All categories

2 years ago

Financial statement data for years ending December 31 for tango company follow

Business

1 answer:

maxonik [38]2 years ago

8 0

The inventory turnover for Tango company are: 4.8, 5.3.

<h3>Inventory turnover</h3>

Using this formula

Inventory Turnover = Cost Of Goods Sold / ((Beginning Inventory + Ending Inventory) / 2)

20Y7

Inventory Turnover =$3,864,000 /($770,000+$840,000)/2

Inventory Turnover=$3,864,000/$805,000

Inventory Turnover=4.8

20Y6

Inventory Turnover = $4,001,500 /($740,000+$770,000)/2

Inventory Turnover= $4,001,500 /$755,000

Inventory Turnover=5.3

Therefore the inventory turnover for Tango company are: 4.8, 5.3.

The complete question is:

Financial statement data for years ending December 31 for tango company follow

20Y7 20Y6

Cost of goods sold $3,864,000 $4,001,500

Inventories:

Beginning of year 770,000 740,000

End of year 840,000 770,000

Determine the turnover for 20Y7 and 20Y6.

Learn more about inventory turnover here:brainly.com/question/18914383

#SPJ1

You might be interested in

The following information is available for Blossom Company for the year ended December 31, 2020. Beginning cash balance $ 47,610

soldier1979 [14.2K]

Answer:

<h2> Blossom Company</h2><h2> Statement of Cash Flows</h2>

December 31, 2020

Cash flow from operating activities

Net income $300,578

Adjustments to reconcile net income: $159,970

Depreciation expense $171,396
- Accounts receivable increase ($8,676)
- Inventory increase ($11,638)
Accounts payable decrease $3,915
Income taxes payable increase 4,973

Net cash provided from operating activities $460,548

Cash flow from investing activities

Sale of land at book value $37,030

- Purchase of building ($305,762)

Net cash flow from investing activities ($268,732)

Cash flow from financing activities

Issuance of bonds $211,600

- Purchase of treasury stock ($27,508)

- Dividends paid ($12,696)

Net cash flow from financing activities $171,396

Net increase in cash during the year $363,212

<u>Beginning cash balance $47,610 </u>

Cash balance at December 31, 2020 $410,822

6 0

3 years ago

Zar company paid employee wages on and through friday,january,26 and the next playroll will be paid in february. Emploees work 5

garik1379 [7]

Answer:

Debit to Salaries Expense $2,700; Credit to Salaries Payable $2,700

Explanation:

In accounting, we have to recognize all expenses even though we haven't paid it yet. This is one of those instances.

The employees have worked for 3 days at the end of January but will not receive their payment on that day. That equates to $2,700 of salaries accrued at the end of January.

Accrued Expenses are recorded as payables, in this problem it's "Salaries Payable".

So to complete the adjusting journal entry:

(Debit) Salaries Expense $2,700

(Credit) Salaries Payable $2,700

3 0

3 years ago

Jamie can't help but notice and be negatively affected by the interviewer's frown as he explains to her why he left his last job

stepan [7]

12345678901234567890

5 0

3 years ago

You owe $6,800 on a car loan that has an interest rate of 6.75 percent and monthly payments of $310. You lost your job and your

solmaris [256]

Answer:

<em>It will take 9 months longer to repay this loan</em>

Explanation:

<u>Financial Loan Payments</u>

Let's assume a loan has been received for a present value PV at an interest rate i during n periods. Being R the amount of each payment, then

$\displaystyle PV=R\cdot \frac{1-(1+i)^{-n}}{i}$

Solving for n we have

$\displaystyle n=-\frac{log\left(1-PV.i/R\right )}{log(1+i)}$

The first agreement of payment has the following data

$PV=6,800$

$i=6.75/(12\cdot 100)=0.005625$

$R=310$

Computing n

$\displaystyle n=-\frac{log\left(1-6,800\cdot 0.005625/310\right )}{log(1+0.005625)}$

$n=23.5\approx 24\ months$

The new agreement changes R to 225, thus

$\displaystyle n=-\frac{log\left(1-6,800\cdot 0.005625/225\right )}{log(1+0.005625)}$

$n=33.2\approx 33\ months$

This means that it will take 9 months longer to repay this loan

8 0

3 years ago

The most efficient way to share digital files within a home environment is to set up a(n ____ network.

Mariulka [41]

The most efficient way to share digital files within a home environment is to set up a(n) home network.

6 0

3 years ago

Read 2 more answers