Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. question 2 (1 point) a) american bacon inc. financ

Question 2 (1 point) a) American Bacon Inc. financial statements are presented in the table...

50.1K

Verified Solution

Question

Finance

image
image
Question 2 (1 point) a) American Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate Average Day's Purchases. Round the answers to two decimal places Balance Sheet December 31, 2010 Cash and marketable $102,000 Accounts payable $287,000 securities Accounts $299,000 Notes payable $61,200 receivable Inventories $628,000 Accrued expenses $51,900 Total current Prepaid expenses $10,300 $400,100 liabilities Total current assets $1,039,300 Long-term debt $415,000 Gross fixed assets $1,502,000 Par value and $376,000 paid-in-capital Less: accumulated $312,000 Retained Earnings $1,038,200 depreciation Net fixed assets $1,190,000 Common Equity 1,414,200 Total liabilities Total assets $2,229,300 and owner's $2,229,300 equity equity Income statement, Year of 2010 Net sales (all credit) $6,387,700.00 Less: Cost of goods $4,726,898.00 sold Selling and administrative $345,000.00 expenses Depreciation $148,000.00 expense EBIT $1,167,802.00 Interest expense $50,600.00 Earnings before $1,117,202.00 taxes Income taxes $446,880.80 Net income $670,321.20 Your

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A 0.21 kg hockey puck has a velocity of 2.2 m/s toward the east (the +x...

General Management
1.2K views

Assume Jennifer is an office manager working at Acme LLC a local plumbing company. Jennifer has...

Advance Math
1.2K views

Give a detailed example of a Resource-Allocation linear programming application model. Support whether the variables have to...

General Management
1.2K views

Think about variables that cause one student to perform better in a business class than another...

Biology
1.2K views

What is nihilism and how did it arise from these considerations Explain the concept of...

Physics
1.2K views

The terminal potential difference of a cell is greater than its emf when it is...

Geometry
1.2K views

The diagram shows the graph of a parabola and it s key parts What do...

Basic Math
1.2K views

Let U={24, 25, 26, 27, 28, 29, 30, 31, 32, 33}A = {27, 28, 29,...

Calculus
1.2K views

The graph below is the function f x 5 4 3 2 1 21 2...

Algebra
1.2K views

THIS or THAT Choose This problem or That problem to answer for a total of...

Accounting
1.2K views

Problem 16-59 (Algo) Sales Activity Variance (LO 16-3) The results...

Accounting
1.2K views

Kara Ries, Tammy Bax, and Joe Thomas invested $50,000, $66,000, and $74,000, respectively, in a...