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11. Ratios-Balance Sheet data for the Athletic Locker is provided be Athletic Locker Balance Sheet December 31, 2015-2017 2017 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Long-Term Assets: Equipment Less: Accumulated Depreciation Total Assets Liabilities and Owner's Equity Current Liabilities: Accounts Payable Interest Payable Income Tax Payable Long-Term Liabilities: Notes Payable Total Liabilities Owner's Equity Jason Foster, Capital Total Liabilities and Owner's Equity Additional Information: .Net Sales . Cost of Goods Sold Net Income 2017 10,400,000 Current Ratio Gross Profit Ratio 2016 8,800,000 6,800,000 5,400,000 $1,260,000 1,360,000 Round all answers to two decimal places 1. Calculate the following ratios for 2017 & 2016, and 2. State whether the change is Favourable or Unfavourable: Merchandise Turnover Days' Sales in Inventory Quick Ratio Accounts Receivable Turnover Ratio Days' Sales Uncollected $225,000 990,000 1,725,000 130,000 1,100,000 (600,000) $3,570,000 $175,000 4,000 40,000 719,000 2,851.000 $3,570,000 2016 Merchandise Turnover $154,000 740,000 1.355,000 100,000 $105,000 0 35,000 500.000 640,000 1,100,000 (400,000) $3,049,000 $2,964,000 2,409,000 $3,049,000 Current Ratio= Gross Profit Ratio - 2015 $204,000 760,000 1,025,000 75,000 Quick Ratio - Accounts Receivable Turnover 1,100,000 (200,000) Days Sales Uncollected $81,000 4,000 30,000 500.000 615,000 Current Assets Current Liabilities x 100% Cost of Goods Sold Average Merchandise Inventory 2,349,000 $2,964,000 Ending Inventory Days Sales in Inventory Cost of Goods Sold x 365 Quick Assets Current Liabilities Net Sales Average Accounts Receivable Accounts Receivable Net Sales #365

11. Ratios-Balance Sheet data for the Athletic Locker is provided be Athletic Locker Balance Sheet December 31, 2015-2017 2017 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Long-Term Assets: Equipment Less: Accumulated Depreciation Total Assets Liabilities and Owner's Equity Current Liabilities: Accounts Payable Interest Payable Income Tax Payable Long-Term Liabilities: Notes Payable Total Liabilities Owner's Equity Jason Foster, Capital Total Liabilities and Owner's Equity Additional Information: .Net Sales . Cost of Goods Sold Net Income 2017 10,400,000 Current Ratio Gross Profit Ratio 2016 8,800,000 6,800,000 5,400,000 $1,260,000 1,360,000 Round all answers to two decimal places 1. Calculate the following ratios for 2017 & 2016, and 2. State whether the change is Favourable or Unfavourable: Merchandise Turnover Days' Sales in Inventory Quick Ratio Accounts Receivable Turnover Ratio Days' Sales Uncollected $225,000 990,000 1,725,000 130,000 1,100,000 (600,000) $3,570,000 $175,000 4,000 40,000 719,000 2,851.000 $3,570,000 2016 Merchandise Turnover $154,000 740,000 1.355,000 100,000 $105,000 0 35,000 500.000 640,000 1,100,000 (400,000) $3,049,000 $2,964,000 2,409,000 $3,049,000 Current Ratio= Gross Profit Ratio - 2015 $204,000 760,000 1,025,000 75,000 Quick Ratio - Accounts Receivable Turnover 1,100,000 (200,000) Days Sales Uncollected $81,000 4,000 30,000 500.000 615,000 Current Assets Current Liabilities x 100% Cost of Goods Sold Average Merchandise Inventory 2,349,000 $2,964,000 Ending Inventory Days Sales in Inventory Cost of Goods Sold x 365 Quick Assets Current Liabilities Net Sales Average Accounts Receivable Accounts Receivable Net Sales #365

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Ratio Gross Profit Ratio Merchandise Turnover Days Sales in Inventory Quick Ratio Accounts Receivable Turnover Ratio Days Sales Uncollected 2017 2016 Favourable, Unfavourable, or Neither
Transcribed Image Text:Current Ratio Gross Profit Ratio Merchandise Turnover Days Sales in Inventory Quick Ratio Accounts Receivable Turnover Ratio Days Sales Uncollected 2017 2016 Favourable, Unfavourable, or Neither
11. Ratios-Balance Sheet data for the Athletic Locker is provided below: Athletic Locker Balance Sheet December 31, 2015-2017 2017 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Long-Term Assets: Equipment Less: Accumulated Depreciation Total Assets Liabilities and Owner's Equity Current Liabilities: Accounts Payable Interest Payable Income Tax Payable Long-Term Liabilities: Notes Payable Total Liabilities Owner's Equity Jason Foster, Capital Total Liabilities and Owner's Equity Additional Information: Net Sales Cost of Goods Sold Net Income . . . 2017 10,400,000 6,800,000 $1,260,000 is Favourable or Unfavourable: Current Ratio Gross Profit Ratio 2016 8,800,000 5,400,000 1,360,000 Round all answers to two decimal places 1. Calculate the following ratios for 2017 & 2016, and 2. State whether the change Merchandise Turnover Days' Sales in Inventory Quick Ratio Accounts Receivable Turnover Ratio Days' Sales Uncollected $225,000 990,000 1,725,000 130,000 1,100,000 (600,000) $3,570,000 $175,000 4,000 40,000 500.000 719,000 2,851.000 $3,570,000 2016 $154,000 740,000 1,355,000 100,000 1,100,000 (400,000) $3,049,000 $105,000 0 35,000 2,409,000 $3,049,000 Merchandise Turnover= 500.000 640,000 Current Ratio = Gross Profit Ratio - Accounts Receivable Turnover 2015 $204,000 760,000 1,025,000 75,000 Days' Sales Uncollected 1,100,000 (200,000) $2,964,000 $81,000 4,000 30,000 500.000 615,000 2,349,000 $2,964,000 Current Assets Current Liabilities Gross Profit Net Salas Cost of Goods Sold Average Merchandise Inventory x 100% Ending Inventory Days Sales in Inventory Cost of Goods Sold Quick Ratio x 365 Quick Assets Current Liabilities Net Sales Average Accounts Receivable Accounts Receivable Net Sales 365
Transcribed Image Text:11. Ratios-Balance Sheet data for the Athletic Locker is provided below: Athletic Locker Balance Sheet December 31, 2015-2017 2017 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Long-Term Assets: Equipment Less: Accumulated Depreciation Total Assets Liabilities and Owner's Equity Current Liabilities: Accounts Payable Interest Payable Income Tax Payable Long-Term Liabilities: Notes Payable Total Liabilities Owner's Equity Jason Foster, Capital Total Liabilities and Owner's Equity Additional Information: Net Sales Cost of Goods Sold Net Income . . . 2017 10,400,000 6,800,000 $1,260,000 is Favourable or Unfavourable: Current Ratio Gross Profit Ratio 2016 8,800,000 5,400,000 1,360,000 Round all answers to two decimal places 1. Calculate the following ratios for 2017 & 2016, and 2. State whether the change Merchandise Turnover Days' Sales in Inventory Quick Ratio Accounts Receivable Turnover Ratio Days' Sales Uncollected $225,000 990,000 1,725,000 130,000 1,100,000 (600,000) $3,570,000 $175,000 4,000 40,000 500.000 719,000 2,851.000 $3,570,000 2016 $154,000 740,000 1,355,000 100,000 1,100,000 (400,000) $3,049,000 $105,000 0 35,000 2,409,000 $3,049,000 Merchandise Turnover= 500.000 640,000 Current Ratio = Gross Profit Ratio - Accounts Receivable Turnover 2015 $204,000 760,000 1,025,000 75,000 Days' Sales Uncollected 1,100,000 (200,000) $2,964,000 $81,000 4,000 30,000 500.000 615,000 2,349,000 $2,964,000 Current Assets Current Liabilities Gross Profit Net Salas Cost of Goods Sold Average Merchandise Inventory x 100% Ending Inventory Days Sales in Inventory Cost of Goods Sold Quick Ratio x 365 Quick Assets Current Liabilities Net Sales Average Accounts Receivable Accounts Receivable Net Sales 365
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