Choose the one alternative that best completes the statement or answers the question. Solve the problem.

Get perfect grades by consistently using www.assignmentgeeks.org. Place your order and get a quality paper today. Take advantage of our current 20% discount by using the coupon code GET20


Order a Similar Paper Order a Different Paper

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.

Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $29,000

Total liabilities and owner’s equity: $131,000

Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $12,000

Total liabilities and owner’s equity: $131,000

Mullen’s Hardware Balance Sheet

Total assets: $95,000

Total liabilities: $12,000

Total liabilities and owner’s equity: $102,000

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.

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%

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%

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%

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.

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%

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%

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%

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.

gross profit: $152,000; net income: $82,000

gross profit: $72,100; net income: $29,000

gross profit: $82,000; net income: $152,000

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.

net sales: $4,207,000; cost of goods sold: $1,416,000

net sales: $4,138,200; cost of goods sold: $1,416,000

net sales: $4,138,200; cost of goods sold: $135,900

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.

cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 21.7%

cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales: 39.7%

cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales: 39.7%

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.

beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0%

beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6%

beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0%

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.

10.6% decrease

10.6% increase

10.3% increase

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.

50.8% increase

7.4% decrease

50.8% decrease

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.

Jake’s Janitorial Service Balance Sheet

Total assets: $221,000

Total liabilities: $110,000

Total liabilities and owner’s equity: $89,000

Jake’s Janitorial Service Balance Sheet

Total assets: $221,000

Total liabilities: $132,000

Total liabilities and owner’s equity: $89,000

Jake’s Janitorial Service Balance Sheet

Total assets: $221,000

Total liabilities: $132,000

Total liabilities and owner’s equity: $221,000

Jake’s Janitorial Service Balance Sheet

Total assets: $124,000

Total liabilities: $132,000

Total liabilities and owner’s equity: $89,000

10 points  

Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Comment

Answer


Get this answer with Chegg Study

 

"Is this question part of your assignment? We can help"

ORDER NOW
Writerbay.net

Need help with an assignment? We work for the best interests of our clients. We maintain professionalism and offer brilliant writing services in most of the fields ranging from nursing, philosophy, psychology, biology, finance, accounting, criminal justice, mathematics, computer science, among others. We offer CONFIDENTIAL, ORIGINAL (Turnitin & SafeAssign checks), and PRIVATE services using the latest (within 5 years) peer-reviewed articles. Kindly click on ORDER NOW to receive an A++ paper from our masters- and doctorate-prepared writers. Thank you in advance!

Get a 15% discount on your order using the following coupon code SAVE15


Order a Similar Paper Order a Different Paper