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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Balances of the current asset and current liability accounts at the end and beginning of the year are as follows:
EndBeginningCash $62,000$73,000Accounts Receivable (net)75,00060,000Inventories 54,00047,000Accounts Payable (merchandise creditors) 43,00037,000Salaries Payable 2,8003,800Sales (on account) 210,000Cost of Merchandise Sold 70,000Operating Expenses Other Than Depreciation 67,000Use the direct method to prepare the operating activities section of a statement of
cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.Cash flows from (used for) operating activities: $- Select - $- Select - - Select - $- Select -
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- Asset turnover Sales A company reports the following: $1,069,000 Average total assets 534,500 Determine the asset turnover ratio. If required, round your answer to one decimal place. All work saved. Email Instructorarrow_forwardUse the following Company A Balance Sheet for the next questions 8 and 9 ASSETS Cash Accounts Receivable, net Inventory Other Current Assets Property, Plant and Equipment, net Other Total Assets 1. 1. 2. 3. The Common Size entry for Inventory for Company A is: 54% 33% 18% S 16% $ LIABILITIES AND EQUITY Accounts Payable Accrued Expenses Current portion of LTD Other 1,400,000 1,600,000 1,800,000 500,000 5,300,000 20%Current Liabilities 3,700,000 Long Term Debt 1,000,000 Shareholder's Equity 10,000,000 100% Total Liabilities and Equity 1,200,000 1,500,000 300,000 400,000 3,400,000 2,800,000 3,800,000 $ 10,000,000arrow_forwardTotal assets turnover: 1.1x Days sales outstanding: 36.5 daysa Inventory turnover ratio: 3.75x Fixed assets turnover: 2.5x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15% aCalculation is based on a 365-day year. 1 Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ $330,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ $ 49,500 115,500 Check My Work (2 remainiarrow_forward
- Subject: acountingarrow_forwardPlease help mearrow_forwardSunland Company reports the following: End of Year Beginning of Year Inventory $28000 $44800 Accounts Payable 33600 11200 If cost of goods sold for the year is $268800, the amount of cash paid to suppliers using the direct method isarrow_forward
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