Financial Accounting: Tools for Business Decision Making, 8e WileyPLUS (next generation) + Loose-leaf
8th Edition
ISBN: 9781119491057
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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Chapter 13, Problem 13.12E
(a)
To determine
Financial Ratios: Financial ratios are the metrics used to evaluate the liquidity, capabilities, profitability, and overall performance of a company.
To compute: Cost of goods sold for 2017
b)
To determine
To compute: Net sales (Credit) for 2017
c)
To determine
To compute: Net income for 2017
(d)
To determine
To compute: Total assets.
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Martinez Corp. experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.
December 31, 2020
December 31, 2019
Cash
$ 38,100
$ 11,100
Accounts receivable (net)
74,000
128,400
Inventory
204,600
183,400
Accounts payable
50,200
90,600
Notes payable
36,500
64,900
Common stock, $100 par
406,600
406,600
Retained earnings
120,000
106,300
Additional information:
1.
The inventory turnover is 3.7 times.
2.
The return on common stockholders’ equity is 19%. The company had no additional paid-in capital.
3.
The receivables turnover is 11.8 times.
4.
The return on assets is 19%.
5.
Total assets at December 31, 2019, were $607,100.
Compute the following for Martinez Corp.. (Round all answers to 0 decimal places, e.g. 2,150.)
(a)
Cost of goods sold for 2020.
$
(b)
Net credit…
On December 31 of the current year, the following accounts were discovered in the BT21 Company's
ledger: Dr. Accounts Receivable is at P356,800; Cr. Bad Debt Allowance is for P8,760; Cr. Cash Sales is
worth P913,800; and Cr. Credit Sales is worth P1,851,000. Five percent of the outstanding accounts
receivable, according to analysis, won't be recovered. What amount of the allowance for bad debts will
need to be adjusted on December 31?
Assume that Toni Braxton Company has recently fallen into financial difficulties. By reviewing all available evidence on December 31, 2017, one of Toni Braxton’s creditors, the National American Bank, determined that Toni Braxton would pay back only 65% of the principal at maturity. As a result, the bank decided that the loan was impaired. If the loss is estimated to be $225,000, what entry(ies) should National American Bank make to record this loss?
Chapter 13 Solutions
Financial Accounting: Tools for Business Decision Making, 8e WileyPLUS (next generation) + Loose-leaf
Ch. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Prob. 8QCh. 13 - Prob. 9QCh. 13 - (a) Distinguish among the following bases of...
Ch. 13 - Prob. 11QCh. 13 - Prob. 12QCh. 13 - Prob. 13QCh. 13 - Prob. 14QCh. 13 - Prob. 15QCh. 13 - Prob. 16QCh. 13 - Prob. 17QCh. 13 - Prob. 18QCh. 13 - Prob. 19QCh. 13 - Prob. 20QCh. 13 - Prob. 21QCh. 13 - Prob. 22QCh. 13 - Prob. 13.1BECh. 13 - Prob. 13.2BECh. 13 - Prob. 13.3BECh. 13 - Prob. 13.4BECh. 13 - Prob. 13.5BECh. 13 - Prob. 13.6BECh. 13 - Prob. 13.7BECh. 13 - Prob. 13.8BECh. 13 - Prob. 13.9BECh. 13 - Prob. 13.10BECh. 13 - Prob. 13.11BECh. 13 - Prob. 13.12BECh. 13 - Prob. 13.13BECh. 13 - Prob. 13.14BECh. 13 - Prob. 13.15BECh. 13 - Prob. 13.1DIECh. 13 - Prob. 13.2DIECh. 13 - Prob. 13.3DIECh. 13 - Prob. 13.1ECh. 13 - Prob. 13.2ECh. 13 - Prob. 13.3ECh. 13 - Prob. 13.4ECh. 13 - Prob. 13.5ECh. 13 - Prob. 13.6ECh. 13 - Prob. 13.7ECh. 13 - Prob. 13.8ECh. 13 - Prob. 13.9ECh. 13 - Prob. 13.10ECh. 13 - Prob. 13.11ECh. 13 - Prob. 13.12ECh. 13 - Prob. 13.13ECh. 13 - Prob. 13.1APCh. 13 - Prob. 13.2APCh. 13 - Prob. 13.3APCh. 13 - Prob. 13.4APCh. 13 - Prob. 13.5APCh. 13 - Prob. 13.1EYCTCh. 13 - Prob. 13.2EYCTCh. 13 - Prob. 13.3EYCTCh. 13 - Prob. 13.4EYCTCh. 13 - Prob. 13.7EYCTCh. 13 - Prob. 13.8EYCTCh. 13 - Prob. 13.9EYCTCh. 13 - Prob. 13.1IFRS
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