Sheridan Corporation's comparative balance sheets are presented below. SHERIDAN CORPORATION Balance Sheets December 31 Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total 2020 $10,540 14,450 9,860 32,300 77,500 (16,500) $128,150 $17,000 75,000 36,150 $128,150 2019 $3,700 23,900 8,300 27,000 77,500 (13,200) $127,200 $28,400 75.000 23,800 $127.200 Sheridan's 2020 income statement included net sales of $95,875, cost of goods sold of $63,560, and net income of $19,175. Compute the following ratios for 2020. (Round Current ratio, Accounts receivable turnover, Inventory turnover, Asset turnover and Earnings per share to 2 decimal places, e.g. 15.25 or 15.25%. Round Debt to assets ratio to 1 decimal place, e.g. 15.2%. Round other answers to 0 decima places, e.g. 15 or 15%) (a) Current ratio (b1) Accounts receivable turnover (b2) Average collection period days

Sheridan Corporation's comparative balance sheets are presented below. SHERIDAN CORPORATION Balance Sheets December 31 Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total 2020 $10,540 14,450 9,860 32,300 77,500 (16,500) $128,150 $17,000 75,000 36,150 $128,150 2019 $3,700 23,900 8,300 27,000 77,500 (13,200) $127,200 $28,400 75.000 23,800 $127.200 Sheridan's 2020 income statement included net sales of $95,875, cost of goods sold of $63,560, and net income of $19,175. Compute the following ratios for 2020. (Round Current ratio, Accounts receivable turnover, Inventory turnover, Asset turnover and Earnings per share to 2 decimal places, e.g. 15.25 or 15.25%. Round Debt to assets ratio to 1 decimal place, e.g. 15.2%. Round other answers to 0 decima places, e.g. 15 or 15%) (a) Current ratio (b1) Accounts receivable turnover (b2) Average collection period days

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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