Patton Corporation had the following items on its financial statements for two recent years: Line Item Description Year 2 Year 1 Sales $2,500,000 $2,000,000 Cost of merchandise sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Merchandise inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s accounts receivable turnover for Year 2.

Revenue and expense data for Young Technologies Inc. are as follows:   Year 2 Year 1 Sales $500,000   $440,000   Cost of merchandise sold 325,000   242,000   Selling expenses 70,000   79,200   Administrative expenses 75,000   70,400   Income tax expense 10,500   16,400     Required: Question Content Area a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc.Comparative Income StatementFor the Years Ended December 31, Year 2 and Year 1   Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent   $- Select - - Select -% $- Select - - Select -%   - Select - - Select - - Select - - Select -   $- Select - - Select -% $- Select - - Select -%   $- Select - - Select -% $- Select - - Select -%   - Select - - Select - - Select - - Select - Total expenses $fill in the blank 86d00500602205c_26 fill in the…

Simon Company’s year-end balance sheets follow.  At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets                       Cash   $ 31,800     $ 35,625   $ 37,800   Accounts receivable, net     89,500       62,500     50,200   Merchandise inventory     112,500       82,500     54,000   Prepaid expenses     10,700       9,375     5,000   Plant assets, net     278,500       255,000     230,500   Total assets   $ 523,000     $ 445,000   $ 377,500   Liabilities and Equity                       Accounts payable   $ 129,900     $ 75,250   $ 51,250   Long-term notes payable secured bymortgages on plant assets     98,500       101,500     83,500   Common stock, $10 par value     163,500       163,500     163,500   Retained earnings     131,100       104,750     79,250   Total liabilities and equity   $ 523,000     $ 445,000   $ 377,500      (1-a) Compute the current ratio for each of the three years.(1-b) Did the current ratio improve or worsen over the three…

The following are selected ledger accounts of Spock Corporation at December 31, 2020. Cash   $ 185,000   Salaries and wages expense (sales)   $284,000 Inventory   535,000   Salaries and wages expense (office)   346,000 Sales revenue   4,275,000   Purchase returns   15,000 Unearned sales revenue   117,000   Sales returns and allowances   79,000 Purchases   2,786,000   Freight-in   72,000 Sales discounts   34,000   Accounts receivable   142,500 Purchase discounts   27,000   Sales commissions   83,000 Selling expenses   69,000   Telephone and Internet expense (sales)   17,000 Accounting and legal services   33,000   Utilities expense (office)   32,000 Insurance expense (office)   24,000   Miscellaneous office expenses   8,000 Advertising expense   54,000   Rent revenue   240,000 Delivery expense   93,000   Casualty loss (before tax)   70,000 Depreciation expense (office equipment)   48,000   Interest expense   176,000 Depreciation expense (sales equipment)…

The cost of merchandise sold by Kohl's Corporation for a recent year was $12,265 million. The balance sheet showed the following current account balances (in millions): Merchandise inventories Accounts payable Balance, End of Year Balance, Beginning of Year $ 4,038 1,251 $ 3,814 1,511 Determine the amount of cash payments for merchandise.

Patton Corporation had the following items on its financial statements for two recent years: Line Item Description     Year 2     Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000 Based on these data, calculate Patton Corporation’s number of days’ sales in inventory for Year 2.a. 3.2b. 57.8c. 5.7d. 6.3

Presented below is selected information for Bramble Company for the month of March 2022. Cost of goods sold $194, 510 Rent expense $32, 720 Freight - out 7,150 Sales discounts 8, 000 Insurance expense 5, 680 Sales returns and allowances 12, 000 Salaries and wages expense 57, 060 Sales revenue 387,000 complete a multistep income statement

The following balance sheet information was provided by Western Company: Assets Cash Accounts receivable Inventory Multiple Choice O 110.6 days Assuming Year 2 net credit sales totaled $132,000, what was the company's average days to collect receivables? Note: Use 365 days in a year. Do not round your intermediate calculations. 52.5 days 55.3 days Year 2 58.1 days $3,200 $21,000 $36,000 Year 1 $2,700 $19,000 $42,000

The following figures appear on LaGrange’s financial statements for the most recent fiscalyear: Cost of Goods Sold       $1,960,000 Beginning Inventory            238,000 Ending Inventory                 278,000 Accounts Payable               182,000 What is the age of this company’s accounts payable?     Responses 33.2 days 35.3 days 34.7 days 33.9 days

the cost of goods sold during the year was $50,000 merchandise inventory as were $12,500 and $10,500 at the beginning and the end of the year respectively accounts payable all owed to merchandising suppliers were $6,000 and $5,000 at the beginning and the end of the year respectively using the direct method of reporting cash flows from operating activities cash payments for merchandise total 47,000 51,000 49,000 53,000