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Q1. What is the acid-test ratio? How does it measure a company's liquidity? Explain with Example.
Q2. The following information is available for the McCartney Corporation:
Sales
$750,000
Cost of goods sold
450,000
Gross profit
300,000
Operating income
85,000
Net income
42,000
Inventory, beginning-year
71,200
Inventory, end-of-year
48,800
Calculate the company's inventory turnover and its days' sales in inventory.
Q3. A company made the following merchandise purchases and sales during the month of July:
July 1 purchased
380
units at
$15 each
July 5 purchased
270
$20 each
July 9 sold
500
$55 each
July 14 purchased
300
$24 each
July 20 sold
250
July 30 purchased
$30 each
There was no beginning inventory. If the company uses the first-in, first-out perpetual inventory method what would be the cost of the ending inventory?
The standard quantity for actual units produced is 6.500 pounds. How much is the direct materials price variance
Create a contribution margin income statement for Salem Data Services. Assume that intracompany usage is 205 hours. Assume commercial usage is at the March level.
In order to retain certain key executives, Smiley Corporation granted them incentive stock options on December 31, 2009. 80,000 options were granted at an option price of $35 per share.
dulce corporation had 190000 shares of common stock outstanding during the current year. at the beginning of the year
If direct labor costs an average of $16 per hour, the company's overhead application rate is
younger bus lines uses the units-of-activity method in depreciating its buses. one bus was purchased on january 1 2010
The financial statements of P&G are presented in Appendix 5B. The company's complete annual report, including the notes to the financial statements.
Ray Company began the accounting period with a $36,000 credit balance in its Accounts Payable account. During the accounting period, Ray incurred expenses on account of $108,000. The ending Accounts Payable balance was $48,000.
Selected balance sheet and income statement information for Oracle Corporation follows. Compute return on net operating assets (RNOA)
A friend of yours has just purchased a house and has taken out a $50,000, 11 percent mortgage, payable at $476.17 per month.- Do you agree with your friend's analysis? Explain.
The following accounts were taken from the financial statements of Crofoot Company.
Green Thumb Garden Tools Inc. produces and sells home and garden tools and equipment. Determine the markup percentage on product cost
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