Pharoah Ltd. is a small restaurant and culinary business started four years ago by Jennifer Davis. Initially the company's operations consisted of a small diner. In 2023, the company added online culinary lessons to expand sales. The online culinary events are sold to corporations that provide the lessons as performance incentives to their employees. As the culinary lessons side of the business grew in 2024, the company purchased a used vehicle to deliver meal kits to be used for the lessons. All sales in the diner are cash, debit, or credit card, but culinary lessons, which are sold to corporations, are invoiced after the event with payment due in 30 days. Most of the company's suppliers offer terms of 15 days. Selected financial information for Pharoah Ltd. follows. Assets Cash Accounts receivable Inventory Land Building and equipment Total assets Liabilities and equity Accounts payable Short-term note payable Mortgage payable current Mortgage payable Share capital Retained earnings Total liabilities and equity Other information Sales 2024 $9,840 $6,990 20,360 12,640 14,020 7,310 17,460 17,460 41,230 36,440 $102,910 $80,840 $7,390 2,030 4,400 31,270 15,270 42,550 2023 $102,910 $8,770 1,980 4,400 35,640 15,270 14,780 $80,840 $209,540 $171,480
Pharoah Ltd. is a small restaurant and culinary business started four years ago by Jennifer Davis. Initially the company's operations consisted of a small diner. In 2023, the company added online culinary lessons to expand sales. The online culinary events are sold to corporations that provide the lessons as performance incentives to their employees. As the culinary lessons side of the business grew in 2024, the company purchased a used vehicle to deliver meal kits to be used for the lessons. All sales in the diner are cash, debit, or credit card, but culinary lessons, which are sold to corporations, are invoiced after the event with payment due in 30 days. Most of the company's suppliers offer terms of 15 days. Selected financial information for Pharoah Ltd. follows. Assets Cash Accounts receivable Inventory Land Building and equipment Total assets Liabilities and equity Accounts payable Short-term note payable Mortgage payable current Mortgage payable Share capital Retained earnings Total liabilities and equity Other information Sales 2024 $9,840 $6,990 20,360 12,640 14,020 7,310 17,460 17,460 41,230 36,440 $102,910 $80,840 $7,390 2,030 4,400 31,270 15,270 42,550 2023 $102,910 $8,770 1,980 4,400 35,640 15,270 14,780 $80,840 $209,540 $171,480
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image)
Transcribed Image Text:Pharoah Ltd. is a small restaurant and culinary business started four years ago by Jennifer Davis. Initially the company's
operations consisted of a small diner. In 2023, the company added online culinary lessons to expand sales. The online
culinary events are sold to corporations that provide the lessons as performance incentives to their employees. As the
culinary lessons side of the business grew in 2024, the company purchased a used vehicle to deliver meal kits to be
used for the lessons. All sales in the diner are cash, debit, or credit card, but culinary lessons, which are sold to
corporations, are invoiced after the event with payment due in 30 days. Most of the company's suppliers offer terms of
15 days. Selected financial information for Pharoah Ltd. follows.
Assets
Cash
Accounts receivable
Inventory
Land
Building and equipment
Total assets
Liabilities and equity
Accounts payable
Short-term note payable
Mortgage payable current
Mortgage payable
Share capital
Retained earnings
Total liabilities and equity
Other information
Sales
Cost of goods sold
Net income
2024
Accounts payable turnover
$9,840
Save for Later
$6,990
12,640
7,310
17,460
36,440
$102,910 $80,840
20,360
14,020
17,460
41,230
$7,390
2,030
4,400
31,270
15,270
42,550
$102,910
Your answer is incorrect.
2023
$8,770
1,980
4,400
35,640
15,270
14,780
$80,840
$209,540 $171,480
86,370
79,390
27,770
11,490
Calculate the company's accounts payable turnover ratio for 2024. (Round answers to 1 decimal place, e.g.
18.4.)
2024
times
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