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The following information comes from the accounting records of Carla Vista Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income 2022 $32,500 100,200 163,000 651,000 350,000 $149,000 301.000 $149,000 301,000 782,000 64,700 $1,296,700 $1,047,000 764,310 261,750 20,940 $1.296.700 $1,327,000 $1,549,000 14,000 2023 $6,940 $32,000 119,000 193,000 671,000 312,000 $170,000 326,000 $170,000 326,000 782,000 49,000 $1,327,000 869,760.0 277,840 60,400 2024 15,100 $36,000 $45,300 169,000 190,000 754,000 400,000 $189.000 515,000 $189,000 $1,208,000 $1,338,000 949,980 515,000 782,000 63,000 $1,549,000 334,500 53,520 16,056 $37.464

The following information comes from the accounting records of Carla Vista Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income 2022 $32,500 100,200 163,000 651,000 350,000 $149,000 301.000 $149,000 301,000 782,000 64,700 $1,296,700 $1,047,000 764,310 261,750 20,940 $1.296.700 $1,327,000 $1,549,000 14,000 2023 $6,940 $32,000 119,000 193,000 671,000 312,000 $170,000 326,000 $170,000 326,000 782,000 49,000 $1,327,000 869,760.0 277,840 60,400 2024 15,100 $36,000 $45,300 169,000 190,000 754,000 400,000 $189.000 515,000 $189,000 $1,208,000 $1,338,000 949,980 515,000 782,000 63,000 $1,549,000 334,500 53,520 16,056 $37.464

FINANCIAL ACCOUNTING
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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The following information comes from the accounting records of Carla Vista Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income 2022 $32,500 100,200 163,000 651,000 350,000 $1.296,700 $149,000 301.000 $149,000 301,000 782,000 64,700 $1,296,700 $1,047,000 764,310 261,750 20,940 14,000 $6,940 2023 $32,000 119,000 193,000 671,000 312,000 $170,000 326,000 $170,000 326,000 782,000 $1,327,000 $1,549,000 49,000 869,760.0 277,840 2024 60,400 $36,000 15,100 169,000 $45,300 190,000 754,000 400,000 $189,000 515,000 $1,327,000 $1,549,000 $189,000 $1,208,000 $1,338,000 515,000 782,000 63,000 949,980 334,500 53,520 16,056 $37,464
Transcribed Image Text:The following information comes from the accounting records of Carla Vista Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income 2022 $32,500 100,200 163,000 651,000 350,000 $1.296,700 $149,000 301.000 $149,000 301,000 782,000 64,700 $1,296,700 $1,047,000 764,310 261,750 20,940 14,000 $6,940 2023 $32,000 119,000 193,000 671,000 312,000 $170,000 326,000 $170,000 326,000 782,000 $1,327,000 $1,549,000 49,000 869,760.0 277,840 2024 60,400 $36,000 15,100 169,000 $45,300 190,000 754,000 400,000 $189,000 515,000 $1,327,000 $1,549,000 $189,000 $1,208,000 $1,338,000 515,000 782,000 63,000 949,980 334,500 53,520 16,056 $37,464
O Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, e.g. 13.5% or 13.5.) Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Question 5 of 5 Current ratio Quick ratio A/R turnover < Average collection period Inventory turnover Days to sell inventory 2022 20 % % % 2022 % % % 2022 :1 times days times days 2023 % % % % % % 2023 2023 :1 :1 times days times days 2024 % % % % % % 2024 2024
Transcribed Image Text:O Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, e.g. 13.5% or 13.5.) Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Question 5 of 5 Current ratio Quick ratio A/R turnover < Average collection period Inventory turnover Days to sell inventory 2022 20 % % % 2022 % % % 2022 :1 times days times days 2023 % % % % % % 2023 2023 :1 :1 times days times days 2024 % % % % % % 2024 2024
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