The sales forecast and various forms of operating and financial data are the key outputs of the short-run (operating) financial planning

The sales forecast and various forms of operating and financial data are the key outputs of the short-run (operating) financial planning. True False

The following unadjusted trial balance is prepared at fiscal year-end for Foster Products Company

The following unadjusted trial balance is prepared at fiscal year-end for Foster Products Company. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Foster Products Company uses a perpetual inventory system. Required Prepare adjusting journal entries to reflect each of the following: Store supplies still available at fiscal year-end amount to $3,700. Expired insurance, an administrative expense, for the fiscal year is $2,800. Depreciation expense on store equipment, a selling expense, is $3,000 for the fiscal year. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $21,300 of inventory is still available at fiscal year-end. Prepare a multiple-step income statement for fiscal year 2016 that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.   Prepare a single-step income statement for fiscal year 2016.   Compute the current ratio, acid-test ratio, and gross margin ratio as of October 31, 2016. (Round ratios to two decimals.)

Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10

Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period.

Josh Smith has compiled some of his personal financial data in order to determine his liquidity position

Josh Smith has compiled some of his personal financial data in order to determine his liquidity position. The data are as​ follows:

Account	Amount
Cash	$3,120
Marketable securities	910
Checking account	790
Credit card payables	1,180
​Short-term notes payable	810

a. Calculate​ Josh's liquidity ratio.

b.

Several of​ Josh's friends have told him that they have liquidity ratios of about

1.91.9.

How would you analyze​ Josh's liquidity relative to his​ friends?

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