Notes payable for Cole Egan Enterprises in 2019 was, $113,466 $52,372 $41,372 $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 None of the above

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Solve.
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: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
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.
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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Inventory Management
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education