Question
Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in 2021. The weighted average number of shares issued in 2021
Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in 2021. The weighted average number of shares issued in 2021 was 50,000 shares. Shannon Corporation's common shares are selling for $40 per share on the Toronto Stock Exchange. Shannon Corporation reported the following data for 2021 and 2020:
2021 2020 Cash $131,000 $126,000
Accounts Receivable, Net 84,000 59,000
Merchandise Inventory 43,000 42,000
Property, Plant, and Equipment, Net 130,000 96,000
For the year ending December 31, 2021:
Net Sales Revenue $460,000 Cost of Goods Sold (335,000) Gross Profit $125,000
What was Shannon Corporation's days' sales in inventory for 2021?
Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in 2021. The weighted average number of shares issued in 2021 was 50,000 shares. Shannon Corporation's common shares are selling for $40 per share on the Toronto Stock Exchange. Shannon Corporation reported the following data for 2021 and 2020:
| 2021 | 2020 | |
| Cash | $131,000 | $126,000 |
| Accounts Receivable, Net | 84,000 | 59,000 |
| Merchandise Inventory | 43,000 | 42,000 |
| Property, Plant, and Equipment, Net | 130,000 | 96,000 |
| Net Sales Revenue | $460,000 |
| Cost of Goods Sold | (335,000) |
| Gross Profit | $125,000 |
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Financial Accounting A Critical Approach
Authors: John Friedlan
3rd Edition
0070967601, 978-0070967601
