Rollins Inc. reported the following selected financial statement data: Cash Accounts receivable (net) Inventory Plant assets (net) Other long term assets Total assets Current liabilities Long term liabilities Total liabilities Shareholders' equity Total liabilities and shareholders equity Net sales Cost of goods sold Net income Required: Compute receivables turnover for 2021 Compute inventory turnover for 20210 Compute current ratio for 2021 Compute average collection period Round to two decimal places 12/31/20 $40,000 43,000 68,000 210,000 49,000 410,000 45,000 105,000 150,000 260,000 410,000 352,000 220,000 28,000 12/31/21 $32,000 48,000 72,000 218,000 21,000 391,000 39,000 102,000 141,000 250,000 391,000 420,000 280,000 30,000

Rollins Inc. reported the following selected financial statement data: Cash Accounts receivable (net) Inventory Plant assets (net) Other long term assets Total assets Current liabilities Long term liabilities Total liabilities Shareholders' equity Total liabilities and shareholders equity Net sales Cost of goods sold Net income Required: Compute receivables turnover for 2021 Compute inventory turnover for 20210 Compute current ratio for 2021 Compute average collection period Round to two decimal places 12/31/20 $40,000 43,000 68,000 210,000 49,000 410,000 45,000 105,000 150,000 260,000 410,000 352,000 220,000 28,000 12/31/21 $32,000 48,000 72,000 218,000 21,000 391,000 39,000 102,000 141,000 250,000 391,000 420,000 280,000 30,000

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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