Statement of Financial Position Zooey Corporation December 31, 2020 Cash P4,500 Accounts Payable P10,000 Accounts Notes Payable Receivable Inventory Accruals 1,000 Total Current Total Current Assets Liabilities Net Fixed Long-Term Debt Assets Total Assets Stockholders' Equity Total Liabilities & S.E. Information (2020 values) Sales totaled P110,000 The gross profit margin was 25 percent. Inventory turnover was 3.0. There are 360 days in the year. The average collection period was 65 days. 1. 2. 3. 4. 5. 6. The current ratio was 2.40. 7. The total asset turnover was 1.13. 8. The debt ratio was 53.8 percent.

Statement of Financial Position Zooey Corporation December 31, 2020 Cash P4,500 Accounts Payable P10,000 Accounts Notes Payable Receivable Inventory Accruals 1,000 Total Current Total Current Assets Liabilities Net Fixed Long-Term Debt Assets Total Assets Stockholders' Equity Total Liabilities & S.E. Information (2020 values) Sales totaled P110,000 The gross profit margin was 25 percent. Inventory turnover was 3.0. There are 360 days in the year. The average collection period was 65 days. 1. 2. 3. 4. 5. 6. The current ratio was 2.40. 7. The total asset turnover was 1.13. 8. The debt ratio was 53.8 percent.

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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