O’Keefe Industries Balance Sheet Accounting Help With Solution

O’Keefe Industries Balance Sheet Accounting Help

1.Balance sheet completion using ratios Complete the 2003 balance sheet for O’Keefe Industries using the information that follows it.
O’Keefe Industries Balance Sheet December 31, 2003:

Assets Liabilities and Stockholders’ Equity
Cash $30,000 Accounts payable $120,000
Marketable securities 25,000 Notes payable
Accounts receivable Accruals 20,000
Inventories Total current liabilities
Total current assets Long-term debt
Net fixed assets Stockholders’ equity $60,000
Total assets $ Total liabilities and
stockholders’ equity $

The following financial data for 2003 are also available:
(1) Sales totaled $1,800,000.
(2) The gross profit margin was 25%.
(3) Inventory turnover was 6.0. was 1.20.

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Case Approach

Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

Related Services

(4) There are 360 days in the year.
(5) The average collection period was 40 days.
(6) The current ratio was 1.60.
(7) The total asset turnover ratio
(8) The debt ratio was 60%.
2.Lacoma Company produces computer software that Kozuch, Inc., sells. Lacoma receives a royalty of 15 percent of sales. Kozuch pays royalties to Lacoma semiannually— on May 1 for sales made in July through December of the previous year and on November 1 for sales made in January through June of the current year. Royalty expense for Kozuch and royalty income for Lacoma in the amount of $12,000 were accrued on December 31, 2013. Cash in the amounts of $12,000 and $20,000 was paid and received on May 1 and November 1, 2014, respectively. Software sales during the July to December 2014 period totaled $300,000.
a)Calculate the amount of royalty expense for Kozuch and royalty income for Lacoma during 2014.
b)Record the adjusting entry that each company made on December 31, 2014.

Product Code :Acc-sol-14

To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)
You can also email us at assignmentconsultancy.help@gmail.com but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in our Q&A sections here.