Choose the one alternative that best completes the statement or answers the question. Solve the problem.

STION 1

Choose the one alternative that best completes the statement or answers the question. Solve the problem.

Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner’s capital is $102,000.

Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $29,000

Total liabilities and owner’s equity: $131,000

Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $12,000

Total liabilities and owner’s equity: $131,000

Mullen’s Hardware Balance Sheet

Total assets: $95,000

Total liabilities: $12,000

Total liabilities and owner’s equity: $102,000

Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $17,000

Total liabilities and owner’s equity: $17,000

10 points  

QUESTION 2

Solve the problem. Express answers as a percent rounded to the nearest tenth.

Complete a vertical analysis on the balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $11,000, accounts receivable $40,000, and merchandise inventory $96,000. The liabilities are accounts payable $19,000 and wages payable $25,000. The owner’s capital is $103,000.

Mullen’s Hardware Balance Sheet

Cash: 7.5%

Accounts receivable: 27.2%

Merchandise inventory: 65.3%

Total assets: 100%

Accounts payable: 43.2%

Wages payable: 17.0%

Total liabilities: 29.9%

Mullen’s capital: 70.1%

Total liabilities and owner’s equity: 100%

Mullen’s Hardware Balance Sheet

Cash: 7.5%

Accounts receivable: 27.2%

Merchandise inventory: 65.3%

Total assets: 100%

Accounts payable: 12.9%

Wages payable: 56.8%

Total liabilities: 29.9%

Mullen’s capital: 70.1%

Total liabilities and owner’s equity: 100%

Mullen’s Hardware Balance Sheet

Cash: 7.5%

Accounts receivable: 27.2%

Merchandise inventory: 65.3%

Total assets: 100%

Accounts payable: 12.9%

Wages payable: 17.0%

Total liabilities: 29.9%

Mullen’s capital: 70.1%

Total liabilities and owner’s equity: 100%

Mullen’s Hardware Balance Sheet

Cash: 7.5%

Accounts receivable: 27.2%

Merchandise inventory: 65.3%

Total assets: 100%

Accounts payable: 43.2%

Wages payable: 56.8%

Total liabilities: 100%

Mullen’s capital: 70.1%

Total liabilities and owner’s equity: 100%

10 points  

QUESTION 3

Solve the problem. Express answers as a percent rounded to the nearest tenth.

Complete a vertical analysis on the balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $20,000, accounts receivable $48,000, merchandise inventory $89,000, and equipment $82,000. The liabilities are accounts payable $13,000, wages payable $16,000, and mortgage note payable $77,000. The owner’s capital is $133,000.

Jake’s Janitorial Service Balance Sheet

Cash: 8.4%

Accounts receivable: 20.1%

Merchandise inventory: 37.2%

Equipment: 34.3%

Total assets: 100%

Accounts payable: 12.3%

Wages payable: 15.1%

Mortgage note payable: 32.2%

Total liabilities: 44.4%

Jake’s capital: 55.6%

Total liabilities and owner’s equity: 100%

Jake’s Janitorial Service Balance Sheet

Cash: 8.4%

Accounts receivable: 20.1%

Merchandise inventory: 37.2%

Equipment: 34.3%

Total assets: 100%

Accounts payable: 5.4%

Wages payable: 6.7%

Mortgage note payable: 72.6%

Total liabilities: 44.4%

Jake’s capital: 55.6%

Total liabilities and owner’s equity: 100%

Jake’s Janitorial Service Balance Sheet

Cash: 8.4%

Accounts receivable: 20.1%

Merchandise inventory: 37.2%

Equipment: 34.3%

Total assets: 100%

Accounts payable: 12.3%

Wages payable: 15.1%

Mortgage note payable: 72.6%

Total liabilities: 100%

Jake’s capital: 55.6%

Total liabilities and owner’s equity: 100%

Jake’s Janitorial Service Balance Sheet

Cash: 8.4%

Accounts receivable: 20.1%

Merchandise inventory: 37.2%

Equipment: 34.3%

Total assets: 100%

Accounts payable: 5.4%

Wages payable: 6.7%

Mortgage note payable: 32.2%

Total liabilities: 44.4%

Jake’s capital: 55.6%

Total liabilities and owner’s equity: 100%

10 points  

QUESTION 4

Solve the problem.

For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.

gross profit: $152,000; net income: $82,000

gross profit: $72,100; net income: $29,000

gross profit: $82,000; net income: $152,000

gross profit: $152,000; net income: $29,000

10 points  

QUESTION 5

Solve the problem.

For the month ending December 31, MidState Machinery had gross sales of $4,207,000, returns of $68,800, cost of beginning inventory $502,000, cost of purchases $1,484,000, cost of ending inventory $570,000, total operating expenses $135,900. Find the net sales and cost of goods sold.

net sales: $4,207,000; cost of goods sold: $1,416,000

net sales: $4,138,200; cost of goods sold: $1,416,000

net sales: $4,138,200; cost of goods sold: $135,900

net sales: $4,138,200; cost of goods sold: $2,716,300

10 points  

QUESTION 6

Solve the problem. Express answers as a percent rounded to the nearest tenth.

The Garden Shop had a cost of goods sold of $108,000, operating expenses of $49,000, and net sales of $272,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.

cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 21.7%

cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales: 39.7%

cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales: 39.7%

cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 18.0%

10 points  

QUESTION 7

Solve the problem. Express answers as a percent rounded to the nearest tenth.

Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $222,000, and gross sales of $401,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.

beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0%

beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6%

beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0%

beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 65.3%

10 points  

QUESTION 8

Solve the problem. Round to the nearest tenth.

Find the percent increase (or decrease) in net sales from last year to this year for the income statement.

10.6% decrease

10.6% increase

10.3% increase

10.3% decrease

10 points  

QUESTION 9

Solve the problem. Round to the nearest tenth.

Find the percent increase (or decrease) in cost of goods sold from last year to this year for the income statement.

50.8% increase

7.4% decrease

50.8% decrease

7.4% increase

10 points  

QUESTION 10

Solve the problem.

Prepare a balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $16,000, accounts receivable $58,000, merchandise inventory $50,000, and equipment $97,000. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable $87,000. The owner’s capital is $89,000.

Jake’s Janitorial Service Balance Sheet

Total assets: $221,000

Total liabilities: $110,000

Total liabilities and owner’s equity: $89,000

Jake’s Janitorial Service Balance Sheet

Total assets: $221,000

Total liabilities: $132,000

Total liabilities and owner’s equity: $89,000

Jake’s Janitorial Service Balance Sheet

Total assets: $221,000

Total liabilities: $132,000

Total liabilities and owner’s equity: $221,000

Jake’s Janitorial Service Balance Sheet

Total assets: $124,000

Total liabilities: $132,000

Total liabilities and owner’s equity: $89,000

10 points  

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