ORIE_350_Homework__3_answers

ORIE_350_Homework__3_answers - Homework#3 Due Tuesday You...

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Homework #3 Due Tuesday February 13, 2006 You may wish to retain a copy of this homework, as it may not be returned prior to the first prelim. Graded Problems: 1. P4-2B If Dues Revenue and Ticket Revenue are considered to be distinct accounts: 1
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If there is only one revenue account: 1. Cash 11,000 Accounts Receivable 11,000 2. Unearned Ticket Revenue 25,000 Revenue 25,000 3. Cash 35,000 Unearned Ticket Revenue 20,000 Revenue 15,000 4. Accounts Receivable 108,000 Revenue 108,000 5. Cash 93,000 Accounts Receivable 93,000 b) Cash collected = 11,000 + 35,000 + 93,000 = $139,000 2. P4-6A 2
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3. Here is fiscal year and fiscal year ending data from The Home Depot, a North American home improvement retailer. All amounts are in thousands of dollars Jan 29, 2006 Jan 30, 2005 Net Sales 81,511,000 73,094,000 Net Credit Sales 8,200,000 7,500,000 Accts. Receivable 2,396,000 1,499,000 Cost of Goods Sold 54,191,000 48,664,000 Accts. Payable 9,731,000 8,972,000 Inventory 11,401,000 10,076,000 a. Find the days of inventory, days of accounts payable, and days of accounts receivable, for the fiscal year ended Jan. 29, 2006. Cost of Goods Sold 54,191,000 Inventory Turnover 5.046 Average Inventory 10,738,500 365 Inventory,Days 73.3 days 5.046 = = = = = Cost of Goods Sold 54,191,000
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