Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Find AR Days Ratio for 12/31/18, 12/31/19, and 12/31/20. Jones Company Income Statement Period Ending Dividends 25,000 25,000 25,000 As of begin{tabular}{l|l|r|r|r|} & & 12/31/18

Find AR Days Ratio for 12/31/18, 12/31/19, and 12/31/20.

image text in transcribedimage text in transcribedimage text in transcribed

Jones Company Income Statement Period Ending Dividends 25,000 25,000 25,000 As of \begin{tabular}{l|l|r|r|r|} & & 12/31/18 & 12/31/19 & 12/31/20 \\ \hline Assets & & & & \\ \hline & Cash and Equivalents & 120,000 & 122,198 & 173,292 \\ \hline & Marketable Securities & 65,200 & 68,920 & 54,210 \\ \hline & Net Accounts Receivable & 58,400 & 61,250 & 74,213 \\ \hline & Inventory & 342,350 & 345,682 & 364,210 \\ \hline & Other Current Assets & 26,410 & 28,651 & 24,125 \\ \hline \multicolumn{1}{|l|}{ Total Current Assets } & 612,360 & 626,701 & 690,050 \\ \hline & & & & \\ \hline & Furniture and Fixtures & 65,840 & 61,962 & 64,253 \\ \hline & Land, Buildings, and Equipment & 2,362,000 & 2,415,620 & 2,453,600 \\ \hline & Total Gross Fixed Assets & 2,427,840 & 2,477,582 & 2,517,853 \\ \hline & Accumulated Depreciation & 452,130 & 514,470 & 578,990 \\ \hline \hline \end{tabular} Liabilities Current Liabilities \begin{tabular}{l|l|r|r|r|} \hline & Short-term notes payable & 95,640 & 85,462 & 89,562 \\ \hline Accounts Payable & 49,650 & 51,245 & 47,520 \\ \hline & Accrued Taxes & 12,400 & 13,560 & 14,895 \\ \hline Current Maturities of LT Debt & 40,000 & 40,000 & 40,000 \\ \hline & Other Current Liabilities & 46,320 & 38,650 & 42,563 \\ \hline & 244,010 & 228,917 & 234,540 \\ \hline \multicolumn{1}{|l|}{ Total Current Liabilities } & & & \\ \hline & 652,000 & 612,000 & 572,000 \\ \hline \multicolumn{2}{|l|}{ Long Term Debt } & & & \\ \hline \end{tabular} Stockholder Equity \begin{tabular}{|l|r|r|r|} \hline Common Stock & 100,000 & 100,000 & 100,000 \\ \hline Retained Earnings & 1,592,060 & 1,648,896 & 1,722,373 \end{tabular} Total Stockholder Equity \begin{tabular}{|r|r|r|} \hline 1,692,060 & 1,748,896 & 1,822,373 \\ \hline \end{tabular} Total Liabilities and Stockholders Equity \begin{tabular}{|r|r|r|} \hline 2,588,070 & 2,589,813 & 2,628,913 \\ \hline \end{tabular} Balance Sheet Ratios Days AR ratio AR Avg sales per day

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

Primary Science Audit And Test

Authors: Jenny Byrne, Andri Christodoulou, John Sharp

4th Edition

1446282732, 978-1446282731

More Books

Students also viewed these Accounting questions

Question

Describe new developments in the design of pay structures. page 475

Answered: 1 week ago