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Cash Accounts Receivable Inventory Land Buildings and Equipment Total Assets Accounts Payable Notes Payable Bonds Payable (Long-Term) Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Stockholders' Equity Sales Cost of Merchandise Sold Gross Profit Advertising Expense Depreciation Expense Office Supplies Expense Interest Expense Provision for Income Taxes Net Income 2001 $ 771,750 1,221,938 1,543,500 1,218,281 1,768,594 $ 6,524,063 $2,572,500 200,000 1,286,250 192,938 1,125,469 1,146,906 $6,524,063 2001 $ 6,431,250 (3,858,750) 2,572,500 (160,781) (257,250) (128,625) (257,250) (1,215,506) $ 553,088 2002 $ 900,375 1,382,719 1,672,125 1,218,281 1,707,813 $6,881,313 $2,701,125 300,000 803,906 192,938 1,125,469 1,757,875 $6,881,313 2002 $ 8,000,000 (5,042,100) 2,957,900 (418,031) (328,251) (144,703) (192,938) (1,028,743) $845,234

Cash Accounts Receivable Inventory Land Buildings and Equipment Total Assets Accounts Payable Notes Payable Bonds Payable (Long-Term) Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Stockholders' Equity Sales Cost of Merchandise Sold Gross Profit Advertising Expense Depreciation Expense Office Supplies Expense Interest Expense Provision for Income Taxes Net Income 2001 $ 771,750 1,221,938 1,543,500 1,218,281 1,768,594 $ 6,524,063 $2,572,500 200,000 1,286,250 192,938 1,125,469 1,146,906 $6,524,063 2001 $ 6,431,250 (3,858,750) 2,572,500 (160,781) (257,250) (128,625) (257,250) (1,215,506) $ 553,088 2002 $ 900,375 1,382,719 1,672,125 1,218,281 1,707,813 $6,881,313 $2,701,125 300,000 803,906 192,938 1,125,469 1,757,875 $6,881,313 2002 $ 8,000,000 (5,042,100) 2,957,900 (418,031) (328,251) (144,703) (192,938) (1,028,743) $845,234

FINANCIAL ACCOUNTING
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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Use income statement and balance sheet in first photo to answer LAST THREE QUESTIONS CIRCLED IN RED in the second picture 

Cash Accounts Receivable Inventory Land Buildings and Equipment Total Assets Accounts Payable Notes Payable Bonds Payable (Long-Term) Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Stockholders' Equity Sales Cost of Merchandise Sold Gross Profit Advertising Expense Depreciation Expense Office Supplies Expense Interest Expense Provision for Income Taxes Net Income 2001 $ 771,750 1,221,938 1,543,500 1,218,281 1,768,594 $ 6,524,063 $2,572,500 200,000 1,286,250 192,938 1,125,469 1,146,906 $6,524,063 2001 $ 6,431,250 (3,858,750) 2,572,500 (160,781) (257,250) (128,625) (257,250) (1,215,506) $ 553,088 2002 $ 900,375 1,382,719 1,672,125 1,218,281 1,707,813 $6,881,313 $2,701,125 300,000 803,906 192,938 1,125,469 1,757,875 $6,881,313 2002 $ 8,000,000 (5,042,100) 2,957,900 (418,031) (328,251) (144,703) (192,938) (1,028,743) $ 845,234
Transcribed Image Text:Cash Accounts Receivable Inventory Land Buildings and Equipment Total Assets Accounts Payable Notes Payable Bonds Payable (Long-Term) Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Stockholders' Equity Sales Cost of Merchandise Sold Gross Profit Advertising Expense Depreciation Expense Office Supplies Expense Interest Expense Provision for Income Taxes Net Income 2001 $ 771,750 1,221,938 1,543,500 1,218,281 1,768,594 $ 6,524,063 $2,572,500 200,000 1,286,250 192,938 1,125,469 1,146,906 $6,524,063 2001 $ 6,431,250 (3,858,750) 2,572,500 (160,781) (257,250) (128,625) (257,250) (1,215,506) $ 553,088 2002 $ 900,375 1,382,719 1,672,125 1,218,281 1,707,813 $6,881,313 $2,701,125 300,000 803,906 192,938 1,125,469 1,757,875 $6,881,313 2002 $ 8,000,000 (5,042,100) 2,957,900 (418,031) (328,251) (144,703) (192,938) (1,028,743) $ 845,234
Seventy-five percent of Rudolph's sales are credit sales. Assume a 365-day calendar year. On December 1, Rudolph declared and paid $200,000 and $34,265 of common and preferred dividends, respectively. Required: • Calculate Rudolph's inventory turnover at December 31, 2002. • Calculate the number of days' sales in Rudolph's inventory at December 31, 2002. • Calculate Rudolph's account receivable turnover at December 31, 2002. • Calculate the number of days' sales in Rudolph's receivables at December 31, 2002. • Calculate Rudolph's times interest earned at December 31, 2002. • Calculate Rudolph's ratio of liabilities to stockholders' equity for 2002. • Calculate Rudolph's return on stockholders' equity for 2002. • Calculate Rudolph's current ratio for 2002. • Calculate Rudolph's quick ratio for 2002.
Transcribed Image Text:Seventy-five percent of Rudolph's sales are credit sales. Assume a 365-day calendar year. On December 1, Rudolph declared and paid $200,000 and $34,265 of common and preferred dividends, respectively. Required: • Calculate Rudolph's inventory turnover at December 31, 2002. • Calculate the number of days' sales in Rudolph's inventory at December 31, 2002. • Calculate Rudolph's account receivable turnover at December 31, 2002. • Calculate the number of days' sales in Rudolph's receivables at December 31, 2002. • Calculate Rudolph's times interest earned at December 31, 2002. • Calculate Rudolph's ratio of liabilities to stockholders' equity for 2002. • Calculate Rudolph's return on stockholders' equity for 2002. • Calculate Rudolph's current ratio for 2002. • Calculate Rudolph's quick ratio for 2002.
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