A consumer products company reported a 5.9 percent increase in
sales from 2014 to 2015. Sales...
A consumer products company reported a 5.9 percent increase in
sales from 2014 to 2015. Sales in 2014 were $30,600. In 2015, the
company reported the cost of goods sold in the amount of $10,607.
What was the gross profit percentage in 2015? (Do not round
intermediate calculations. Enter your answer as a percentage
rounded to 1 decimal place (i.e. 0.123 should be entered as
12.3).)
Kim Company has the following
summary financial information:
2013
2014
2015
2016
Sales
$ 55,000
$...
Kim Company has the following
summary financial information:
2013
2014
2015
2016
Sales
$ 55,000
$ 65,000
$ 75,000
$ 85,009
Property, Plant, & Equipment
$ 5,000
$ 5,500
$ 6,000
$ 6,500
a.
Calculate Kim's fixed assets turnover ratio for
2014 through 2016
12.38
13.04
13.60
b.
Ivan Inc had fixed assets turnover for 2016 of
13.00. Did Kim or Ivan have better
performance?
higher is more efficient | $sales per $1 fixed
asset
Accounts Receivable Problem Type I - PERCENTAGE OF SALES (OR
INCOME STATEMENT APPROACH)
For 2015, The...
Accounts Receivable Problem Type I - PERCENTAGE OF SALES (OR
INCOME STATEMENT APPROACH)
For 2015, The company reported the following:
?A/R beginning of Year = $ 20,000
?Allowance at Beginning of year = $18,800?(Credit
balance)
?Credit Sales = $ 91,250
?Write-offs = $21,000
?Cash collections = 80,000
?Total expense = 70,000
1. The company estimates that be 12% of annual sales will be
uncollected each
year. What is the Bad Debt Expense for 2015 ?
2. What is the ending...
General Mills reported
the following information in its 2015 financial statements ($ in
millions):
2015
2014...
General Mills reported
the following information in its 2015 financial statements ($ in
millions):
2015
2014
Balance
Sheets:
Accounts
receivable, net
$
1,386.7
$
1,483.6
2015 Income
statement:
Sales
revenue
$
17,630.3
A note disclosed that the allowance for uncollectible accounts had
a balance of $25.3 million and $21.0 million at the end of 2015 and
2014, respectively. Bad debt expense for 2015 was $19.8
million.
Required:
Determine the amount of cash collected from customers during 2015.
(All sales are...
Use the data to complete the following two questions:
In 2014 the sales were $1,426,870 with...
Use the data to complete the following two questions:
In 2014 the sales were $1,426,870 with returns of $22,600. Their
Accounts Receivable at the beginning of the year were $99,500 and
$76,800 at the end of the year for 2014.
What is the Accounts Receivable Turnover in 2014?
What is the Number of Days' in Sales Receivables in 2014?
National Beverage Company anticipates the following
first-quarter sales for 2015: $1,808,000 (January), $1,669,000
(February), and $2,157,000...
National Beverage Company anticipates the following
first-quarter sales for 2015: $1,808,000 (January), $1,669,000
(February), and $2,157,000 (March). It posted the following
sales figures for the last quarter of 2014: $1,843,000
(October), $ 2,033,000 (November), and $ 2,107,000 (December).
The company sells 38% of its products on credit; 62% are cash
sales. The company collects credit sales as follows: 29% in the
following month, 50% two months later, and 18% three months
later, with 3% defaults. What are the anticipated cash...