23. Using the following accounts and their balances, calculate the debt ratio for Cooper Furniture Repair as of December 31. Cash $ 7,000 Advertising Expense $ 1,200 Unearned Revenue 4,500 Crilities Expense 800 Equipment 10,000 Rent Expense 5,000 Service Revenue 8,000 Accounts Payable 2,300 Cooper, Capital 12,200 Cooper, Withdrawals 3,000

23. Using the following accounts and their balances, calculate the debt ratio for Cooper Furniture Repair as of December 31. Cash $ 7,000 Advertising Expense $ 1,200 Unearned Revenue 4,500 Crilities Expense 800 Equipment 10,000 Rent Expense 5,000 Service Revenue 8,000 Accounts Payable 2,300 Cooper, Capital 12,200 Cooper, Withdrawals 3,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Refer to the following selected financial information from Weekend Getaways Incorporated Compute the company's days' sales uncollected for Year 2. (Use 365 days a year.) Accounts receivable, net Net sales Multiple Choice O O 39.9. 43.8. 45.5. 38.4. 42.7. Year 2 98,760 823,000 Year 1 86,600 793,000
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
The following information is extracted from Sosana Hotel’s management report for themonth of January 2022.RMBeginning cash balance 8,200Budgeted revenue 13,000Purchase of inventory by cash 4,500Cash repayment of bank loan 5,800Additional information, 70% of Sosana Hotel’s revenue is received in cash and theremaining 30% on credit. All credit sales are expected to be collected in the followingmonth. Assume that there were no credit sales and credit purchases in December 2021.Based on the given information, prepare a cash budget for the month ended 31st January2022 to calculate ending cash balance
A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accounts receivable = $80,000• Allowance for Uncollectible Accounts = $400 debitThe company estimates future uncollectible accounts to be 4% of accounts receivable. At what amount would Bad Debt Expense be reported in the current year’s income statement? a. $400.b. $2,800.c. $3,200.d. $3,600.
A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accounts receivable = $80,000• Allowance for Uncollectible Accounts = $400 creditThe company estimates future uncollectible accounts to be 4% of accounts receivable. At what amount would Bad Debt Expense be reported in the current year’s income statement? a. $400.b. $2,800.c. $3,200.d. $3,600.
a.At January 1, 2020, Mr. James had accounts receivable of 72,000. At December 31, 2020, accounts receivable is 54,000. Sales revenue for 2020 total 420,000. Compute Mr.James 2020 cash receipts from customers. Cash receipts from customers b. Tedox Corp had January 1 and December 31 balances as follows. 1/1/20, 12/31/20 Inventory 114,000, 136,000 Accounts payable 63,000, 69,000 For 2020, cost of goods sold was 451,000. Compute Tedox 2020 cash payments to suppliers.
The following data pertains to the customers' accounts of ABC Corp at June 30, 20X1:Accounts receivable, June 1, P80,000Accounts receivable, June 30, P97,000Cash collections during the month (net of 2% cash discount), P107,800Sales returns , P10,000Customer's account written off, P17,000How much is the credit sales for the month? a. 134,800 b. 137,000 c. 154,000 d. 151,800
13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31st March, 2008 Debit Balances Amt? Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries 500 10,000 20,000 2,06,300 50,000 To Wages To Furniture To Machinery To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 4,500 10,000 2,97,800 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for…
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3. The following data are taken from the financial statements of Sigmon Inc. Terms of all are 2/10, n/45. Accounts Receivable, end of year Sales on account of Required: 20Y3 $725,000 $5,637,000 a. For 20Y2 and 20Y3, determine: 1. Accounts Receivable Turnover 2. The number of Days' Sales in Receivables 20Y2 $650,000 $4,687,000 20Y1 $600,000 b. What conclusions can you draw from these data concerning Sigmon's accounts receivable and credit policies?
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Last 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.