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Koto Corporation began the month of June with $ 300,000 of current assets, a current ratio of 2.5:1, and an acid test ratio of 1.4:1. During the month, it completed the following transactions (the company uses a perpetual inventory system).
June 1 Sold merchandise inventory that cost $ 75,000 for $ 120,000 cash. 3 Collected $ 88,000 cash on an account receivable. 5 Purchased $ 150,000 of merchandise inventory on credit. 7 Borrowed $ 100,000 cash by giving the bank a 60 day, 10% note. 10 Borrowed $ 120,000 cash by signing a long term secured note. 12 Purchased machinery for $ 275,000 cash. 15 Declared a $ 1 per share cash dividend on its 80,000 shares of outstanding common stock.19 Wrote off a $ 5,000 bad debt against the Allowance for Doubtful Accounts account. 22 Paid $ 12,000 cash to settle an account payable. 30 Paid the dividend declared on June 15. Required: Prepare a table showing the company's (1) Current ratio, (2) Acid test ratio, (3) Working capital after each transaction. Round ratios to two decimals.
Estimate the contribution to profit of a standard 180-guest cocktail party if Chavez charges her usual price of $31 per guest. (In other words, by how much would her overall profit increase?)
a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.b. The company uses weighted-average process costing.c. The July 1 work in process was 30 percent complete as to c..
Determine the total interest expense for 2014 and Journalize the entry to record the amount of cash proceeds from the issuance of the bonds
The law firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June:
Organization assessment report on Nordic Investment Bank.
Calculate net present value (NPV), internal rate of return (IRR), and payback for the investment opportunity What information will you and your staff need to analyze this investment opportunity - how will you go about making the decision?
Journalize the adjusting entry for bad debts at December 31, 2013 - Journalize the adjusting entry for bad debts at December 31, 2014, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of 51,700 and the aging schedu..
A copier company has been using same Copier A for 5 years. This copier can copy approximately 50 sheets a minute. The company has opportunity to purchase the new Copier B which can process approximately 60 sheets a minute.
1. a company purchased equipment for 20000. management estimates that the equipment will have a useful life of five
1.What is a transfer price? Under what conditions is a market based transfer price most likely to be used?
What will the price be if Preston follows its normal pricing policy and should Preston accept the order? Briefly, indicate factors that, while hard to quantify, should be taken into account in this decision.
Prepare a suggested price list for the Atlanta area. Consider only one-separation rounds and two-separation rounds or ovals, and only the two sizes - Calculate the variable costs per thousand bottles for one- separation rounds, two- separation rou..
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