Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 49,000 $ 41,000 Inventory 25,000 44,000 Net sales 198,000 199,000 Cost of goods sold 122,000 116,000 Total assets 432,000 408,000 Total stockholders' equity 247,000 230,000 Net income 37,500 33,000 Stealth Company's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice
Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 49,000 $ 41,000 Inventory 25,000 44,000 Net sales 198,000 199,000 Cost of goods sold 122,000 116,000 Total assets 432,000 408,000 Total stockholders' equity 247,000 230,000 Net income 37,500 33,000 Stealth Company's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
This is part a and b please answer both
Transcribed Image Text:Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below:
2021
2020
Accounts receivable
$ 49,000
$ 41,000
Inventory
25,000
44,000
Net sales
198,000
199,000
Cost of goods sold
122,000
116,000
Total assets
432,000
408,000
Total stockholders' equity
247,000
230,000
Net income
37,500
33,000
Stealth Company's 2021 inventory turnover is: (Round your answer to 2 decimal places.)
Multiple Choice
Transcribed Image Text:Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented below:
2021
2020
Accounts receivable
$ 29,500 $ 46,000
Inventory
Net sales (all credit)
38,000
46,000
195,000 199,000
Cost of goods sold
119,000
114,000
Total assets
435,000 406,000
Total stockholders' equity
249,000 227,000
Net income
34,000
33,000
Stealth Company's 2021 receivables turnover ratio is:
Multiple Choice
14.75 times.
5.17 times.
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