ch5-13

Sales and Cost Hor Competing Companies Telo: Sales: $85,000 Sales discounis : $6,000 Sales retumst. Alliances: $15,000 Cost of Goods Sold: $60,000 Cret: Sales : 478,000 Sales discounts: $5,000 Sales refums Allowances : 43,000 Cost of Goods Sold: $56,000 Mozz: Sales: $82.000 Sales discounts: $4,000 Sales Pelurus 4 Allowances : $2,000 Cast of Goods Sold: $58,000 Telo's Assets Land: $12,000 Supplies : $3,000 Accounts Recicable : $8,000 Building, net: $24,000 Cash: $2,000 # Inventory $5,000 Credit terms (Days) Telo: Credit Period from Suppliers : 30days Credit Denied Given to customers: 75 days Crett: Credit Teiod From Suppliers: 35 days Credit Period Given to customers :45 days Wozz: - Credit period from Suppliers: 40 daus Credit Penod Gven to customers : 52 50 days Customer Retum Policy Across competitors Telo: 60 days Crett: 15 days Wozz: 10 days Telo's Liabilities 4 Equity A Telo Capital: $16,000 Wages payable; $2,000 Notes payable; #31,000 Acounts payable: 45,000 1. Prepare Telo's classified balance sheet as of December 31. 2. Which of following actions would increase the amount of cash available to Telo? 3. Which one of the following actions would most likely reduce sales returns and allowances? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare Telo's classified balance sheet as of December 31. TELO Balance Sheet December 31 Assets Current assets Cash Accounts receivable Supplies Total current assets Plant assets S TELO Balance Sheet December 31 Assets Current assets Cash Accounts receivable Supplies Total current assets $ 0 Plant assets 0 Total plant assets Total assets $ 0 Liabilities Current liabilities S Total current liabilities Long-term liabilities 0 Total plant assets Total assets $ 0 Liabilities Current liabilities Total current liabilities Long-term liabilities $ 0 Total liabilities 0 Equity Total liabilities and equity GA 0