Homework Help is Here – Start Your Trial Now!
Business
Finance
According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is?

According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
See similar textbooks
icon
Related questions
Topic Video
Question

According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is?

Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses. Operating Profit Non-Operating Activities Interest Revenue Gain from the Sale of Asset Interest Expense Non-Operating Profit Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit FUNCAR AUTO SALES Statement of Comprehensive Income For the year ended June 30, 2020 Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses Operating Profit Non-Operating Activities Interest Revenue Gain from the sale of Asset interest Expense Non-Operating Profit Net Income [ABMZZ] Business Finance (Term 1, 1st Semester, SY 2023-2024) Less: Purchase Returns and Allowances 46.850 00 Purchase Discounts 72.200 00 864,510.00 220.500.00 D P 1.085,010.00 442 500 00 198,500.00 87,700.00 35.880,00 44,990 00 3,500.00 18,000.00 1.665.00 P P P 642.510 00 864,500.00 387,070.00 477.430.00 20.635.00 P 498.065.00 9 P P 4 P ( 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) D D P P 1,650,500.00 143,490.00 1,507,010.00 642,510.00 864,500.00 387,070.00 477,430.00 20,635.00 5* According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is
Transcribed Image Text:Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses. Operating Profit Non-Operating Activities Interest Revenue Gain from the Sale of Asset Interest Expense Non-Operating Profit Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit FUNCAR AUTO SALES Statement of Comprehensive Income For the year ended June 30, 2020 Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses Operating Profit Non-Operating Activities Interest Revenue Gain from the sale of Asset interest Expense Non-Operating Profit Net Income [ABMZZ] Business Finance (Term 1, 1st Semester, SY 2023-2024) Less: Purchase Returns and Allowances 46.850 00 Purchase Discounts 72.200 00 864,510.00 220.500.00 D P 1.085,010.00 442 500 00 198,500.00 87,700.00 35.880,00 44,990 00 3,500.00 18,000.00 1.665.00 P P P 642.510 00 864,500.00 387,070.00 477.430.00 20.635.00 P 498.065.00 9 P P 4 P ( 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) D D P P 1,650,500.00 143,490.00 1,507,010.00 642,510.00 864,500.00 387,070.00 477,430.00 20,635.00 5* According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is
Current Assets Cash Accounts Receivable Notes Receivable Merchandise Inventory Prepaid Insurance Office Supplies Total Current Assets Non-Current Assets Land Building Less: Accumulated Depreciation - Building Vehicles TOTAL ASSETS Accumulated Depreciation - Vehicles Total Non-Current Assets Net Sales Net Purchases ASSETS Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Statement of Financial Position For the years ended June 30, 2019 and 2020 LIABILITIES AND EQUITY Operating Expenses Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Salaries Expense Utilities Expense Operating Profit Depreciation Expense Advertising Expense Total Operating Expenses Interest Expense Non-Operating Profit Net Income Non-Operating Activities Interest Revenue Gain from the Sale of Asset Miss Business Finance (Term 1, 1st Semester, SY 202 Sales Less: Sales Returns and Allowances Sales Discounts P P 1 9 P P P P P P P 2019 167,850.00 D 87,780.00 69,900.00 P 2,728,270.00 P 2,596,250.00 77,250.00 16,500.00 9,990.00 429,270.00 P 1,250,000.00 9 750,000.00 265,000.00 668,000.00 104,000.00 2,299,000.00 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) P 2020 156,600.00 90,800.00 34,550.00 64,800.00 8,000.00 16,500.00 371,250.00 P 1,250,000.00 750,000.00 305,000.00 668,000.00 138,000.00 2,225,000.00 D 143,490.00 P 1,507,010.00 1,650,500.00 642,510.00 864,500.00 387,070.00 477,430.00 20,655.00 498,065.00
Transcribed Image Text:Current Assets Cash Accounts Receivable Notes Receivable Merchandise Inventory Prepaid Insurance Office Supplies Total Current Assets Non-Current Assets Land Building Less: Accumulated Depreciation - Building Vehicles TOTAL ASSETS Accumulated Depreciation - Vehicles Total Non-Current Assets Net Sales Net Purchases ASSETS Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Statement of Financial Position For the years ended June 30, 2019 and 2020 LIABILITIES AND EQUITY Operating Expenses Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Salaries Expense Utilities Expense Operating Profit Depreciation Expense Advertising Expense Total Operating Expenses Interest Expense Non-Operating Profit Net Income Non-Operating Activities Interest Revenue Gain from the Sale of Asset Miss Business Finance (Term 1, 1st Semester, SY 202 Sales Less: Sales Returns and Allowances Sales Discounts P P 1 9 P P P P P P P 2019 167,850.00 D 87,780.00 69,900.00 P 2,728,270.00 P 2,596,250.00 77,250.00 16,500.00 9,990.00 429,270.00 P 1,250,000.00 9 750,000.00 265,000.00 668,000.00 104,000.00 2,299,000.00 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) P 2020 156,600.00 90,800.00 34,550.00 64,800.00 8,000.00 16,500.00 371,250.00 P 1,250,000.00 750,000.00 305,000.00 668,000.00 138,000.00 2,225,000.00 D 143,490.00 P 1,507,010.00 1,650,500.00 642,510.00 864,500.00 387,070.00 477,430.00 20,655.00 498,065.00
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS