The current assets of Mayon Enterprise consists of cash, accounts receivable, and inventory. The following information is available: Credit sales 75% of total sales Inventory turnover Working capital P1,120,000 Current ratio 2.00 to 1 Quick ratio 1.25 to 1 Average Collection period 42 days Working days 360 5 times The estimated inventory amount is: 840,000 O 600,000 720,000 550,000

Balance Sheet Analysis Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.6 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30% Total liabilities-to-assets ratio: 35% Quick ratio: 1.20 Days' sales outstanding (based on 365-day year): 36.5 days Inventory turnover ratio: 3.25 Do not round intermediate calculations. Round your answers to the nearest whole dollar. Partial Income Statement Information Sales Cost of goods sold $ 640,000 448,000 Balance Sheet Assets Cash Accounts payable Liabilities and Equity $ 90,000 Accounts receivable 64,000 Long-term debt 50,000 Inventories Common stock Fixed assets Retained earnings 100,000 Total assets $ 400,000 Total liabilities and equity $

Assume a merchandising company had credit sales of $380,000, cost of goods sold of $187,000, and net income of $60,000. It provided the following excerpts from its balance sheet:     This Year Last Year Current assets:     Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities:     Accounts payable $ 39,000 $ 44,000 Income taxes payable $ 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information provided, the company’s cash paid for inventory purchases would be: Garrison 17e Rechecks 2020-10-02   Multiple Choice   $189,000.   $185,000.   $195,000.   $179,000.

The following information is available for the McCartney Corporation: Sales $750,000Costs of goods sold $450,000Gross Profit $300,000Operating income $85,000Net income $42,000Inventory, beginning-year $71,200Inventory, end of year $48,800Calculate the company's inventory turnover and its days' sales in inventory.

Vijay