The following data is given:December 31,20212020Cash$59,000$49,500Accounts receivable (net)103,00059,000Inventories93,000102,000Plant assets (net)381,500320,000Accounts payable55,50040,500Salaries and wages payable9,5005,000Bonds payable71,50068,0008% Preferred stock, $40 par100,000100,000Common stock, $10 par120,00090,000Paid-in capital in excess of par80,00065,000Retained earnings200,000162,000Net credit sales940,000Cost of goods sold750,000Net income82,000Compute the following ratios: (Round answers to 2 decimal places e.g. 15.25.)(a)Acid-test ratio at 12/31/21:1(b)Accounts receivable turnover in 2021times(c)Inventory turnover in 2021times(d)Profit margin on sales in 2021(e)Return on common stockholders' equity in 2021%(f)Book value per share of common stock at 12/31/21

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Answered: The following data is given: December…

The following data is given: December 31, 2021 2020 Cash $59,000 $49,500 Accounts receivable (net) 103,000 59,000 Inventories 93,000 102,000

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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