Item Beginning Ending Inventory $ 12,435 $ 15,615 Accounts receivable 6,120 6,287 Accounts payable 7,930 9,140 Net sales $ 143,187 Cost of goods sold 79,218 Calculate the operating and cash cycles.
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Item | Beginning | Ending | |
---|---|---|---|
Inventory | $ 12,435 | $ 15,615 | |
Accounts receivable | 6,120 | 6,287 | |
Accounts payable | 7,930 | 9,140 | |
Net sales | $ 143,187 | ||
Cost of goods sold | 79,218 |
Calculate the operating and cash cycles. |
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- Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days daysCash Payments for Merchandise-Direct Method Cost of merchandise sold reported on the Income statement was $760,400. The accounts payable balance decreased $56,100, and the inventory balance Increased by $41,900 over the year. Determine the amount of cash pald for merchandise. 12:25From the following information, calculate the value of purchases: Opening trade payables 142,600 Cash paid 542,300 Discounts received 13,200 Goods returned 27,500 Closing trade payables 137,800 %24 %24
- Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $230,000 for November, $210,000 for December, and $200,000 for January. • Collections are expected to be 40% in the month of sale and 60% in the month following the sale. The cost of goods sold is 65% of sales. The company would like to maintain ending merchandise inventories equal to 55% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,900. Monthly depreciation is $13,900. Ignore taxes. ● ● ● ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,300 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements…COMPUTE FOR DAY SALES OUTSTANDING RATIO GIVEN ASSETS Current Assets Cash and cash equivalents ₱ 345,929,975 Receivables - net 228,360,959 Notes receivable 195,007,214 Inventories 33,918,796 Due from related parties - current portion 1,602,120,064 revenue 2,104,932,423Question Content Area Based on the following data, what is the accounts receivable turnover? Sales on account during year $700,000 Cost of merchandise sold during year 270,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Merchandise inventory, beginning of year 90,000 Merchandise inventory, end of year 110,000 a.20.0 b.15.5 c.2.6 d.17.5
- Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00Year Ended December 31, Debit Credit Cash $ 624,500 Accounts Receivable 100,233 465,099 277,340 Equipment Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue $ 287,693 564,500 885,244 216,745 Rent Revenue 101,600 Sales Salaries Expense Office Supplies Expense Sales Discounts 29,878 5,942 112,431 Interest Expense Sales Returns and Allowances Cost of Goods Sold 9,560 162,312 Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 208,016 19,191 8,657 10,234 22,389 $2,055,782 $2,055,782 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.For the following purchases of merchandise, determine the amount of cash to be paid: Purchase InvoiceDate CreditTerms FOB Amount ofPurchase FreightCharges TotalInvoiceAmount Returns andAllowances DatePaid a. June 1 2/10, n/30 Destination $550 — $550 — June 30 b. June 12 1/10, n/30 Destination 700 — 700 $100 June 21 c. June 14 2/10, n/30 Shipping point 940 $60 1,000 — June 23 d. June 21 n/30 Shipping point 830 70 900 130 July 20 e. June 24 1/10, n/30 Shipping point 760 50 810 90 July 3 Round your answers to the nearest cent.
- Jab Less Services Chart of Accounts Jab, Capital Service Income Salary Expense Utilities Expense Give the adjusting entries Prepare a 10-column worksheet Cash Accounts Receivable Equipment Accounts Payable Presented below are the transactions of Jab Less Services. 2017 Sept. 1 Jab invested P125,000 in the business 7 Purchased equipment from X. Co., P35,000 on account 9 Rendered services on account to various customers P75,000 Paid salary for the month P15,000 30 30 Paid utilities for the month P2,300 Additional information: E. Depreciation of equipment is P1,000 b. Doubtful accounts at year end are estimated to be P800 Requirements: Journalize the transactions 34-35 21-25 26-33 Post them to the T-accounts 36-40Using the accounts and amounts below, calculate Income from Operations: Account Amount $173,570 Sales Revenue Net Sales Sales Returns and Allowances Cost of Goods Sold Operating Expenses 102,735 36,023 31,211 34,693Based upon the following information, what was the cost of purchases? $ Opening trade payables 142,600 Cash paid 542,300 Discounts received 13,200 Goods returned 27,500 Closing trade payables 137,800