The 2019 annual report of Johnson Services reveals the following
information. The dollar amounts are end-of-year...
The 2019 annual report of Johnson Services reveals the following
information. The dollar amounts are end-of-year balances.The 2019
annual report of Johnson Services reveals the following
information. The dollar amounts are end-of-year balances.
2019
2018
Credit Sales
$130,000
$125,000
Accounts Receivable
87,000
77,000
Allowance for Doubtful Accounts
32,000
26,500
Bad Debt Recoveries
400
320
Johnson estimates bad debts each year at 4 percent of credit
sales.
Compute the actual amount of write-offs during 2019. (5
Points)
Infer the journal entries...
The complete annual report,
including the notes to the financial statements, is available at
the company’s...
The complete annual report,
including the notes to the financial statements, is available at
the company’s website.
Instructions
A. Answer the following questions
using TSMC’s (Taiwan Semiconductor Manufacturing Company)
consolidated income statement.
a. What was the percentage
change in (1) sales (net revenue) and in (2) net income from 2018
to 2019?
b. What was the company’s
gross profit rate in 2018 and 2019?
c. What was the company’s
percentage of net income to net sales in 2018 and 2019?...
Calculate 2018 and 2019 ROMI:
2018 ($)
2019
2020
Revenue
$9,000,000
$10,000,000
$10,000,000
Variable Costs
Raw...
Calculate 2018 and 2019 ROMI:
2018 ($)
2019
2020
Revenue
$9,000,000
$10,000,000
$10,000,000
Variable Costs
Raw materials
$4,000,000
$5,000,000
$5,000,000
Production
$700,000
$700,000
$800,000
Distribution
$958,500
$1,006,425
$1,048,000
Gross profit
$3,341,500
$3,293,575
$3,152,000
Fixed Costs
Wages
$800,000
$800,000
$900,000
Marketing
$1,500,000
$1,300,000
$1,600,000
G&A
$200,000
$20,000
$200,000
Operating Profit
$841,500
$1,173,575
$452,000
sel, Inc. reported net sales revenue of $600,000 in 2018 and
$500,000 in 2019. The company’s...
sel, Inc. reported net sales revenue of $600,000 in 2018 and
$500,000 in 2019. The company’s ending net receivables were
$120,000 during 2017 and $130,000 during 2018. At December 31,
2019, the company had Accounts Receivable of $148,000 and an
unadjusted debit balance in its Allowance for Doubtful Accounts
account of $1,000. The company reported Bad Debt Expense of $6,000
during 2019.
Required:
Determine the net receivables at December 31, 2019.
Calculate the receivables turnover ratio for 2018 and
2019....