= Homework: Homework 15-2 Question 9, SF15-7 (similar to) Part 1 of 5 HW Score: 21.83%, 7.64 of 35 points Points: 0 of 2 Save Shine's Companies, a home improvement store chain, reported the following summarized figures: Click the icon to view the income statement.) E: (Click the icon to view the balance sheets.) Shine's has 30,000 common shares outstanding during 2024. Read the requirements 3. Balance sheets Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Shine's Companies for 2024. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) Shine's Companies Balance Sheet May 31, 2024 and 2023 The inventory turnover times. Assets Liabilities 2024 2024 2023 2023 Cash $ 2,500 $ - X 13,300 11,300 ncome statement - X 26,000 Short-term Investments Requirements 1,800 Total Current Liabilities $ 27,000 $ 12,000 Long-term Liabilities 13,200 5,400 Total Liabilities 40,200 5,900 Stockholders' Equity Accounts Receivable 7,600 24,600 Merchandise Inventory Shine's Companies Income Statement 6,800 11,000 Other Current Assets 2,300 Common Stock 11,000 11,000 33.700 16.800 Total Current Assets 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Shine's Companies for 2024. 2. Compute days' sales in receivables during 2024. Round intermediate calculations to three decimal places. Assume all sales were on account. 3. What do these ratios say about Shine's Companies' ability to sell inventory and collect receivables? Years Ended May 31, 2024 and 2023 2024 53,900 31,000 27,400 Retained Earnings 25,000 Total Equity 2023 All Other Assets 44,700 27,800 Net Sales Revenue $ 51,200 $ 43,800 $ 84,900 $ 52,400 $ 84,900 $ 52,400 Total Assets Total Liabilities and Equity Cost of Goods Sold 25,500 Interest Expense 20.800 500 6,200 320 7,800 All Other Expenses Print Done Print Done $ 23,700 $ 10,180 Net Income Print Done = Homework: Homework 15-2 Question 9, SF15-7 (similar to) Part 1 of 5 HW Score: 21.83%, 7.64 of 35 points Points: 0 of 2 Save Shine's Companies, a home improvement store chain, reported the following summarized figures: Click the icon to view the income statement.) E: (Click the icon to view the balance sheets.) Shine's has 30,000 common shares outstanding during 2024. Read the requirements 3. Balance sheets Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Shine's Companies for 2024. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) Shine's Companies Balance Sheet May 31, 2024 and 2023 The inventory turnover times. Assets Liabilities 2024 2024 2023 2023 Cash $ 2,500 $ - X 13,300 11,300 ncome statement - X 26,000 Short-term Investments Requirements 1,800 Total Current Liabilities $ 27,000 $ 12,000 Long-term Liabilities 13,200 5,400 Total Liabilities 40,200 5,900 Stockholders' Equity Accounts Receivable 7,600 24,600 Merchandise Inventory Shine's Companies Income Statement 6,800 11,000 Other Current Assets 2,300 Common Stock 11,000 11,000 33.700 16.800 Total Current Assets 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Shine's Companies for 2024. 2. Compute days' sales in receivables during 2024. Round intermediate calculations to three decimal places. Assume all sales were on account. 3. What do these ratios say about Shine's Companies' ability to sell inventory and collect receivables? Years Ended May 31, 2024 and 2023 2024 53,900 31,000 27,400 Retained Earnings 25,000 Total Equity 2023 All Other Assets 44,700 27,800 Net Sales Revenue $ 51,200 $ 43,800 $ 84,900 $ 52,400 $ 84,900 $ 52,400 Total Assets Total Liabilities and Equity Cost of Goods Sold 25,500 Interest Expense 20.800 500 6,200 320 7,800 All Other Expenses Print Done Print Done $ 23,700 $ 10,180 Net Income Print Done
