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Work out the missing entries. For this problem, use the following definitions: Inventory turnover = COGS / average inventory Receivables collection period = average receivables / (sales / 365). (Enter your answers in millions. Do not round intermediate calculations. Round your answen Balance Sheet ($ in millions) December 2015 December 2014 Cash 24.00 Accounts receivable 37.60 31.60 Inventory 93.20 Tatal current assets Fixed assets (net) 114.00 Total 207.20 Notes payable 34.00 20.40 Accounts payable 29.00 15.40 35.80 Total current liabilities 61.00 Long-term debt 110.40 Equity 239.00 207.20 Total Income Statement ($ in millons) Sales Cost of goods sold 12.92 Selling, general, and administrative expenses 24.00 Depreciation EBIT Interest Earnings before tax Tax Earnings available for common stock

Work out the missing entries. For this problem, use the following definitions: Inventory turnover = COGS / average inventory Receivables collection period = average receivables / (sales / 365). (Enter your answers in millions. Do not round intermediate calculations. Round your answen Balance Sheet ($ in millions) December 2015 December 2014 Cash 24.00 Accounts receivable 37.60 31.60 Inventory 93.20 Tatal current assets Fixed assets (net) 114.00 Total 207.20 Notes payable 34.00 20.40 Accounts payable 29.00 15.40 35.80 Total current liabilities 61.00 Long-term debt 110.40 Equity 239.00 207.20 Total Income Statement ($ in millons) Sales Cost of goods sold 12.92 Selling, general, and administrative expenses 24.00 Depreciation EBIT Interest Earnings before tax Tax Earnings available for common stock

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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Use the following information for Transylvania Railroad: • Long-term debt ratio: 0.4 • Times-interest-earned: 6.0 Current ratio: 1.8 Quick ratio: 1.0 Cash ratio: 0.2 • Inventory turnover: 4.0 Receivables collection period: 55.0 days Tax rate = 0.40 Work out the missing entries. For this problem, use the following definitions: Inventory turnover = COGS / average inventory Receivables collection period = average receivables / (sales / 365). (Enter your answers in millions. Do not round intermediate calculations. Round your answers to 2 decimal places.) Balance Sheet ($ in millions) December 2015 December 2014 Cash 24.00 Accounts receivable 37.60 Inventory 31.60 93.20 Tatal current assets 114.00 Fixed assets (net) 207.20 Total 34.00 20.40 Notes payable Accounts payable 29.00 15.40 35.80 Total current liabilities 61.00 Long-term debt 110.40 Equity 239.00 207.20 Total Income Statement ($ in millions) Sales Cost of goods sold 12.92 Selling, general, and administrative expenses 24.00 Depreciation EBIT Interest Earnings before tax Тax Earnings available for common stock
Transcribed Image Text:Use the following information for Transylvania Railroad: • Long-term debt ratio: 0.4 • Times-interest-earned: 6.0 Current ratio: 1.8 Quick ratio: 1.0 Cash ratio: 0.2 • Inventory turnover: 4.0 Receivables collection period: 55.0 days Tax rate = 0.40 Work out the missing entries. For this problem, use the following definitions: Inventory turnover = COGS / average inventory Receivables collection period = average receivables / (sales / 365). (Enter your answers in millions. Do not round intermediate calculations. Round your answers to 2 decimal places.) Balance Sheet ($ in millions) December 2015 December 2014 Cash 24.00 Accounts receivable 37.60 Inventory 31.60 93.20 Tatal current assets 114.00 Fixed assets (net) 207.20 Total 34.00 20.40 Notes payable Accounts payable 29.00 15.40 35.80 Total current liabilities 61.00 Long-term debt 110.40 Equity 239.00 207.20 Total Income Statement ($ in millions) Sales Cost of goods sold 12.92 Selling, general, and administrative expenses 24.00 Depreciation EBIT Interest Earnings before tax Тax Earnings available for common stock
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