Answer the following: 1. How much is the net purchases? 2. How much is the "change in inventory" in 20x1? 3. How much is the cost of goods sold? 4. How much is the total selling expense? 5. How much is the total general and administrative expense?
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- Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.Financial Statements, Closing Entries & Ratio Analysis You are asked to support Telcel Company with its Financial Reporting requirements. The Senior Manager provided you with the following Adjusted Trial Balance: Telcel Company TRIAL BALANCE (Adjusted) 31-Mar-21 Debit Credit Cash 10,450 Accounts Receivable 16,800 Prepaid Rent Supplies 7,600 1,500 Inventory Buildings Equipment 6,400 125,000 32,000 Accumulated Depreciation – Equipment 7,200 Accumulated Depreciation – Buildings Accounts Payable Notes Payable (due 2024) 21,000 13,900 49,000 Unearned Service Revenue 9,450 Share Capital Retained Earnings 76,000 31,650 Dividends 8,000 Service Revenue 68,400 Advertising Expense Salaries and Wages Expense 1,750 47,800 Utilities Expense 5,400 Supplies Expense Depreciation Expense Interest Expense Rent Expense 2,600 8,400 1,100 1,800 Total 276,600 276,600 Additional Information: 2020 Data Accounts Receivable $8,100 Total Assets $158,930Use the following information from XYZ Company's balance sheet to answer the next six questions: Assets a. b. c. d. a. b. 30. C. d. Cash........ Marketable Securities Accounts Receivable Inventory........ Property and Equipment. Accumulated Depreciation. Total Assets a. b. c. d. Liabilities and Stockholders' Equity Accounts Payable. Notes Payable (current). Mortgage Payable (long-term). Bonds Payable (long-term). Common Stock, $50 Par.. The average number of common stock shares outstanding during the year was 840 shares. Net earnings for the year were $6,300. 25. XYZ's current ratio is 6.0 to 1. 5.5 to 1. 26. XYZ's quick (acid-test) ratio is 4.0 to 1. 4.5 to 1. 3.5 to 1. 3.0 to 1. Paid-in Capital in Excess of Par......... Retained Earnings............ Total Liabilities, and Stockholders' Equity 4.0 to 1. 4.5 to 1. ***** 27. XYZ's earnings per share is $7.50 per share. $7.00 per share. $0.13 per share. $6,300 per share. 28. XYZ's return on assets is a. 6.9% b. 7.9% C. 14.6% d. 23.4% 29.…
- 23. Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Credit Debit Credit Debit P6,800 P9,500 P7,400 P4,700 a. P4,700 net income b. P2,700 net income C. P2,700 net loss d. P6,800 net loss 24. Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit P8,500 P6,750 P4,300 P6,050 Debit Credit a. P8,500 net loss b. P1,750 net income C. P4,300 net income d. P1,750 net lossIdentify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16Which of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expense
- Accounts Receivable Calculations The following amounts were reported for Cotton, Newton, and Miller Companies: Required: Next Level Compute the missing amounts.Use the following T-account for Careful Corporation to answer questions 11 and 12: Accounts Receivable Beg. Bal. $ 187 18 150 6 64 15 19 End. Bal. $ ? The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 creditAccount for accountspayable and analyzeaccounts payableturnover
- 10. Match the account headings to the relevant headings of the balance sheet where they will be reflected. 1. tax payable 2. inventory 3. goodwill 4. retained earnings P Type here to search NWhich of the following provides information about how many months of living expenses you can cover with your present level of liquid assets? OA Liquidity Ratio O B. Current Ratio OC. Savings Ratio OD. Debt-to Asset RatioShttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts