Don't give answer in image Question B4Using the financial information provided below, calculate the following ratios for 2021:1. Current ratio2. Gross profit ratio3. Quick ratio4. Inventory turnover5. Days sales in inventoryCashPrepaid SuppliesAccounts receivableAllowance for DoubtfulAccountsInventoryEquipmentBuildingsLandTotal AssetsAccounts payableUnearned revenueSalaries payableMortgage payableOwner's equityTotal liabilities and equity20211000500222002020150075011750-200-1001200016000250002500050000 500001000010000120500 1149003500150050004000100045000500006750062400120500 114900SalesSales discountsCost of goods soldSalaries expenseAdvertising expenseMaintenance expenseInterest expenseBad debt expense:Depreciation expenseSupplies expense202120202500002250002500100120000 110,00045000450005000100045004500250075015050050090012007060062550

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Question B4 Using the financial information provided below, calculate the following ratios for 2021: 1. Current ratio 2. Gross profit ratio 3. Quick ratio 4. Inventory turnover 5. Days sales in inventory Cash Prepaid Supplies Accounts receivable Allowance for Doubtful Accounts Inventory Equipment Buildings Land Total Assets Accounts payable Unearned revenue Salaries payable Mortgage payable Owner's equity Total liabilities and equity 2021 1000 500 22200 -200 12000 25000 50000 10000 120500 2020 1500 750 11750 -100 16000 25000 50000 10000 114900 3500 1500 500 0 4000 1000 45000 50000 67500 62400 120500 114900 Sales Sales discounts Cost of goods sold Salaries expense Advertising expense Maintenance expense Interest expense Bad debt expense Depreciation expense Supplies expense 2020 225000 100 2021 250000 2500 120000 110,000 45000 5000 4500 250 750 500 900 70600 45000 1000 4500 0 150 500 1200 62550

Question B4 Using the financial information provided below, calculate the following ratios for 2021: 1. Current ratio 2. Gross profit ratio 3. Quick ratio 4. Inventory turnover 5. Days sales in inventory Cash Prepaid Supplies Accounts receivable Allowance for Doubtful Accounts Inventory Equipment Buildings Land Total Assets Accounts payable Unearned revenue Salaries payable Mortgage payable Owner's equity Total liabilities and equity 2021 1000 500 22200 -200 12000 25000 50000 10000 120500 2020 1500 750 11750 -100 16000 25000 50000 10000 114900 3500 1500 500 0 4000 1000 45000 50000 67500 62400 120500 114900 Sales Sales discounts Cost of goods sold Salaries expense Advertising expense Maintenance expense Interest expense Bad debt expense Depreciation expense Supplies expense 2020 225000 100 2021 250000 2500 120000 110,000 45000 5000 4500 250 750 500 900 70600 45000 1000 4500 0 150 500 1200 62550

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 87APSA

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