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Luda [366]
3 years ago
5

Simon Company’s year-end balance sheets follow.

Business
1 answer:
vivado [14]3 years ago
8 0

Answer:

A.Current ratio

2017 191%

2016 248%

2015 289%

B.Acid Test Ratio

2017 101%

2016 139%

2015 183%

Explanation:

A.Computation of the current ratio for the year ended 2017, 2016, and 2015.

Using this formula

Current Ratio =Current Assets / Current Liabilities

2017 2016 2015

Cash $26,403 $29,364 $29,991

Accounts receivable, net

73,552 52,436 40,392

Merchandise inventory 96,214 70,676 43,017

Prepaid expenses 8,255 7,944 3,467

a.Current asset

204,424 160,420 116,867

b.Current Liabilities

Accounts payable $107,101 $64,564 $40,392

Let plug in the formula

(a) / (b) Current Ratio 191% 248% 289%

Therefore the Current ratio are:

2017 191%

2016 248%

2015 289%

B.Computation for acid-test ratio for the year ended 2017, 2016, and 2015.

Using this formula

Acid Test Ratio=Current Assets / Current Liabilities

2017 2016 2015

Cash $26,403 $29,364 $29,991

Accounts receivable, net

73,552 52,436 40,392

Prepaid expenses 8,255 7,944 3,467

a. Current asset

108,210 89,744 73,850

b. Current liabilities

Accounts payable $107,101 $64,564 $40,392

Let plug in the formula

(a) / (b)Acid Test Ratio 101% 139% 183%

Therefore the Acid Test Ratio are:

2017 101%

2016 139%

2015 183%

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. Describe an example of a company that manufactures a product.
daser333 [38]
There are a huge range of companies that produce a huge range of products, some examples of these are;
Apple= iPod, iPhone, iPad, iMac, Macbook.
Samsung= Phones, Televisions, Laptops
Ford= Cars, Vans etc.
Rolex= Watches
Ralph Lauren= Men, Women and Children's clothes and accessories, Home and pet accessories.
Hope this helps and is what you were looking for 

5 0
3 years ago
On June 1, Norma Company signed a 12-month lease for warehouse space. The lease requires monthly rent of $550, with 4 months pai
Sati [7]

Answer:

Balance = $1,650

Explanation:

As Norma company has paid 4 months rent in advance, therefore at the end of June, norma company will record its 1-month expense as follows

Adjusting entry at the end of June would be

                             DEBIT       CREDIT

Entry

Rent Expense     $550

Prepaid Rent                         $550

The balance on Norma's prepaid expense would be

Prepaid Rent  = $2200

Rent Expense = ($550)

Balance = $1,650

7 0
3 years ago
Even with international​ trade, countries rarely specialize because A. Some countries do not have a comparative advantage in any
Rina8888 [55]
Letter A marks the spot
8 0
3 years ago
The price of a large pizza decreased from $18.00 to $14.00. As a result, the quantity demanded of skateboards increased from 330
natta225 [31]

Answer:

a. The percentage change in pizza prices is -25.00%.

b. The percentage change in pizza prices is 5.88%.

c. The cross elasticity of demand for pizza and skateboards is -23.53%.

We follow these steps to arrive at the answer.

<h3>a. Percentage change in price of pizza</h3>

The percentage change in price of pizza using the midpoint formula is:

percentage change in price = ({\frac{P_{2} - P_{1}}{Average price})*100

Average Price = \frac{P_{2} + P_{1}}{2}

In this question, P₁ is $18 and P₂ is $14

Substituting the values in the formula above we get,

Average Price = \frac{14 + 18}{2}

Average Price = \frac{32}{2}

Average Price = 16

percentage change in price = (\frac{14 - 18}{16})* 100

percentage change in price = (\frac{-4}{16}) * 100

percentage change in price = -25%

<h3>b. Percentage change in quantity demanded of skateboards</h3>

The percentage change in quantity of skateboards using the midpoint formula is:

percentage change in quantity = (\frac{Q_{2} - Q_{1}}{Average Quantity})*100

In this question, Q₁ is 330 and Q₂ is 350

Substituting the values in the formula above we get,

Average quantity = \frac{Q_{2} + Q_{1}}{2}

Average quantity = \frac{350 + 330}{2}

Average quantity = 340

percentage change in quantity = (\frac{350 - 330}{340})*100

percentage change in quantity = (\frac{20}{340})*100

percentage change in quantity = 5.8823529%

<h3>c. Cross Elasticity of demand of skateboards and pizza</h3>

We calculate the cross elasticity of demand as follows:

Cross Elasticity Demand = \frac{percentage change in quantity of skateboards}{percentage change in price of pizza}

Cross Elasticity Demand = \frac{0.058823529}{-0.25}

Cross Elasticity Demand = -0.235294118

Cross Elasticity Demand = -23.53%

7 0
3 years ago
Normand Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the
QveST [7]

Answer:

total equivalent units for materials = 6,310

Explanation:

700 units in beginning work in process:

  • materials: 70% complete, $8,700, completed 490 equivalent units, not completed 210 units
  • conversion: 10% complete, $3,700

units started in to production 6,400

units transferred out 5,600

ending work in process 1,500

  • materials: 80% complete, completed 1,200 equivalent units for materials
  • conversion: 25% complete

materials added $92,200

conversion costs added $269,600

equivalent units for materials:

  • beginning WIP equivalent units to be completed = 210
  • units started and completed = 5,600 - 700 = 4,900
  • ending WIP = 1,200 equivalent units
  • total equivalent units for materials = 6,310
4 0
3 years ago
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