Here is the partial work sheet for Eckland Stereo.   Eckland Stereo Work Sheet For Year Ended December 31, 20-- 1   Balance Sheet Balance Sheet 2 Account Name Debit Credit 3 Cash 14,815.00   4 Notes Receivable 7,500.00   5 Accounts Receivable 30,170.00   6 Merchandise Inventory 50,244.00   7 Prepaid Property Taxes 2,115.00   8 Prepaid Insurance 1,640.00   9 Land 16,700.00   10 Building 50,000.00   11 Accumulated Depreciation, Building   15,900.00 12 Computer Equipment 6,892.00   13 Accumulated Depreciation, Computer Equipment   5,674.00 14 Store Equipment 7,230.00   15 Accumulated Depreciation, Store Equipment   4,424.00 16 Delivery Equipment 4,300.00   17 Accumulated Depreciation, Delivery Equipment   3,470.00 18 Notes Payable   5,215.00 19 Accounts Payable   27,140.00 20 Mortgage Payable (current portion)   2,800.00 21 Mortgage Payable   65,200.00 22 M. J. Eckland, Capital   57,314.00 23 M. J. Eckland, Drawing 23,000.00   24       25 Wages Payable   1,984.00 26   214,606.00 189,121.00 27 Net Income   25,485.00 28 Total $214,606.00 $214,606.00         Required: 1. Prepare a statement of owner’s equity (no additional investment). 2. Prepare a balance sheet. 3. Determine the amount of the working capital.

The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45.   20Y3 20Y2 20Y1 Accounts receivable, end of year $120,200   $128,000   $134,800   Sales on account 719,780   670,140       a.  For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.

BALANCE SHEET INCOME STATEMENT ($ in millions) ($ in millions) ASSETS Cash & Marketable Securities LIABILITIES Revenue Cost Of Goods Sold 28,681. 10 Accounts Payable Salaries Payable 449.90 1,611.20 20,768.80 Accounts Receivable 954.80 225.20 Gross Profit 7.912.30 Inventories 3,645.20 Other Current Liabilities 1,118.80 Operating Expenses: Selling, General & Admin. Depreciation Operating income Other Current Assets Total Current Assets 116.60 5,166.50 Total Current Liabilities 2,955.20 5,980.80 Other Liabilities 693.40 307.30 1,688.90 1,129.70 2,348.40 (575.60) Machinery & Equipment Land 1,624.20 Total Liabilities 3,648.60 Buildings Depreciation Property, Plant & Equip. - Net Other Long Term Assets Total Long-Term Assets Interest SHAREHOLDER'S EQUITY Other Expense (Income) (13.10) 4,591.40 120.90 828.50 5.401.70 1,637.30 618.10 1,019.20 Common Stock Income Before Taxes Retained Earnings Total Shareholder's Equity Income Taxes 4,712.30 6,230.20 Net Income Total Assets 9,878.80 Total…

The following data (in millions) were adapted from recent financial statements of CVS Health Corporation (CVS).   Year 2 Year 1 Sales   $256,776     $194,579   Operating income   12,467     10,170   Average accounts receivable   18,624     15,406   1.  Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal place.   Accounts Receivable Turnover Year 2 fill in the blank 1 Year 1 fill in the blank 2 2.  Compute the days' sales in receivables for Years 1 and 2. Assume there are 365 days in the year, and round to the nearest day.   Number of Days' Salesin Receivables   Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days 3.  Compute the return on sales for Years 1 and 2. Round to one decimal place.   Return on Sales   Year 2 fill in the blank 5 % Year 1 fill in the blank 6 % 4.  Based on the results in parts 1, 2, and 3, all the following are true except: The change in accounts receivable turnover from Year 1 to…