What is Ratio Corporation's Fiscal 2021 Accounts Receivable Turnover? Question 4 options: None of these options 29.09 2.37 153.85 **RATIO CORPORATION BALANCE SHEET****As of December 31**### ASSETS**Current Assets:**- Cash: - 2021: $20,000 - 2020: $10,000- Marketable Securities: - 2021: $18,000 - 2020: $13,000- Accounts Receivable: - 2021: $8,000 - 2020: $5,000- Merchandise Inventory: - 2021: $30,000 - 2020: $25,000- Other Current Assets: - 2021: $4,000 - 2020: $5,000- **Total Current Assets:** - 2021: $80,000 - 2020: $58,000**Noncurrent Assets:**- Buildings and Equipment (cost): - 2021: $550,000 - 2020: $500,000- Accumulated Depreciation: - 2021: ($210,000) - 2020: ($200,000)- Buildings and Equipment (net): - 2021: $340,000 - 2020: $300,000- **TOTAL ASSETS:** - 2021: $420,000 - 2020: $358,000### LIABILITIES & SHAREHOLDERS EQUITY**Current Liabilities:**- Accounts Payable: - 2021: $18,000 - 2020: $15,000- Wages Payable: - 2021: $11,000 - 2020: $1,000- Other Payables: - 2021: $9,000 - 2020: $12,000- **Total Current Liabilities:** - 2021: $38,000 - 2020: $28,000**Noncurrent Liabilities:**- Bonds Payable: - 2021: $208,000 - 2020: $160,000- **TOTAL LIABILITIES:** - 2021: $ ## Ratio Corporation Income Statement### Year End 12/31/2021- **Net Sales**: $1,000,000 - **Cost of Goods Sold (CGS)**: $(800,000) - **Profit Margin**: $200,000 - **Selling, General & Administrative Expenses (SG&A)**: $(20,000) - **Operating Income**: $180,000 - **Interest Expense**: $(40,000) - **Pre-Tax Income**: $140,000 - **Tax Expense @ 40%**: $(56,000) - **Net Income**: $84,000 This financial statement summarizes the Revenue and Expenses of Ratio Corporation as of December 31, 2021. The Net Income reflects the profitability of the corporation after deducting all operating expenses, interest, and taxes from the total revenue.

Accounts Receivable Turnover - This ratio indicates the company’s ability to extend credit to the…

Answered: What is Ratio Corporation's Fiscal 2021…

What is Ratio Corporation's Fiscal 2021 Accounts Receivable Turnover? Question 4 options: None of these options 29.09 2.37 153.85

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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