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