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Use the following financial statement information as of the end of each year to answer Questions 1317. 2020 2019 Inventory $54,000 $48,000 Current assets 81,000
Use the following financial statement information as of the end of each year to answer Questions 1317. 2020 2019 Inventory $54,000 $48,000 Current assets 81,000 106,000 Total assets 382,000 326,000 Current liabilities 27,000 36,000 Total liabilities 102,000 88,000 Common stockholders' equity 240,000 198,000 Net sales 784,000 697,000 Cost of goods sold 306,000 277,000 Net income 134,000 90,000 Income tax expense 22,000 18,000 Interest expense 12,000 12,000 Dividends paid to preferred stockholders 4,000 4,000 Dividends paid to common stockholders 15,000 10,000 13. (LO 3)Compute the days in inventory for 2020. 64.4 days. 60.8 days. 6 days. 24 days.
Use the following financial statement information as of the end of each year to answer Questions 1317.
2020
2019
Inventory
$54,000
$48,000
Current assets
81,000
106,000
Total assets
382,000
326,000
Current liabilities
27,000
36,000
Total liabilities
102,000
88,000
Common stockholders' equity
240,000
198,000
Net sales
784,000
697,000
Cost of goods sold
306,000
277,000
Net income
134,000
90,000
Income tax expense
22,000
18,000
Interest expense
12,000
12,000
Dividends paid to preferred stockholders
4,000
4,000
Dividends paid to common stockholders
15,000
10,000
13. (LO 3)Compute the days in inventory for 2020.
64.4 days.
60.8 days.
6 days.
24 days.
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