Estimate the inventory turnover for 2019. Balance Sheet 2019 Cash $8,000 2018 $4,000 AR Inventory Fixed Assets
Fantastic news! We've Found the answer you've been seeking!
Question:
Estimate the inventory turnover for 2019.
Transcribed Image Text:
Balance Sheet 2019 Cash $8,000 2018 $4,000 AR Inventory Fixed Assets 3,000 5,000 14,000 12,000 17,500 14,000 Total Assets $42,500 $35,000 AP $14,000 $8,000 Other Current Liabilities 4,500 5,500 Long-term Liabilities 8,500 9,500 Common Stock 2,000 2,000 Retained Earnings Total Liabilities & Equity 13,500 10,000 $42,500 $35,000 Income Statement Sales 2019 $80,000 COGS 62,000 Gross Profit 18,000 Operating Expenses 12,000 Operating Income 6,000 Other Income/Expenses (2,000) Net Income $4,000 Balance Sheet 2019 Cash $8,000 2018 $4,000 AR Inventory Fixed Assets 3,000 5,000 14,000 12,000 17,500 14,000 Total Assets $42,500 $35,000 AP $14,000 $8,000 Other Current Liabilities 4,500 5,500 Long-term Liabilities 8,500 9,500 Common Stock 2,000 2,000 Retained Earnings Total Liabilities & Equity 13,500 10,000 $42,500 $35,000 Income Statement Sales 2019 $80,000 COGS 62,000 Gross Profit 18,000 Operating Expenses 12,000 Operating Income 6,000 Other Income/Expenses (2,000) Net Income $4,000
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
-
Assignment Description The final assignment for MBA 675 is to demonstrate one's understanding of the importance of the operations of a firm through an examination of the firm's operations strategy...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
In Exercises find the vertex, focus, and directrix of the parabola, and sketch its graph. x 2 + = 0
-
Find a degree-constrained spanning tree of the given graph where each vertex has degree less than or equal to 3, or show that such a spanning tree does not exist. a. b. b
-
In the first \(100.0 \mathrm{~ms}\) after the switch on an RLC circuit is closed, the resistor dissipates \(5.005 \mathrm{~J}\) of energy. In the first \(200.0 \mathrm{~ms}\), the resistor dissipates...
-
Tax laws can change each year. Knowing the new rules can help you save money. Log On Go to finance07.glencoe
-
Beacon Company is considering two different, mutually exclusive capital expenditure proposals. Project A will cost $400,000, has an expected useful life of 10 years, a salvage value of zero, and is...
-
The net present value (NPV) and internal rate of return (IRR) methods of investment analysis are interrelated and are sometimes used together to make capital budgeting decisions. Consider the case of...
-
Determine the total acceleration of point A on the friction pad of the centrifugal clutch shown in the below figure. At the instant shown, the driveshaft is rotating at 300 rpm clockwise and is...
-
Annie works as a supervisor of commercial maintenance and cleaning teams. As part of her job, she must travel constantly and her employer provides her with a rented car throughout 2023 at a cost of...
-
How do you assess the alignment between an organization's articulated values and the behaviors exhibited by its employees at all levels ?
-
How does the manipulation of narrative perspective, as seen in the works of authors like William Faulkner or Toni Morrison, influence the reader's understanding of time, memory, and subjective truth...
-
Give me an example of a content marketing strategy for a food truck or restaurant? What will be the content marketing strategy for a restaurant business?
-
What is the relationship between diversity, inclusion, and mental health in the workplace, and how can organizations create supportive environments that address the unique mental health needs of a...
-
The following financial information is available for Concord Corporation. (in millions) 2025 2024 Average common stockholders' equity $2,500 $2,600 Dividends declared for common stockholders 305 594...
-
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability...
-
Why is the equity method of accounting sometimes referred to as "one-line consolidation?"
-
Retic Ltd. acquired 100% of the share capital of Dorado Ltd. for $102,000 on January 1, 2011, when the equity of Dorado consisted of: Share capital50,000 shares........ $50,000 Retained earnings...
-
Acme Corp. has a portfolio of investments purchased at the amounts shown below at December 31, 2013. Acme is a private company but is contemplating going public. 1. 10% interest in Plato purchased on...
-
John Aristote LP is an audit frm based in Dublin (Ohio). In 2017, the frm was hired to compile the fnancial statements of Reggie Inc., a nonpublic entity based within the same state. Reggie Inc....
-
The auditor can perform an agreed-upon procedure attest engagement provided that: (a) The auditor is independent (b) The auditor and the specified parties agree upon the procedures performed or to be...
-
In an agreed-upon procedure, the auditor is responsible for all the below, except: (a) To carry out the procedures and report the findings in accordance with the general, fieldwork, and reporting...
Study smarter with the SolutionInn App