HD Chocolate Balance Sheet 12/31/2019

Assets

Cash $3,610

Accounts receivable (less allowence of $168) $510

Inventory $5,202

Prepaid Expense $532

Total current assets $9,854

Property, plant, equipment,-net  $7,964

Other assets $188

Total Assets $18,006

Liability & Shareholder equity $1,961

Account Payable $934

Wages Payable

Current note Payable $188

Total current liability $3,383

Long term debt $2,582

Total liabilities $5,665

Shareholder’s equity

Common Stock..$0.1 Par $313

Additional paid in capital $3,683

Retained earnings $8,345

Total shareholder equity $12,431

Total liability & Shareholder equtiy $18,006

1. What is the amount of total current assets?

2. What does the inventory turnover rate reveal & how is it used in decision making?

3. What is the amount of total account receivable?

4. How wdo we determine if an asset is current?

5. Where would look to determine HD Chocolate’s inventory valuation method?

6. If COGS and 2018 ending inventory is $4,700, What is the inventory turnover rate?

7. A Company had inventory on Nov 1 of 5 units at a cost of $20 each. On Nov 2, they purchased 10 units @ $22 each. On Nov 6, 8 units were sold for $55 each. Using the LIFO prerpetual inventory method, what was the valvue of the inventory left on Nov 6, after the sale. A $440 B. $160 C. $176 D. $144

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