Sheet1 Yoakum Company reported the following information related to inventory and sales: Units Unit Cost Beginning inventory Purchase No. 1 Purchase No. 2 Sales — 7,000 units at $38 per unit. For questions 2 to 9, compute the following amounts assuming a periodic inventory: Inventory Costing Method Gross Margin Balance Sheet Inventory FIFO LIFO Hubbard Company purchased a truck on January 1, 2006 , at a cost of $34,000. The company estimated that the truck would have a useful life of 4 years and a residual value of $4,000. Required: Complete the following table: Year Depreciation Straight-line method Declining balance method 200% acceleration rate Discount Toys is a retail toy store. The following are selected figures from their income statement (in millions). Use this table for questions 20 to 31. Sales revenues Net income Average total assets Average stockholders’ equity Compute the following ratios for 2006, 2005 and 2004: (3) Financial leverage (4) Return on equity Correct 1000.00 $20.00 7000.00 22.00 2000.00 23.00 114000.00 38000.00 110000.00 46000.00 0.25 100.00 4.00 13000.00 30000.00 2006.00 7500.00 17000.00 6500.00 50.00 6500.00 2007.00 7500.00 6500.00 3250.00 50.00 3250.00 2008.00 7500.00 3250.00 1625.00 50.00 1625.00 2009.00 7500.00 1625.00 2006.00 2005.00 2004.00 $11,332.00 $11,862.00 $11,170.00 $404.00 $279.00 ($132.00) $8,178.00 $8,126.00 $7,931.00 $3,549.00 $3,652.00 $4,026.00 2006.00 2005.00 2004.00 28.04 42.51 -84.62 0.11 0.08 -0.03 Sheet1 Yoakum Company reported the following information related to inventory and sales: Units Unit Cost Beginning inventory Purchase No. 1 Purchase No. 2 Sales — 7,000 units at $38 per unit. For questions 2 to 9, compute the following amounts assuming a periodic inventory: Inventory Costing Method Gross Margin Balance Sheet Inventory FIFO LIFO Hubbard Company purchased a truck on January 1, 2006 , at a cost of...
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