Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A partial balance sheet for Captain D's Sportswear is shown below. (dollars in thousands) Assets: Cash Accounts receivable (net) Investments Inventory Prepaid rent Total current

image text in transcribedimage text in transcribedimage text in transcribed

A partial balance sheet for Captain D's Sportswear is shown below. (dollars in thousands) Assets: Cash Accounts receivable (net) Investments Inventory Prepaid rent Total current assets Property & Equipment, (net) $ 69 178 58 208 33 546 261 Liabilities: Accounts payable Other liabilities Total current liabilities Long-term liabilities Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and equity $250 82 332 113 445 156 206 362 $807 Total assets $807 The current ratio is: (Round your answer to 2 decimal places.) Multiple Choice 1.64. Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 29,500 $ 45,000 Inventory 32,000 43,000 Net sales (all credit) 196,000 195,000 Cost of goods sold 121,000 113,000 Total assets 427,000 411,000 Total stockholders' equity 244,000 228,000 Net income 34,000 31,000 Stealth Company's 2021 receivables turnover ratio is: Multiple Choice 5.26 times. 6.63 times. Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 83,000 $ 78,000 Inventory 90,000 72,000 Net sales 450,000 374,000 Cost of goods sold 256,000 226,000 Total assets 835,000 785,000 Total stockholders' equity 475,000 430,000 Net income 72,000 60,000 TPX Company's 2021 return on equity is: (Round your answer to 1 decimal place.) Multiple Choice 15.9%

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

ISE Managerial Accounting

Authors: Ray H. Garrison, Eric Noreen, Peter C. Brewer

17th Edition

1260575683, 9781260575682

More Books

Students also viewed these Accounting questions