Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Questions 17 to 20 relate to the following information: You have been provided the following selected account balances from Atwater Inc for its 2020 fiscal

image text in transcribed
image text in transcribed
image text in transcribed
Questions 17 to 20 relate to the following information: You have been provided the following selected account balances from Atwater Inc for its 2020 fiscal year. The Chief Accountant has requested your assistance in calculating and interpreting ratios January 1, 2020 $426,000 (57,500) (72,000) 575,000 41,000 Account Accounts Receivable Accumulated Depreciation - Building Allowance for Doubtful Accounts Building Cash Cost Sales Credit Card Discounts Inventory Land Sales Discounts Sales Revenue Goodwill December 31, 2020 $535,000 (83.250) (89,000) 575,000 87.000 271,000 (55,000) 257,000 125,000 (74,000) 740,000 85.000 188,000 125,000 Mans The inventory turnover ratio is equal to Select one O a 122 O 10s O c 0.61 Od 0 B2 Notes Marks The fixed asset turnover ratio is equal to: Select one O 1087 Ob 180 12 revenue e. A cheque for $160 from a customer was returned with the statement and marked NSF. Marks The preparation of a bank reconciliation requires that the following adjustments to the cash balance on the bank statement Select one: aAddition of the deposit in transit and deduction of the outstanding cheques b. Addition of the outstanding cheques and deduction of the deposit in transit O c. Addition of the note and interest collected by the bank and deduction of the cheque marked NSF Od. Deduction of the outstanding cheques and the cheque marked NSF. Noland The balance of the adjusted cash balance per books should be Select ano O a $2.900 @ $2.500 $2820 Od 2660 Notes Marks Which of the following should not be included in the journal entries prepared by Sysko at January 31 due to the bank reconciliation? Select one O A credit to interest revenue for $80 and a credit of cash for 580. OD. A tutto accounts receivable of 5160 and a credit of cash for $160. O dabit to bank service charge for $18 and a credit of cash for 518 Od A debe to outstanding cheques for $480 and a credit of cash for $480. Notes Question C: Multiple Choice Questions: (72 marks: 36 questions, 2 marks each: 120 minutes) Use the following information to answers questions 3 to 10: Office Value Inc. is an office supply retailer in Montreal. The company uses a perpetual inventory system and has a December 31 year end. The following schedule relates to the company's inventory for the month of May 2020: Date No. of Units Total Cost Total Sales May 1 Beginning inventory 150 $ 75,000 5 Sale 100 $65.000 Purchase 50 $ 27,500 13 Purchase 200 $120,000 24 Sale $140,000 27 Sale 50 $ 40,000 Purchase 75 $ 49,500 200 Ma How inay units of inventory are on-hand on May 31, 20207 Sole 175 138 Mana Using FIFO mod the cost of sales for the month of May 2020 is equal to @ 5178.000 a 245.000 Notes Mans Linde in FIFO method the cost of an

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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