Select the images below to enlarge.Balance SheetMurawski CompanyBalance SheetDecember 31Current AssetsInvestmentsCash and cash equivalentsAccounts receivable (net)Current liabilitiesProperty, plant, and equipmentIntangibles and other assetsTotal assetsPrepaid expensesTotal current assetsSales Revenue$330 $360470400Inventory 4603901201601,3801,310Murawski CompanyIncome StatementFor the Years Ended December 31Costs and expensesCost of goods soldSelling and Administrative expenses2022Income StatementInterest expenseTotal costs and expensesIncome before income taxesLong-term liabilitiesStockholder's equity - common1,0301,040Total liabilities and stockholder's equity $2,340 $2,21010420530$2,340Income tax expenseNet Income$9004102022$3,80020219552,400253,380420126$29410380510$2,210$7903802021$3,4608902,330203,24022066$154Calculate the 2022 Inventory Turnover ratio.Use whole numbers rounded to 2 decimalplaces, if needed, as seen in the examplebelow.1500955Example800Inventory Turnover Ratio 2022.I.=1.88Click the check mark to check your answers.Fields with incorrect responses will beremoved so you can try again.

INVENTORY TURNOVER RATIO Inventory Turnover Ratio is the Ratio between Cost of Goods Sold &…

Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income Statement Income before income taxes Long-term liabilities Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 Income tax expense Net Income $330 $360 470 400 460 390 120 160 1,380 1,310 10 420 530 $2,340 $900 410 2022 $3,800 2021 955 2,400 25 3,380 420 126 $294 10 380 510 $2,210 $790 380 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2022 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. 1500 955 Example 800 Inventory Turnover Ratio 2022 .I. = 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.

Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income Statement Income before income taxes Long-term liabilities Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 Income tax expense Net Income $330 $360 470 400 460 390 120 160 1,380 1,310 10 420 530 $2,340 $900 410 2022 $3,800 2021 955 2,400 25 3,380 420 126 $294 10 380 510 $2,210 $790 380 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2022 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. 1500 955 Example 800 Inventory Turnover Ratio 2022 .I. = 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.

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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