The Balance Sheet XYZ Corporation as of Dec. 31, 2022 has the following information: P4,500 Cash Accounts Receivable Inventories Total Current Assets Net Fixed Assets Total Assets 3. 4. 5. 6. 7. 8. Accounts Payable Notes Payable Accruals Other Information (2022 values) 1. Sales totaled P120,000 2. The gross profit margin was 30 percent. Inventory turnover was 3.0. Total Current Liab. Long-Term Debt Stockholders' Equity Total Liab & S.E. The total asset turnover was 1.13. The debt ratio was 53.8 percent. There are 360 days in the year. The average collection period was 65 days. The current ratio was 2.40. P10,000 1,000
The Balance Sheet XYZ Corporation as of Dec. 31, 2022 has the following information: P4,500 Cash Accounts Receivable Inventories Total Current Assets Net Fixed Assets Total Assets 3. 4. 5. 6. 7. 8. Accounts Payable Notes Payable Accruals Other Information (2022 values) 1. Sales totaled P120,000 2. The gross profit margin was 30 percent. Inventory turnover was 3.0. Total Current Liab. Long-Term Debt Stockholders' Equity Total Liab & S.E. The total asset turnover was 1.13. The debt ratio was 53.8 percent. There are 360 days in the year. The average collection period was 65 days. The current ratio was 2.40. P10,000 1,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How much is the average Merchandise Inventory?
Transcribed Image Text:The Balance Sheet XYZ Corporation as of Dec. 31, 2022 has the following information:
P4,500
Cash
Accounts Receivable
Accounts Payable
Notes Payable
Accruals
Inventories
Total Current Assets
Net Fixed Assets
Total Assets
Total Current Liab.
Long-Term Debt
Stockholders' Equity
Total Liab. & S.E.
Other Information (2022 values)
1.
Sales totaled P120,000
2.
The gross profit margin was 30 percent.
Inventory turnover was 3.0.
3.
4.
5.
6.
7.
8.
There are 360 days in the year.
The average collection period was 65 days.
The current ratio was 2.40.
The total asset turnover was 1.13.
The debt ratio was 53.8 percent.
P10,000
1,000
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