### 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

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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

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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

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