Polk Software Inc. has a quick ratio of 2.00x, $24,750 in cash, $13,750 in accounts receivable, some inventory, total current assets of $55,000, and total current liabilities of $19,250. The company reported annual sales of $200,000 in the most recent annual report. Additionally, the company's cost of goods sold is 75% of sales. Over the past year, how often did Polk Software Inc. sell and replace its inventory?
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.Crockett Electronics has a quick ratio of 2.00x, $26,775 in cash, $14,875 in accounts receivable, some inventory, total current assets of $59,500, and total current liabilities of $20,825. The company reported annual sales of $400,000 in the most recent annual report. Over the past year, how often did Crockett Electronics sell and replace its inventory?Polk Software Inc. has a quick ratio of 2.00x, $30,825 in cash, $17,125 in accounts receivable, some inventory, total current assets of $68,500, and total current liabilities of $23,975. The company reported annual sales of $200,000 in the most recent annual report. Additionally, the company's cost of goods sold is 75% of sales. Over the past year, how often did Polk Software Inc. sell and replace its inventory? 7.30x 8.01x 8.03x 2.86x
- Adams Furniture has a quick ratio of 2.00x, $37,575 in cash, $20,875 in accounts receivable, some inventory, total current assets of $83,500, and total current liabilities of $29,225. The company reported annual sales of $100,000 in the most recent annual report. Additionally, the company’s cost of goods sold is 75% of sales. Over the past year, how often did Adams Furniture sell and replace its inventory? 8.01x 3.29x 2.86x 2.99xGeneral Forge and Foundry Company has a quick ratio of 2.00; $33,750 in cash; $18,750 in accounts receivable; some inventory; total current assets of $75,000; and total current liabilities of $26,250. In its most recent annual report, General Forge reported annual sales of $100,000 and a cost of goods sold equal to 65% of annual sales. How many times is General Forge and Foundry Company selling and replacing its inventory? O 4.44x O 3.179x O 0.35x O 2.89xCrawford Construction has a quick ratio of 2.00x, $32,175 in cash, $17,875 in accounts receivable, some inventory, total current assets of $71,500, and total current liabilities of $25,025. The company reported annual sales of $300,000 in the most recent annual report. Over the past year, how often did Crawford Construction sell and replace its inventory? 8.01x O 15.39x 13.99x O2.86x
- Crockett Electronics has a quick ratio of 2.00x, $30,150 in cash, $16,750 in accounts receivable, some inventory, total current assets of $67,000, and total current liabilities of $23,450. The company reported annual sales of $300,000 in the most recent annual report. A) Over the past year, how often did Crockett Electronics sell and replace its inventory? 2.86x 16.42x 8.01x 14.93x B) The inventory turnover ratio across companies in the electronics industry is 12.6905x. Based on this information, which of the following statements is true for Crockett Electronics? Crockett Electronics is holding less inventory per dollar of sales compared with the industry average. Crockett Electronics is holding more inventory per dollar of sales compared with the industry average. You are analyzing two companies that manufacture electronic toys—Like Games Inc. and Our Play Inc. Like Games was launched eight years ago, whereas Our Play is a…Markle's Inc. had the following transactions during the year: total sales = $610,000; sales discounts = $13,000; sales returns = $36,000; sales allowances = $16,000. In addition, at the end of the year the company estimates the following transactions associated with sales in the current year will occur next year: sales discounts = $1,300; sales returns = $4,320; sales allowances = $2,130. Compute net sales. Total sales Net salesFor its most recent year a company had Sales(all on credit) of $830,000 and Cost of Goods Sold of $525,000. At the beginning of the year its accounts receivable were $80,000 and its inventory was $100,000. At the end of the year its accounts receivable were $86,000 and its inventory was $110,000. On average how many days of sales were in accounts receivable during the year?
- Polk Software Inc. has a quick ratio of 2.00x, $32,850 in cash, $18,250 in accounts receivable, some inventory, total current assets of $73,000, and total current liabilities of $25,550. The company reported annual sales of $100,000 in the most recent annual report. Over the past year, how often did Polk Software Inc. sell and replace its inventory? 4.57x O 4.97x O 5.23x 3.69xLast year, Wilson's had credit sales of $927,000 and cost of goods sold of $762,000. The beginning of the year inventory was $138,000 and the end of the year inventory was $154,300. If the accounts receivables average $87,400, what is the operating cycle (using average inventories during the year)?For its most recent year, a company had Sales (all on credit) of $830,000 and a Cost of Goods Sold of $525,000. At the beginning of the year, its Accounts Receivable were $80,000 and its Inventory was $100,000. At the end of the year, its Accounts Receivable were $86,000 and its Inventory was $110,000. The inventory turnover ratio for the year was: a. 4.8 b. 5.0 c. 7.9