QUESTION 1 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 Decemb

Description


QUESTION 11.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 21.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 31.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 41.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 51.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 61.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 71.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 81.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   

Question

QUESTION 1 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 Decemb

  • Written in: 17-Oct-2019
  • Paper ID: 82635640
Price: $ 20
 

Use the Order Now button below to Place a New Order for an Original, High-Quality Paper that passes all Plagiarism Checkers

Order Now




About this Question

STATUS

DATE ANSWERED

Oct 17, 2019

EXPERT

N/A

ANSWER RATING

Need Help with an Assignment?

Get Help with an Assignment

SSL Certificate website security