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 StatementFor the Years Ended December 31, 20Y2 and 20Y120Y220Υ1Retained earnings, January 1.$5,375,000$4,545,000Net income.900,000$6,275,000925,000Total ....$5,470,000Dividends:On preferred stock .On common stock..$ 45,000$ 45,00050,00050,000$ 95,000$ 95,000$6,180,000Total dividends.Retained earnings, December 31$5,375,000 Stargel Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Y220Υ1Sales ...$10,000,000$9,400,000Cost of goods sold.Gross profit .Selling expenses5,350,000$ 4,650,000$ 2,000,0004,950,000$4,450,000$1,880,000Administrative expenses.1,500,000$ 3,500,000$ 1,150,0001,410,000$3,290,000$1,160,000Total operating expensesIncome from operationsOther income.140,000150,000$ 1,300,000170,000$ 1,130,000$1,300,000Other expense (interest)150,000$1,150,000Income before income taxIncome tax expense230,000225,000Net income.$ 900,000$ 925,000Stargel Inc.Comparative Balance SheetDecember 31, 20Y2 and 20Y120Y220Y1AssetsCurrent assets:Cash$ 500,000$ 400,000Marketable securities..1,010,0001,000,000Accounts receivable (net).740,000510,000Inventories1,190,000950,000Prepaid expenses250,000229,000Total current assets..$3,690,000$3,089,000Long-term investments..Property, plant, and equipment (net)2,350,0002,300,0003,366,0003,740,000$9,780,000Total assets ...$8,755,000LiabilitiesCurrent liabilities..$ 900,000$ 880,000Long-term liabilities:Mortgage note payable, 10%.Bonds payable, 10%...$ 200,0001,500,0001,500,000Total long-term liabilities$1,700,000$1,500,000$2,380,000Total liabilities .$2,600,000Stockholders' EquityPreferred $0.90 stock, $10 par$ 500,000$ 500,000Common stock, $5 par...500,000500,000Retained earnings....Total stockholders' equity..Total liabilities and stockholders' equity..6,180,000$7,180,000$9,780,0005,375,000$6,375,000$8,755,000

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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

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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
20Υ1
Retained earnings, January 1.
$5,375,000
$4,545,000
Net income.
900,000
$6,275,000
925,000
Total ....
$5,470,000
Dividends:
On preferred stock .
On common stock..
$ 45,000
$ 45,000
50,000
50,000
$ 95,000
$ 95,000
$6,180,000
Total dividends.
Retained earnings, December 31
$5,375,000

Stargel Inc.
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
20Y2
20Υ1
Sales ...
$10,000,000
$9,400,000
Cost of goods sold.
Gross profit .
Selling expenses
5,350,000
$ 4,650,000
$ 2,000,000
4,950,000
$4,450,000
$1,880,000
Administrative expenses.
1,500,000
$ 3,500,000
$ 1,150,000
1,410,000
$3,290,000
$1,160,000
Total operating expenses
Income from operations
Other income.
140,000
150,000
$ 1,300,000
170,000
$ 1,130,000
$1,300,000
Other expense (interest)
150,000
$1,150,000
Income before income tax
Income tax expense
230,000
225,000
Net income.
$ 900,000
$ 925,000
Stargel Inc.
Comparative Balance Sheet
December 31, 20Y2 and 20Y1
20Y2
20Y1
Assets
Current assets:
Cash
$ 500,000
$ 400,000
Marketable securities..
1,010,000
1,000,000
Accounts receivable (net).
740,000
510,000
Inventories
1,190,000
950,000
Prepaid expenses
250,000
229,000
Total current assets..
$3,690,000
$3,089,000
Long-term investments..
Property, plant, and equipment (net)
2,350,000
2,300,000
3,366,000
3,740,000
$9,780,000
Total assets ...
$8,755,000
Liabilities
Current liabilities..
$ 900,000
$ 880,000
Long-term liabilities:
Mortgage note payable, 10%.
Bonds payable, 10%...
$ 200,000
1,500,000
1,500,000
Total long-term liabilities
$1,700,000
$1,500,000
$2,380,000
Total liabilities .
$2,600,000
Stockholders' Equity
Preferred $0.90 stock, $10 par
$ 500,000
$ 500,000
Common stock, $5 par...
500,000
500,000
Retained earnings....
Total stockholders' equity..
Total liabilities and stockholders' equity..
6,180,000
$7,180,000
$9,780,000
5,375,000
$6,375,000
$8,755,000

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