Reference no: EM13906520

QUESTION 1- Prepare a balance sheet for Mullen's Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner's capital is $102,000.?

Mullen's Hardware Balance Sheet
• Total assets: $131,000
• Total liabilities: $29,000
• Total liabilities and owner's equity: $131,000

Mullen's Hardware Balance Sheet
• Total assets: $131,000
• Total liabilities: $12,000
• Total liabilities and owner's equity: $131,000

Mullen's Hardware Balance Sheet
• Total assets: $95,000
• Total liabilities: $12,000
• Total liabilities and owner's equity: $102,000

Mullen's Hardware Balance Sheet
• Total assets: $131,000
• Total liabilities: $17,000
• Total liabilities and owner's equity: $17,000

QUESTION 2- Solve the problem. Express answers as a percent rounded to the nearest tenth.?Complete a vertical analysis on the balance sheet for Mullen's Hardware for December 31 of last year. The company assets are cash $11,000, accounts receivable $40,000, and merchandise inventory $96,000. The liabilities are accounts payable $19,000 and wages payable $25,000. The owner's capital is $103,000.?

Mullen's Hardware Balance Sheet
• Cash: 7.5%
• Accounts receivable: 27.2%
• Merchandise inventory: 65.3%
• Total assets: 100%
• Accounts payable: 43.2%
• Wages payable: 17.0%
• Total liabilities: 29.9%
• Mullen's capital: 70.1%
• Total liabilities and owner's equity: 100%

Mullen's Hardware Balance Sheet
• Cash: 7.5%
• Accounts receivable: 27.2%
• Merchandise inventory: 65.3%
• Total assets: 100%
• Accounts payable: 12.9%
• Wages payable: 56.8%
• Total liabilities: 29.9%
• Mullen's capital: 70.1%
• Total liabilities and owner's equity: 100%

Mullen's Hardware Balance Sheet
• Cash: 7.5%
• Accounts receivable: 27.2%
• Merchandise inventory: 65.3%
• Total assets: 100%
• Accounts payable: 12.9%
• Wages payable: 17.0%
• Total liabilities: 29.9%
• Mullen's capital: 70.1%
• Total liabilities and owner's equity: 100%

Mullen's Hardware Balance Sheet
• Cash: 7.5%
• Accounts receivable: 27.2%
• Merchandise inventory: 65.3%
• Total assets: 100%
• Accounts payable: 43.2%
• Wages payable: 56.8%
• Total liabilities: 100%
• Mullen's capital: 70.1%
• Total liabilities and owner's equity: 100%

QUESTION 3- Solve the problem. Express answers as a percent rounded to the nearest tenth.?Complete a vertical analysis on the balance sheet for Jake's Janitorial Service for December 31 of last year. The company assets are cash $20,000, accounts receivable $48,000, merchandise inventory $89,000, and equipment $82,000. The liabilities are accounts payable $13,000, wages payable $16,000, and mortgage note payable $77,000. The owner's capital is $133,000.

Jake's Janitorial Service Balance Sheet
• Cash: 8.4%
• Accounts receivable: 20.1%
• Merchandise inventory: 37.2%
• Equipment: 34.3%
• Total assets: 100%
• Accounts payable: 12.3%
• Wages payable: 15.1%
• Mortgage note payable: 32.2%
• Total liabilities: 44.4%
• Jake's capital: 55.6%
• Total liabilities and owner's equity: 100%

Jake's Janitorial Service Balance Sheet
• Cash: 8.4%
• Accounts receivable: 20.1%
• Merchandise inventory: 37.2%
• Equipment: 34.3%
• Total assets: 100%
• Accounts payable: 5.4%
• Wages payable: 6.7%
• Mortgage note payable: 72.6%
• Total liabilities: 44.4%
• Jake's capital: 55.6%
• Total liabilities and owner's equity: 100%

Jake's Janitorial Service Balance Sheet
• Cash: 8.4%
• Accounts receivable: 20.1%
• Merchandise inventory: 37.2%
• Equipment: 34.3%
• Total assets: 100%
• Accounts payable: 12.3%
• Wages payable: 15.1%
• Mortgage note payable: 72.6%
• Total liabilities: 100%
• Jake's capital: 55.6%
• Total liabilities and owner's equity: 100%

Jake's Janitorial Service Balance Sheet
• Cash: 8.4%
• Accounts receivable: 20.1%
• Merchandise inventory: 37.2%
• Equipment: 34.3%
• Total assets: 100%
• Accounts payable: 5.4%
• Wages payable: 6.7%
• Mortgage note payable: 32.2%
• Total liabilities: 44.4%
• Jake's capital: 55.6%
• Total liabilities and owner's equity: 100%

QUESTION 4- Solve the problem.?For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.?

gross profit: $152,000; net income: $82,000 ?
gross profit: $72,100; net income: $29,000 ?
gross profit: $82,000; net income: $152,000 ?
gross profit: $152,000; net income: $29,000 ?

QUESTION 5- Solve the problem.?For the month ending December 31, MidState Machinery had gross sales of $4,207,000, returns of $68,800, cost of beginning inventory $502,000, cost of purchases $1,484,000, cost of ending inventory $570,000, total operating expenses $135,900. Find the net sales and cost of goods sold.?

net sales: $4,207,000; cost of goods sold: $1,416,000 ?
net sales: $4,138,200; cost of goods sold: $1,416,000 ?
net sales: $4,138,200; cost of goods sold: $135,900 ?
net sales: $4,138,200; cost of goods sold: $2,716,300 ?

QUESTION 6- Solve the problem. Express answers as a percent rounded to the nearest tenth.?The Garden Shop had a cost of goods sold of $108,000, operating expenses of $49,000, and net sales of $272,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.?

cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 21.7% ?
cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales: 39.7% ?
cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales: 39.7% ?
cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 18.0% ?

QUESTION 7- Solve the problem. Express answers as a percent rounded to the nearest tenth.?Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $222,000, and gross sales of $401,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.?

beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0% ?
beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6% ?
beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0% ?
beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 65.3% ?

QUESTION 8- Solve the problem. Round to the nearest tenth.?Find the percent increase (or decrease) in net sales from last year to this year for the income statement.

	This Year	Last Year	Percent Increase (Percent Decrease)
Gross Sales	$1,712,000	$1,548,000
Return and allowances	$15,000	$9,000
Net Sales	$1,697,000	$1,539,000
Cost of Goods Sold	$1,162,000	$1,036,000
Gross Profit	$535,000	$503,000
Total Operating Expenses	$89,000	$75,000
Net Income	$446,000	$428,000

10.6% decrease ?
10.6% increase ?
10.3% increase ?
10.3% decrease ?

QUESTION 9- Solve the problem. Round to the nearest tenth.?Find the percent increase (or decrease) in cost of goods sold from last year to this year for the income statement.

	This Year	Last Year	Percent Increase (Percent Decrease)
Gross Sales	$,1,737,000	$1,541,000
Returns	$8,000	$11,000
Net Sales	$1,729,000	$1,530,000
Cost of Goods Sold	$1,168,000	$1,088,000
Gross Profit	$561,000	$442,000
Total Expenses	$89,000	$59,000
Net Income before taxes	$472,000	$383,000

50.8% increase?
7.4% decrease?
50.8% decrease?
7.4% increase?

QUESTION 10- Solve the problem.?Prepare a balance sheet for Jake's Janitorial Service for December 31 of last year. The company assets are cash $16,000, accounts receivable $58,000, merchandise inventory $50,000, and equipment $97,000. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable $87,000. The owner's capital is $89,000.?

Jake's Janitorial Service Balance Sheet
• Total assets: $221,000
• Total liabilities: $110,000
• Total liabilities and owner's equity: $89,000

Jake's Janitorial Service Balance Sheet
• Total assets: $221,000
• Total liabilities: $132,000
• Total liabilities and owner's equity: $89,000

Jake's Janitorial Service Balance Sheet
• Total assets: $221,000
• Total liabilities: $132,000
• Total liabilities and owner's equity: $221,000

Jake's Janitorial Service Balance Sheet
• Total assets: $124,000
• Total liabilities: $132,000
• Total liabilities and owner's equity: $89,000.