Mixon Company showed the following selected information for the years ended December 31, 2014, 2013, and 2012:
Question:
For the years ended 2014 and 2013, calculate:
a. Days' sales in inventory
b. Merchandise turnover.
Indicate if the change in the ratio from 2013 to 2014 is generally considered to be favourable (good) or unfavourable (not good), Round calculations to two decimal places.
Transcribed Image Text:
2014 2013 2012 312,600 111,500 Cost of goods sold. $410,225 344,500 82,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
a b Days sales in inventory 2014 ...View the full answer
Answered By
Mary Njunu
I posses Vast, diversified knowledge and excellent grammar as a result of working in ACADEMIC WRITING for more than 5 years. I deliver work in various disciplines with assurance of quality work. I purpose at meeting the clients’ expectations precisely. Let’s work together for the best and phenomenal grades.
4.90+
929+ Reviews
2557+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Accounting questions
-
Calculate and interpret the days sales uncollected for 2014 and 2013 based on the following selected information for Lumbar Cushions Company (round to two decimalplaces): 2014 2013 S 220,000 160,000...
-
The financial statements of Maple Leaf Foods Inc. reported the following for the years ended December 31, 2014, 2013, and 2012. (a) Calculate Maple Leaf's receivables turn over and collection period...
-
The Hurley Hat Company manufactures baseball hats. Hurleys primary customers are sporting goods stores that supply uniforms to youth baseball teams. Following is Hurleys income statement for 2014:...
-
A common stock pays an annual dividend that increases by 4% annually and sells for $35 per share. If the market rate of return on this stock is 8%. What is the amount of the ?last dividend paid $1.53...
-
1. What is FEMA and what does it do? 2. What are the main challenges that FEMA faces? 3. How did FEMA improve its inefficient reporting practices?
-
Selected comparative financial statements of Haroun Company follow. Required 1. Compute trend percents for all components of both statements using 2013 as the base year. Round percents to one...
-
Suppose the total sum of squares for a completely randomized design with p = 5 treatments and n = 30 total measurements (6 per treatment) is equal to 600. In each of the following cases, conduct an...
-
Bond prices depend on the market rate of interest, stated rate of interest, and time. Requirements 1. Compute the price of the following 7% bonds of United Telecom. (a) $500,000 issued at 76.75. (b)...
-
Toronto Inc. is short on cash and wishes to offer a 20 year $5,000,000,000 bond with a 6% contract rate of interest. Unfortunately for Toronto Inc., the current market rate for bonds of this...
-
A Obs Simply the observation number, 1-150. Could also be thought of as an ID number. B Department Department of the employee: 1 = Research 2 = Operations 3 = Portfolio Management 4 = Credentialing 5...
-
Huff Company and Mesa Company are similar firms that operate within the same industry. The following information is available. Required Based on the information provided, which company is managing...
-
A car dealer acquires a used car for $3,000. Additional costs in obtaining and offering the car for sale include $150 for transportation-in, $200 for import duties, $50 for insurance during shipment,...
-
Match each equation with its graph. Do not use a graphing device, and give reasons for your answer. a. y = 5x b. y = 5 x c. y = x 5 f 0 g h
-
We find a binary system consisting of a 1 solar mass star, still in its main sequence phase, and a white dwarf. Assume both stars formed at the same time and that they did not significantly influence...
-
The equity sections from Atticus Group's 2015 and 2016 year-end balance sheets follow. Stockholders Equity (December 31, 2015) Common stock $6 par value, 50,000 shares authorized, 35,000 shares...
-
Molina Company produces three products: A130, B324, and C587 All three products use the same direct material, Brac Unt data for the three products are in the provided table. (Click to view the unit...
-
MFGE 437 S21 - Homework 1 Submissions will be Online! Please scan your HWs and upload on Canvas Problem 1: A vertical milling machine is to be retrofitted with three identical DC servo motors. The...
-
On January 1, Palisades, Inc., acquired 100 percent of Sherwood Company's common stock for a fair value of $120,340,000 in cash and stock. The carrying amounts of Sherwood's assets and liabilities...
-
Show how the tree would look after the deletion of 29, 59, and 47. 11 22 23 tree 47 29 49 30 56 59 61 69 62 64
-
What types of inventory issues Starbucks might reflect upon at the end of each year? The mission of Starbucks is to inspire and nurture the human spiritone person, one cup, and one neighborhood at a...
-
Zymase is a biotechnology start-up firm. Researchers at Zymase must choose one of three different research strategies. The payoffs (after-tax) and their likelihood for each strategy are shown below....
-
Of the following statements, which are true for the corporate form of organization? 1. Owners are not agents of the corporation. 2. It is a separate legal entity. 3. It has a limited life. 4. Capital...
-
Of the following statements, which are true for the corporate form of organization? 1. Owners are not agents of the corporation. 2. It is a separate legal entity. 3. It has a limited life. 4. Capital...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Q1) The equity of Washington Ltd at 1 July 2020 consisted of: Share capital 500 000 A ordinary shares fully paid $1 500 000 400 000 B ordinary shares issued for $2 and paid to $1.50 600 000 General...
-
out The following information relates to Questions 1 to 2. The management accountant of a furniture manufacturer is developing a standard for the labour cost of one massage chair. When operating at...
-
Exercise 10-8 Utilization of a constrained Resource [LO10-5, L010-6] Barlow Company manufactures three products: A, B, and C. The selling price, variable costs, and contribution margin for one unit...
Study smarter with the SolutionInn App