The following balance sheet information is provided for Gaynor Company: Assets Year 2 Year 1 Cash$4,000 $2,000 Accounts receivable 15,000 12,000 Inventory$35,000 $38,000 Assuming Year 2 cost of goods sold is $153,300, what is the company's inventory turnover?
A. 4.2 times
B. 4.4 times
C. 4.0 times
D. None of these answers is correct.
Answer: A
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The amount in the Dividends account should be carried over from the adjusted trial balance of the 10-column work sheet to which of the following columns?
a. Income statement as a debit b. Income statement as a credit c. Balance sheet as a debit d. Balance sheet as a credit
The ending inventory of a company was $450,000 as per the perpetual inventory records. The current replacement cost for the ending inventory is $410,000. Prepare the journal entry to adjust inventory. Omit explanation.
What will be an ideal response?
Roberts Produce Company has fixed costs of $14,000. The company's contribution margin ratio is 46%, and the ratio of selling revenue to sales is 20%. What is the breakeven point in sales dollars? (Round your answer to the nearest dollar.)
A) $70,000 B) $30,435 C) $6,440 D) $2,800
School impact fees are unconstitutional
Indicate whether the statement is true or false