accounting final-2

accounting final-2 - Question 1: Score 1/1 Your response...

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Unformatted text preview: Question 1: Score 1/1 Your response Correct response Hutson Coffee Shops reported the following for the two most recent fiscal years: December 31 2010 2009 Cash $ 34,000 $ 17,000 Receivables (net) 85,000 80,000 Merchandise inventory 74,000 48,000 Fixed assets 365,000 324,000 Total assets $ 558,000 $ 469,000 Accounts payable 65,000 83,000 Long-term notes payable 82,000 112,000 Common stock 176,000 144,000 Retained earnings 235,000 130,000 Total liabilities and shareholders' equity $ 558,000 $ 469,000 Net income for the year ended 12/31/10 $ 115,000 Sales (all sales were on account) 620,000 Cost of goods sold 284,000 Interest expense 3,000 Required: Calculate the following for the year ended December 31, 2010: (a) Current ratio (Round your answer to 2 decimal places.) Current ratio 2.97 (100%) Hutson Coffee Shops reported the following for the two most recent fiscal years: December 31 2010 2009 Cash $ 34,000 $ 17,000 Receivables (net) 85,000 80,000 Merchandise inventory 74,000 48,000 Fixed assets 365,000 324,000 Total assets $ 558,000 $ 469,000 Accounts payable 65,000 83,000 Long-term notes payable 82,000 112,000 Common stock 176,000 144,000 Retained earnings 235,000 130,000 Total liabilities and shareholders' equity $ 558,000 $ 469,000 Net income for the year ended 12/31/10 $ 115,000 Sales (all sales were on account) 620,000 Cost of goods sold 284,000 Interest expense 3,000 Required: Calculate the following for the year ended December 31, 2010: (a) Current ratio (Round your answer to 2 decimal places.) Current ratio 2.97 Feedback: Current assets $ 193,000 Current liabilities $ 65,000 Current ratio 2.97 Your response Correct response (b) Working capital (Omit the "$" sign in your response.) Working capital $ 128000 (100%) (b) Working capital (Omit the "$" sign in your response.) Working capital $ 128000 Feedback: Current assets $ 193,000 Current liabilities $ (65,000 ) Working capital $ 128,000 Your response Correct response (c) Accounts receivable turnover ratio (Round your answer to 2 decimal places.) Accounts receivable turnover ratio 7.52 (100%) (c) Accounts receivable turnover ratio (Round your answer to 2 decimal places.) Accounts receivable turnover ratio 7.52 Feedback: Net credit sales $ 620,000 Average net account receivable $ 82,500 Account receivable turnover ratio 7.52 Your response Correct response (d) Inventory turnover ratio (Round your answer to 2 decimal places.) Inventory turnover ratio 4.66 (100%) (d) Inventory turnover ratio (Round your answer to 2 decimal places.) Inventory turnover ratio 4.66 Feedback: Cost of goods sold $ 284,000 Average inventory $ 61,000 Inventory turnover ratio 4.66 Your response Correct response (e) Return on assets (Round your answer to 2 decimal places.) Return on assets .23 (100%) (e) Return on assets (Round your answer to 2 decimal places.) Return on assets .23 Feedback: Net income $ 115,000 Interest expense 3,000 $ 118,000 Average total assets $ 513,500 Return on assets 0.23 Your response...
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accounting final-2 - Question 1: Score 1/1 Your response...

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