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George Bailey Corporation experienced a fire on December 31, 2013, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2013 December 31, 2012 Cash $ 30,000 $ 10,000 Receivables (net) 72,500 126,000 Inventory 200,000 180,000 Accounts payable 50,000 90,000 Notes payable 30,000 60,000 Common stock, $100 par 400,000 400,000 Retained earnings 113,500 101,000 Additional information: 1. The inventory turnover is 3.5 times. 2. The return on common stockholders’ equity is 24%. The company had no additional paid-in capital. 3. The receivables turnover is 8.8 times. 4. The return on assets is 20%. 5. Total assets at December 31, 2012, were $605,000. Instructions Compute the following for George Bailey Corporation. (a) Cost of goods sold for 2013. (b) Net sales (credit) for 2013. (c) Net income for 2013. (d) Total assets at December 31, 2013.
The company estimates that 16% of accounts will not be collected over the next year. What is the adjusting entry Mercy Cosmetics would record for the allowance for uncollectible accounts?
The company decided that, for the sake of conciseness, only net income should be reported on the income statement. Details as to revenues, cost of goods sold, and expenses were omitted.
Choose a publicly traded company, and review its statement of cash flows. Provide a link to the statement in your post. Do not choose a company about which one of your classmates has already posted. Calculate the cash flow ratios presented in the rea..
Find Maximization of total revenue to maximize profit
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On January 2, Year 1, Pool Co. acquired 75% of Kale Co.'s outstanding common stock. The balance sheet data at December 31, 20x1, show retained earnings of $200,000 per company. During 20x1, Pool and Kale paid cash dividends of $25,000 and $5,000, res..
Formulate a linear program to determine the expected mix of conference rooms to ensure the maximum profit for CRSL. Show all supporting calculations and derive the optimum solution using a computer package (eg solver in Excel).
journal entries for legal expenses incurred in contesting the insurance settlement.1. 342009 paid the february 2009
How does job-order costing apply to Washburn guitar? What are some examples of costs tracked during the manufacturing process? What are some examples of source documents used by Washburn in its process?
You should assume that the company that is a reporting entity and that the date the annual report (including the financial report) is authorised for issue is the 1st September 2014.
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