On July 1, Acme Company pays the annual premium for an insur…
On July 1, Acme Company pays the annual premium for an insurance policy that covers the 12-month period that begins on July 1. Acme’s accountant makes the proper journal entry on July 1 to record the cash payment to the insurance company and also makes the proper adjusting journal entry on December 31 with respect to this prepaid expense. What is the effect of the December 31 adjusting journal entry on Acme’s current ratio and acid-test ratio?
Read DetailsDuring the current year, Acme Company reports a cost of good…
During the current year, Acme Company reports a cost of goods sold of $300,000, a gross margin percentage of 40%, average stockholders’ equity of $250,000, and a return on equity of 42%. What is Acme’s net profit margin percentage? Round to the nearest whole number and do not enter a percent sign or a decimal point (e.g., enter 89, not 89.0% or 0.89).
Read DetailsAcme Company makes all sales on account. During the current…
Acme Company makes all sales on account. During the current year, Acme reports a gross margin percentage of 52%, an average accounts receivable balance of $40,000, an average inventory balance of $96,000, a cost of goods sold of $288,000, and net income of $76,000. What is Acme’s average collection period? Round to one decimal place.
Read DetailsIn this portion of the Exam, you will download the Excel fil…
In this portion of the Exam, you will download the Excel file below and answer to the questions in the file. 2024FA_HFT4471_Exam3_ExcelQuestions_LASTName_FIRSTName_FINAL-1.xlsx After you have answered all the questions in the Excel file, please rename your file as shown below and submit your Excel file to this page. “2024FA_HFTP4471_Exam3_ExcelQuestions_LASTName_FIRSTName_FINAL”.
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