Question
Given the following information, Balance Sheet as of December 31, 2013 Cash $ 25 Marketable securities 40 Accounts Receivable 75 Inventory 125 Equipment 100 Buildings
Given the following information,
Balance Sheet as of December 31, 2013
Cash $ 25
Marketable securities 40
Accounts Receivable 75
Inventory 125
Equipment 100
Buildings 200
Land 150
Total assets $715
Accounts payable $75
Wages payable 15
Long-term debt 125
Common stock 200
Retained earnings 300
Total liabilities and equity $ 715
Income Statement December 31st, 2013
Sales. $1,595
Cost of goods sold 675
General, selling, and administration expenses 425
Interest 100
Earnings before taxes 395
Tax 150
Net income $245
Additional Information
Number of Shares December 31st, 2013 50
Accounts Receivable January 1st, 2013 $50
Inventory - January 1st, 2013 $90
Stock Market Price Per Share December 31st, 2013 $45
Dividends paid per share 1/1/2013 through 12/31/2012 $1.50
The inventory turnover ratio is closest to:
5.40
0.19
0.14
7.36
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
Extinction Governance Finance And Accounting
Authors: Jill Atkins, Martina Macpherson
1st Edition
0367492989, 978-0367492984
