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Questions -
1. During the year 2015, Sanchez Corp. sold goods and earned revenue of $16,000,000. The company's beginning total assets was $8,000,000. Its assets turnover ratio was 1.6 times. Calculate the ending total assets of Sanchez.
$12,000,000
$8,000,000
$14,000,000
$6,000,000
2. Bison Company reported sales revenue for 2013 of $900,000. The products were sold with a nine-month warranty. Members of Bison's management estimate the cost of the warranty will be equal to 5% of sales revenue. Which of the following will be included in the entry to record the actual amounts paid out as a result of warranty claims?
a debit to Estimated Warranty Payable for the actual amount of payments
a credit to Estimated Warranty Payable for $45,000
a debit to Estimated Warranty Payable for $45,000
a debit to Warranty Expense for the actual amount of payments
Cash is collected from customers in the following manner: Month of sale (2% cash discount) 30%. Prepare a summary of cash collections for the 4th quarter
Suppose 1 year Tibills currently yield 7% and the future inflation rate is expected to be constant at 4.5% per year. What is the real risk free rate of return
Sales are 40% cash and 60% credit (accounts receivable). Prepare schedule of cash collections for each month
locate the financial statements of a company you are interested in. look at the companys balance sheet what are the
Hank Company manufactures and sells one product. Sales and production information is contained below.· Selling price per unit $65
Uncollectible accounts are determined by the percent-of-sales method to be 4% of credit sales. How much is uncollectible-account expense for 2014
Fisher Corporation reported a Retained Earnings balance of $125,780 on January 1, 2014. Fisher Corporation made the following three closing entries on December 31, 2014. (The entry to transfer net income to Retained Earnings was intentionally omit..
Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.
Sales are 40% cashand 60% credit. All credit sales are collected in the monthfollowing the sale. What are the expected collections for July?
aaa company produces and sells 6000 desks per year at a selling price of 500 each. its current production equipment
the same lawyer representing a different client in a civil manner was victorious and will be receiving a contingent fee
R. Wolfe became the new auditor for Royal Corporation, succeeding C. Mason, who audited the financial statements last year. Wolfe needs to report on Royal's.
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