Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i cant figure out what the days arr supose to be. i have done 9.18/365=39.76. but this answer is incorrect. The 2020 financial statements of
i cant figure out what the days arr supose to be. i have done 9.18/365=39.76. but this answer is incorrect.
The 2020 financial statements of Outdoor Waterworks Inc. follow: ok Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 Net sales $966,000 Cost of goods sold: Inventory, Dec. 31, 2019 $ 75,360 Purchases 600,840 Goods available for sale $676,200 Inventory, Dec. 31, 2020 59,040 Cost of goods sold 617,160 Gross profit from sales $348,840 Operating expenses 273, 360 Operating profit $ 75,480 Interest expense 11,400 Profit before taxes $ 64,080 Income taxes 18,864 Profit $ 45,216 ces er 17 Assignment Average toy With F Saved Help Save & Exit Submit Check my work 5 Outdoor Waterworks Inc. Balance Sheet December 31, 2020 Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured by mortgage on plant Common shares, 160,000 shares Retained earnings Total liabilities and equity $ 22,200 24,480 52,080 10,560 59, 040 5,760 326,520 $500,640 ces $ 48,840 6,240 6,960 114,000 192,890 132,600 $500, 640 Assume all sales were on credit. Also assume the long-term note payable is due in 2023, with no current portion. On the December 31, 2019, balance sheet, the assets totalled $432,720, common shares were $192,000, and retained earnings were $107,640 Answer is not complete. a. . b. C. d. e. f. Current ratio Quick ratio Days' sales uncollected Inventory turnover Days' sales in inventory Ratio of pledged plant assets to secured liabilities Times interest earned Profit margin Total asset turnover Return on total assets Return on common shareholders' equity 2.81 to 1 1.76 to 1 19.68 days 9.18 times days 2.86 to 1 6.62 times 4.68% 2.07 times 9.69 % 14.49 % 9 h. i. >>>>> j. k 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