Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Young, Inc. 2018 Statement of comprehensive income ($ in millions) Net sales $1384 Less; cost of goods sold 605 Less: Depreciation 180 earnings before interest

Young, Inc. 2018 Statement of comprehensive income ($ in millions)

Net sales

$1384
Less; cost of goods sold 605
Less: Depreciation 180
earnings before interest and taxes 599
less; interest paid 80
taxable income 519
Less; taxes 156
Net income 363
addition to retained earnings 254
dividends paid 109

Young Inc 2017 and 2018 statement of financial position ( $ in millions)

2017 2018 2017 2018
cash $100 $121 accounts payable $400 $350
accounts receivable 350 425 notes payable 390 370
inventory 440 410 total 790 720
total 890 956 long term debt 500 550
net fixed assets 1556 1704 common stock 600 580
retained earnings 556 810
total assets $2446 $2660 total liabilities $2446 $2660

use the above financial information to work on the below questions:

a. what is the quick ratio for young for 2017?

b. what is the debt-equity ratio for 2017? c. what was inventory turnover for 2018?

d. what was return on equity for 2018?

e. what is the days' sales in receivables for 2018?

Note; please show work.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions