Question: Angels Corporation has current assets of 87 000 and current liabilities
Angels Corporation has current assets of $87,000 and current liabilities of $56,000, of which accounts payable are $48,000. Angels’ cost of goods sold is $274,000, its merchandise inventory increased by $16,000, and accounts payable were $32,000 the prior year. Calculate Angels’ working capital, payables turnover, and days’ payable.
Answer to relevant QuestionsOn the last day of August, Murcio Company borrowed $480,000 on a bank note for 60 days at 12 percent interest. (Note: Assume that interest is stated separately.) Prepare the following journal entries: (1) August 31, ...Arnold Jones owns a carpentry shop and has the opportunity to purchase a new machine for $45,000. After carefully studying projected costs and revenues, Jones estimates that the new machine will produce a net cash flow of ...Laura Daniels is contemplating paying five years’ rent in advance. Her annual rent is $12,600. Calculate the single sum that would have to be paid now for the advance rent if we assume compound interest of 8 percent. Jorge Gundy opened a small motorcycle repair shop, Gundy Cycle Repair, on January 2, 2011. The shop also sells a limited number of motorcycle parts. In January 2012, Gundy realized he had never filed any tax reports for his ...Both Sun Microsystems Inc. and Cisco Systems are in the computer industry. These data (in millions) are from the end of their fiscal years 2009:Compare the payables turnover and days’ payable for both companies. How are ...
Post your question