(a2) Compute for each year the average collection period. At the end of 2013, accounts receivable (net) was $460,200. (Round answers to 1 decimal place, e.g. 1.6.) | 2015 | 2014 | | Average collection period | days | days | Warning | Don't show me this message again for the assignment |
Ok Cancel | 2. Brief Exercise 18-12 (Part Level Submission) The following data are from the income statements of Haskin Company. | 2015 | 2014 | | Sales | $6,493,200 | $6,280,300 | | Beginning inventory | 990,500 | 899,500 | | Purchases | 4,360,300 | 4,618,200 | | Ending inventory | 1,001,400 | 990,500 | Warning | Don't show me this message again for the assignment |
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(a1) Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) | 2015 | 2014 | | Inventory turnover | times | times | Warning | Don't show me this message again for the assignment |
Ok Cancel | 3. Brief Exercise 18-13 Guo Company has owners' equity of $352,400and net income of $112,151. It has a payout ratio of29% and a return on assets of13%. How much did Guo pay in cash dividends, and what were its average assets? (Round answers to 0 decimal places, e.g. 125.) | Cash dividends | $ | | Average assets | $ | | 4. Exercise 18-2 Operating data for Navarro Corporation are presented below. | 2015 | 2014 | | Net sales | $746,500 | $600,020 | | Cost of goods sold | 461,850 | 394,370 | | Selling expenses | 117,820 | 70,050 | | Administrative expenses | 59,850 | 56,220 | | Income tax expense | 32,130 | 28,140 | | Net income | 74,850 | 51,240 | Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.) | NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 | | 2015 | 2014 | | Amount | Percent | Amount | Percent | | Net sales | $746,500 | % | $600,020 | % | | Cost of goods sold | 461,850 | % | 394,370 | % | | Gross profit | 284,650 | % | 205,650 | % | | Selling expenses | 117,820 | % | 70,050 | % | | Administrative expenses | 59,850 | % | 56,220 | % | | Total operating expenses | 177,670 | % | 126,270 | % | | Income before income taxes | 106,980 | % | 79,380 | % | | Income taxes expense | 32,130 | % | 28,140 | % | | Net income | $74,850 | % | $51,240 | % | |
Ok Cancel | 5. Exercise 18-5 Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014. | NORDSTORM, INC. Balance Sheet (partial) | | (in millions) | End-of-Year | Beginning-of-Year | | Cash and cash equivalents | $ 1,113 | $ 101 | | Accounts receivable (net) | 2,849 | 2,719 | | Inventory | 1,257 | 1,260 | | Prepaid expenses | 123 | 130 | | Other current assets | 333 | 294 | | Total current assets | $5,675 | $4,504 | | Total current liabilities | $2,820 | $2,241 | For the year, net sales were $11,561 and cost of goods sold was $7,459 (in millions). (a) Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g. 1.6 .) | Current ratio | :1 | | Acid-test ratio | :1 | | Accounts receivable turnover | times | | Inventory turnover | times | Warning | Don't show me this message again for the assignment |
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