land                                                         67,300Buildings                                                120,000Accumulated Depreciation                                              9,600Accounts Payable                                                           17,700Common Stock                                                              200,000Retained Earnings                                                          155,400Totals                                                      $384,500       $384,500During January 2021, the…

On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit   Credit   Cash $ 94,000         Accounts receivable   44,000         Allowance for uncollectible accounts       $ 9,400   Inventory   30,400         Building   90,400         Accumulated depreciation         14,000   Land   208,000         Accounts payable         40,000   Notes payable (8%, due in 3 years)         60,000   Common stock         104,000   Retained earnings         239,400   Totals $ 466,800   $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January   2   Lent $24,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.     15   Sold…

Cullumber company has these comparative balance sheet data:

On January 1, 2021, the general ledger of Tripley Company included the following account balances:   Accounts Debit   Credit   Cash $ 70,000         Accounts receivable   40,000         Allowance for uncollectible accounts       $ 5,000   Inventory   30,000         Building   70,000         Accumulated depreciation         10,000   Land   200,000         Accounts payable         20,000   Notes payable (8%, due in 3 years)         36,000   Common stock         100,000   Retained earnings         239,000   Totals $ 410,000   $ 410,000       The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions:   January   2   Lent $20,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.…

On January 1, 2021, the general ledger of Tripley Company included the following account balances:   Accounts Debit   Credit   Cash $ 70,000         Accounts receivable   40,000         Allowance for uncollectible accounts       $ 5,000   Inventory   30,000         Building   70,000         Accumulated depreciation         10,000   Land   200,000         Accounts payable         20,000   Notes payable (8%, due in 3 years)         36,000   Common stock         100,000   Retained earnings         239,000   Totals $ 410,000   $ 410,000       The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions:   January   2   Lent $20,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.…

Window World Company's income statement for the year ending December 31, 2024 included the following items:   Interest revenue  $65,500 Salaries expense    85,000 Cost of goods sold  217,600   The following balances have been excerpted from the company's comparative balance sheets:       31-Dec-24 31-Dec-23 Interest receivable        $9,100         $7,500 Salaries payable          8,900           4,200 Accounts payable        12,700         10,900 Inventory        36,100         32,500   The amount of cash paid by the companies for salaries in 2024 was   Select one: $89,700. $93,900. $80,300. $80,800.