2019 2020 2019 2020 Cash $2,800 $4,700 Accounts payable $4,800 $5,900 Accounts receivable $2,500 $2,900 Utilities payable $2,000 $2,300 Inventory $5,600 $8,100 Salaries payable $200 $1,900 Prepaid insurance $1,500 $2,000 Notes payable $29,000 $29,000 Equipment $45,000 $45,000 Interest payable $1,900 $2,600 Accum. depreciation ($15,500) ($16,200) Common stock $12,000 $13,000 Land $16,000 $15,000 Retained earnings $8,000 $6,800 $57,900 $61,500 $57,900 $61,500 What was the company's inventory turnover ratio in 2020 if inventory purchases were $90,000? 10.8 O 12.8 13.1 O 13.5 O None of the above

2019 2020 2019 2020 Cash $2,800 $4,700 Accounts payable $4,800 $5,900 Accounts receivable $2,500 $2,900 Utilities payable $2,000 $2,300 Inventory $5,600 $8,100 Salaries payable $200 $1,900 Prepaid insurance $1,500 $2,000 Notes payable $29,000 $29,000 Equipment $45,000 $45,000 Interest payable $1,900 $2,600 Accum. depreciation ($15,500) ($16,200) Common stock $12,000 $13,000 Land $16,000 $15,000 Retained earnings $8,000 $6,800 $57,900 $61,500 $57,900 $61,500 What was the company's inventory turnover ratio in 2020 if inventory purchases were $90,000? 10.8 O 12.8 13.1 O 13.5 O None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

please help answer
Question 1 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. a) What is the implied per annual simple interest rate for her purchasing (expressed as a percentage and rounded to three decimal places)? Select one: a. 0.076 b. 0.032 c. 0.031 d. 0.088 Question 2 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. b) What is her selling price (rounded to four decimal places)? Select one: a. 98740.2903 b. 98634.0935 c. 98846.7161 d. 99317.7280 Question 3 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest…
In March 2018 Daniela Motor financing dmf offered some securities for sale to the public. Under the terms of the deal, dmf promised to repay the owner of one of these securities $1,000 in March 2043, but investors would receive nothing until then. Investors paid DMF $350 for each of these securites; so they gave up $350 in March 2018, for the promise of a $1,000 payment 25 years later. A. assuming you purchased the bond for $350, what rate of return would you earn if you held the bond for 25 years until it matured with a value of $1,000 ? answer= 4.28% B. Suppose under the terms of the bond you could redeem the bond in 2024. DMF agreed to pay an annual interest rate of 1.4 percent until that date. How much would the bond be worth at that time?_________ C. In 2024 instead of cashing in the bond for its then current value, you decide to hold the bond until it matures in 2043. What annual rate of return will you earn over the last 19 years?___________
Damoah's Pizza Co. borrowed $200,000 on January 1, 2020, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2022. In connection with this note, Damoah's should report interest expense at December 31, 2020, in the amount of: Question 23 options: $0 $24,000 $48,000 $50,880