Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with these two problems please Sloten company 2020 2019 Sales revenue $6,435,000 $6.195.000 Beginning inventory 1,001,000 831,000 Purchases 4,764,000 4,658,400 Ending inventory 989.000

need help with these two problems please
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Sloten company 2020 2019 Sales revenue $6,435,000 $6.195.000 Beginning inventory 1,001,000 831,000 Purchases 4,764,000 4,658,400 Ending inventory 989.000 1,001,000 X Your answer is incorrect. Compute the inventory turriover for each year. (Round answers to 1 decimal place, es 12.5) 2020 2019 Inventory turnover 1.2 times times e Textbook and Media to each O 04 1M 5 6 00 9 R Y U O P F G I J | K BN M Douse elextbook and Media X Your answer is incorrect. Compute days in inventory for each year. (Round answers to decimal places, eg. 124. Use 365 days for calculation.) 2020 2019 Days in inventory days days e Textbook and Media Assistance Used e Textbook 5 o E 4 1:38 AM 621/2020 ! 5 6 00 9 O ER C T O | P F G H J L t enter E V BNL M pause .com/courses/22387/assignments/576110 Current Allempiin Progress enter The comparative statements of Pharoah Company are presented here: se Pharoah Company Income Statements For the Years Ended December 31 2020 2019 ource Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832.000 744,500 Selling and administrative expenses penso Income from operations 508,200 487.200 323,800 257.300 Other expenses and losses Interest expense 23.400 21.400 Income before income taxes 300.400 235.900 Income tax expense 74.400 Net income 93.400 $207.000 $161.500 were to search O i E $ 3 % 4 5 CO 8 LEIRI TY m/courses/22387/assignments/576110 Pharoah Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,000 111,000 Inventory 127,400 116.900 Total current assets I 387.500 342.100 Plant assets (net) 663.000 534,300 Total assets $1.050,500 $876,400 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $168.200 $153,600 44.900 43.400 e to search O BRI B 2 % 3 5 & 6 7 8 9 L ERITY 2387/assignments/576110 Liabilities and Stockholders' Equity Current liabilities Accounts payable $168.200 $153,600 Income taxes payable 44,900 43,400 Total current liabilities 213,100 197,000 Bonds payable 234,000 214,000 Total liabilities 447,100 411,000 Stockholders' equit Common stock ($5 par) I 290,000 300,000 Retained earnings 313.400 165,400 Total stockholders' equity 603.400 465.400 Total liabilities and stockholders' equity $1.050,500 $876,400 All sales were on account. Net cash provided by operating activities for 2020 was $243.000. Capital expenditures were $137.000, and cash dividends were $59.000 Compute the following ratios for 2020. (Round free cash flow to decimal places, es. 5.275 and all other answers to 2 decimal 1:39 AM 6/23/2012 o insert DE 5 6 7 00 9 0 backspace RTY U OP // F G H I J K L 1: All sales were on account. Net cash provided by operating activities for 2020 was $243,000. Capital expenditures w $137,000, and cash dividends were $59,000. Compute the following ratios for 2020. (Round free cash flow to O decimal places, eg. 5,275 and all other answers to 2 decu places, e.g. 1.83 or 1.83%. Use 365 days for calculation) (a) Earnings per share $ Return on common stockholders' equity % (c) Return on assets % (d) Current ratio le) Accounts receivable turnover Average collection period times 0 days Inventory turnover times thi Days in inventory day Times interest earned times Asset turnover Debt to assets ratio in Free cash flow to search 139 AM 8/21/2020 6 8 9 O E / R T YU o D F G H J | K I CIVIB INI M

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

The Software Audit Guide

Authors: John W. Helgeson

1st Edition

0873897730, 978-0873897730

More Books

Students also viewed these Accounting questions

Question

What was the significance of the industrial revolution?

Answered: 1 week ago