Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

22) The Bedford Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year End of

image text in transcribed

22) The Bedford Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year End of prior ear End of current vear Net sales revenue (all credit) Cost of goods sold Gross profit Selling/general expenses Interest expense Net Income $1,220,000 $725,000 $495,000 $280,000 $42,000 $173,000 Current assets Long-term assets Total assets Current liabilities Long-term liabilities Comm Total liabilities and stockholders' equit $113,000 $512,000 $625,000 $57,000 $275,000 $293,000 $625,000 $82,000 $440,000 $522,000 $52,000 $245,000 $225,000 $522,000 on stockholders' equity Inventory and prepaid expenses account for $30,000 of the current year's current assets Average inventory for the current year is $36,250 Average net accounts receivable for the current year is $45,000 There are 35,000 shares of common stock outstanding Total dividends paid during the current year were $17,000 The market price per share of common stock is $20 What is the inventory turnover for the current year? A) 13.66 times B) 27.11 times C) 20 times D) 16 times

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

Wiley CPA Exam Review Auditing And Attestation 2011

Authors: Patrick R. Delaney, O. Ray Whittington

8th Edition

0470554347, 978-0470554340

More Books

Students also viewed these Accounting questions

Question

1. Which position would you take?

Answered: 1 week ago