Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

16 Markus Company's common stock sold for $4.75 per share at the end of this year. The company paid a common stock dividend of $0.57

16 Markus Company's common stock sold for $4.75 per share at the end of this year. The company paid a common stock dividend of $0.57 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets. Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $ 1,080,000 $ 626,400 $ 453,600 $ 276,500 $ 14,000 $ 183,750 Ending Balance $ 44,000 $ 92,000 $ 73,300 $ 209,300 $ 750,000 $ 84,000 $210,000 $ 158,000 $540,000 $ 750,000 Beginning Balance $ 43,200 $ 66,200 $ 92,000 $ 201,400 $ 809,000 $ 87,000 $ 189,000 $158,000 $ 620,000 $ 809,000 Foundational 14-9 (Algo) 9. What is the accounts receivable turnover and the average collection period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.) Accounts receivable turnover Average collection period 13.65 days 10. What is the inventory turnover and the average sale period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.) Inventory turnover Average sale period days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions