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QUESTION 14 Selected information from the comparative financial statements of Princeton Inc. for the year ended December 31, appears below: 20212020Accounts receivable$ 128,000$ 174,000Inventory81,00077,000Total assets590,000512,000Current
QUESTION 14
- Selected information from the comparative financial statements of Princeton Inc. for the year ended December 31, appears below:
- 20212020Accounts receivable$ 128,000$ 174,000Inventory81,00077,000Total assets590,000512,000Current liabilities135,000105,000Non-current liabilities349,000322,000Net credit sales620,000595,000Cost of goods sold344,000319,000Interest expense22,00027,000Income tax expense21,00014,000Profit94,00062,000
- Instructions
- Answer the following questions relating to the year ended December 31, 2021. Show calculations.
- a)The inventory turnover for 2021 is ________.b)The interest coverage in 2021 is ________.c)The debt to total assets for 2021 is ________.d)The receivables turnover for 2021 is ________.e)The return on assets for 2021 is ________.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
