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MBA560 Financial and Managerial Accounting Module 5 Test (2 Problems)

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Question;Saint Leo University (Graduate;Business Studies);MBA560 Financial and Managerial;Accounting;Module 5 Test;Problem 1.;The following information applies to Barnhart Company;Assets;Cash 5,000;Accounts Receivable 12,000;Inventory 15,000;Plant and equipment, net of depreciation 20,000;Land 18,000;Total Assets 70,000;Liabilities & Stockholders' Equity;Accounts payable 4,000;Salaries payable 9,000;Bonds payable (due 2020) 11,000;Capital stock, 20 no par 22,000;Retained earnings 24,000;Total Liabilities & Stockholders' Equity 70,000;Additional information;Net Credit Sales = $220,000;Beginning Accounts Receivable = $10,000;Required;1) Compute Barnhart's;a) Quick ratio;b) Current ratio;c) Working capital;d) Accounts receivable turnover;e) Average days to collect receivables;Problem 2.;The Jiffy Manufacturing Company started operations in 2012 when it;acquired $100,000 from its owners. During the year, the company incurred the;following costs;Raw materials used 40,000;Labor 50,000;Overhead 20,000;Selling & Administrative costs;30,000;The company placed 12,000 units into production, completed 10,000;units, and sold 8,000 units. The average selling price was $17 per unit.;Required;1) Prepare a schedule of cost of goods manufactured and sold for the;year ended December 31, 2012.;2) Prepare an income statement for the year ended December 31, 2012.

 

Paper#37682 | Written in 18-Jul-2015

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