FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Notes payable for Cole Egan Enterprises in 2019 was,
$113,466
$52,372
$41,372
O $10,609
None of the above
Accounts receivable for Cole Egan Enterprises in 2019 was
$14,056
$19,861
$14,895
$18,333
None of the above
Inventory for Cole Egan Enterprises in 2019 was,
$36,667
$32,448
$27,500
$9,167
O None of the above
Transcribed Image Text:Data for Cole Eagan Enterprises. For turnover ratios, use ending balances only.
Balance Sheet
Cole Eagan Enterprises
December 31, 2019
$4,500
Accounts Payable
Notes Payable
Accruals
Cash
$10,000
Accounts Receivable
1,000
Inventory
Total Current Assets
Total Current Liabilities
Net Fixed Assets
Long-Term Debt
Stockholders' Equity
Total Liabilities & S.E.
Total Assets
Additional Information for 2019:
Sales totaled $110,000
The average collection period was 65
days.
• The current ratio was 2.40.
• The total asset turnover was 1.13.
The debt ratio was 53.8 percent.
The gross profit margin was 25 percent.
Inventory turnover was 3.0.
There are 360 days in the year.
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