This information is available for the automotive and other

Assignment Help Accounting Basics
Reference no: EM13603746

This information is available for the Automotive and Other Operations Divisions of General Motors Corporation for 2006. General Motors uses the LIFO inventory method.

(in millions) 2006
Beginning inventory $13,862
Ending inventory 13,921
LIFO reserve 1,508
Current assets 64,131
Current liabilities 67,822
Cost of goods sold 164,682
Sales 172,927

(a) Calculate the inventory turnover ratio and days in inventory.

(b) Calculate the current ratio based on inventory as reported using LIFO.

(c) Calculate the current ratio after adjusting for the LIFO reserve.

Reference no: EM13603746

Questions Cloud

A small glass bead charged to 74nc is 40cm from a thin : a small glass bead charged to 7.4nc is 4.0cm from a thin uniformly charged 10--cm long glass rod. the bead is repelled
Determine the pressure in lbfin2 at an intermediate state : a system consists of nitrogen n2 in a piston-cylinder assembly initially at p1 20 lbfin2 and occupying a volume of
Determine the unit product cost of each product according : determine the unit product cost of each product according to the abc system. do not round intermediate calculation.
What are the magnitude and direction of the vertical force : a firefighter with a weight of 715 n slides down a vertical pole with an acceleration of 3.10 ms2 directed downward.a
This information is available for the automotive and other : this information is available for the automotive and other operations divisions of general motors corporation for 2006.
A wind force with component fx acts on the skier indicate : a 48 kg skier skis directly down a frictionless slope angled at 13deg to the horizontal. assume the skier moves in the
At december 31 2008 mongo inc reported in its balance sheet : 1.which of the following describes defined benefit pension plans? a the investment risk is borne by the employee. b the
What is the least coefficient of static friction between : a cat dozes on a stationary merry-go-round at a radius of 5.4 m from the center of the ride. then the operator turns on
Separately they also randomly assigned these treatments to : an ultramarathon as you might guess is a footrace longer than the 26.2 miles of a marathon. runners commonly develop

Reviews

Write a Review

Accounting Basics Questions & Answers

  Your friend asks you what the terms fob shipping point and

your friend asks you what the terms fob shipping point and fob destination mean. what are the accounting and business

  Supply-demand and price controls

How do supply, demand, and price controls interact to affect farm production in Columbia and Afghanistan? How does the illicit nature of drug imports from Columbia and Afghanistan affect consumer behavior?

  The companys income statement showed the following results

dousmann corp.s sales slumped badly in 2014. for the first time in its history it operated at a loss. the companys

  Employer payroll taxes liabilities

The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income tax withheld from his earnings was $1,375.17. What is the amount of the employer's..

  Net revenue approach to revenue recongnition

Explain the net revenue approach to revenue recongnition employed in general fund and special revenue fund (and other governmental fund) accounting and reporting, including why it is used.

  What would be trojans overall net cash flow with regard to

trojan corporation issued a bond on january 1 2003. interest on the bond was payable annually at december 31. the bond

  What is online sales system

What is online sales system, differentiate between physical based and non physical based online sales system - list at least FIVE components of online sales system and brief explain the role of each department.

  On may 31 2001 cole co paid 3500000 to acquire all of the

on may 31 2001 cole co paid 3500000 to acquire all of the common stock of hale corporation which became a division of

  Determining payback period for new machine

The firm will use straight-line depreciation for the new machine over 10 years with no residual value. What is the payback period for the new machine?

  Calculating break-even and graphing san juan health

calculating break-even and graphing. san juan health departments dental clinic projects the following costs and rates

  Explain the five different types of decisions that could

explain the five different types of decisions that could use incremental analysis? what are the relevant costs in a

  Assume that you have been offered cash discounts on

assume that you have been offered cash discounts on merchandise that can be purchased from either of two suppliers.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd