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MAKO Inc. has annual credit sales of ₹12 lakhs and a net income of ₹90,000. Their balance sheet reflects an inventory of ₹4 lakhs, average accounts receivable of 2.4 lakhs, the total debt of ₹23 lakhs, and total equity of *25 lakhs. MAKO is open 365 days a year. Which one of the following is correct? Note: In the absence of cost of goods sold data, credit sales can be used. The total asset turnover is 25 O The average collection period is 73 days O The debt to asset ratio is 92% O The inventory turnover rate is 4

MAKO Inc. has annual credit sales of ₹12 lakhs and a net income of ₹90,000. Their balance sheet reflects an inventory of ₹4 lakhs, average accounts receivable of 2.4 lakhs, the total debt of ₹23 lakhs, and total equity of *25 lakhs. MAKO is open 365 days a year. Which one of the following is correct? Note: In the absence of cost of goods sold data, credit sales can be used. The total asset turnover is 25 O The average collection period is 73 days O The debt to asset ratio is 92% O The inventory turnover rate is 4

FINANCIAL ACCOUNTING
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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MAKO Inc. has annual credit sales of ₹12 lakhs and a net income of ₹90,000. Their balance sheet reflects an inventory of ₹4 lakhs, average accounts receivable of 2.4 lakhs, the total debt of ₹23 lakhs, and total equity of *25 lakhs. MAKO is open 365 days a year. Which one of the following is correct? Note: In the absence of cost of goods sold data, credit sales can be used. The total asset turnover is 25 O The average collection period is 73 days O The debt to asset ratio is 92% O The inventory turnover rate is 4
Transcribed Image Text:MAKO Inc. has annual credit sales of ₹12 lakhs and a net income of ₹90,000. Their balance sheet reflects an inventory of ₹4 lakhs, average accounts receivable of 2.4 lakhs, the total debt of ₹23 lakhs, and total equity of *25 lakhs. MAKO is open 365 days a year. Which one of the following is correct? Note: In the absence of cost of goods sold data, credit sales can be used. The total asset turnover is 25 O The average collection period is 73 days O The debt to asset ratio is 92% O The inventory turnover rate is 4
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