User Account

All Pages

What is the balance of cost of good sold

Assignment Help Financial Accounting
Reference no: EM132797138

The Current Assets of MJ Corp. comprises cash, Accounts receivable, and inventory. If it has Inventory turnover (using year end balance of inventory) equal to 5 times, current ratio is 2:1, Average collection period is 42 days, quick ratio is 1.25:1, Credit sales is 75% of total Net Sales, and the working capital amounts to P1,120,000.00.

Problem 1. What is the amount of inventory?

Problem 2. What is the balance of Cost of Good Sold?

Reference no: EM132797138

Questions Cloud

Name other examples of specialized plant parts : Name other examples of specialized plant parts. Give at least three examples. What other structure can be found in a cross section of a stem,leaf,and root?
What constant amount will be able to withdraw each year : After you turn 70. Hence, you will be making 372 withdrawals. If your savings still is earning 5% APR, how much can you withdraw at the end of each month?
Describe your initial perception of overall student learning : Describe your initial perception of overall student learning. Describe the results from your observations and each measurement of learning that supports your.
Compute the total amount of joint costs : All the Ace items were sold for a gross profit of P100,000. Compute the total amount of joint costs
What is the balance of cost of good sold : What is the balance of Cost of Good Sold? The Current Assets of MJ Corp. comprises cash, Accounts receivable, and inventory. If it has Inventory turnover
Identify communication challenges they face or have faced : You also will need to ask the person to identify some communication challenges they face or have faced. In your interview, ask what they did to resolve those.
What happens during stage of a cell cycle : What happens during each stage of a cell cycle? Name one thing that could wrong during one of the phases and describe the consequences.
Long history of declarations of a war on cancer : In January 2016 President Obama announced a $1 billion "moonshot" to cure cancer, putting Vice President Joe Biden - whose son Beau died of brain cancer
What were the implications for the success of the change : Was the change implemented at the appropriate organizational level? If so, how? If not, what were the implications for the success of the change?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Considering moving its manufacturing facility

Xeno, Inc., is considering moving its manufacturing facility from southern Illinois to Mexico. The stakeholders in this corporate decision would include:

  What would the depreciation expense be under the units

If the machine was used to produce and sell 120,000 units in 2008, what would the depreciation expense be under the units of production method?

  What projected inventory at the end of december is

Find Projected sales discounts to be taken by customers making remittance during February? Projected inventory at the end of December is

  Calculate number of exemptions and the standard deduction

Calculate the number of exemptions and the standard deduction that the taxpayer is entitled to take in 2016 in each of the following independent cases: jackson is 28 and his wife joan is 27 . They have two children, one three years old and the other ..

  What should be strategy of the company for dividend payment

In your opinion, what should be the strategy of the company for dividend payment if future investment opportunities are available?

  Idea of discontinuing the products with losses

What would you tell Roger about his idea of discontinuing the products with losses and what other factors besides losses should be considered before discontinuing a product

  Explain the three types of classifications for investments

Identify and explain the three types of classifications for investments in debt securities. How unrealized holding gains and losses should be reported for each?

  Why the will not work for stock price

Someone has suggested that you should pay higher dividends in order to improve the growth rate of the company. Explain why this won't work.

  How could a continued depreciation of thai baht affect

How could a continued depreciation of the Thai baht affect Blades? How would it affect Blades relative to US exporters invoicing their roller blades in US Dollars?

  What is the approximate amount of life insurance

Using the capital drawdown method, what is the approximate amount of life insurance that Stan should buy to meet his child support commitment?

  Make the general journal entries to record the transaction

Prepare the general journal entries to record this transaction in accordance with AASB 118 for the year ended 30 June 2017. Show all workings.

  How create journal entries to record the issuance of bonds

Carla Vista Co. sold $3,290,000, 10%, 10-year bonds on January 1, 2022. Prepare the journal entries to record the issuance of the bonds assuming they sold at.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd