Question
The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at July 31 2021 2020 ASSETS
The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut Balance Sheet As at July 31 | ||
2021 | 2020 | |
ASSETS | ||
Current Assets | ||
Cash | $193,082 | $65,400 |
Accounts receivable | $20,900 | $13,600 |
Merchandise Inventory | $20,800 | $25,500 |
Total Current Assets | $234,782 | $104,500 |
Property, plant & equipment | $147,000 | $188,000 |
Less: Accumulated depreciation | $-27,900 | $-24,000 |
TOTAL ASSETS | $353,882 | $268,500 |
LIABILITIES AND EQUITY | ||
Liabilities | ||
Current Liabilities | ||
Accounts payable | $30,700 | $34,800 |
Notes Payable - Current Portion | $7,000 | $7,000 |
Total Current Liabilities | $37,700 | $41,800 |
Notes Payable - Noncurrent Portion | $88,000 | $47,000 |
TOTAL LIABILITIES | $125,700 | $88,800 |
Stockholders' Equity | ||
Common stock | $78,000 | $54,900 |
Retained earnings | $150,182 | $124,800 |
TOTAL STOCKHOLDERS' EQUITY | $228,182 | $179,700 |
TOTAL LIABILITIES AND EQUITY | $353,882 | $268,500 |
Joe's Fish Hut Income Statement For the Year Ended July 31, 2021 | |
Sales | $140,000 |
COGS | $84,200 |
Gross Profit | $55,800 |
Operating Expenses | |
Insurance Expense | $1,210 |
Rent Expense | $4,720 |
Salaries Expense | $4,590 |
Telephone Expense | $860 |
Interest Expense | $1,470 |
Depreciation Expense | $3,900 |
Total Operating Expenses | $16,750 |
Operating Profit Before Tax | $39,050 |
Income Tax Expense | $13,668 |
Net Profit (Loss) | $25,382 |
Complete the following ratio analysis.
Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the days sales outstanding ratio for 2021. Assume all sales are credit sales. Days sales outstanding: Answer days b) Calculate the accounts receivable turnover for 2021. Assume all sales are credit sales Accounts Receivable turnover: Answer times c) Calculate the days' sales in inventory ratio for 2021. Days' Sales in Inventory: Answer days d) Calculate the inventory turnover for 2021. Inventory turnover: Answer ti
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