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Category > Accounting Posted 24 Sep 2017 My Price 7.00

King Corporation

A partial balance sheet and income statement for the King Corporation are shown below and on the next page.

KING CORPORATION
Partial Balance Sheet
December 31, 2001

Assets

  

Current assets:

  

Cash

$ 33,493

Marketable securities

215,147

Trade receivables, less allowance of $6,000

255,000

Inventories, LIFO

523,000

Prepaid expenses

26,180

Total current assets

$1,052,820

Liabilities

  

Current liabilities:

  

Trade accounts payable

$ 103,689

Notes payable (primarily to banks) and commercial paper

210,381

Accrued expenses and other liabilities

120,602

Income taxes payable

3,120

Current maturities of long-term debt

22,050

Total current liabilities

$ 459,842

Required Compute the following:

a. Working capital.

b. Current ratio

c. Acid-test ratio

d. Cash ratio

e. Days’ sales in receivables

f. Accounts receivable turnover in days

g. Days’ sales in inventory

h. Inventory turnover in days

i. Operating cycle

KING CORPORATION
Partial Income Statement
For Year Ended December 31, 2001

Net sales

$3,050,600

Miscellaneous income

45,060
 

$3,095,660

Costs and expenses:

  

Cost of sales

2,185,100

Selling, general, and administrative expenses

350,265

Interest expense

45,600

Income taxes

300,000
 

2,880,965

Net income

$ 214,695

 

Note: The trade receivables at December 31, 2000, were $280,000, net of an allowance of $8,000, for a gross receivables figure of $288,000. The inventory at

December 31, 2000, was $565,000.

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Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 10:09 PM My Price 7.00

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