EBalance SheetMurawski CompanyBalance SheetDecember 31Current AssetsCash and cash equivalents$330$360Accounts receivable (net)470400Inventory460390120160Prepaid expensesTotal current assets1.3801.310investments1010Property, plant, and equipment420380Intangibles and other assets530510Total assets$2.340$2.210Current liabilities$900$790410380Long term liabilities.Stockholder's equity common1.0301,040Total liabilities and stockholder's equity $2.340 $2.210Income StatementMurawski CompanyIncome StatementFor the Years Ended December 3120222021$3.460Sales RevenueCosts and expensesCost of goods sold890Selling and Administrative expens7.310interest expense20Total costs and expenses3,240income before income taxes220income tax expense60Net Income$134C22V2022$3,8009557,400253,38042012652942021WCalculate the 2021 Inventory Turnover ratio.Use whole numbers rounded to 2 decimalplaces, if needed, as seen in the examplebelow.Example1500 ÷ 800= 1.88Inventory Turnover Ratio 2021890= 0=Click the check mark to check your answers.Fields with incorrect responses will beremoved so you can try again.52°F Mostly clear11:31 PM5/23/2022

Introduction:- Inventory turnover ratio is the cost of goods sold divided by the average inventory…

Answered: 890 Inventory Turnover Ratio 2021 Q =…

Business

Accounting

890 Inventory Turnover Ratio 2021 Q = ·.1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

E
Balance Sheet
Murawski Company
Balance Sheet
December 31
Current Assets
Cash and cash equivalents
$330
$360
Accounts receivable (net)
470
400
Inventory
460
390
120
160
Prepaid expenses
Total current assets
1.380
1.310
investments
10
10
Property, plant, and equipment
420
380
Intangibles and other assets
530
510
Total assets
$2.340
$2.210
Current liabilities
$900
$790
410
380
Long term liabilities.
Stockholder's equity common
1.030
1,040
Total liabilities and stockholder's equity $2.340 $2.210
Income Statement
Murawski Company
Income Statement
For the Years Ended December 31
2022
2021
$3.460
Sales Revenue
Costs and expenses
Cost of goods sold
890
Selling and Administrative expens
7.310
interest expense
20
Total costs and expenses
3,240
income before income taxes
220
income tax expense
60
Net Income
$134
C
22
V
2022
$3,800
955
7,400
25
3,380
420
126
5294
2021
W
Calculate the 2021 Inventory Turnover ratio.
Use whole numbers rounded to 2 decimal
places, if needed, as seen in the example
below.
Example
1500 ÷ 800
= 1.88
Inventory Turnover Ratio 2021
890
= 0
=
Click the check mark to check your answers.
Fields with incorrect responses will be
removed so you can try again.
52°F Mostly clear
11:31 PM
5/23/2022

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