Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Determine the missing amounts. (Enter your answers in thousands of dollars.) 2. Calculate the debt-to-assets ratio as of December 31, 2014. (Round your answer

image text in transcribed

a.

Determine the missing amounts. (Enter your answers in thousands of dollars.)

2.

Calculate the debt-to-assets ratio as of December 31, 2014. (Round your answer to 2 decimal places.)

3.

Calculate the asset turnover ratio for the year December 31, 2014. (Round your answer to 2 decimal places.)

4.

Calculate the net profit margin ratio for the year December 31, 2014. (Round your answer to 2 decimal places.)

image text in transcribed

b.

What is the amount of net sales to be reported on Rippen Corporation's income statement?

c.

What is the Rippen Corporation's gross profit percentage? (Round your answer to the nearest whole percent.)

Given the following information for Maynor Company in 2014, calculate the company's ending inventory, cost of goods sold, and gross profit, using the following inventory costing methods, assuming the company uses a periodic inventory system:

2014

Units

Unit Cost

Total Cost

Jan 1

Beginning Inventory

28

$

46

$

1,288

Purchases

March 28

Purchase

38

49

1,862

Aug 22

Purchase

38

51

1,938

Oct 14

Purchase

43

54

2,322

Goods Available for Sale

147

$

7,410

Sales

Unit Sales Price

Revenue

May 1

Sales

43

$

66

$

2,838

October 28

Sales

38

66

2,508

Total Revenue

81

$

5,346

a.

Weighted Average: (Do not round intermediate calculations. Round "Average Cost" to 2 decimal places.)

b.

FIFO:

c.

LIFO:

d.

Specific Identification: (The ending inventory consisted of 15 @ $49; 28 @ $51; and 23 @ $54.)

Determine the missing amounts (Enter your answers in thousands of dollar The following merchandise transactions occurred during December tor two different companies Rippen and Burnen. Both companies use a perpetual inventory system. Determine the missing amounts (Enter your answers in thousands of dollar The following merchandise transactions occurred during December tor two different companies Rippen and Burnen. Both companies use a perpetual inventory system

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What rules, if any, should govern online marketing to kids?

Answered: 1 week ago

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago

Question

5. Describe the visual representations, or models, of communication

Answered: 1 week ago