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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

  1. Selected information from the comparative financial statements of Princeton Inc. for the year ended December 31, appears below:
  2. 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
  3. Instructions
  4. Answer the following questions relating to the year ended December 31, 2021. Show calculations.
  5. 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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