Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 73.0 days* Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% "Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $360,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ 90,000 90,000

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 73.0 days* Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% "Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $360,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ 90,000 90,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Assume that a company had an accounts payable balance of $50 million at the end of the prior year…

A: Accounts payable turnover is a ratio which is used to determine the number of times an entity…

Q: You decide, finally, to assess the company's liquidity and asset management. For both this year and…

A: WORKING CAPITAL Working Capital is the Difference between Current Assets & Current Liabilities.…

Q: The financial statements of the Pina Colada Co report net sales of $408000 and accounts receivable…

A: Accounts Receivable is the amount of money the company will get by way of credit sales.

Q: The financial statement of Minnesota Mining and Manufacturing Company ( 3M ), report net sales of…

A: Account Receivable Turnover = Net Credit Sales Average Account Receivable Net Credit Sales = Total…

Q: Given the following: Current Assets $ 18,000 Accounts Receivable $ 3,000 Current…

A: Current ratio = Total current assets / Total current liabilities Acid test quick ratio = Quick…

Q: Solve for (A) current ratio, (B) acid test, (C) average day's collection (360), (D) asset turnover,…

A: Ratio is a mathematical relationship between two variables that are used to determine the financial…

Q: Complete the balance sheet and sales information using the following financial data: Total assets…

A: Ratios:There are so many ratios used namely, short-term solvency ratios, long-term solvency ratios,…

Q: Recent financial statements of General Mills, Inc. report net sales of $12,734,750,000. Accounts…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of the…

Q: Nock Inc. has a Days Inventory Outstanding of 13, an Accounts Receivable $128, an Average Sales per…

A: Cash Conversion Cycle is a method used by the management and it can be calculated as follows, =Days…

Q: Yeti Televisions has the following information: Inventory Outstanding = 15 Days Accounts Receivable…

A: Cash Conversion Cycle: = Inventory outstanding in days + outstanding sales in days - outstanding…

Q: Complete the balance sheet and sales information using the following financial data: Total assets…

A: Total asset turnover ratio = Turnover / Total Assets Cost of goods sold = [Sales * ( 1…

Q: You are given the following information. Revenue Current liabilities Days sales in receivable…

A: Here, To Find: Cash amount =?

Q: Barga Co.'s net sales for Year 1 and Year 2 are $662,000 and $748,000, respectively. Its year-end…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: Solve the following: The financial statements of Iowa Mining and Manufacturing Company (3M) report…

A: The accounts receivable turnover ratio is an accounting calculation used to measure how effectively…

Q: The information below has been extracted from the financial statements of Gifts Pty Ltd. Sales…

A: Assets- A company has a lot of resources, both monetary and non-monetary. However, only resources…

Q: Determine the following measures for 20Y2, rounding to one decimal place including percentages,…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of…

A: Average collection period = 365/ Accounts receivable turnover where, Accounts receivable turnover…

Q: NOTE: please use the given formula. Thank you.

A: The question is related to Ratio Analysis. The details are given regarding the same. Since you have…

Q: Use the formulas you learned about in the previous stage of the problem to answer the following…

A: Ratio analysis is a quantitative method to determine liquidity, operational efficiency, and…

Q: Consider the following financial statement information for the Newk Corporation: Item Inventory…

A: Cost of Goods Sold (COGS):-Cost of Goods Sold represents the direct costs associated with producing…

Q: 10. Review the select information for Bean Superstore and Legumes Plus (industry competitors), and…

A: Accounts Receivable Turnover Ratio: Accounts Receivable Turnover Ratio measures how many times a…

Q: What is the firm's cash (conversion) cycle?

A: Information provided: Inventory Conversion Period = 38 days Receivables Collection Period = 19 days…

Q: Using the following information and a 360-day year, what is your estimate of the firm's current…

A: To estimate the firm's current receivables period, we use the information provided to calculate the…

Q: ccounts Receivable Analysis: A company reports the following Sales $649,700 64,970 Average accounts…

A: Ratio analysis: It is a method used to measure the liquidity, profitability, efficiency of the…

Q: Complete the balance sheet and sales information using the following financial data: Total assets…

A: A ratio is the relationship between one value and another. It is an expression relating to one…

Q: B. Last year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000.…

A: Lets understand the basics. Account receivable turnover ratio indicates how efficiently company is…

Q: tal assets turnover: 1x ays sales outstanding: 73.0 days ventory turnover ratio: 3.75x xed assets…

A: Financial ratios are calculated to determine the financial position of an entity. It is very…

Q: want answer from option

A: Step 1: Accounts receivable:Accounts receivable are recorded to indicate the reimbursements a…

Q: You are given the following income statements and balance sheets for Freddie M Corporation for…

A: The four financial statements prepared on the basis of these accounting records are Income…

Q: arry's BBQ had sales revenue for the year of $400 million and net income of $30 million. Total…

A: Return on Asset = This ratio indicates that how a company manage its asset to generate revenue for…

Q: None

A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…

Q: Complete the balance sheet and sales information in the table that follows for J. White Industries…

A: Note 1: Total liabilities-to-assets ratio: 45% Total liabilities/Total assets= 45% Total…

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Accounts receivables turnover ratio = Credit sales / Average accounts receivables number of days…

Q: Construct the current assets section of the balance sheet from the following data. (Use cash as a…

A: A balance sheet is a statement which provides financial data related to the assets, liabilities and…

Q: BALANCE SHEET ANALYSIS Complete the balance sheet and sales information using the following…

A: Ratio analysis is a valuable management technique that may help you better comprehend financial…

Q: A) i. The following data were extracted from the financial statements of Zinc Incorporated. Assuming…

A: Operating Cycle=Days sales in inventory+Days sales outstanding Cash Conversion Cycle=Days sales in…

Q: Compute for Receivable Collection Period, Inventory Conversion Period, Payables Deferral period and…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Question

Complete the balance sheet and sales information using the following financial data:
Total assets turnover: 1.1x
Days sales outstanding: 73.0 days*
Inventory turnover ratio: 4x
Fixed assets turnover: 3.0x
Current ratio: 2.0x
Gross profit margin on sales: (Sales Cost of goods sold)/Sales = 20%
Calculation is based on a 365-day year.
Do not round intermediate calculations. Round your answers to the nearest dollar.
Cash
Accounts receivable
Inventories
Fixed assets
Total assets
Sales
Balance Sheet.
$360,000
Current liabilities
Long-term debt
Common stock
Retained earnings
Total liabilities and equity
Cost of goods sold
$
$
90,000
90,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Understanding of financial ratios

VIEW

Step 2: To compute-Sales

VIEW

Solution

VIEW

Step 3: To compute-COGS

VIEW

Step 4: To compute-Total liabilities & equity

VIEW

Step 5: To compute-Inventory

VIEW

Step 6: To compute-Accounts receivables

VIEW

Step 7: To compute-Fixed assets

VIEW

Step 8: To compute-Cash

VIEW

Step 9: To compute-Current liabilities

VIEW

Step 10: To compute-Common stock

VIEW

Step by step

Solved in 11 steps with 12 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A firm’s Balance Sheet and Income Statement for FY 2021 is displayed below and in the in the attached excel file. Answer the following questions. NOTE: For this question, use the end-of-the year approach (and not the mid-year convention). For example, this means that days receivables = end of FY receivables/daily sales; similarly for the remaining relevant ratios. BALANCE SHEET 2021 Cash and cash equivalents 280 Receivables 2588 Inventory 2516 Other 189 TOTAL CA 5573 Fixed assets 5024 TOTAL ASSETS 10597 Accounts payable 4713 Short term debt 78 TOTAL CL 4790 LT debt 921 Shareh. Equity 4886 TOTAL LIAB. AND SHARH. EQUITY 10597 INCOME STATEMENT 2021 Sales 19418 COGS 13136 Depreciation 354 SG&A 4952 EBIT 976 Interest Expenses 52 Tax 268 Net income 656 Determine the managerial balance sheet for the FY 2021.
7. Sales for the year amount to P3,000,000, Accounts receivable is P360,000. What is the average collection period assuming annual data is used? quarterly data is used? 8. Beginning inventory is P40,000, ending inventory is P28,000. Cost of goods sold is double the ending inventory and accounts payable is P44,000,. What is the accounts payable turnover? 9. The quick ratio is 1.75 while the current ratio is 2.5. the current liabilities amount to P525,000. Cost of goods sold is P955,000. What is the inventory turnover? of inventory? what is the average age 10. Ending inventory is P33,000 while accounts payable is P5,000. Purchases were half the ending inventory. What is the accounts payable turnover? inventory? What is the average age of
None
Taft Technologies has the following relationships: Annual sales 1,200,000.00 Current liabilities 375,000.00 Days sales outstanding (DSO) (365-day year) 40 Inventory turnover ratio 4.8 Current ratio 1.2 The company’s current assets consist of cash, inventories, and accounts receivable. How much cash does Taft have on its balance sheet?
BALANCE SHEET ANALYSIS Complete the balance sheet and sales information using the following financial data: Debt ratio: 50% Current ratio: 1.8x Total assets turnover: 1.5x Days sales outstanding: 36.5 days Gross profit margin on sales: (Sales Cost of goods sold)/Sales = 25% Inventory turnover ratio: 5x "Calculation is based on a 365-day year. Cash Accounts receivable Inventories Fixed assets Total assets Sales Balance Sheet $300,000 Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 60,000 97,500
An analyst has obtained the following information regarding ABC, Inc. Using this information, he needs to estimate the company's Accounts Payable. Sales = $93,398Cost of Goods Sold (COGS) = $36,052Cash Cycle = 22 daysOperating Cycle = 86 daysAccounts Receivable Period = AR Period = Average Collection Period (ACP) = 40 daysWhat is the company's Accounts Payable balance?
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ Balance Sheet $270,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ $ 54,000 67,500
i. Use the information available in Income and Financial position statementin Part A and calculate the following ratios for DavidCompetitors Average• Net profit margin 28%• Gross profit margin 65%• Current ratio 2.10x• Acid test ratio 1.50x• Accounts receivable collection period 47 days• Accounts payable payment period 65 days Net Profit Margin = Net Income/ Sales = 350/2300 = 15.22% Gross Profit = Sales Revenue + Ending Inventory - Purchases less purchase returns = 2300 + 250 - 1100 = 1450 Gross Profit Margin = Gross Profit/ Sales = 1450/2300 = 63.04% Current Ratio = Current Assets/ Current Liabilities Current Assets = Cash + Bank + Accounts Receivable + Inventory = 4050 + 17100 + 400 + 250 = 21800 Current Liabilities = Accounts Payable = 700 Current Ratio = 21800/700 = 31.14:1 please answer this QUESTION :ii. Assuming David’s competitor’s ratio averages are as stated above:Analyse his performance with reference to each of the ratios calculatedin comparison to those of her…
At the end of the current year, the entity reported the following financial data: Total Assets 1,200,000 Total assets turnover ratio 1.7x Fixed assets turnover ratio 2x Current ratio 2.5x Days Sales outstanding 30 days Inventory turnover ratio 4x Gross profit margin on sales 20% Note: Calcuation is based on a 365-day year. How much should be the accounts receivable balance?
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4.25x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales Cost of goods sold)/Sales aCalculation is based on a 365-day year. = 15% Do not round intermediate calculations. Round your answers to the nearest dollar. Cash Accounts receivable Inventories Fixed assets Balance Sheet Current liabilities Long-term debt Common stock Retained earnings Total assets $300,000 Total liabilities and equity Sales $ Cost of goods sold $ EA $ A 75,000 75,000
Provide answer
Compute the following ratio analysis: Return on Equity Return on Assets Gross Profit Margin Write your interpretation after the computation.