You have been provided with the following selected accounts for Grouper Ltd. for the year ended April 30, 2024: Inventory, May 1, 2023 $571,000 Purchases 5,922,000 Accounts receivable 798,000 9,230,000 42,000 127,000 857,000 Sales Purchase discounts Freight in Land Interest expense Interest income Accounts payable Administrative expenses Selling expenses Cash Common shares $31,000 22,000 593,000 800,000 162,000 146,000 196,000 Grouper conducted a physical inventory count on April 30, 2024. Inventory on hand at that date was determined to be $763,100.
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- Using these data from the comparative balance sheets of Concord Company, perform a vertical analysis. Accounts receivable (net) Inventory Total assets (Round percentages to 1 decimal place, e.g. 12.1%.) December 31, 2022 December 31, 2021 $418,320 $425,250 816,720 787,500 2,490,000 3,150,000 December 31, 2022 December 31, 2021 Amount Percentage Amount Percentage Accounts receivable (net) $418,320 % $425,250 % Inventory Total assets 816,720 % 787,500 % 2,490,000 % 3,150,000 %The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.The following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000d. None of these
- The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…The following selected information is presented for Bramble Limited for the year ended February 28, 2021. Bramble uses a periodic inventory system. Accounts recelvable $27,300 Inventory, Mar. 1. 2020 $45,880 Administrative expenses 101.560 Inventory, Feb, 28, 2021 66,640 Common shares 71.400 Purchase discounts 32,760 Deferred revenue 3,780 Purchase returns and allowances 17,480 Dividends declared 35.280 Purchases 229,320 Freight in 7.100 Sales 329.880 Income tax expense 7,820 Selling expenses 7,640 Interest expense 6,560 (a) Prepare a multiple-step statement income.
- The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…Following information is available for Nick Company for the year ended 2020: Additional information: Amount for accounts receivable (net) at the end of 2019 was $57,000. The inventory as of 01st of January 2020 is calculated as $22,000. Required: Calculation of the following for the year ended 2020: a) Working capital b) Quick ratio c) Inventory turnover ratio. d) Accounts receivable turnover ratio and number of days in the collection assuming 366 days a year.Computing Activity Ratios Selected balance sheet and income statement information follows for R.A. Corporation. R.A. Corporation $ millions April 2, 2020 March 28, 2019 Income statement information: Sales $20,967 $22,353 Cost of goods sold 9,654 9,726 Balance sheet information: Accounts receivable, gross 2,313 2,718 Inventory 3,375 3,126 Accounts payable 468 630 Required Compute the following ratios for its fiscal year ended April 2, 2020. Round your answers to two decimal places (for example, enter 20.46 for 20.4555558). a. Accounts receivable turnover Answer b. Average days to collect receivables Answer c. Inventory turnover Answer d. Average days in inventory Answer e. Accounts payable turnover Answer f. Average days payable outstanding Answer g. Cash conversion cycle Answer
- view Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerThe following information is shown in the accounting records of ToDas Company for the current year 2020. Balances as of Jan 1 Cash 620,000; Accounts receivable 670,000; Inventory 860,000; Accounts Payable 530,000. Balances as of Dec 31 Accounts receivable 900,000; Inventory 780,000; Accounts Payable 480,000. The total sales and cost of goods sold were P7,980,000 and P5,830,000, respectively. All sales and all merchandise purchases were made on credit. Various expenses of P1,070,000 were paid on cash. Assume that there were no other pertinent transactions. The cash balance on December 31, 2020Using these data from the comparative balance sheets of Bonita Company, perform a vertical analysis. Accounts receivable (net) Inventory Total assets (Round percentages to 1 decimal place, e.g. 12.1%.) Accounts receivable (net) Inventory Total assets Amount $435.960 December 31, 2022 December 31, 2021 $422,800 720.720 2.520,000 $435.960 December 31, 2022 720.720 2,520.000 Percentage 624,400 2,800,000 Amount $422,800 624,400 2.800,000 December 31, 2021 Percentage % 8