# QUESTION 1 1. Choose the one alternative that best completes the statement or answers the question. Solve the problem. Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash \$15,000, accounts receivable \$21

QUESTION 1

1.Choose the one alternative that best completes the statement or answers the question. Solve the problem.

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QUESTION 1 1. Choose the one alternative that best completes the statement or answers the question. Solve the problem. Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash \$15,000, accounts receivable \$21

Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash \$15,000, accounts receivable \$21,000, and merchandise inventory \$95,000. The liabilities are accounts payable \$12,000 and wages payable \$17,000. The owner’s capital is \$102,000.

Mullen’s Hardware Balance Sheet

•Total assets: \$131,000

•Total liabilities: \$29,000

•Total liabilities and owner’s equity: \$131,000

Mullen’s Hardware Balance Sheet

•Total assets: \$131,000

•Total liabilities: \$12,000

•Total liabilities and owner’s equity: \$131,000

Mullen’s Hardware Balance Sheet

•Total assets: \$95,000

•Total liabilities: \$12,000

•Total liabilities and owner’s equity: \$102,000

Mullen’s Hardware Balance Sheet

•Total assets: \$131,000

•Total liabilities: \$17,000

•Total liabilities and owner’s equity: \$17,000

10 points

QUESTION 2

1.Solve the problem. Express answers as a percent rounded to the nearest tenth.

Complete a vertical analysis on the balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash \$11,000, accounts receivable \$40,000, and merchandise inventory \$96,000. The liabilities are accounts payable \$19,000 and wages payable \$25,000. The owner’s capital is \$103,000.

Mullen’s Hardware Balance Sheet

•Cash: 7.5%

•Accounts receivable: 27.2%

•Merchandise inventory: 65.3%

•Total assets: 100%

•Accounts payable: 43.2%

•Wages payable: 17.0%

•Total liabilities: 29.9%

•Mullen’s capital: 70.1%

•Total liabilities and owner’s equity: 100%

Mullen’s Hardware Balance Sheet

•Cash: 7.5%

•Accounts receivable: 27.2%

•Merchandise inventory: 65.3%

•Total assets: 100%

•Accounts payable: 12.9%

•Wages payable: 56.8%

•Total liabilities: 29.9%

•Mullen’s capital: 70.1%

•Total liabilities and owner’s equity: 100%

Mullen’s Hardware Balance Sheet

•Cash: 7.5%

•Accounts receivable: 27.2%

•Merchandise inventory: 65.3%

•Total assets: 100%

•Accounts payable: 12.9%

•Wages payable: 17.0%

•Total liabilities: 29.9%

•Mullen’s capital: 70.1%

•Total liabilities and owner’s equity: 100%

Mullen’s Hardware Balance Sheet

•Cash: 7.5%

•Accounts receivable: 27.2%

•Merchandise inventory: 65.3%

•Total assets: 100%

•Accounts payable: 43.2%

•Wages payable: 56.8%

•Total liabilities: 100%

•Mullen’s capital: 70.1%

•Total liabilities and owner’s equity: 100%

10 points

QUESTION 3

1.Solve the problem. Express answers as a percent rounded to the nearest tenth.

Complete a vertical analysis  on the balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash \$20,000, accounts receivable \$48,000, merchandise inventory \$89,000, and equipment \$82,000. The liabilities are accounts payable \$13,000, wages payable \$16,000, and mortgage note payable \$77,000. The owner’s capital is \$133,000.

Jake’s Janitorial Service Balance Sheet

•Cash: 8.4%

•Accounts receivable: 20.1%

•Merchandise inventory: 37.2%

•Equipment: 34.3%

•Total assets: 100%

•Accounts payable: 12.3%

•Wages payable: 15.1%

•Mortgage note payable: 32.2%

•Total liabilities: 44.4%

•Jake’s capital: 55.6%

•Total liabilities and owner’s equity: 100%

Jake’s Janitorial Service Balance Sheet

•Cash: 8.4%

•Accounts receivable: 20.1%

•Merchandise inventory: 37.2%

•Equipment: 34.3%

•Total assets: 100%

•Accounts payable: 5.4%

•Wages payable: 6.7%

•Mortgage note payable: 72.6%

•Total liabilities: 44.4%

•Jake’s capital: 55.6%

•Total liabilities and owner’s equity: 100%

Jake’s Janitorial Service Balance Sheet

•Cash: 8.4%

•Accounts receivable: 20.1%

•Merchandise inventory: 37.2%

•Equipment: 34.3%

•Total assets: 100%

•Accounts payable: 12.3%

•Wages payable: 15.1%

•Mortgage note payable: 72.6%

•Total liabilities: 100%

•Jake’s capital: 55.6%

•Total liabilities and owner’s equity: 100%

Jake’s Janitorial Service Balance Sheet

•Cash: 8.4%

•Accounts receivable: 20.1%

•Merchandise inventory: 37.2%

•Equipment: 34.3%

•Total assets: 100%

•Accounts payable: 5.4%

•Wages payable: 6.7%

•Mortgage note payable: 32.2%

•Total liabilities: 44.4%

•Jake’s capital: 55.6%

•Total liabilities and owner’s equity: 100%

10 points

QUESTION 4

1.Solve the problem.

For the month ending June 30, TriCounty Nursery has net sales of \$251,000, cost of goods sold of \$99,000, and operating expenses of \$70,000. Find the gross profit and net income.

gross profit: \$152,000; net income: \$82,000

gross profit: \$72,100; net income: \$29,000

gross profit: \$82,000; net income: \$152,000

gross profit: \$152,000; net income: \$29,000

10 points

QUESTION 5

1.Solve the problem.

For the month ending December 31, MidState Machinery had gross sales of \$4,207,000, returns of \$68,800, cost of beginning inventory \$502,000, cost of purchases \$1,484,000, cost of ending inventory \$570,000, total operating expenses \$135,900. Find the net sales and cost of goods sold.

net sales: \$4,207,000; cost of goods sold: \$1,416,000

net sales: \$4,138,200; cost of goods sold: \$1,416,000

net sales: \$4,138,200; cost of goods sold: \$135,900

net sales: \$4,138,200; cost of goods sold: \$2,716,300

10 points

QUESTION 6

1.Solve the problem. Express answers as a percent rounded to the nearest tenth.

The Garden Shop had a cost of goods sold of \$108,000, operating expenses of \$49,000, and net sales of \$272,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.

cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 21.7%

cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales: 39.7%

cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales: 39.7%

cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 18.0%

10 points

QUESTION 7

1.Solve the problem. Express answers as a percent rounded to the nearest tenth.

Speedy Cleaning Service had a cost of beginning inventory of \$40,000, net sales of \$222,000, and gross sales of \$401,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.

beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0%

beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6%

beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0%

beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 65.3%

10 points

QUESTION 8

1.Solve the problem. Round to the nearest tenth.

Find the percent increase (or decrease) in net sales from last year to this year for the income statement.

10.6% decrease

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