ACCOUNTING 221HW 3

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9 / 9 points items: cash $45,000, accounts receivable $160,000, inventories $150,000, prepaid expenses $20,000, accounts payable $95,000, and accrued expenses $75,000. Use this information to deter ... mine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.) 1. Quick Ratio 2. Current Ratio 2. Working Capital Answer for blank # 1: 1.2 (33.33 %) Answer for blank # 2: 2.2 (33.33 %) Answer for blank # 3: $205,000 (33.33 %) View Feedback 6 / 6 points For the FY 2016, Alpha Company had net sales of $950,000 and net income of $55,000, paid income taxes of $25,000, and had before tax interest expense of $10,000. Use this information to determine the: (Round & enter your answers to one decimal place and enter the value.) 1. Times Interest Earned Ratio 2. Profit Margin Answer for blank # 1: 9.0 (50 %) Answer for blank # 2: 5.8% (9.0, 5.8) View Feedback 8 / 8 points The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016Accounts Receivable $9,800 $9,400 Inventory 20,000 16,000 Net Sales (all credit) 72,000 71,000 Cost of Goods Sold 54,000 52,000 Net Income 7,200 6,900 Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.) 1. the inventory turnover ratio 2. number of days of inventory 3. Gross Profit Margin 4. Profit Margin Answer for blank # 1: 3.0 (25 %) Answer for blank # 2: 121.7 (25 %) Answer for blank # 3: 25.0% Answer for blank # 4: 10.0% (3.0, 121.7, 25.0, 10.0) View Feedback 8 / 8 points The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016Accounts Receivable $9,800 $9,400 Inventory 25,000 16,000 Net Sales (all credit) 80,000 71,000 Cost of Goods Sold 49,000 52,000 Net Income 7,200 6,900 Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.) 1. the accounts receivable turnover ratio 2. average collection period accounts receivable 3. Gross Profit Margin 4. Profit Margin Answer for blank # 1: 7.5 times Answer for blank # 2: 48.7 days Answer for blank # 3: 38.8% Answer for blank # 4: 9.0% (8.3, 43.8, 38.8, 9.0) View Feedback 6 / 6 points Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016. Net cash sales for 2016 were $300,000. The accounts receivable turnover for 2016 was 5.5. Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.) 1. Total Net Sales 2. Total Net Credit SalesAnswer for blank # 1: $3,025,000 (50 %) Answer for blank # 2: $3,325,000 (50 %) View Feedback 9 / 9 points The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016 Cash $26,000 $16,000 Accounts Receivable 40,000 50,000 Inventory 30,000 22,000 Current Liabilities 76,000 42,000 Net Sales (all credit) 390,000 360,000 Cost of Goods Sold 270,000 250,000 Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.) 1. the inventory turnover ratio 2. number of days of inventory 3. Gross Profit Margin Answer for blank # 1: 10.4 times Answer for blank # 2: 35.1 daysAnswer for blank # 3: 30.8% (10.4, 35.1, 30.8) View Feedback 9 / 9 points The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016 Cash $26,000 $16,000 Accounts Receivable 40,000 50,000 Inventory 30,000 22,000 Current Liabilities 76,000 42,000 Net Sales (all credit) 370,000 360,000 Cost of Goods Sold 260,000 250,000 Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.) 1. the Accounts Receivable turnover ratio 2. Average Accounts Receivable collection period 3. Gross Profit Margin Answer for blank # 1: 8.2 times Answer for blank # 2: 44.5 daysAnswer for blank # 3: 29.7% (8.2, 44.5, 29.7) View Feedback 2 / 2 points The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016 Cash $26,000 $16,000 Accounts Receivable 40,000 50,000 Inventory 30,000 22,000 Current Liabilities 65,000 42,000 Net Sales (all credit) 390,000 360,000 Cost of Goods Sold 260,000 250,000 Use this information to determine the quick ratio for FY 2017: (Round & enter your answers to one decimal place and enter the value.) Answer: 1.01 (1.0) View Feedback 4 / 4 points The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):Item/Account 2017 2016 Cash $26,000 $16,000 Accounts Receivable 40,000 50,000 Inventory 25,000 22,000 Current Liabilities 76,000 42,000 Net Sales (all credit) 390,000 360,000 Cost of Goods Sold 260,000 250,000 Use this information to determine for FY 2017: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.) 1. the Current Ratio 2. Working Capital Answer for blank # 1: 1.3 Answer for blank # 2: $15,000 (50 %) (1.2, $15,000) View Feedback 1 / 2 points Alpha's Company's Fiscal Year 2017 Statement of Cash Flows reflected information that cash provided by operating activities was $800,000. The following additional information was provided: Depreciation Expense $380,000Common Stock Dividends 200,000 Accounts Receivable increase 110,000 Accounts Payable decrease 60,000 Use this information and determine Alpha Company's the Net Income (Net Loss) the 2017 Fiscal Year. Answer: $250,000 ($590,000) View Feedback 2 / 4 points Alpha's Company's Fiscal Year 2017 Statement of Cash Flows reflected information that cash provided by operating activities was $800,000. The Fiscal Year 12/31/17 Balance Sheet showed the value of Retained Earnings to be $625,000. The following additional information was provided: Depreciation Expense $380,000 Common Stock Dividends 200,000 Accounts Receivable decrease 110,000 Accounts Payable increase 60,000 Use this information and determine Alpha Company's: a. the Net Income (Net Loss) the 2017 Fiscal Year. b. the beginning balance for Retained Earnings Answer for blank # 1: $470,000Answer for blank # 2: $355,000 ($250,000, $575,000) View Feedback 20 / 25 points The following information is related to Alpha Company's fiscal year 2017. Income Statement: Net Income $3,000,000 Depreciation Expense 500,000 Gain on Sale of Plant Assets 50,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable ($40,000) Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000 Use this information to prepare a partial Statement of Cash Flows for Alpha Company. Prepare only the section related to Cash Flows from Operating Activities. Partial Statement of Cash Flows: Alpha Company Statement of Cash Flows (Partial) For the year ended 12/31/17 Cash Flow from Operation Activities: Net Income $3,000,000 Depreciation Expense $500,000 Loss Sale of Plant Assets $50,000Interest Expense $5,000 Decrease in Accounts Payable (40,000) Net Cash Flow from Operation Activities: $3,515,000 The correct answer is not displayed for Written Response type questions. View Feedback 2 / 4 points The following information is related to Alpha Company's fiscal year 2017. Income Statement: Net Income $3,000,000 Depreciation Expense 500,000 Gain on Sale of Plant Assets 50,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable ($40,000) Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000 Use this information to determine Alpha Company's Net Cash Flows from Investing Activities. If the amount is an outflow then enclose the amount with dollar sign inside of brackets ( ): Answer: ($150,000) (($100,000)) View Feedback 2 / 4 points The following information is related to Alpha Company's fiscal year 2017.Income Statement: Net Income $3,000,000 Depreciation Expense 500,000 Gain on Sale of Plant Assets 50,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable ($40,000) Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $145,000 Dividends paid were $25,000 Use this information to determine Alpha Company's Net Cash Flows from Financing Activities. If the amount is an outflow then enclose the amount with dollar sign inside of brackets ( ): Answer: ($30,000) (($25,000)) View Feedback [Show More]

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