$345,000 $205,000 $32,500 Net sales revenue Cost of goods sold Average accounts receivable Average inventory $9,450 Average plant, property and equipment $81,250 Average total assets $130,000 alculate the company's days to collect for the current year.
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- QOLUTION TANT & T0 mana The general ledger of the Culinary Plate's Food Company provides the following information: Accounts Receivable Inventory Accounts Payable End of Beginning of Year Year $ 65,000 $ 84,000 350,000 200,000 40,000 65,000 The company's net sales for the year were $2,200,000 and cost of goods sold amounted to $1,750,000. REQUIRED: Calculate the following (Show calculations): (a) Cash receipts from customers (b) Cash payments to suppliersExercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System with Sales Returns and Allowances Sam Edwards owns a business called Sam's Stuff. A physical count determined his ending inventory as of December 31, 20-- was $72,000. Based on past experience, Sam estimates that $5,000 of sales from this year will be returned next year. The cost of the merchandise expected to be returned is $3,000. Using the partial Trial Balance provided below, set up T accounts for Merchandise Inventory, Estimated Returns Inventory, Customer Refunds Payable, Sales Returns and Allowances, and Income Summary and prepare the year-end adjustments for Merchandise Inventory and related accounts. TRIAL BALANCE (PARTIAL) DEBIT CREDIT Merchandise Inventory 60,000.00 Estimated Returns Inventory 2,500.00 Customer Refunds Payable 4,000.00 Sales Returns and Allowances 20,000.00 Income Summary For grading purposes use the labels shown and enter transactions in alphabetical order. TB Trial balance…
- Financial statement data for years ending December 31 for Holland Company follow: 20Υ4 20Υ3 Cost of merchandise sold $4,504,500 $3,715,200 Inventories: Beginning of year End of year 788,000 760,000 850,000 788,000 a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days' sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days' sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods available for sale P 200,000.00 P 460,000.00 P 320,000.00 P 400,000.00 P 300,000.00Flip Sound System Financial Statement Data Beginning Item Ending Balance Balance Inventory 10,650 12,813 Accounts 6,068 7,666 Receivable Accounts 8,475 |10,981 Payable Net Sales 99,105 Cost of Goods Sold 59,601 What is Flip's Operating Cycle? (Round answers to 1 decimal place. Do not round intermediate calculations)
- Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless Company Partial Trial Balance For Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 150,000.00 Estimated Returns Inventory 500.00 Customer Refunds Payable 650.00 Sales 425,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 288,000.00 Curless has made the following estimates for next year: • Sales made this year of $7,800 will be returned next year and customers will be granted full refunds. • The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. For grading purposes use the labels shown. TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1)…Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 280,000 262,500 Cost of goods sold 477,400 424,100 Multiple Choice 214.1. 241.0. 10 of 10 636 PM 3/28/2022 Insert Prt Sc Del F10 F1 F8 F9 Lock F6 F7eBook Show Me How Calculator Print Item The following data were extracted from the income statement of Keever Inc.: చేట్కకి Current Year Previous Year Sales $890,600 $932,900 Beginning inventories 41,772 48,482 Cost of goods sold 445,300 518,300 Ending inventories 37,772 41,772 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover 2. Number of days' sales in inventory 32.6 days X days b. The inventory position of the business has deteriorated The inventory turnover has decreased v, while the number of days' sales in inventory has Increased X Feedback TCheck My Work a.1. Divide the cost of goods sold by the average inventory. Average inventory = (Beginning inventory+ Ending inventory)- 2. a.2. Divide the average inventory by the average daily cost of goods sold.Average…
- Item Beginning Ending Inventory $ 12,435 $ 15,615 Accounts receivable 6,120 6,287 Accounts payable 7,930 9,140 Net sales $ 143,187 Cost of goods sold 79,218 Calculate the operating and cash cycles.Sales Cost of goods sold Sales returns and allowances Operating expenses: Thompson's Company Income Statement For the Month Ended August 31, 2021 Net income $ 6,700 1,100View Policies Current Attempt in Progress Waterway Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost 9900 O $204300. $297700. O $166100. O $176800. 8800 November 8 6400 $9.00 8.00 7.00 -/1 3 A physical inventory on December 31 shows 4300 units on hand. Waterway sells the units for $11 each. The company has an effective tax rate of 24%. Waterway uses the periodic inventory method. What is the cost of goods available for sale?