Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold. Gross profit Operating expenses. Interest expense Income tax expense Net income Assets Cash $ 9,800 (6,500) Bonds payable Common stock Retained earnings 3,300 (2,300) (280) (288) $ 432 Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory December 31. 2024 $ 680 680 880 2,800 $ 5,040 2823 $ 1,580 1,800 680 980 $ 5,040 $ 4,640 times $580 480 680 2,900 $ 4,640 days ima Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places. $ 1,330 1,800 680 830

Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold. Gross profit Operating expenses. Interest expense Income tax expense Net income Assets Cash $ 9,800 (6,500) Bonds payable Common stock Retained earnings 3,300 (2,300) (280) (288) $ 432 Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory December 31. 2024 $ 680 680 880 2,800 $ 5,040 2823 $ 1,580 1,800 680 980 $ 5,040 $ 4,640 times $580 480 680 2,900 $ 4,640 days ima Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places. $ 1,330 1,800 680 830

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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Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 9,400 (6,400) 3,000 (2,200) (240) (224) $ 336 Bonds payable Common stock Retained earnings Comparative Balance Sheets. Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities December 31 2024 $ 640 640 840 2,400 $ 4,520 $ 1,340 1,600 640 940 $ 4,520 2023 $ 540 440 640 2,500 $4,120 $ 1,090 1,600 640 790 $ 4,220 Required: Calculate the following ratios for 2024 Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.
Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Het sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets 2021 What is the equity multiplier for 20227 $11,100 8,050 430 $ 2,620 104 $2,516 881 $ 1,635 Windswept, 2921 and 2022 Balance Sheets. (in millions) 2022 $300 1,150 1,050 2,060 1,775 $ 3,510 $3,155 3,520 4,120 $7,030 $7,275 $ 330 porated Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2021 $1,870 1,090 3,400 670 2022 $1,932 1,373 3,050 920 $7,030 $7,275.
Computing Activity Ratios Selected balance sheet and income statement information follows for R.A. Corporation. R.A. Corporation $ millions April 2, 2020 March 28, 2019 Income statement information: Sales $20,967 $22,353 Cost of goods sold 9,654 9,726 Balance sheet information: Accounts receivable, gross 2,313 2,718 Inventory 3,375 3,126 Accounts payable 468 630 Required Compute the following ratios for its fiscal year ended April 2, 2020. Round your answers to two decimal places (for example, enter 20.46 for 20.4555558). a. Accounts receivable turnover Answer b. Average days to collect receivables Answer c. Inventory turnover Answer d. Average days in inventory Answer e. Accounts payable turnover Answer f. Average days payable outstanding Answer g. Cash conversion cycle Answer
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets 2020 Net plant and equipment $240,750 $310,600 a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio $8,850 $14,200 15,750 23,000 34,650 52,200 $ 59,250 $89,400 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 300,000 400,000 2020 times times times % times times times times Liabilities and Owners' Equity Current liabilities 2021 Accounts payable Notes payable Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for…
Operating data for Sheridan Corporation are presented as follows. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense $ 2027 Prepare a schedule showing a vertical analysis for 2027 and 2026. (Round percentages to 1 decimal place, e.g. 12.1%.) Net income $ $842,800 530,964 126,420 80,066 37,926 67,424 2026 Amount $645,500 413,120 77,460 50,349 25,820 78,751 2027 SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31 Percent % % % % % % % % $ % $ Amount 2026 Percent Ih SUPP
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Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 $ 100 Cost of goods sold $ 60 $ 55 Net income $ 20 $ 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's 2021 average collection period is (rounded)? Show your work. Question 44 options:
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Operating data for Indigo Corporation are as follows. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $810,000 535,410 124,740 59,940 27,540 62,370 2021 $590,000 371,700 66,080 44,840 24,190 83,190 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)
Calculate the common-sized percentage 2023. for Gross Margin in
Excerpts from Andre Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Inventory Net sales Cost of goods sold Current liabilities Interest-bearing debt Total stockholders' equity Net income What is the debt to equity ratio for 2024? Note: Round your answer to one decimal place. Multiple Choice 41.9% 41.7% 2024 2023 $ 44,000 $44,000 34,000 45,000 195,000 196,000 117,000 116,000 86,000 68,000 103,000 114,000 246,000 234,000 38,000 33,000
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 100 Cost of goods sold $ 60 55 Net income $ 20 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's average total assets for 2021 is (rounded): Multiple Choice 32. 210. 115. 194.