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Choose the one alternative that best completes the statement or answers the question. Solve the problem.
STION 1
Choose the one alternative that best completes the statement or answers the question. Solve the problem.
Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner’s capital is $102,000.
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Mullen’s Hardware Balance Sheet Total assets: $131,000 Total liabilities: $29,000 Total liabilities and owner’s equity: $131,000 |
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Mullen’s Hardware Balance Sheet Total assets: $131,000 Total liabilities: $12,000 Total liabilities and owner’s equity: $131,000 |
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Mullen’s Hardware Balance Sheet Total assets: $95,000 Total liabilities: $12,000 Total liabilities and owner’s equity: $102,000 |
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Mullen’s Hardware Balance Sheet Total assets: $131,000 Total liabilities: $17,000 Total liabilities and owner’s equity: $17,000 |
10 points
QUESTION 2
Solve the problem. Express answers as a percent rounded to the nearest tenth.
Complete a vertical analysis on the balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $11,000, accounts receivable $40,000, and merchandise inventory $96,000. The liabilities are accounts payable $19,000 and wages payable $25,000. The owner’s capital is $103,000.
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Mullen’s Hardware Balance Sheet Cash: 7.5% Accounts receivable: 27.2% Merchandise inventory: 65.3% Total assets: 100% Accounts payable: 43.2% Wages payable: 17.0% Total liabilities: 29.9% Mullen’s capital: 70.1% Total liabilities and owner’s equity: 100% |
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Mullen’s Hardware Balance Sheet Cash: 7.5% Accounts receivable: 27.2% Merchandise inventory: 65.3% Total assets: 100% Accounts payable: 12.9% Wages payable: 56.8% Total liabilities: 29.9% Mullen’s capital: 70.1% Total liabilities and owner’s equity: 100% |
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Mullen’s Hardware Balance Sheet Cash: 7.5% Accounts receivable: 27.2% Merchandise inventory: 65.3% Total assets: 100% Accounts payable: 12.9% Wages payable: 17.0% Total liabilities: 29.9% Mullen’s capital: 70.1% Total liabilities and owner’s equity: 100% |
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Mullen’s Hardware Balance Sheet Cash: 7.5% Accounts receivable: 27.2% Merchandise inventory: 65.3% Total assets: 100% Accounts payable: 43.2% Wages payable: 56.8% Total liabilities: 100% Mullen’s capital: 70.1% Total liabilities and owner’s equity: 100% |
10 points
QUESTION 3
Solve the problem. Express answers as a percent rounded to the nearest tenth.
Complete a vertical analysis on the balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $20,000, accounts receivable $48,000, merchandise inventory $89,000, and equipment $82,000. The liabilities are accounts payable $13,000, wages payable $16,000, and mortgage note payable $77,000. The owner’s capital is $133,000.
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Jake’s Janitorial Service Balance Sheet Cash: 8.4% Accounts receivable: 20.1% Merchandise inventory: 37.2% Equipment: 34.3% Total assets: 100% Accounts payable: 12.3% Wages payable: 15.1% Mortgage note payable: 32.2% Total liabilities: 44.4% Jake’s capital: 55.6% Total liabilities and owner’s equity: 100% |
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Jake’s Janitorial Service Balance Sheet Cash: 8.4% Accounts receivable: 20.1% Merchandise inventory: 37.2% Equipment: 34.3% Total assets: 100% Accounts payable: 5.4% Wages payable: 6.7% Mortgage note payable: 72.6% Total liabilities: 44.4% Jake’s capital: 55.6% Total liabilities and owner’s equity: 100% |
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Jake’s Janitorial Service Balance Sheet Cash: 8.4% Accounts receivable: 20.1% Merchandise inventory: 37.2% Equipment: 34.3% Total assets: 100% Accounts payable: 12.3% Wages payable: 15.1% Mortgage note payable: 72.6% Total liabilities: 100% Jake’s capital: 55.6% Total liabilities and owner’s equity: 100% |
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Jake’s Janitorial Service Balance Sheet Cash: 8.4% Accounts receivable: 20.1% Merchandise inventory: 37.2% Equipment: 34.3% Total assets: 100% Accounts payable: 5.4% Wages payable: 6.7% Mortgage note payable: 32.2% Total liabilities: 44.4% Jake’s capital: 55.6% Total liabilities and owner’s equity: 100% |
10 points
QUESTION 4
Solve the problem.
For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.
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gross profit: $152,000; net income: $82,000 |
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gross profit: $72,100; net income: $29,000 |
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gross profit: $82,000; net income: $152,000 |
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gross profit: $152,000; net income: $29,000 |
10 points
QUESTION 5
Solve the problem.
For the month ending December 31, MidState Machinery had gross sales of $4,207,000, returns of $68,800, cost of beginning inventory $502,000, cost of purchases $1,484,000, cost of ending inventory $570,000, total operating expenses $135,900. Find the net sales and cost of goods sold.
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net sales: $4,207,000; cost of goods sold: $1,416,000 |
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net sales: $4,138,200; cost of goods sold: $1,416,000 |
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net sales: $4,138,200; cost of goods sold: $135,900 |
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net sales: $4,138,200; cost of goods sold: $2,716,300 |
10 points
QUESTION 6
Solve the problem. Express answers as a percent rounded to the nearest tenth.
The Garden Shop had a cost of goods sold of $108,000, operating expenses of $49,000, and net sales of $272,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.
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cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 21.7% |
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cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales: 39.7% |
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cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales: 39.7% |
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cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 18.0% |
10 points
QUESTION 7
Solve the problem. Express answers as a percent rounded to the nearest tenth.
Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $222,000, and gross sales of $401,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.
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beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0% |
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beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6% |
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beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0% |
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beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 65.3% |
10 points
QUESTION 8
Solve the problem. Round to the nearest tenth.
Find the percent increase (or decrease) in net sales from last year to this year for the income statement.
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10.6% decrease |
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10.6% increase |
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10.3% increase |
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10.3% decrease |
10 points
QUESTION 9
Solve the problem. Round to the nearest tenth.
Find the percent increase (or decrease) in cost of goods sold from last year to this year for the income statement.
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50.8% increase |
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7.4% decrease |
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50.8% decrease |
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7.4% increase |
10 points
QUESTION 10
Solve the problem.
Prepare a balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $16,000, accounts receivable $58,000, merchandise inventory $50,000, and equipment $97,000. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable $87,000. The owner’s capital is $89,000.
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Jake’s Janitorial Service Balance Sheet Total assets: $221,000 Total liabilities: $110,000 Total liabilities and owner’s equity: $89,000 |
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Jake’s Janitorial Service Balance Sheet Total assets: $221,000 Total liabilities: $132,000 Total liabilities and owner’s equity: $89,000 |
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Jake’s Janitorial Service Balance Sheet Total assets: $221,000 Total liabilities: $132,000 Total liabilities and owner’s equity: $221,000 |
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Jake’s Janitorial Service Balance Sheet Total assets: $124,000 Total liabilities: $132,000 Total liabilities and owner’s equity: $89,000 |
10 points
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Answer
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