Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chec Markus Company's common stock sold for $2.00 per share at the end of this year. The company paid a common stock dividend of $0.42

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Chec Markus Company's common stock sold for $2.00 per share at the end of this year. The company paid a common stock dividend of $0.42 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 Ending Balance $ 30,500 $ 52,000 $ 49,300 $ 131,800 $ 353,000 $ 52,500 $ 98,000 $ 111,000 $ 255,000 $ 353,000 Beginning Balance $ 46,000 $ 45,000 $ 52,000 $ 143,000 $ 318,200 $ 37,500 $ 88,200 $ 111,000 5 230,000 $ 318,200 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net Income This Year $ 585,000 $ 339, 300 $ 245, 700 $ 75,500 $ 4,500 $ 49, 700 Foundational 14-8 (Algo) 8. What is the acid-test ratio at the end of this year? (Round your answer to 2 decimal places.) Acid-test ratio Markus Company's common stock sold for $2.00 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year's financial statements: Inding Balance Beginning Balance Cash $ 30,500 $ 46,000 Accounts receivable $ 52,000 $ 45,000 Inventory $ 49,300 $ 52,000 Current assets $ 131,800 $ 143,000 Total assets $ 353,000 $. 318,200 Current liabilities $ 52,500 $ 37,500 Total liabilities $ 98,000 $ 88,200 Common stock, $1 par value $ 111,000 $ 111,000 Total stockholders' equity $ 255,000 $ 230,000 Total liabilities and stockholders' equity $ 353,000 $ 318.200 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net Income This Year $ 585,000 $ 339,300 $ 245,700 $ 75,500 $4,500 $ 49, 700 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 tumover Awarane rollentin narind Markus Company's common stock sold for $2.00 per share at the end of this year. The company paid a common stock dividend of $0.42 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 stockholderst equity Ending Balance $ 30,500 $ 52,000 $ 49,300 $ 131,800 $ 353,000 $ 52,500 $ 98,000 $ 111,000 $ 255,000 $ 353,000 Beginning Balance $ 46,000 $ 45,000 $ 52,000 $ 143,000 $ 318,200 $ 37,500 $ 88,200 $ 111,000 $ 230,000 $ 318,200 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $ 585,000 $ 339,300 $ 245,700 575,500 $ 4,500 $ 49,700 Foundational 14-10 (Algo) 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 tumover Average sale period days Markus Company's common stock sold for $2.00 per share at the end of this year. The company paid a common stock dividend of $0.42 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 Ending Balance $ 30,500 $ 52,000 $ 49,300 $ 131,800 $ 353,000 $ 52,500 $ 98,000 $ 111,000 $ 255,000 $ 353,000 Beginning Balance $ 46,000 $ 45,000 $ 52,000 $ 143,000 $ 318,200 $ 37,500 $ 88,200 $ 111,000 $ 230,000 $ 318,200 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $ 585,000 $ 339,300 $ 245,700 $ 75,500 $ 4,500 $ 49,700 Foundational 14-11 (Algo) What is the company's operating cycle? (Use 365 days in a year. Round your intermediate and final answer to decimal Operating cycle days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Introduction to Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

7th edition

978-1259675539, 125967553X, 978-1259594168, 1259594165, 78025796, 978-0078025792

More Books

Students also viewed these Accounting questions