Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jones Company has the following financial data: 2019 2018 Assets Current Assets: Cash and Cash Equivalents $ 2,000 $ 1,900 Accounts Receivable 1,800 1,600 Merchandise

Jones Company has the following financial data: 2019 2018 Assets Current Assets: Cash and Cash Equivalents $ 2,000 $ 1,900 Accounts Receivable 1,800 1,600 Merchandise Inventory 1,200 1,000 Prepaid Expenses 1,300 2,100 Total Current Assets 6,300 6,600 Other Assets 17,000 15,000 Total Assets $23,300 $21,600 Liabilities Current Liabilities $ 7,000 $ 8,000 Long-term Liabilities 4,000 3,500 Total Liabilities 11,000 11,500 Stockholders' Equity Common Stock, no par $ 6,500 $ 4,300 Retained Earnings 5,800 5,800 Total Stockholders' Equity 12,300 10,100 Total Liabilities and Stockholders' $23,300 $21,600 Equity 2019 Net Sales $ 30,000 Cost of Goods Sold 9,000 Gross Profit 21,000 Operating Expenses 6,000 Operating Income 15,000 Interest Expense 300 Income Before Income Taxes 14,700 Income Tax Expense 2,400 Net Income $12,300 What is the accounts receivable turnover ratio (assuming all sales are on account)

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

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

More Books

Students also viewed these Accounting questions