Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income before income taxes $330 Income Statement Income tax expense Net Income 120 1,380 470 460 10 420 530 $2.340 $900 Long-term liabilities 410 Stockholder's equity-common 1.030 1,040 Total liabilities and stockholder's equity $2.340 $2.210 2022 $3,800 955 2,400 25 3,380 2021 420 126 $294 $360 400 390 160 1,310 10 380 510 $2.210 $790 380 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2021 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. 1500 Example ÷ 800 ÷ = Inventory Turnover Ratio 2021 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.

Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income before income taxes $330 Income Statement Income tax expense Net Income 120 1,380 470 460 10 420 530 $2.340 $900 Long-term liabilities 410 Stockholder's equity-common 1.030 1,040 Total liabilities and stockholder's equity $2.340 $2.210 2022 $3,800 955 2,400 25 3,380 2021 420 126 $294 $360 400 390 160 1,310 10 380 510 $2.210 $790 380 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2021 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. 1500 Example ÷ 800 ÷ = Inventory Turnover Ratio 2021 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.

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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