Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 100 Cost of goods sold $ 60 55 Net income $ 20 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's average total assets for 2021 is (rounded): Multiple Choice 32. 210. 115. 194.
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 100 Cost of goods sold $ 60 55 Net income $ 20 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's average total assets for 2021 is (rounded): Multiple Choice 32. 210. 115. 194.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions):
2021 | 2020 | ||||||
$ | 20 | $ | 16 | ||||
Net sales | $ | 115 | 100 | ||||
Cost of goods sold | $ | 60 | 55 | ||||
Net income | $ | 20 | 17 | ||||
Inventory turnover | 5.22 | ||||||
Return on assets | 10.3 | % | |||||
Equity multiplier | 2.36 | ||||||
Dowling's average total assets for 2021 is (rounded):
Multiple Choice
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32.
-
210.
-
115.
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194.
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