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The Brenmar Sales Company had a gross profit margin? (gross profits divided by ÷?sales) of 27 percent and sales of $8.1 million last year. 78 percent of the? firm's sales are on? credit, and the remainder are cash sales. ? Brenmar's current assets equal $ 1.8 ?million, its current liabilities equal $303,200?, and it has $101,200 in cash plus marketable securities.
Question a. If? Brenmar's accounts receivable equal $562,700?, what is its average collection? period?
Question b. If Brenmar reduces its average collection period to 25 ?days, what will be its new level of accounts? receivable?
Question c. ?Brenmar's inventory turnover ratio is 8.5 times. What is the level of? Brenmar's inventories?
On January 1, 2010, LoCoco Corporation purchased a new assembly line for $100,000 cash and a $200,000, 10%, 5-year note payable. The assembly line has an estimated salvage value of $20,000 and an estimated useful life of 14 years.
Oakley, Inc., reported the following items in its financial statements. For each item, indicate (1) the type of account (A = asset, L = liability, SE = stockholders' equity, R = revenue, E = expense, D = dividend) and (2) whether it is reported on th..
Determine how Last Ltd should account for the results of the impairment tests at both 31 December 2016 and 31 December 2017
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Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 101,000 $ 60,500 Accounts receivable 109,750 47,500 Inventory 140,625 128,563 Prepaid expenses 35,500 32,500. New plant assets ..
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On January 1, 2016, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $38,000 each, and will be paid on December 31, 2016, 2017, and 2018. The last three are to be $53,000 each and will be paid on ..
Based on your review of the IAS 16 Property, Plant and Equipment Summary which is a summary of the IFRS adoption of IAS 16
During 2010, the S corporation reported an $80,000 ordinary business loss and no separately stated items. Explain how much of the ordinary loss is deductible by Jamaal if he owns 50% of the S corporation?
What were the total cost and book value of property, plant, and equipment at September 27, 2014? What method or methods of depreciation are used by Apple?
Net income is $83,642.30 (Gross profit - operating expenses) and gross profit is $217,715; therefore the net margin ratio should be 0.38? Is this correct?
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