! Required information The Foundational 15 (Algo) (LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] (The following information applies to the questions displayed below.] Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 $ 900,000 $ 93,000 $ 220,000 $ 178,000 $ 680,000 $ 900,000 Beginning Balance $ 48,200 $ 73,700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 198,000 $ 178,000 $ 800,000 $ 998,000 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $ 1,210,000 $ 701,800 $ 508,200 $ 378,000 $ 18,000 $ 252,000 Foundational 14-8 (Algo) 8. What is the acid-test ratio at the end of this year? (Round your answer to 2 decimal places.) Acid-test ratio ! Required Information The Foundational 15 (Algo) (LO14-2, LO14-3, LO14-4, LO14-5, LO14-6) [The following information applies to the questions displayed below.] Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $i par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 $ 900,000 $ 93,000 $ 220,000 $ 178,000 $ 680,000 $ 900,000 Beginning Balance $ 48,200 $ 73,700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 198,000 $ 178,000 $ 800,000 $ 998,000 Sales (all on account) ) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $ 1,210,000 $ 701,800 $ 508,200 $ 378,000 $ 18,000 $ 252,000 Foundational 14-9 (Algo) 9. What is the accounts receivable turnover and the average collection period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.) Accounts receivable turnover Average collection period days Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6) [The following information applies to the questions displayed below.) Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 $ 900,000 $ 93,000 $ 220,000 $ 178,000 $ 680,000 $ 900,000 Beginning Balance $ 48,200 $ 73, 700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 198,000 $ 178,000 $ 800,000 $ 998,000 Sales (all on account) Cost of goods sold Gross margin Net operating inc Interest expense Net income This Year $ 1,210,000 $ 701,800 $ 508,200 $ 18,000 $ 252,000 Foundational 14-10 (Algo) 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 days Required information The Foundational 15 (Algo) (LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] (The following information applies to the questions displayed below.) Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 $ 900,000 $ 93,000 $ 220,000 $ 178,000 $ 680,000 $ 900,000 Beginning Balance $ 48,200 $ 73, 700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 198,000 $ 178,000 $ 800,000 $ 998,000 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $ 1,210,000 $ 701,800 $ 508,200 $ 378,000 $ 18,000 $ 252,000 Foundational 14-11 (Algo) 11. What is the company's operating cycle? (Use 365 days in a year. Round your intermediate and final answer to 2 decimal places.) Operating cycle days
