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Seleted information take from the accounting records of Rigor Company follows:Net Accounts Receivable at 12/31/10 $800,000Net Accounts Receivable at 12/31/11 $900,000Accounts Receivable Turnover 7 to 1
Inventories at 12/31/10 $1,000,000Inventories at 12/31/11 $1,200,000Inventory Turnover 3 to 1
Required:a. What was Rigor's gross margin for 2011?b. Suppose there are 360 business days in the year. What was the number of days' sales outstanding in average receivables and the number of days' sales outstanding in average inventories for 2011, respectively.
Income statement, Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40 percent.
Explain how a company chooses a taxable year. What do you think the taxable year for the following businesses would be:
Explain why the quantity purchased is used in computing the direct materials price variance, but the actual quantity consumed is used in computing the direct materials quantity variance.
In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable.
How much do external failure costs change if all changes are as anticipated with the new prevention procedures? Assume all units produced are sold and there are no ending inventories.
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
Let's say that you work in the budgeting office at a university and you have in front of you the expected student enrollment for the upcoming academic year. Discuss a few financial and operational plans that would be dictated by the enrolment bud..
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
Would each of the following increase, decrease, or have an indeterminant effect on a firm's breakeven point (unit sales)?
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
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