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Using the numbers provided below, calculate the Inventory Turnover Ratio. The inventory turnover ratio is calculated by dividing the cost of goods by average inventory (cogs / average inventory) Financial Statements for 2020 Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity O 3.69 O 4.43 O 5.38 O 8.92 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2020 107,200 $ 48,000 $ 42,000 $ 35,000 $ 70,000 $ 30,000 $ 332,200 $ 2020 23,000 $ 16,000 $ 6,000 $ 38,000 $ 150,000 $ 99,200 $ 332,200 $ 2019 64,000 31,000 32,000 27,000 80,000 55,000 289,000 2019 26,000 18,000 9,000 50,000 150,000 36,000 289,000 Income Statement Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Bad Debt Expense R&D Expense Depreciation Expense Interest Expense Loss on Sale of Land Income Tax Expense Net Income $ 375,000 $ (199,000) $ $ $ iseses S $ $ $ $ $ $ (40,000) (18,000) (5,000) (22,000) (10,000) (4,000) (6,000) (7,800) 63,200

Using the numbers provided below, calculate the Inventory Turnover Ratio. The inventory turnover ratio is calculated by dividing the cost of goods by average inventory (cogs / average inventory) Financial Statements for 2020 Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity O 3.69 O 4.43 O 5.38 O 8.92 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2020 107,200 $ 48,000 $ 42,000 $ 35,000 $ 70,000 $ 30,000 $ 332,200 $ 2020 23,000 $ 16,000 $ 6,000 $ 38,000 $ 150,000 $ 99,200 $ 332,200 $ 2019 64,000 31,000 32,000 27,000 80,000 55,000 289,000 2019 26,000 18,000 9,000 50,000 150,000 36,000 289,000 Income Statement Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Bad Debt Expense R&D Expense Depreciation Expense Interest Expense Loss on Sale of Land Income Tax Expense Net Income $ 375,000 $ (199,000) $ $ $ iseses S $ $ $ $ $ $ (40,000) (18,000) (5,000) (22,000) (10,000) (4,000) (6,000) (7,800) 63,200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Using the numbers provided below, calculate the Inventory Turnover Ratio. The inventory turnover ratio is calculated by dividing the cost of goods by average inventory (cogs/ average inventory) Financial Statements for 2020 Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity O 3.69 O 4.43 O 5.38 O 8.92 $ $ $ $ $ $ $ 2020 107,200 $ 48,000 $ 42,000 $ 35,000 $ 70,000 $ 80,000 30,000 $ 55,000 332,200 $ 289,000 2019 2020 23,000 $ $ $ 16,000 $ $ 6,000 $ $ 38,000 $ $ 150,000 $ $ 99,200 $ $ 332,200 $ 64,000 31,000 32,000 27,000 2019 26,000 18,000 9,000 50,000 150,000 36,000 289,000 Income Statement Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Bad Debt Expense R&D Expense Depreciation Expense Interest Expense Loss on Sale of Land Income Tax Expense Net Income $ 375,000 $ (199,000) $ (40,000) (18,000) (5,000) (22,000) (10,000) (4,000) (6,000) (7,800) 63,200 $ $ $ $ $ $ $ $
Transcribed Image Text:Using the numbers provided below, calculate the Inventory Turnover Ratio. The inventory turnover ratio is calculated by dividing the cost of goods by average inventory (cogs/ average inventory) Financial Statements for 2020 Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity O 3.69 O 4.43 O 5.38 O 8.92 $ $ $ $ $ $ $ 2020 107,200 $ 48,000 $ 42,000 $ 35,000 $ 70,000 $ 80,000 30,000 $ 55,000 332,200 $ 289,000 2019 2020 23,000 $ $ $ 16,000 $ $ 6,000 $ $ 38,000 $ $ 150,000 $ $ 99,200 $ $ 332,200 $ 64,000 31,000 32,000 27,000 2019 26,000 18,000 9,000 50,000 150,000 36,000 289,000 Income Statement Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Bad Debt Expense R&D Expense Depreciation Expense Interest Expense Loss on Sale of Land Income Tax Expense Net Income $ 375,000 $ (199,000) $ (40,000) (18,000) (5,000) (22,000) (10,000) (4,000) (6,000) (7,800) 63,200 $ $ $ $ $ $ $ $
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