Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 82,000 $ 81,000 Inventory Net sales (al1 credit) Cost of goods sold 92,000 73,000 410, е00 373,000 262,000 221,000 Total assets 805,000 790,000 Total stockholders' equity 510, 000 435,000 Net income 72,000 50,000 TPX Company's 2021 inventory turnover is: (Round your answer to 1 decimal place.) Multiple Choice 2.8 times. 3.2 times.
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 82,000 $ 81,000 Inventory Net sales (al1 credit) Cost of goods sold 92,000 73,000 410, е00 373,000 262,000 221,000 Total assets 805,000 790,000 Total stockholders' equity 510, 000 435,000 Net income 72,000 50,000 TPX Company's 2021 inventory turnover is: (Round your answer to 1 decimal place.) Multiple Choice 2.8 times. 3.2 times.
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 TPX Company's December 31, 2021 and 2020, financial statements are presented below:
2021
2020
$ 88,000 $ 70,000
76,000
Accounts receivable
Inventory
Net sales (all credit)
93,000
510,000
380,000
Cost of goods sold
257,000
223,000
Total assets
805,000
760,000
Total stockholders' equity
510,000
445,000
Net income
77,000
56,000
TPX Company's 2021 receivables turnover ratio is: (Round your answer to 1 decimal place.)
Multiple Choice
1.1 times.
6.5 times.
Transcribed Image Text:Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below:
2021
2020
Accounts receivable
$ 82,000 $ 81,000
Inventory
Net sales (all credit)
Cost of goods sold
92,000
73,000
410,000
373,000
262,000
221,000
Total assets
805,000
790,000
Total stockholders' equity
510, 000
435,000
Net income
72,000
50,000
TPX Company's 2021 inventory turnover is: (Round your answer to 1 decimal place.)
Multiple Choice
2.8 times.
3.2 times.
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