Triple J Company has a current ratio of 3.1. The acid test ratio is 2.4. The current liabilities of Arcy Incorporated are $73,000. Could you calculate the dollar amount of merchandise inventory?
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- If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of $375,000, what is its grossmargin? What amount of inventory will be shown on its balance sheet?Alice Co. has a current ratio of 2.7. The acid test ratio is 2.2. The current liabilities of Alice Co. are $46,000. Could you calculate the dollar amount of merchandise inventory? (assume no prepaid expenses)1. PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%. What is the amount of Cost of goods sold?
- Linh Do Accounting Company has a beginning balance in its inventory account of $16,800 and the ending balance is $7.388. Cost of goods sold is $99.767. According to the cost of goods sold model, what was the amount of inventory purchased during the year? (Note: Please do not put $ sign in your answer!)Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 O D. $168,000The cost of goods sold was computed at P12.250. Total sales for the year were P42.950. of which P31.200 in credit. Buldogs inventory turnover ratio tor the year was O Mr. Dog, the controller, had gathered the following accounting data regarding Bulldogs Inc. Accounts receivable Inventory Accounts payable Beginning of the year P1,070 3,200 1,660 End of the year P1,530 3,800 1,840
- Nizwa Company had the cost of goods sold of $ 160,000 and inventory balance was $23,000. What is the inventory turnover? Select one: O 8 O 15 O 6.95 O 3.48 Next je ENGABC Company has average inventory of $45 000, cost of goods soldis $650 000. What is the inventory turnover? What is the inventory period?Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 OD. $168,000
- The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which P31,200 in credit. Bulldogs inventory turnover ratio for the year was Mr. Dog, the controller, had gathered the following accounting data regarding Bulldogs Inc. Beginning of the year End of the year Accounts receivable P1,070 P1,530 Inventory 3,200 3,800 Accounts payable 1,660 1,840Old Mills's income statement appears as follows (amounts in thousands): E (Click the icon to view the income statement.) Use the following ratio data to complete Old Mills' income statement: 1. Inventory turnover was 3.7O (beginning Merchandise Inventory was $810; ending Merchandise Inventory was $770). 2. Profit margin ratio is 14%. (Enter amounts in thousands as provided to you in the problem staternent. Round your answer to the nearest thousands.) Old Mills 1 Income Statement Income Statement Year Ended December 31, 2018 (in thousands) Old Mills Net Sales Revenue 6.900 Income Statement Cost of Goods Sold Year Ended December 31, 2018 Selling and Administrative Expenses 1710 Net Sales Revenue 6,900 Interest Expense Cost of Goods Sold (a) Other Expenses 120 Selling and Administrative Expenses 1710 Income Before Income Taxes 1150 Interest Expense (b) Income Tax Expense Other Expenses 120 Net Income Income Before Income Taxes 1,150 Income Tax Expense (c) Net Income (d) Print DoneAssume that Morgan Company uses a periodic inventory system and has these account balances: Purchases $450,000, Purchase Returns and Allowances $13,000, Purchase Discounts $9,000, and Freight-In $18,000. Also Morgan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $730,000. Determine the amounts to be reported for cost of goods sold and gross profit. Then determine net purchases and cost of goods purchased.
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