Monthly Archives: June 2013

Elliot’s Escargots sells commercial and home snail extraction tools and serving pieces

ACCOUNTING Elliot’s Escargots sells commercial and home snail extraction tools and serving pieces. Currently, the snail extraction line of products takes up approximately 50 percent of the company’s retail floor space. The CEO of Elliot’s wants to decide if the … Continue reading

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Following are financial statements for the Genatron Manufacturing Corporation for 2012 and 2011

ACCOUNTING Following are financial statements for the Genatron Manufacturing Corporation for 2012 and 2011. GENATRON MANUFACTURING CORPORATION BALANCE SHEET 2012 2011 ASSETS CASH $40,000 $50,000 ACCOUNTS RECEIVABLE 260,000 200,000 INVENTORY 500,000 450,000 TOTAL CURRENT ASSETS 800,000 700,000 AND SO ON … Continue reading

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Following are selected financial data in thousands of dollars for the Hunter Corporation

ACCOUNTING Following are selected financial data in thousands of dollars for the Hunter Corporation. 2012 2011 Current assets $ 500 $400 Fixed assets, net 700 600 Total assets 1,200 1,000 Current liabilities 300 200 Long-term debt 200 200 Common equity … Continue reading

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The Dayco Manufacturing Company had the following financial statement results for last year

ACCOUNTING The Dayco Manufacturing Company had the following financial statement results for last year. Net sales were $1.2 million with net income of $90,000. Total assets at year end amounted to $900,000. a. Calculate Dayco’s asset turnover ratio and its … Continue reading

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Use the following information to construct an income statement

ACCOUNTING Use the following information to construct an income statement: Interest $25,000 Sales $950,000 Income tax rate 25% Selling and marketing expenses $160,000 General & administrative expenses $200,000 Gross Profit $550,000 Depreciation $30,000 Cost of Goods sold $400,000 Click here … Continue reading

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Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts

ACCOUNTING Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts: ASSETS Cash $25,000 3.4% Accounts receivable $125,000 _____ Inventory _______ 27.1% Total current assets $350,000 ______ Gross plant and equipment _______ 95.0% Less: … Continue reading

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Use your knowledge of balance sheets to fill in the missing amounts

ACCOUNTING Use your knowledge of balance sheets to fill in the missing amounts: ASSETS Cash $50,000 Accounts receivable 80,000 Inventory 100,000 Total current assets ——— Gross plant and equipment ——– Less: accumulated depreciation 130,000 Net plant and equipment 600,000 Total … Continue reading

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Compute the effective cost of not taking the cash discount under the following trade credit terms

ACCOUNTING Problem 4: Compute the effective cost of not taking the cash discount under the following trade credit terms: a. 2/10 net 40 b. 2/10 net 50 c. 3/10 net 50 d. 2/20 net 40 Problem 5: What conclusions can … Continue reading

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Given Robinson’s 2010 and 2011 financial information presented in problem 2 and 4

ACCOUNTING Given Robinson’s 2010 and 2011 financial information presented in problem 2 and 4, a. Compute it’s operating and cash conversion cycle in each year. b. What was Robinson’s net investment in working capital each year? Click here for the … Continue reading

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Pretty Lady Cosmetic Products has an average productions process time of forty days

ACCOUNTING Pretty Lady Cosmetic Products has an average productions process time of forty days. Finished goods are kept on hand for an average of fifteen days before they are sold. Accounts receivable are outstanding an average of thirty-five days, and … Continue reading

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