Crawford Construction has a quick ratio of 2.00x, $32,175 in cash, $17,875 in accounts receivable, some inventory, total current assets of $71,500, and total current liabilities of $25,025. The company reported annual sales of $300,000 in the most recent annual report. Over the past year, how often did Crawford Construction sell and replace its inventory? 8.01x O 15.39x 13.99x O2.86x

Crawford Construction has a quick ratio of 2.00x, $32,175 in cash, $17,875 in accounts receivable, some inventory, total current assets of $71,500, and total current liabilities of $25,025. The company reported annual sales of $300,000 in the most recent annual report. Over the past year, how often did Crawford Construction sell and replace its inventory? 8.01x O 15.39x 13.99x O2.86x

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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Answer each of the questions in the following unrelated situations.(a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $530,000, what is the amount of current liabilities? Current Liabilities $enter current liabilities in dollars (b) A company had an average inventory last year of $209,000 and its inventory turnover was 6. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) Average Inventory $enter the average inventory in dollars rounded to 0 decimal places (c) A company has current assets of $90,000 (of which $44,000 is inventory and prepaid items) and current liabilities of $44,000. What is the current ratio? What is the acid-test ratio? If the company borrows $14,000 cash from a bank on a 120-day loan, what will its current ratio…
W. F. Bailey Company had a quick ratio of 1.4, a current ratio of 3.0, an inven-tory turnover of five times, total current assets of $810,000, and cash andequivalents of $120,000 in 2015. If the cost of goods sold equaled 80 percent ofsales, what were Bailey’s annual sales and DSO?
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Last year, Jumpin' Trampolines (JT) had a quick ratio of 1.0, a current ratio of 1.8, an inventory turnover of 3.5, total current assets of $67,500, and cash and equivalents of $15,00. If the cost of goods sold equaled 70 percent of sales, what were JT's annual sales and DSO?
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You are trying to prepare financial statements for Bartlett Pickle Company, but seem to be missing its balance sheet. You have Bartlett's income statement, which shows sales last year were $300 million with a gross profit margin of 30 percent. You also know that credit sales equaled three-quarters of Bartlett's total revenues last year. In adlon, Bartlett had a collection period of 40 days, a payables period of 30 days, and an inventory turnover of 7 times based on cost of oods sold. Calculate Bartlett's year-ending balance for accounts receivable, inventory, and accounts payable. Note: Round your answers to 1 decimal place. Bartlett's year-ending balance (million) Accounts receivable Inventory Accounts payable BV3
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Chastain Corporation is trying to determine the effect of its inventory turnover ratio and days sales outstanding (DSO) on its cash conversion cycle. Chastain's 2016 sales (all on credit) were $285000; its cost of goods sold is 80% of sales; and it earned a net profit of 6%, or $17100. It turned over its inventory 6 times during the year, and its DSO was 35 days. The firm had fixed assets totaling $37000. Chastain's payables deferral period is 40 days. Assume 365 days in year for your calculations. A. Calculate Chastain's cash conversion cycle. Round your answer to two decimal places. Do not round intermediate calculations. B.Assuming Chastain holds negligible amounts of cash and marketable securities, calculate its total assets turnover and ROA. Round your answers to two decimal places. Do not round intermediate calculations. C.Suppose Chastain's managers believe that the inventory turnover can be raised to 8.9 times. What would Chastain's cash conversion cycle, total assets…
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