Please help, Need answers for exam. ASAP

1. You have been assigned the task of evaluating JR Co.'s management of inventory and receivables. The following were made available to you. Merchandise inventory: January 1 245,000 - December 31 375,000 Accounts Receivable: January 1 250,000 - December 31 297,000 Cost of Goods Sold 2,480,000 Cash Sales 1,000,000 Total Sales 5,100,000 What is the company's accounts receivable turnover? Show computations. Round off your answer to the nearest 1 and answer should indicate number of times, (example: 29 times - disregard decimal point)

2. The following information are available: Sales=750,000/ Sales Returns=15,000/ Sales discounts=10,000/ Freight In=30,000/ Purchases=170,000/ Purchase Returns=20,000/ Freight out=15,000/ Other Selling expenses=60,000/ General expenses=275,000/ Decrease in merchandise inventory=20,000. How much is the NET SALES for the year? SHOW COMPUTATION. Use comma. Do not use P'.

3. The following information is available for Z Co. for the current year: disbursements for purchases=5,800,000/ increase in trade accounts payable=500,000 and decrease in merchandise inventory=200,000. Cost of sales for the current year was?? SHOW COMPUTATION. Use comma. Do not use P'.

4. The records of Mindanao Co. on December 31, 2020 showed the following: Balance per book=1,000,000/ Bank charges=3,000/ Outstanding checks=235,000/ Deposit in transit=300,000/ Customer note collected by bank=375,000/ Interest on customer note=15,000/ NSF check of customer=62,000/ Depositor's note charged to account=250,000. What is the adjusted cash in bank on December 31, 2020? USE COMMA. Show computations.

5. The following information were taken from the records of AG Co.: Cash=13,250/ Accounts Receivable - net=33,000/ Inventory=40,000/ Prepaid expenses=9,950/ Office equipment - net=26,000/ Accounts payable=25,200/ Accrued expenses=1,800/ Notes payable - due in 6 months=10,000. Compute the acid-test ratio. show computations. (answer should be in ratio, like 5.23:1)

6. The following information are available: Sales=750,000/ Sales Returns=15,000/ Sales discounts=10,000/ Freight In=30,000/ Purchases=170,000/ Purchase Returns=20,000/ Freight out=15,000/ Other Selling expenses=60,000/ General expenses=275,000/ Decrease in merchandise inventory=20,000. How much is the COST OF SALES for the period? SHOW COMPUTATION. Use comma. Do not use P'.

7. You have been assigned the task of evaluating JR Co.'s management of inventory and receivables. The following were made available to you. Merchandise inventory: January 1 245,000 - December 31 375,000 Accounts Receivable: January 1 250,000 - December 31 297,000 Cost of Goods Sold 2,480,000 Cash Sales 1,000,000 Total Sales 5,100,000 What is the company's average age of inventory? Show computations. Round off your answer to the nearest 1 and answer should indicate number of days, (example: 29 days - disregard decimal point. Use 365 days)

8. Creation Co's bank statement for the month of December included the following information: Ending balance, Dec. 31=2,800,000/ Bank service charge for December=12,000/ Interest paid by the bank to Creation Co. for December=10,000. In comparing the bank statement with its own cash records, the company found the following: Deposits made but not yet recorded by the bank=350,000/ Checks written and mailed but not yet recorded by the bank=650,000. In addition, Creation Co. discovered that it had drawn and erroneously recorded a check forP'46,000 that should have been recorded for P'64,000. What is the unadjusted cash balance per books on December 31? USE COMMA. Show computations.

9. On March 31, 2020 JOY Co. received its bank statement. However, the closing balance of the account was unreadable.Attempts to contact the bank after hours did not secure the desired information. Thus, you have to prepare a bank reconciliation from the available information shown below: Feb 28 book balance=1,460,000/ note collected by bank=100,000/ interest earned on note=10,000/ NSF check of customer=130,000/ bank charges=5,000/ Outstanding checks=202,000/ deposit of Feb 28 placed in night depository=85,000/ check issued by TOY Co charged to JOY Co.'s account=20,000. What was the balance per bank statement? SHOW COMPUTATION. Use comma. Do not use P'.

10. Merchandise inventory, end=280,000/ merchandise inventory, beg=350,000/ D,Capital=150,000/ D,Drawing=20,000/ Sales=1,480,000/ Purchases=410,000/ Expenses=130,000. What will be the balance of the Income Summary account after closing the nominal accounts and setting-up inventory at the end? SHOW COMPUTATIONS. Use comma, Do not use P'.

11. The following information were taken from the records of AG Co.: Cash=13,250/ Accounts Receivable - net=33,000/ Inventory=40,000/ Prepaid expenses=9,950/ Office equipment - net=26,000/ Accounts payable=25,200/ Accrued expenses=1,800/ Notes payable - due in 6 months=10,000. Compute the current ratio. show computations. (answer should be in ratio, like 5.23:1)

12. The December 31 trial balance of RIZAL Co. included the following accounts: Purchases-40,000/ Purchase Returns&Allowances-2,000/ Freight In-3,000/ Ending Inventory-8,000. What was the cost of goods sold for the year? USE COMMA. Show computations.

13. You have been assigned the task of evaluating JR Co.'s management of inventory and receivables. The following were made available to you. Merchandise inventory: January 1 245,000 - December 31 375,000 Accounts Receivable: January 1 250,000 - December 31 297,000 Cost of Goods Sold 2,480,000 Cash Sales 1,000,000 Total Sales 5,100,000 What is the company's average age of receivable? Show computations. Round off your answer to the nearest 1 and answer should indicate number of days, (example: 29 days - disregard decimal point. Use 365 days)

14. In preparing the bank reconciliation on December 31, 2020, Case Company provided the following: Balance per bank statement - 3,800,000 Deposit in transit - 520,000 Amount erroneously credited by bank to Case's account - 40,000 Bank service charge for December - 5,000 Outstanding checks - 675,000 What is the adjusted cash balance on December 31, 2020? USE COMMA. Show computations.

15. You have been assigned the task of evaluating JR Co.'s management of inventory and receivables. The following were made available to you. Merchandise inventory: January 1 245,000 - December 31 375,000 Accounts Receivable: January 1 250,000 - December 31 297,000 Cost of Goods Sold 2,480,000 Cash Sales 1,000,000 Total Sales 5,100,000 What is the company's inventory turnover? Show computations. Round off your answer to the nearest 1 and answer should indicate number of times, (example: 29 times - disregard decimal point)

16. In preparing the August 31, 2020 bank reconciliation, Apex Company provided the following information: Balance per bank statement - 1,805,000 Deposit in transit - 325,000 NSF check of a customer - 60,000 Outstanding checks - 275,000 Bank service charge for August - 10,000 On August 31, 2020, what is the adjusted cash per bank? USE COMMA. Show computations.