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Category > Management Posted 12 Nov 2017 My Price 7.00

King Corporation

 

P 6-11.            A partial balance sheet and income statement for King Corporation   follow:

 

 

 

 

 

 

Assets

Current assets:

 

KING  CORPORATION

Partial Balance Sheet December 31, 2007

 

 

 

 

 

 

 

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

 

 

 

 

 

 

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, 2006, were $280,000, net of an allowance of $8,000, for a gross receivables figure of $288,000. The inventory at December 31, 2006, was $565,000.

 

Required           Compute  the following:

 

a.   Working capital

f.

Accounts receivable turnover in days

b.  Current ratio

g.

Days’ sales in inventory

c.    Acid-test ratio

h.

Inventory turnover in days

d.   Cash ratio

i.

Operating cycle

e.    Days’ sales in receivables

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Nov 2017 12:11 PM My Price 7.00

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