Tully's Pet Supplies reported net income of $78,000 for the year ended December 31, 2023. Additional information from the company's records shows: • • • • • • Beginning inventory (Jan 1): $34,000 Ending inventory (Dec 31): $29,000 Beginning accounts receivable (Jan 1): $41,000 Ending accounts receivable (Dec 31): $46,000 Beginning accounts payable (Jan 1): $22,000 Ending accounts payable (Dec 31): $19,000 Depreciation expense: $12,000 What is Tully's cash flows from operating activities for 2023? a. $77,000 b. $87,000 c. $80,000 d. $83,000

Tully's Pet Supplies reported net income of $78,000 for the year ended December 31, 2023. Additional information from the company's records shows: • • • • • • Beginning inventory (Jan 1): $34,000 Ending inventory (Dec 31): $29,000 Beginning accounts receivable (Jan 1): $41,000 Ending accounts receivable (Dec 31): $46,000 Beginning accounts payable (Jan 1): $22,000 Ending accounts payable (Dec 31): $19,000 Depreciation expense: $12,000 What is Tully's cash flows from operating activities for 2023? a. $77,000 b. $87,000 c. $80,000 d. $83,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
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