Q: On August 1, 2010, Botores, Inc., sold equipment
On August 1, 2010, Botores, Inc., sold equipment and accepted a six-month, 12%, $50,000 note receivable. Botores year-end is December 31. Write the journal entry on the maturity date (February 1, 201...
See AnswerQ: Which of the following is included in the calculation of the acid
Which of the following is included in the calculation of the acid-test ratio? a. Prepaid expenses and cash b. Cash and accounts receivable c. Inventory and prepaid expenses d. Inventory and short-...
See AnswerQ: A company with net sales of $1,017,000
A company with net sales of $1,017,000, beginning net receivables of $110,000, and ending net receivables of $120,000, has days’ sales in accounts receivable of a. 38 days. b. 47 days. c. 41 days....
See AnswerQ: A company sells on credit terms of net 30 days and has
A company sells on credit terms of net 30 days and has days’ sales in account receivable of 30 days. Its days sales in receivables is a. too high. b. too low. c. about right. d. cannot be evaluate...
See AnswerQ: An error understated Regan Corporations December 31, 2010, ending inventory
An error understated Regan Corporations December 31, 2010, ending inventory by $42,000. What effect will this error have on net income for 2011? a. Overstate b. Understate c. No effect
See AnswerQ: Use the data from Exercise 4-21 to make the journal
Use the data from Exercise 4-21 to make the journal entries that Root should record on April 30 to update his Cash account. Include an explanation for each entry. From 21: Evan Root operates a bowlin...
See AnswerQ: Eleanor Barker Cosmetics ended the month of May with inventory of $
Eleanor Barker Cosmetics ended the month of May with inventory of $25,000. Eleanor Barker expects to end June with inventory of $12,000 after cost of goods sold of $102,000. How much inventory must El...
See AnswerQ: Two financial ratios that clearly distinguish a discount chain such as Kmart
Two financial ratios that clearly distinguish a discount chain such as Kmart from a high-end retailer such as Saks Fifth Avenue are the gross profit percentage and the rate of inventory turnover. Whic...
See AnswerQ: Sales are $540,000 and cost of goods sold is
Sales are $540,000 and cost of goods sold is $330,000. Beginning and ending inventories are $29,000 and $34,000, respectively . How many times did the company turn its inventory over during this perio...
See AnswerQ: Trigger, Inc., reported the following data: /
Trigger, Inc., reported the following data: Triggers gross profit percentage is a. 46.3. b. 52.7. c. 47.3. d. 57.4.
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