MBA-560- module 5 test

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Description

Financial & Managerial Accting MBA-560-

Problem 1. The following information applies to Barnhart Company:

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Additional information:

  • Net Credit Sales = $220,000
  • Beginning Accounts Receivable = $10,000

Required:

1) Compute Barnhart’s:

a) Quick ratio
b) Current ratio
c) Working capital
d) Accounts receivable turnover
e) Average days to collect receivables

Problem 2. The Jiffy Manufacturing Company started operations in 2012
when it acquired $100,000 from its owners. During the year, the company
incurred the following costs:

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The company placed 12,000 units into production, completed 10,000 units, and
sold 8,000 units. The average selling price was $17 per unit.

Required:

1) Prepare a schedule of cost of goods manufactured and sold for the year ended
December 31, 2012.
2) Prepare an income statement for the year ended December 31, 2012.

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