PERFORM A LIQUIDITY AND PROFITABILITY ANALYSIS ON THE FOLLOWING COMPANY UTILIZING THE FOLLOWING RATIOS:INVENTORY TURNOVERDAYS INVENTORY ON HAND statement of operations12 Months EndedJul. 31, 2020Jul. 31, 2019Revenues: Revenues $ 1,497,826,000 $ 1,684,392,000Costs and expenses: Operating expense - personnel, vehicle, plant and other493,055,000468,868,000Operating expense - equipment lease expense33,017,000 Equipment lease expense, preadoption 33,073,000Depreciation and amortization expense80,481,00078,846,000General and administrative expense45,752,00059,994,000Non-cash employee stock ownership plan compensation charge2,871,0005,693,000Asset impairments00Loss on asset sales and disposals7,924,00010,968,000Operating income148,670,000113,028,000Interest expense(192,962,000)(177,619,000)Loss on extinguishment of debt(37,399,000) Other income (expense), net(460,000)369,000Loss before income taxes(82,151,000)(64,222,000)Income tax expense (benefit)851,000323,000Net loss(83,002,000)(64,545,000)Net loss attributable to noncontrolling interest(503,000)(298,000)Net loss(82,499,000)(64,247,000)Less: General partner's interest in net loss(825,000)(642,000)Common unitholders' interest in net loss $ (81,674,000) $ (63,605,000)Basic and diluted net loss per common unit $ (0.84) $ (0.65)Cash distributions declared or paid per unit Consolidated Balance Sheets - USD ($)Jul. 31, 2020Jul. 31, 2019Current assets: Cash and cash equivalents $ 333,761,000 $ 11,054,000Accounts and notes receivable, net101,438,000107,596,000Inventories72,664,00080,454,000Prepaid expenses and other current assets35,944,00042,275,000Total current assets543,807,000241,379,000Prepaid expenses and other current assets35,944,00042,275,000Property, plant and equipment, net591,042,000596,723,000Goodwill, net247,195,000247,195,000Intangible assets, net104,049,000108,557,000Operating lease, right-of-use assets107,349,000 Other assets, net74,748,00069,105,000Total assets1,668,190,0001,262,959,000Current liabilities: Accounts payable33,944,00033,364,000Short-term borrowings043,000,000Collateralized note payable 62,000,000Current portion of long-term debt859,095,000631,756,000Current operating lease liabilities29,345,000 Other current liabilities167,466,000138,237,000Total current liabilities1,089,850,000908,357,000Long-term debt1,646,396,0001,457,004,000Operating lease liabilities89,022,000 Other liabilities51,190,00036,536,000Contingencies and commitments00Partners' capital (deficit) Common unitholders(1,126,452,000)(1,046,245,000)General partner unitholder(71,287,000)(70,476,000)Accumulated other comprehensive income (loss)(2,303,000)(14,512,000)Total Ferrellgas Partners, L.P. partners' deficit(1,200,042,000)(1,131,233,000)Noncontrolling interest(8,226,000)(7,705,000)Total partners' capital (deficit)(1,208,268,000)(1,138,938,000)Total liabilities and partners' capital (deficit)1,668,190,0001,262,959,000

The profitability analysis can be performed through profitability ratios like Gross profit ratio,…

Answered: PERFORM A LIQUIDITY AND PROFITABILITY…

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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PERFORM A LIQUIDITY AND PROFITABILITY ANALYSIS ON THE FOLLOWING COMPANY UTILIZING THE FOLLOWING RATIOS:

INVENTORY TURNOVER

DAYS INVENTORY ON HAND

statement of operations	12 Months Ended
Jul. 31, 2020	Jul. 31, 2019
Revenues:
Revenues	$ 1,497,826,000	$ 1,684,392,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other	493,055,000	468,868,000
Operating expense - equipment lease expense	33,017,000
Equipment lease expense, preadoption		33,073,000
Depreciation and amortization expense	80,481,000	78,846,000
General and administrative expense	45,752,000	59,994,000
Non-cash employee stock ownership plan compensation charge	2,871,000	5,693,000
Asset impairments	0	0
Loss on asset sales and disposals	7,924,000	10,968,000
Operating income	148,670,000	113,028,000
Interest expense	(192,962,000)	(177,619,000)
Loss on extinguishment of debt	(37,399,000)
Other income (expense), net	(460,000)	369,000
Loss before income taxes	(82,151,000)	(64,222,000)
Income tax expense (benefit)	851,000	323,000
Net loss	(83,002,000)	(64,545,000)
Net loss attributable to noncontrolling interest	(503,000)	(298,000)
Net loss	(82,499,000)	(64,247,000)
Less: General partner's interest in net loss	(825,000)	(642,000)
Common unitholders' interest in net loss	$ (81,674,000)	$ (63,605,000)
Basic and diluted net loss per common unit	$ (0.84)	$ (0.65)
Cash distributions declared or paid per unit

Consolidated Balance Sheets - USD ($)	Jul. 31, 2020	Jul. 31, 2019
Current assets:

Cash and cash equivalents	$ 333,761,000	$ 11,054,000
Accounts and notes receivable, net	101,438,000	107,596,000
Inventories	72,664,000	80,454,000
Prepaid expenses and other current assets	35,944,000	42,275,000
Total current assets	543,807,000	241,379,000
Prepaid expenses and other current assets	35,944,000	42,275,000
Property, plant and equipment, net	591,042,000	596,723,000
Goodwill, net	247,195,000	247,195,000
Intangible assets, net	104,049,000	108,557,000
Operating lease, right-of-use assets	107,349,000
Other assets, net	74,748,000	69,105,000
Total assets	1,668,190,000	1,262,959,000
Current liabilities:
Accounts payable	33,944,000	33,364,000
Short-term borrowings	0	43,000,000
Collateralized note payable		62,000,000
Current portion of long-term debt	859,095,000	631,756,000
Current operating lease liabilities	29,345,000
Other current liabilities	167,466,000	138,237,000
Total current liabilities	1,089,850,000	908,357,000
Long-term debt	1,646,396,000	1,457,004,000
Operating lease liabilities	89,022,000
Other liabilities	51,190,000	36,536,000
Contingencies and commitments	0	0
Partners' capital (deficit)
Common unitholders	(1,126,452,000)	(1,046,245,000)
General partner unitholder	(71,287,000)	(70,476,000)
Accumulated other comprehensive income (loss)	(2,303,000)	(14,512,000)
Total Ferrellgas Partners, L.P. partners' deficit	(1,200,042,000)	(1,131,233,000)
Noncontrolling interest	(8,226,000)	(7,705,000)
Total partners' capital (deficit)	(1,208,268,000)	(1,138,938,000)
Total liabilities and partners' capital (deficit)	1,668,190,000	1,262,959,000

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