Solve. Notes payable for Cole Egan Enterprises in 2019 was,$113,466$52,372$41,372O $10,609None of the aboveAccounts receivable for Cole Egan Enterprises in 2019 was$14,056$19,861$14,895$18,333None of the aboveInventory for Cole Egan Enterprises in 2019 was,$36,667$32,448$27,500$9,167O None of the above Data for Cole Eagan Enterprises. For turnover ratios, use ending balances only.Balance SheetCole Eagan EnterprisesDecember 31, 2019$4,500Accounts PayableNotes PayableAccrualsCash$10,000Accounts Receivable1,000InventoryTotal Current AssetsTotal Current LiabilitiesNet Fixed AssetsLong-Term DebtStockholders' EquityTotal Liabilities & S.E.Total AssetsAdditional Information for 2019:Sales totaled $110,000The average collection period was 65days.• The current ratio was 2.40.• The total asset turnover was 1.13.The debt ratio was 53.8 percent.The gross profit margin was 25 percent.Inventory turnover was 3.0.There are 360 days in the year.

Ratio analysis means where different ratio of various years of years companies has been compared and…

Notes payable for Cole Egan Enterprises in 2019 was, $113,466 $52,372 $41,372 $10,609 None of the above Accounts receivable for Cole Egan Enterprises in 2019 was $14,056 $19,861 $14,895 $18,333 None of the above Inventory for Cole Egan Enterprises in 2019 was, $36,667 $32,448 $27,500 $9,167 None of the above

Notes payable for Cole Egan Enterprises in 2019 was, $113,466 $52,372 $41,372 $10,609 None of the above Accounts receivable for Cole Egan Enterprises in 2019 was $14,056 $19,861 $14,895 $18,333 None of the above Inventory for Cole Egan Enterprises in 2019 was, $36,667 $32,448 $27,500 $9,167 None of the above

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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Question

Solve.

Notes payable for Cole Egan Enterprises in 2019 was,
$113,466
$52,372
$41,372
O $10,609
None of the above
Accounts receivable for Cole Egan Enterprises in 2019 was
$14,056
$19,861
$14,895
$18,333
None of the above
Inventory for Cole Egan Enterprises in 2019 was,
$36,667
$32,448
$27,500
$9,167
O None of the above

Data for Cole Eagan Enterprises. For turnover ratios, use ending balances only.
Balance Sheet
Cole Eagan Enterprises
December 31, 2019
$4,500
Accounts Payable
Notes Payable
Accruals
Cash
$10,000
Accounts Receivable
1,000
Inventory
Total Current Assets
Total Current Liabilities
Net Fixed Assets
Long-Term Debt
Stockholders' Equity
Total Liabilities & S.E.
Total Assets
Additional Information for 2019:
Sales totaled $110,000
The average collection period was 65
days.
• The current ratio was 2.40.
• The total asset turnover was 1.13.
The debt ratio was 53.8 percent.
The gross profit margin was 25 percent.
Inventory turnover was 3.0.
There are 360 days in the year.

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