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F5 Content x M Question 1 - Ch. 14 Assignment- x + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.. A Check my work mode : This shows what is correct or incorrect for the work you have complete Required information 100 [The following information applies to the questions displayed below.] points The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 28, 750 Depreciation expense-Office equipment 7, 250 Depreciation expense-Selling equipment 8 , 600 Depreciation expense-Factory equipment 49, 325 Raw materials purchases (all direct materials) 925, 000 Maintenance expense-Factory equipment 35 , 400 Factory utilities 33 , 000 Direct labor 675, 480 Indirect labor 159,475 Office salaries expense 000 '89 Rent expense-Office space 22, 000 Rent expense-Selling space 26 , 100 Rent expense-Factory building 76, 800 Sales salaries expense 392 , 560 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. 8:17 storms 9 Search e 8/27/20ies and Equity data Current liabilities $ 61, 340 $ 93, 300 Long-term notes payable Accounts receivable, net $ 29, 800 80 , 800 $ 54, 200 101 , 000 Merchandise inventory Common stock, $5 par value 55, 600 180 , 000 206 , 060 107 , 400 Total assets Retained earnings 398, 000 123, 300 142 , 150 382, 500 Common stock, $5 par value 180 , 080 Part 1 of 2 206 , 000 Total liabilities and equity $ 445, 440 $ 542, 450 Retained earnings 98 , 300 93 , 600 50 Required: points la. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) inventory turnover, (e) days' sales in inventory, and (f) days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company you consider to be the better short-term credit risk. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 1A Current 1A Acid Test 1A Acct Rec 1A Invent 1A Days Sal in 1A Days Sal Inv Uncol 1B short term Ratio Ratio Turn Turnover For both companies compute the acid-test ratio. (b) Acid.Test Ratio Acid-Test Company Numerator: Denominator: Ratio Acid-test Current liabilities Cash Short-term investments( + Current receivables / ratio to OX 61,340 = Barco 19,500 + 46,500 () to 64,600 + 93,300 = Kyan GA 34,000 + $ OX Mc Graw Upcoming Search earningsCurrent liabilities data $ 61, 340 $ 93, 300 Long-term notes payable Accounts receivable, net 80 , 806 $ 29,800 101, 060 $ 54, 200 Merchandise inventory Common stock, $5 par value 55 , 600 186, 000 206, 060 107 , 400 Total assets Retained earnings 123 , 300 398, 090 142, 150 382, 500 Common stock, $5 par value 180 , 000 Part 1 of 2 206,000 Total liabilities and equity $ 445, 440 $ 542, 450 Retained earnings 98 , 300 93, 600 50 Required: points 1a. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) inventory turnover, (e) days' sales in inventory, and (f) days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company you consider to be the better short-term credit risk. & Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 1A Current 1A Acid Test 1A Acct Rec 1A Invent 1A Days Sal in: 1A Days Sal Turnover Inv Uncol 1B short term Ratio Ratio Turn For both companies compute the days' sales uncollected. (f) Days' Sales Uncollected Days' Sales Company Numerator: Denominator: Days Uncollected Accounts receivable, net / Net sales 3650 = Days' sales uncollected Barco S 46,000 X $ 770,000 365 21.8 days Kyan S 365 days 64,600 880.200 26.8 CO Prev. 1 2 of 2 Next > Mc Graw 1 75OF Search Cloudy

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