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Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] Skip to question [The following information applies to the questions displayed below.] Markus Companys
Required information
The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6]
Skip to question
[The following information applies to the questions displayed below.]
Markus Companys common stock sold for $1.50 per share at the end of this year. The company paid a common stock dividend of $0.39 per share this year. It also provided the following data excerpts from this years financial statements:
Ending Balance | Beginning Balance | |
---|---|---|
Cash | $ 24,500 | $ 40,800 |
Accounts receivable | $ 42,000 | $ 38,800 |
Inventory | $ 42,400 | $ 42,000 |
Current assets | $ 108,900 | $ 121,600 |
Total assets | $ 302,000 | $ 242,800 |
Current liabilities | $ 46,500 | $ 31,500 |
Total liabilities | $ 92,000 | $ 82,800 |
Common stock, $1 par value | $ 107,000 | $ 107,000 |
Total stockholders equity | $ 210,000 | $ 160,000 |
Total liabilities and stockholders equity | $ 302,000 | $ 242,800 |
This Year | |
---|---|
Sales (all on account) | $ 480,000 |
Cost of goods sold | $ 278,400 |
Gross margin | $ 201,600 |
Net operating income | $ 32,500 |
Interest expense | $ 2,000 |
Net income | $ 21,350 |
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.)
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