Required information [The following information applies to the questions displayed below.] Markus Company's common stock sold for $5.75 per share at the end of this year. The company paid a common stock dividend of $0.69 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity $868,000 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $1,160,000 $ 672,800 $ 487,200 Ending Beginning Balance Balance $ 51,000 $ 46,000 $ 98,000 $70,000 $77,800 $ 98,000 $226,800 $ 214,000 $868,000 $956,200 $ 90,000 $ 96,000 $ 218,000 $196,200 $ 172,000 $172,000 $ 650,000 $760,000 $956,200 $ 352,750 $ 17,000 $ 235,025
Required information [The following information applies to the questions displayed below.] Markus Company's common stock sold for $5.75 per share at the end of this year. The company paid a common stock dividend of $0.69 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity $868,000 Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $1,160,000 $ 672,800 $ 487,200 Ending Beginning Balance Balance $ 51,000 $ 46,000 $ 98,000 $70,000 $77,800 $ 98,000 $226,800 $ 214,000 $868,000 $956,200 $ 90,000 $ 96,000 $ 218,000 $196,200 $ 172,000 $172,000 $ 650,000 $760,000 $956,200 $ 352,750 $ 17,000 $ 235,025
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject :- Accounting
Transcribed Image Text:10. What is the inventory turnover and the average sale period? (Use 365 days in a year. Round your intermediate and final answers
to 2 decimal places.)
Inventory turnover
Average sale period
days
![Required information
[The following information applies to the questions displayed below.]
Markus Company's common stock sold for $5.75 per share at the end of this year. The company paid a common stock
dividend of $0.69 per share this year. It also provided the following data excerpts from this year's financial statements:
Beginning
Balance
$ 51,000 $ 46,000
$ 98,000 $70,000
$77,800 $ 98,000
$226,800 $ 214,000
$868,000 $956,200
$ 90,000 $ 96,000
$ 218,000 $196,200
$172,000 $172,000
$760,000
Common stock, $1 par value
Total stockholders' equity
$ 650,000
Total liabilities and stockholders' equity $868,000
$956,200
Cash
Accounts receivable
Inventory
Current assets
Total assets
Current liabilities
Total liabilities
Sales (all on account)
Cost of goods sold
Gross margin
Net operating income
Interest expense
Net Income
This Year
$1,160,000
$ 672,800
$ 487,200
Ending
Balance
$ 352,750
$ 17,000
$ 235,025](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F83b62d92-ae46-4dd3-8277-7ec31e6fe3f8%2Ffb1ab0a2-085a-43b9-a596-98e1cd13f66b%2Fl7tpkk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Markus Company's common stock sold for $5.75 per share at the end of this year. The company paid a common stock
dividend of $0.69 per share this year. It also provided the following data excerpts from this year's financial statements:
Beginning
Balance
$ 51,000 $ 46,000
$ 98,000 $70,000
$77,800 $ 98,000
$226,800 $ 214,000
$868,000 $956,200
$ 90,000 $ 96,000
$ 218,000 $196,200
$172,000 $172,000
$760,000
Common stock, $1 par value
Total stockholders' equity
$ 650,000
Total liabilities and stockholders' equity $868,000
$956,200
Cash
Accounts receivable
Inventory
Current assets
Total assets
Current liabilities
Total liabilities
Sales (all on account)
Cost of goods sold
Gross margin
Net operating income
Interest expense
Net Income
This Year
$1,160,000
$ 672,800
$ 487,200
Ending
Balance
$ 352,750
$ 17,000
$ 235,025
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