Any Accountants here?

[Hulud]

replyed

[Kyle]

I heard JennB is an accountant.

x2.

[Hulud]

i hate you all LOL

[ironchef]

Yo hulud, I don't know if you know this, but I heard through the grapevine that JennB is an accountant.

[Hulud]

Yo hulud, I don't know if you know this, but I heard through the grapevine that JennB is an accountant.

ARE YOU SERIOUS!?!?!?!?!? why didnt anyone tell me earlier?

[ironchef]

Don't know, I was shocked when I found out.

[Hulud]

Don't know, I was shocked when I found out.

yea man wow

well Lil Pakis gonna look at my work in the AM and tell me how bad i fucked it up LOL

[ShooterMcGavin]

damn u a lazy mofo

[ShooterMcGavin]

but hey, i think jenn can help you, last i heard she was an accountant i expect a $5 finders fee

[Hulud]

damn u a lazy mofo

its not that im lazy (of course im lazy)

i did the work, i just want someone to see if i did it correctly

[LiL PaKi]

its not that im lazy (of course im lazy)

i did the work, i just want someone to see if i did it correctly

(3) Accounts Receivable Turnover Ratio: Net Credit Sales / Avg Accounts Receivables

420,110 / [(28,456 + 18,131 / 2] = 18.04



is it suppose to be Accounts Receivable Turnover Ratio or Receivable Turnover Ratio?

[LiL PaKi]

1. Ratios:

(1) Current Ratio: current assets / current liabilities

192,693 / 82,317 = 2.34

(2) Inventory Turnover Ratio: Cost of Goods Sold / Avg Inventory

244,501 / [(54,794 + 42,735) / 2] = 5.01



two decimal places not one.. unless specified by the professor...

[crzydesi]

uh oh! looks like someone remembers their shit even after some time off lol

[LiL PaKi]

uh oh! looks like someone remembers their shit even after some time off lol

lol !! it's been awhile since I took acct1... plus a semester off school... dear God, Ima hate going back next week... ~looks on the bright side~... 3 more Accounting classes left!!!!

[crzydesi]

or... u coulda been done... LIKE ME! ... 4210 was a bitch and a half tho... i'm still waiting for my grade ... i shoulda stayed with u guys and that crazy ass teacher instead of dropping last summer

[Hulud]

(3) Accounts Receivable Turnover Ratio: Net Credit Sales / Avg Accounts Receivables

420,110 / [(28,456 + 18,131 / 2] = 18.04



is it suppose to be Accounts Receivable Turnover Ratio or Receivable Turnover Ratio?

it just says Receivable Turnover Ratio (but im pretty sure they mean accounts receivable)

[LiL PaKi]

it just says Receivable Turnover Ratio (but im pretty sure they mean accounts receivable)

the way I was taught was not to add in "other accounts receivables".. does your book say differently?

[Hulud]

i think its just accounts but the book is confusing, thats one of my problems with doing this

[LiL PaKi]

i think its just accounts but the book is confusing, thats one of my problems with doing this

accounting in not for everyone ... ummm look up the equation for the receivables turnover ratio and what does it say? and look at the example...

[Kyle]

lol at this thread.

[Hulud]

accounting in not for everyone ... ummm look up the equation for the receivables turnover ratio and what does it say? and look at the example...

it says: net credit sales / avg net receivables

then in the example on a couple hundred pages earlier it shows it useing "accounts receivable (net)"

[LiL PaKi]

or... u coulda been done... LIKE ME! ... 4210 was a bitch and a half tho... i'm still waiting for my grade ... i shoulda stayed with u guys and that crazy ass teacher instead of dropping last summer

sorry I will choose Accounting over Finance anyday..

[LiL PaKi]

it says: net credit sales / avg net receivables

then in the example on a couple hundred pages earlier it shows it useing "accounts receivable (net)"

uh.. where do u live?

[Hulud]

uh.. where do u live?

marietta

[LiL PaKi]

lunch time.. i'll be back later

[Hulud]

ok cool

[LiL PaKi]

2. Provide your evaluation of Tootsie Tolls’ liquidity
^--- dunno what ur prof wants..

3. (1) Debt to Total Assets Ratio: Total Liabilities / Total Assets

2004: 241,574 / 811,753 = 0.30 to 1 <-- if its a ratio you have to have it in ratio format

2003: 128,716 / 665,297 = 0.196 to 1 <-- i dunno how many decimals she wants

^--- you flipped the equation when u typed it up i guess

(2) Times Interest Earned Ratio: (net income+ interest expense+ tax expense) / interest expense

2004: (64,174+912 + 30,514) / 912 = 104.82 to 1

2003: (65,014 + 172 +32,933) / 172 = 570.46 to 1

^--- i figured it out

[Hulud]

2. Provide your evaluation of Tootsie Tolls’ liquidity
^--- dunno what ur prof wants..

3. (1) Debt to Total Assets Ratio: Total Liabilities / Total Assets

2004: 241,574 / 811,753 = 0.30 to 1 <-- if its a ratio you have to have it in ratio format

2003: 128,716 / 665,297 = 0.196 to 1 <-- i dunno how many decimals she wants

^--- you flipped the equation when u typed it up i guess

(2) Times Interest Earned Ratio: (net income+ interest expense+ tax expense) / interest expense

2004: (64,174+912 + 30,514) / 912 = 104.82 to 1

2003: (65,014 + 172 +32,933) / 172 = 570.46 to 1

^--- i figured it out

i can write about the liquidity and profitablility etc... i just need help with the equations

damn i must have messed that equation up when i typed it, cause its written correctly on my sheet LOL sorry

[LiL PaKi]

3. (1) Debt to Total Assets: Total Liabilities / Total Assets
2004: 241,574 / 811,753 = 0.30 to 1
2003: 128,716 / 665,297 = 0.1935 to 1

u can put it in percentage form too.. so 30% and 19.35% i dunno go with what u have always used for the class..

[LiL PaKi]

5. (1) Profit Margin Ratio: Net income / Net Sales

2004: 64,174 / 420,110 = 15.28%

2003: 65,014 / 392,656 = 16.56 %

[Hulud]

3. (1) Debt to Total Assets: Total Liabilities / Total Assets
2004: 241,574 / 811,753 = 0.30 to 1
2003: 128,716 / 665,297 = 0.1935 to 1

u can put it in percentage form too.. so 30% and 19.35% i dunno go with what u have always used for the class..

yea we never did this in class, which is one of the reasons im having a hard time with it

[LiL PaKi]

(2) Asset Turnover Ratio: Net Sales / Avg Total Assets

2004: 420,110 / [(811,753 + 665,297) / 2] = 57.27%

2003: 392,656 / [(665,297 + 646,080) / 2] = 59.88 %

[Hulud]

ok cool, i just rounded those too much

[LiL PaKi]

(3) Return on Assets Ratio: Net Income before interest and taxes (net income+ interest expense+ tax expense) / Avg Total Assets

2004: (64,174+912 + 30,514) / [(811,753 + 665,297) / 2] = 12.94 %

2003: (65,014 + 172 +32,933) / [(665,297 + 646,080) / 2] = 14.96%

^--- check that equation.. the equation listed in my old textbook states: net income before interest and taxes/ avg total assets

[Hulud]

it justs says: net income / avg total assets

[LiL PaKi]

it justs says: net income / avg total assets

hmm what was the equation in the book for times interest earned ratio? cuz mine said : Times Interest Earned Ratio: Net Income before interest and taxes/ interest expense

[Hulud]

yea thats what it says for times interest earned

[LiL PaKi]

yea thats what it says for times interest earned

well damn... check the examples for return on assets ratio and see if you can figure out if they used net income or earnings before interest and taxes

and for the receivables one too check the examples cuz my textbook said differently

[LiL PaKi]

i gotta run errands and junk i'll check the last one later

[Hulud]

well damn... check the examples for return on assets ratio and see if you can figure out if they used net income or earnings before interest and taxes

and for the receivables one too check the examples cuz my textbook said differently

the book just gives the the net income and tells to figure it out

this class is bullshit lol