Zeppelin Company’s balance sheet included cash ($5,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,500,000), accounts payable ($9,000,000), and accrued expenses ($7,500,000). Working capital is Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Selected information for 2018 is: cost of goods sold, $6,000,000; average inventory, $2,000,000; net sales, $8,000,000; average receivables, $980,000; and net income, $700,000. Assuming a 360-day year, what was the inventory turnover ratio for 2018? Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Ziggy Co. manufactures tote bags. The forecasted income statement for the year before any special orders included sales of $3,000,000 (sales price is $10 per unit.) Manufacturing cost of goods sold is anticipated to be $2,000,000. Selling expenses are expected to be $250,000, and operating income is projected at $750,000. Fixed costs included in these […]
Harrison Company had sales of $10,000 (100 units at $100 per). Manufacturing costs consisted of direct labor $1,500, direct materials $1,000, variable factory overhead $1,100, and fixed factory overhead $500. Selling expenses totaled $1,500 ($500 variable and $1,000 fixed), and administrative expenses totaled $1,600 ($410 variable and $1,190 fixed). Operating income was $2,800. Round all […]
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