The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018: Cash Beginning inventory Common stock Retained earnings $80,100 33,000 (220 units e $150) 50,000 63,100
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The following five transactions occurred in 2018:
- First purchase (cash) 150 units @ $155
- Second purchase (cash) 160 units @ $160
- Sales (all cash) 410 units @ $320
- Paid $38,000 cash for salaries expense
- Paid cash for income tax at the rate of 25 percent of income before taxes
What is weighted average cost of goods sold, ending inventory, and income tax expenses amount?
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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 23, 300 48, e00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37, 200 72,188 28,980 37,000 63, 0ee 39, 0ee Common Stock Retained Earnings Totals $172,400 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,62e units for $168, 800 on account ($1es cach). January 8 Purchase 1,7e8 units for $187,800 on account ($118 cach). January 12 Purchase 1,88e units for $207, 8ee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
- The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2025 and December 31, 2025: Accounts payable Accounts receivable Common stock Inventory January 1 $ 42,000 $ 25,000 $110,000 $ 25,000 $ 60,000 $ 83,000 $ 30,000 $ 19,000 Sales revenue Cost of goods sold Salaries expense Net income December 31 $ 36,000 $ 17,000 $180,000 $ 28,000 $ 73,000 $122,000 $ 46,000 $ 13,000 Land Notes payable Retained earnings Salaries payable Buckeye Company's 2025 income statement is given below: $420,000 $269,000 $ 93,000 $ 58,000 Calculate the amount of cash paid to suppliers for purchases of inventory during 2025.On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…The following information has been extracted from the financial statements and notes of CASAN Ltd. 2019 2018 Cash and Cash Equivalents 59,100 47,700 Account Receivable(net) 137,800 129,800 Account Payable 45,750 39,950 Revenue 610,000 625,000 Cost of Goods Sold 559,500 568,500 Profit 50,500 56,500 Inventory 223,700 189,300 Total assets 540,000 555,000 Current Liabilities 250,900 265,700 Total liabilities 300,000 330,000 Short-term investments 75,400 85,900 Based on the above information calculate the following ratios: 1) Return on assets for 2019. 2) Profit Margin ratio for 2019. 3) Debt to assets ratio for 2019. 4) Acid-test ratio for 2018. 5) Inventory Turnover ratio for 2019.
- Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings S 40,730 8,820 14,350 42,000 16,000 20,200 31,475 31,535The 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, 2020The 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 information is available for Reigen Company relating to 2019 operations: Accounts Receivable, January 1 4,000,000 Accounts receivable collected 8,400,000 Cash sales 2,000,000 Inventory, Jan. 1 4,800,000 Inventory, Dec. 31 4,400,000 Purchases 8,000,000 Gross Margin on Sales 4,200,000 What is the balance of accounts receivable on December 31, 2019?The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…
