Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

problem: Scully Corporation's comparative balance sheets are presented below.

SCULLY CORPORATION

Balance Sheets

31-Dec

 

2008

2007

Cash

$4,300

$3,700

Accounts receivable

21,200

23,400

Inventory

10,000

7,000

Land

20,000

26,000

Building

70,000

70,000

Accumulated depreciation

-15,000

-10,000

Total

$110,500

$120,100

Accounts Payable

$12,370

$31,100

Common Stock

75,000

69,000

Retained earnings

23,130

20,000

Total

$110,500

$120,100

Scully's 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, & net income of $15,000.

Instructions

find out the following ratios for 2008.
[A] Receivables turnover= Net credit sales / Average net receivables
[B] Inventory turnover
Inventory turnover = Cost of goods sold / Average inventory

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922526

Have any Question? 


Related Questions in Cost Accounting

Accounting assignmentmotorcade company has three service

Accounting Assignment Motorcade Company has three service departments (S1, S2, and S3) and two production departments (P1 and P2). The following data relate to Motorcade's allocation of service department costs:   Budget ...

Requirementsdo not use any direct quotes andor cut and

Requirements: Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 words are required (this is the minimum and totally feel ...

Question 1pringle company distributes a single product the

Question 1. Pringle Company distributes a single product. The company's sales and expenses for a recent month follow:   Total    Per Unit   Sales $ 300,000   $ 20        Variable expenses   210,000     14          Contri ...

For your assignment you will apply the fundamental concepts

For your Assignment, you will apply the fundamental concepts of accounting and finance that you are studying to complete several problems indicative to real-world business scenarios and challenges. For this Assignment, t ...

Case questionsmarriott corporation the cost of capital

Case Questions Marriott Corporation: The Cost of Capital (Abridged) 1. What is the weighted average cost of capital for Marriott Corporation? a. What risk-free rate and risk premium did you use to calculate the cost of e ...

Cost accounting- little debbie brownieshere is a copy of

Cost Accounting- Little Debbie Brownies Here is a copy of the assignment. My snack of choice is the Little Debbie Fudge Brownies Comprehensive Product Costing Select your favorite drink or snack item manufactured by a pu ...

Case questions rio grande medical center cost allocation

CASE QUESTIONS RIO GRANDE MEDICAL CENTER Cost Allocation Concepts 1. Is it "fair" for the Dialysis Center to suffer in profitability, and hence for the department head to possibly lose his bonus, just because the Outpati ...

Assignment1 the following information is from the

Assignment 1. The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication: Compute the budgeted amounts for: a. Purchases of direct materials during the year. b. ...

Assignment- show the step by step solutions to the

Assignment- Show the step by step solutions to the following questions: I. A firm is able to sell 10,000 units at $ 12 per piece. The company fixed cost is $30,000. Variable cost is $6 per unit. 1. What is the contributi ...

Assignmentwhile a form of abc was being used by general

Assignment While a form of ABC was being used by General Electric back in the sixties, widespread use of ABC didn't began in the United States until the late eighties. The early focus of ABC was on developing more reliab ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen