I need help with 5,7, and 12 please 5. Number of days in sales in receivables 7. number of days in sales in inventory12. return on total asseti have tried working on them myself and nothing appears to be correct. Please help me on these last 3 questionsfor these questions i need the answer in dollar amounts as its asking for the current asset-current liabilities=calculated value i understand that number 5 is 365/16 but i need the dollar amount and number 7 is 365/6 i just need the dollar amount. Then 12 i need the dollar amount for number 5 i know its 6250000 i would assume its divided by 10000000 and get 22.8 days but my professor said it was wrong. number 7 i tried 1070000/5350000 and got 73 days which is still wrong number 12 i tried 1300000/9267500=14% and professor said wrong too **Stargel Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1**- **20Y2** - Retained earnings, January 1: $5,375,000 - Net income: $900,000 - Total: $6,275,000 - Dividends: - On preferred stock: $45,000 - On common stock: $50,000 - Total dividends: $95,000 - Retained earnings, December 31: $6,180,000 - **20Y1** - Retained earnings, January 1: $4,545,000 - Net income: $925,000 - Total: $5,470,000 - Dividends: - On preferred stock: $45,000 - On common stock: $50,000 - Total dividends: $95,000 - Retained earnings, December 31: $5,375,000 This table provides a comparison of retained earnings for Stargel Inc. for the fiscal years ending in 20Y2 and 20Y1. The statement begins with the retained earnings at the start of each year, factors in net income, and subtracts dividends to determine the retained earnings at the end of each year. **Comparative Income Statement for Stargel Inc.***For the Years Ended December 31, 20Y2 and 20Y1***20Y2 vs 20Y1 Analysis:**- **Sales:** - 20Y2: $10,000,000 - 20Y1: $9,400,000- **Cost of Goods Sold:** - 20Y2: $5,350,000 - 20Y1: $4,950,000- **Gross Profit:** - 20Y2: $4,650,000 - 20Y1: $4,450,000- **Selling Expenses:** - 20Y2: $2,000,000 - 20Y1: $1,880,000- **Administrative Expenses:** - 20Y2: $1,500,000 - 20Y1: $1,410,000- **Total Operating Expenses:** - 20Y2: $3,500,000 - 20Y1: $3,290,000- **Income from Operations:** - 20Y2: $1,150,000 - 20Y1: $1,160,000- **Other Income:** - 20Y2: $150,000 - 20Y1: $140,000- **Other Expense (Interest):** - 20Y2: $170,000 - 20Y1: $150,000- **Income Before Income Tax:** - 20Y2: $1,130,000 - 20Y1: $1,150,000- **Income Tax Expense:** - 20Y2: $230,000 - 20Y1: $225,000- **Net Income:** - 20Y2: $900,000 - 20Y1: $925,000**Comparative Balance Sheet for Stargel Inc.***As of December 31, 20Y2 and 20Y1***Assets Analysis:**- **Current Assets:** - Cash: - 20Y2: $500,000 -

Accounting Ratios are the financial tools used by the users of financial statements in order to…

Answered: I need help with 5,7, and 12 please…

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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I need help with 5,7, and 12 please

5. Number of days in sales in receivables
7. number of days in sales in inventory

12. return on total asset

i have tried working on them myself and nothing appears to be correct. Please help me on these last 3 questions

for these questions i need the answer in dollar amounts as its asking for the current asset-current liabilities=calculated value

i understand that number 5 is 365/16 but i need the dollar amount and number 7 is 365/6 i just need the dollar amount. Then 12 i need the dollar amount

for number 5 i know its 6250000 i would assume its divided by 10000000 and get 22.8 days but my professor said it was wrong.

number 7 i tried 1070000/5350000 and got 73 days which is still wrong

number 12 i tried 1300000/9267500=14% and professor said wrong too

**Stargel Inc.
Comparative Retained Earnings Statement
For the Years Ended December 31, 20Y2 and 20Y1**

- **20Y2**
- Retained earnings, January 1: $5,375,000
- Net income: $900,000
- Total: $6,275,000
- Dividends:
- On preferred stock: $45,000
- On common stock: $50,000
- Total dividends: $95,000
- Retained earnings, December 31: $6,180,000

- **20Y1**
- Retained earnings, January 1: $4,545,000
- Net income: $925,000
- Total: $5,470,000
- Dividends:
- On preferred stock: $45,000
- On common stock: $50,000
- Total dividends: $95,000
- Retained earnings, December 31: $5,375,000

This table provides a comparison of retained earnings for Stargel Inc. for the fiscal years ending in 20Y2 and 20Y1. The statement begins with the retained earnings at the start of each year, factors in net income, and subtracts dividends to determine the retained earnings at the end of each year.

**Comparative Income Statement for Stargel Inc.**

*For the Years Ended December 31, 20Y2 and 20Y1*

**20Y2 vs 20Y1 Analysis:**

- **Sales:**
- 20Y2: $10,000,000
- 20Y1: $9,400,000

- **Cost of Goods Sold:**
- 20Y2: $5,350,000
- 20Y1: $4,950,000

- **Gross Profit:**
- 20Y2: $4,650,000
- 20Y1: $4,450,000

- **Selling Expenses:**
- 20Y2: $2,000,000
- 20Y1: $1,880,000

- **Administrative Expenses:**
- 20Y2: $1,500,000
- 20Y1: $1,410,000

- **Total Operating Expenses:**
- 20Y2: $3,500,000
- 20Y1: $3,290,000

- **Income from Operations:**
- 20Y2: $1,150,000
- 20Y1: $1,160,000

- **Other Income:**
- 20Y2: $150,000
- 20Y1: $140,000

- **Other Expense (Interest):**
- 20Y2: $170,000
- 20Y1: $150,000

- **Income Before Income Tax:**
- 20Y2: $1,130,000
- 20Y1: $1,150,000

- **Income Tax Expense:**
- 20Y2: $230,000
- 20Y1: $225,000

- **Net Income:**
- 20Y2: $900,000
- 20Y1: $925,000

**Comparative Balance Sheet for Stargel Inc.**

*As of December 31, 20Y2 and 20Y1*

**Assets Analysis:**

- **Current Assets:**
- Cash:
- 20Y2: $500,000
-

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