vxc The 2023 financial statements of Outdoor Waterworks Inc. follow:Outdoor Waterworks Inc.Income StatementFor Year Ended December 31, 2023Net salesCost of goods sold:Inventory, Dec. 31, 2022PurchasesGoods available for saleInventory, Dec. 31, 2023Cost of goods soldGross profit from salesOperating expensesOperating profitInterest expenseProfit before taxesIncome taxesProfitAssetsCashCurrent non-strategic investmentsAccounts receivable, netNotes receivableInventoryPrepaid expensesPlant and equipment, netTotal assetsLiabilities and EquityAccounts payableAccrued wages payableIncome taxes payable$1,016,000Outdoor Waterworks Inc.Balance SheetDecember 31, 2023$$Long-term note payable, secured bymortgage on plantCommon shares, 160,000 sharesRetained earningsTotal liabilities and equitya. Current ratiob. Quick ratioc. Days' sales uncollected623,910$ 392,090278,3609. Times interest eamedh. Profit margini. Total asset turnoverJ. Return on total assets.k. Return on common shareholders' equity$113, 73011,900$ 101,83019, 11482,71677,860 *605,840683,70059,790$Assume all sales were on credit. Also assume the long-term note payable is due in 2026, with no current portion. On the December 31,2022, balance sheet, the assets totalled $435,220, common shares were $194,500, and retained earnings were $109,140.d. Inventory turnovere. Days' sales in inventoryf. Ratio of pledged plant assets to secured liabilities$ 22,70025,08052,58011,06059,7905,860329,020$506,090Required:Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimalplaces.)$ 49,0406,3407,110115,500194,500133,600$506,090to 1to 1daystimesdaysto 1times%times%%

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Description: vxc The 2023 financial statements of Outdoor Waterworks Inc. follow:Outdoor Waterworks Inc.Income StatementFor Year Ended December 31, 2023Net salesCost of goods sold:Inventory, Dec. 31, 2022PurchasesGoods available for saleInventory, Dec. 31, 2023Co

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The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales Cost of goods sold: Inventory, Dec. 31, 2022 Purchases Goods available for sale Inventory, Dec. 31, 2023 Cost of goods sold Gross profit from sales. Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets $1,016,000 Liabilities and Equity Accounts payable Accrued wages payable $ 77,860 605,840 $ 683,700 59,790 623,910 392,090 278,360 113,730 11,900 $ $ Outdoor Waterworks Inc. Balance Sheet December 31, 2023 $ 101,830 19,114 82,716 $ $ 22,700 25,080 52,580 11,060 59,790 5,860 329,020 $506,090 $ 49,040 6.249

The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales Cost of goods sold: Inventory, Dec. 31, 2022 Purchases Goods available for sale Inventory, Dec. 31, 2023 Cost of goods sold Gross profit from sales. Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets $1,016,000 Liabilities and Equity Accounts payable Accrued wages payable $ 77,860 605,840 $ 683,700 59,790 623,910 392,090 278,360 113,730 11,900 $ $ Outdoor Waterworks Inc. Balance Sheet December 31, 2023 $ 101,830 19,114 82,716 $ $ 22,700 25,080 52,580 11,060 59,790 5,860 329,020 $506,090 $ 49,040 6.249

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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