Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 2020 $322,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 2020 $322,000 7,200 $314,800 $289,000 5,800 Sales Sales returns and allowances Net sales $283,200 Cost of goods sold: Inventory, January 1 Net purchases 26,000 127,000 50,000 144,000 194,000 60,000 134,000 153,000 50,000 Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 103,000 $180,800 $180,200 The average days inventory for ATC (rounded) for 2021 is: (Round your intermediate calculations to two decimal places. Round your final answer to the nearest whole number.) Multiple Choice 150 days. 213 days. 210 days. Less than 100 days. Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 2020 $322,000 7,200 $314,800 $289,000 5,800 Sales Sales returns and allowances Net sales $283,200 Cost of goods sold: Inventory, January 1 Net purchases 26,000 127,000 50,000 144,000 194,000 60,000 134,000 153,000 50,000 Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 103,000 $180,800 $180,200 The average days inventory for ATC (rounded) for 2021 is: (Round your intermediate calculations to two decimal places. Round your final answer to the nearest whole number.) Multiple Choice 150 days. 213 days. 210 days. Less than 100 days.
Expert Answer:
Related Book For
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson
Posted Date:
Students also viewed these accounting questions
-
The Haines Corp. shows the following financial data for 20X1 and 20X2. For each year, compute the following and indicate whether it is increasing or decreasing profitability in 20X2 as indicated by...
-
The Grand retail firm reported the following financial data for the past several years: The Grand retail firm had a decentralized credit operation allowing each store to administer its credit...
-
Sportique Boutique reported the following financial data for 2012 and 2011. Instructions(a) Calculate the current ratio for Sportique Boutique for 2012 and 2011.(b) Suppose that at the end of 2012,...
-
Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. For each of the following transactions, complete the...
-
During the 20082009 financial crisis stock prices fluctuated wildly. The S&P 500 Index was 1,549.38 in October 2007, then dropped all the way to 735.09 in February 2009, and then rebounded to...
-
Record the following events of Elmwood Hospital: 1. Patients were billed for the following gross charges: Room and board . . . .. .. .. ... $680,000 Physicians care. . .. .... .. .. . 220,000...
-
For each of the items below, indicate whether it is (1) a cash flow from an operating activity, (2) a cash flow from an investing activity, (3) a cash flow from a financing activity, (4) a noncash...
-
Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $25,000 for 1,000 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an...
-
Yes, Once again we return to the Stitch Fix For Dogs example for this assignment; please describe what strategy you would use to determine the price you would charge for the Stitch Fix for Dogs...
-
Three years ago. Karen Suez and her brother-in-law Reece Jones opened Glgasales Department Store. For the first 2 years, business was good, but the following condensed income statement results for...
-
Resistors are electronic circuits that are manufactured on a high-speed automated machine. One of the key measurements is its resistance. To set up the machine and develop control charts, we measured...
-
Diane is the president of a public relations and marketing company that is in its 1 0 th year of business. The company has a wide range of clients in the government, in private businesses, and in the...
-
BCW Co. adds material at the start to its production process and has the following information available for November: Beginning Work in Process Inventory (40% complete as to conversion) Started this...
-
OKR Ltd is deciding to use two different capital structures to expand the business. While comparing both the capital structures: In Plan I an all-equity capital structure, OKR Ltd will have 0.6...
-
Part A, Many college students don't consider retirement plans or investment opportunities because they don't like to think that far into the future." With reference to the above statement, answer the...
-
2. A value-added chicken processor is interested in the economic impact of adding various additives to boneless skinless chicken breast. He has asked you to organize tests to evaluate several...
-
Problem 1: Cachon and Terwiesch 16.9 (MBA Admissions). Each year the admissions committee at a top business school receives a large number of applications for admission to the MBA program and they...
-
An environmentalist wants to determine if the median amount of potassium (mg/L) in rainwater in Lincoln County, Nebraska, is different from that in the rainwater in Clarendon County, South Carolina....
-
Indicate a practical problem with computing a Z score for a closely held firm.
-
What is depreciation? Which tangible assets are depreciated, and which are not? Why?
-
What is the meaning of the term cash in the statement of cash flows?
-
In 1989, PepsiCo Inc. acquired three international franchise-food operationsPizza Hut, Taco Bell, and Kentucky Fried Chicken. PepsiCo paid an aggregate of \($3.4\) billion for the three businesses,...
-
Both trading and available-for-sale accounting methods are considered mark-to-market accounting for investments. Describe their similarities and differences. Which of the two methods do you think...
-
In 2006, CKX, Inc., a New York sports entertainment company, paid \($50\) million for an 80 percent ownership interest in G.O.A.T. LLC. (G.O.A.T. stands for Greatest of All Time and is a business...
Study smarter with the SolutionInn App