The financial statements of CVS Caremark reported the following information (in millions): CVS Caremark Year 2 Year 1 Net sales $126,761 $123, 120 Cost of sales 102,978 100, 632 Inventories, net 11,045 11,032 The inventory turnover ratio for Year 2 is: Group of answer choices 9.33 8.32 10.22 11.48

The financial statements of CVS Caremark reported the following information (in millions): CVS Caremark Year 2 Year 1 Net sales $126,761 $123, 120 Cost of sales 102,978 100, 632 Inventories, net 11,045 11,032 The inventory turnover ratio for Year 2 is: Group of answer choices 9.33 8.32 10.22 11.48

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The receiving activities are: O a. unloading, checking for discrepancies and repacking O b.…

A: Receiving process is one activity related to warehouse. When goods are being reached or received in…

Q: 26 The process of measuring, monitoring, and minimizing prevention, appraisal, internal failure, and…

A: Prevention cost is amount of expense incurred to reduce defects in products and services.

Q: PR 12-4

A: Date Particulars Debit Amount Credit Amount 30-Jun Asset revaluation $2,900 Accounts…

Q: How do i do EX 12-3 & EX 12-4

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: E12.10 (b)

A: Total issued and outstanding shares = 95000+25000+2000 = 122,000 shares Dividend declared on dec. 15…

Q: requirements

A: These are the following- 1. Such risks must be statistically predictable- This is one of the major…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts 1. Cash Account Particular Debit Particular Credit To capital A/c…

Q: minimum required rate of return

A: Residual income is actually the excess of net income above the minimum required return. Here, the…

Q: The susceptibility of an assertion about a class of transaction, account balance or disclosure to a…

A: Audit risk is the possibility that an auditor won't find fraud or errors while reviewing a client's…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: 1,352,113.13 is incorrect. What is the correct answer?

A: Net Present Value is used to evaluate the investment and financing decisions that involve cash flows…

Q: How do I do PR 20-3a

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Explanation 1031 like-kind exchange

Q: 16. Training opportunities fall under which category of returns for work? O A. Total compensation O…

A: All forms of salary and perks are included in an employee's total compensation. In addition to basic…

Q: initiate the purchase requisition for fre supplies of the material?

A: Option a is wrong because the maximum level is the maximum number of inventory that can be held by…

Q: E14.3 (b)

A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…

Q: ROE 34.25% RNOA 17.28% What inference can I draw based on this ROE and RNOA

A: Return on equity (ROE) is a profitability ratio which shows the portion of net income available for…

Q: tate the disclosure requirements of IFRS 10 and IFRS 3

A: Disclosure requirement states the facts, figures, notes, etc to be specifically disclosed in the…

Q: 5 examples of Riba al-Fadl

A: Riba al-Fadl is barter exchange of 2 similar commodities where either the quality or quantity is…

Q: What covers the cost of a variable annuities death benefit?

A: The question is related to the Insurance and is related to Variable annuities.

Q: An example of an appraisal cost would be: O Scrap O Process or product design O Product recalls O…

A: Cost of Good Quality is incurred in order to reduce the Cost of Poor Quality, so that overall Cost…

Q: x8=h 0817×1= h

A: y= 4x + 180 y= 8x To solve above equations to find the value of x and y

Q: E.x.p.l.a.i.n. .t.h.e. .3.-.y.e.a.r. .a.n.d. .t.h.e. .p.e.r.c.e.n.t.a.g.e. .o.f. .a. .I.n.c.o.m.e.…

A: A statement of financial position is a document prepared at the end of the period to check what…

Q: Answer to Part C = 42250

A: Given, Maturity =10 Years Market interest rate: 6% Stated interest rate = 5% Price of the bond is…

Q: Journalize the entries to record

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: the recognition and measurement of IFRS 10 and

A: The answer has been mentioned below.

Q: Find the value of the improper integral. The Integral Diverges 3/4 3/2 dx 12 h

A: An improper integral is said to be definite if their exists a limit and the solution is a finite…

Q: I need professional answer: What is the difference between a ABS and an ABS CDO?

A: Asset-backed securities (ABS) and asset-backed security collateralized debt obligations (ABS CDOs)…

Q: Section 1250 summary

A: Section 1250 of the United States Internal Revenue Code is a rule wherein IRS will tax a gain from…

Q: two questions

A: Prepare an income statement.

Q: E12.17

A: Retained earnings refer to the amount earned by the organization till the date of preparation of the…

Q: Prior (Past) service cost is expensed immediately using which of the following? a. U.S. GAAP. b.…

A: Prior or past service cost refers to the changes in the PV of defined benefit obligations due to the…

Q: STATEMENTS OF CONDITION ASSETS Cash and Other Cash Items Due from Bangko Sentral Ng Pilipinas Due…

A: A statement of financial position is a document prepared at the end of the period to check what the…

Q: was due inancial State nc. should report

Q: LO 7.4 Name the four main special journals.

A: Please see the next step for the solution

Q: Alternativ ousands) $500,000 gs (thousands) $131,900 y assumption, what is the PW 5.

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Explain briefly on the misconception about Riba

A: Riba is term that refers to the earnings and assets that are earned through corrupt means. The…

Q: Question 28: For an employer operating in only one state, Schedule A of Form 940 is completed if…

A: Note: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered…

Q: ind a salutien co the Inear equation 14x-y=-14

A: Given: Linear equation: 14x -y=-14

Q: 22 An example of a prevention cost would be: Scrap O Product recalls O Adjusting test equipment O…

A: Preventive costs are the costs that a company incurs to prevent defects from occurring in a product…

Q: What happens when a registrant is suspended?

A: When a registrant is suspended, it means that their license or registration to practice in a…

Q: Case studies are usually descriptive in nature. O True O False

A: True

Q: The ct of plaie ppot Agt p pdon A SIPL C S195 D. L0 E Noor of the anwers comect

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Why woul it not be Schedule B

A: The Internal Revenue Service requires most payments of interest income to be reported on tax form…

Question

pvn.6

The financial statements of CVS Caremark reported the following information (in millions): CVS Caremark
Year 2 Year 1 Net sales $126,761 $123, 120 Cost of sales 102,978 100, 632 Inventories, net 11, 045 11,032
The inventory turnover ratio for Year 2 is: Group of answer choices 9.33 8.32 10.22 11.48

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Working for average inventory

VIEW

Step 3: Working for inventory turnover ratio

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

R R MV MV MV II III R R MV MV MV U IV VI
dicuss undertaking in insurance
how do i do PR 13-3A
1. A-n-n-a- -M-a-r-i-e- -R-o-m--a-n- -r-e-c-e-n-t-l-y- -g-r-a-d-u-a-t-e-d- -f-r-o-m- -c-o-l-l-e-g-e- -a-n-d- -i-s- -e-v-a-l-u-a-t-i-n-g-- t-w-o- -c-r-e-d-i-t- -c-a-r-d-s-.- -C-a-r-d- -A- -h-a-s- -a-n-n-u-a-l- -f-e-e- -o-f P7,500 a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 9%. C-a-r-d- -B- -h-a-s- -n-o- -a-n-n-u-a-l- -f-e-e- -a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 16%. A-s-s-u-m-i-n-g- -t-h-a-t- -A-n-n-a- -M-a-r-i-e- -i-n-t-e-n-d-s- -t-o- -c-a-r-r-y- -n-o- -b-a-l-a-n-c-e- -a-n-d- -p-a-y- -o-f-f- -h-e-r- -c-h-a-r-g-e-s- -i-n- -f-u-l-l- -e-a-c-h- -m-o-n-t-h-,- -w-h-i-c-h- -c-a-r-d- -r-e-p-r-e-s-e-n-t-s- -t-h-e -b-e-t-t-e-r- -d-e-a-l-?- -I-f- -A-n-n-a- -M-a-r-i-e- e-x-p-e-c-t-e-d- -t-o- -c-a-r-r-y- -a- -s-i-g-n-i-f-i-c-a-n-t- -b-a-l-a-n-c-e- -f-r-o-m- -o-n-e- -m-o-n-t-h- -t-o- -t-h-e- -n-e-xt-,- -w-h-i-c-h- -c-ar-d- -w-o-u-l-d- -b-e- -b-e-t-t-e-r-?- -E-x-p-l-a-i-n- 2. -W-h-a-t- -i-s- -y-o-u-r- -o-p-i-n-i-o-n- -a-b-o-u-t- -u-s-i-n-g- -c-o-n-s-u-m-e-r-s- -l-o-a-n-s- -a-n-d-…
Wrong Answer
E14.7
Code 71046
wG4Dk117HJktSSZOuFUPAdVMUVw_Qlz7Q/formResponse C. renewal notice O D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured through proposal form O B. certificate of insurance O C. renewal notice O D. completing notes 19. is the document that acknowledge the insured legally entitled to
question 43 choose the correct answer from the choices
What information is included in Form 10-K?
Q23
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: A) B) Product X yes yes no no Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further The cost of the joint raw material input is $90,000. Which of the products should be processed beyond the split-off point? Product Y yes no yes yes Product X 2,700 $ 25.00 $ 2.00 $31.00 Product Z no yes no yes Product Y 3,200 $ 28.00 $ 4.00 $31.00 Product Z 4,200 $ 27.00 $4.00 $36.00