Complete the following table by indicating whether the transactions or economic events would increase, decrease, or have no effect on the financial ratios listed. Assume that the current ratio is greater than 1.0, the quick ratio less than 1.0, and the gross margin percentage was 51 percent before considering the effect of each transaction or economicevent.
Answer to relevant QuestionsFor each of the following transactions and economic events, prepare the necessary journal entries. Provide a brief explanation for each journal entry and state any assumptions you make. Assume a periodic inventory system is ...During 2017, $15,000 of purchases weren’t recorded. The company uses a periodic inventory system. Explain the impact of this error on the following:a. 2017 ending inventoryb. 2017 cost of goods soldc. 2017 gross margind. ...Ormiston Ltd. (Ormiston) is a Canadian manufacturer of wooden shingles. Ormiston purchases lumber from sawmills and manufactures the shingles in one of its two factories. The shingles are used in house construction, mainly ...Gabriola Audio and Visual Ltd. (Gabriola) is a large retailer of audio-visual equipment and supplies. Recently, the owner read about the large amount of theft that occurred in retail stores in Canada. While she never thought ...What amount of inventory did MHR report on its December 31, 2011 statement of financial position? What proportion of current assets and what proportion of total assets did inventory make up? How has the proportion of ...
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