Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 29,500 $ 45,000 Inventory 38,000 42,000
Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below:
2021 2020 Accounts receivable $ 29,500 $ 45,000 Inventory 38,000 42,000 Net sales (all credit) 199,000 198,000 Cost of goods sold 125,000 110,000 Total assets 431,000 408,000 Total stockholders' equity 245,000 227,000 Net income 39,500 38,000
Stealth Company's 2021 receivables turnover ratio is:
Multiple Choice -
5.34 times.
-
6.73 times.
-
14.61 times.
-
4.24 times.
Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below:
| 2021 | 2020 | |||
| Accounts receivable | $ | 29,500 | $ | 45,000 |
| Inventory | 38,000 | 42,000 | ||
| Net sales (all credit) | 199,000 | 198,000 | ||
| Cost of goods sold | 125,000 | 110,000 | ||
| Total assets | 431,000 | 408,000 | ||
| Total stockholders' equity | 245,000 | 227,000 | ||
| Net income | 39,500 | 38,000 | ||
Stealth Company's 2021 receivables turnover ratio is:
Multiple Choice
5.34 times.
6.73 times.
14.61 times.
4.24 times.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Corporate Finance Text And Cases
Authors: Vishwanath S. R.
3rd Edition
9353282896, 978-9353282899
