Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Markus Company's common stock sold for $5.25 per share at the end of this year. The company paid a common stock dividend of $0.63 per

image text in transcribed
Markus Company's common stock sold for $5.25 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following dato excerpts from this year's financial statements: Ending Beginning Balance Balance Cash $ 49,000 $ 44,200 Accounts receivable $ 92,000 $ 68,700 Inventory $ 76,300 $ 92,000 Current assets $ 217,300 $ 204,900 Total assets $ 801,000 $875,400 Current liabilities $ 85,500 $90,000 Total liabilities $206,000 $ 185,400 Common stock, $1 par value $ 165,000 $ 165,000 Total stockholders' equity $ 595,000 $ 690,000 Total abilities and stockholders' equity $ 801,000 $ 875.400 This Year Sales (all on account) $1.095.000 Cost of goods sold $ 635,100 Gross margin $.459.900 Net operating Income $313,875 Interest expense $ 15,500 Net Income $ 208,862 10. What is the inventory turnover and the average sale period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places) Inventory turnover Average sale period Idaya

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0697789938

Students also viewed these Accounting questions

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

Define line and staff authority

Answered: 1 week ago