Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sales for the year were $71,000 and cost of goods sold were $56,800. The balance sheet at the end of the year is given below:
Sales for the year were $71,000 and cost of goods sold were $56,800. The balance sheet at the end of the year is given below: Assets Cash Accounts receivable Inventory Current assets Machines Real estate Net fixed assets Total assets Liabilities and Equity 13,000 Accounts payable 17,000 6,000 Current liabilities 17,000 39,000 Long-term debt 95,000 58,000 Total liabilities 112,000 34,000 Paid-in capital 20,000 80,000 Retained earnings 40,000 114,000 Equity 60,000 172,000 Total liab. & equity 172,000 IBAttempt 1/10 for 10 pts. Part 1 What is the firm's days' sales in receivables? 1+ decimals Submit | 8 | Attempt 1/10 for 10 pts. Part 2 What is the total asset turnover? 3+ decimals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started