Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates Stephen MJ LLC Account Current year Net sales (all credit) $535,675 Cost of goods sold $378,050 Gross profit $144,165 Income from

image text in transcribed
image text in transcribed
The following information relates Stephen MJ LLC Account Current year Net sales (all credit) $535,675 Cost of goods sold $378,050 Gross profit $144,165 Income from operations $95,500 Interest expense $23,500 Net income $57,600 Cash $33,900 Prior year $499,500 $353,600 $145,900 $79,900 $19,500 $51,600 $15,900 Accounts receivable, net $41,000 $23,200 Inventory Prepaid expenses Total current assets Total long-term assets Total current liabilities $23,000 $2,000 $108,400 $62,000 $44,000 $30,300 $1,500 $70,900 $38,000 $41,600 Total long-term liabilities $25,000 $22,700 Common stock, no par, 3,000 shares, value $50/share $30,000 $30,000 Required: What is the acid-test ratio for the current year? What is the inventory turnover for the current year? What is days' sales in receivables for the current year? What is the rate of return on total assets for the current year? What is the times-interest-earned ratio for the current year? What is the current ratio for the current year? Round answers to two decimal places, don't include dollar signs, commas or words in

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing For Dummies

Authors: Maire Loughran

1st Edition

0470530715, 978-0470530719

More Books

Students also viewed these Accounting questions