Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Based on the information in the table, and using a 365-day year, calculate Average Credit Sales per Day Round the answers to two decimal places

image text in transcribedimage text in transcribed

Based on the information in the table, and using a 365-day year, calculate Average Credit Sales per Day Round the answers to two decimal places Balance Sheet December 31, 2015 Cash and $187,000 Accounts payable $217,000 marketable securities Accounts $498,000 $51,500 Notes payable receivable Accrued expenses $58,300 $799,000 Inventories Total current $326,800 Prepaid expenses $19,300 liabilities Total current $1,503,300 Long-term debt $215,400 assets Par value and Gross fixed assets $1,978,000 $128,000 paid-in-capital Less: accumulated $478,000 Retained Earnings $2,333, 100 depreciation $1,500,000 Common Equity 2,461,100 Net fixed assets Total liabilities $3,003,300 and owner's equity $3,003,300 Total assets Income Statement, Year of 2015 Net sales (all credit)$5,386,600.00 Less: Cost of goods $3,716,754.00 sold Selling and administrative $329,000.00 expenses Depreciation $138,000.00 expense $1,202,846.00 EBIT $39,600.00 Interest expense Earnings before $1,163,246.00 taxes $465,298.40 Income taxes $697,947.60 Net income

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

Financial Statement Analysis

Authors: Martin S. Fridson, Fernando Alvarez

5th Edition

1119457149, 978-1119457145

More Books

Students also viewed these Finance questions

Question

=+ (d) Restrict the range of summation in (5.51) to 0x

Answered: 1 week ago