Sheridan Corporation's comparative balance sheets are presented below. SHERIDAN CORPORATION Balance Sheets December 31 Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total 2020 $10,540 14,450 9,860 32,300 77,500 (16,500) $128,150 $17,000 75,000 36,150 $128,150 2019 $3,700 23,900 8,300 27,000 77,500 (13,200) $127,200 $28,400 75.000 23,800 $127.200 Sheridan's 2020 income statement included net sales of $95,875, cost of goods sold of $63,560, and net income of $19,175. Compute the following ratios for 2020. (Round Current ratio, Accounts receivable turnover, Inventory turnover, Asset turnover and Earnings per share to 2 decimal places, e.g. 15.25 or 15.25%. Round Debt to assets ratio to 1 decimal place, e.g. 15.2%. Round other answers to 0 decima places, e.g. 15 or 15%) (a) Current ratio (b1) Accounts receivable turnover (b2) Average collection period days

Sheridan Corporation's comparative balance sheets are presented below. SHERIDAN CORPORATION Balance Sheets December 31 Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total 2020 $10,540 14,450 9,860 32,300 77,500 (16,500) $128,150 $17,000 75,000 36,150 $128,150 2019 $3,700 23,900 8,300 27,000 77,500 (13,200) $127,200 $28,400 75.000 23,800 $127.200 Sheridan's 2020 income statement included net sales of $95,875, cost of goods sold of $63,560, and net income of $19,175. Compute the following ratios for 2020. (Round Current ratio, Accounts receivable turnover, Inventory turnover, Asset turnover and Earnings per share to 2 decimal places, e.g. 15.25 or 15.25%. Round Debt to assets ratio to 1 decimal place, e.g. 15.2%. Round other answers to 0 decima places, e.g. 15 or 15%) (a) Current ratio (b1) Accounts receivable turnover (b2) Average collection period days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

100%

Sheridan Corporation's comparative balance sheets are presented below.
Cash
Accounts receivable
Inventory
Land
Building
Accumulated depreciation
Total
Accounts payable
Common stock ($5 par)
Retained earnings
Total
SHERIDAN CORPORATION
Balance Sheets
December 31
(a) Current ratio
(c1) Inventory turnover
(b2) Average collection period
(c2) Days in inventory
(d)
(b1) Accounts receivable turnover
(e)
(f)
(1)
Profit margin
Asset turnover
Sheridan's 2020 income statement included net sales of $95,875, cost of goods sold of $63,560, and net income of $19.175.
Compute the following ratios for 2020. (Round Current ratio, Accounts receivable turnover, Inventory turnover, Asset turnover and Earnings
per share to 2 decimal places, e.g. 15.25 or 15.25%. Round Debt to assets ratio to 1 decimal place, e.g. 15.2%. Round other answers to O decimal
places, e.g. 15 or 15%.)
Return on assets
2020
$10,540
14,450
9,860
32,300
77,500
(16,500)
$128,150
$17,000
75,000
(h) Earnings per share
36,150
$128,150
Payout ratio
Return on common stockholders' equity
2019
$3,700
23,900
8,300
27,000
77,500
(13,200)
$127,200
$28,400
75,000
23,800
$127,200
$
[1]
days
days
%
%
8

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