Question

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f g h i j k l m n o p q r s please

Financial statements for Fanning Company follow FANNING COMPANY Balance Sheets As of December 31 2019 2018 25.000 241,000 208.000 280,000 31,000 $584 000 26.000 $524 000 $ Current assets Cash Marketable securities Accounts receivable net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liable Notes payable Accounts payable Salaries payable Total current a s Noncurrenties Bonds payable Other Total noncurrent abilities Total liabilities Stockholders' equity Preferred stock. (par value $10,5% cumulative, non participating: 8,000 shares authorized and issued) Common stock (no par: 50,000 shares authorized: 10.000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 19,200 78.800 20.000 8,100 65.000 93,100 150.000 29.000 179.000 303 000 150.000 24 000 174 000 267,100 80.000 80.000 80,000 80 000 121000 21000 $584 000 256 900 $524.000 2018 $260,000 6.000 200.000 FANNING COMPANY Statements of income and Retained Earings For the Years Ended December 31 2019 Revenues Sales (net) $280.000 Other revenues 9,000 289.000 Total revenues Expenses Cost of goods sold 140,000 Selling, general, and administrative 60 000 Interest expense 9.500 Income tax expense 48.000 257.500 Total expenses Net earnings (net income) 31,500 Retained earnings, January 1 96.900 Less: Preferred stock dividends 4,000 Common stock dividends Retained earings, December 31 $121,000 118.000 55,000 8.700 47.000 228.700 37,300 67.000 4,000 3.400 $96.900 3.400 Required Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented, do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet a. Working capital. b. Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.) d. Receivables turnover (beginning receivables at January 1, 2018, were $39,000). (Round your answers to 2 decimal places e. Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final

Answer 1

	f	Inventory Turnover	2019	2018
		Inventory Turnover=	Cost of goods sold	Cost of goods sold
			Average inventory	Average inventory
		Inventory Turnover=	140,000	118000
			135,000	142,000
		Inventory Turnover= (in times)	1.04	0.83
		Average inventory=	(Opening inventory+closing inventory)/2	(Opening inventory+closing inventory)/2
		Average inventory=	(139,000+131,000)/2	(145,000+139,000)/2
		Average inventory=	135,000	142,000
	g	No of Days to sell inventory	2019	2018
		No of Days to sell inventory=	Closing inventory* 365 days	Closing inventory* 365 days
			Cost of goods sold	Cost of goods sold
		No of Days to sell inventory=	131000*365 days	139000*365 days
			140,000	118,000
		No of Days to sell inventory= in days	341.54	429.96
			Or
		No of Days to sell inventory= in days	365 days	365 days
			Inventory Turnover ratio	Inventory Turnover ratio
		No of Days to sell inventory= in days	365 days	365 days
			1.04	0.83
		No of Days to sell inventory= in days	351.96	439.24
	h	Debt to asset ratio	2019	2018
		Debt to asset ratio =	Short term debt+ long term debt	Short term debt+ long term debt
			Total assets	Total assets
			Or
	Note;-	There is only note payable as debt	Total debt	Total debt
			Total assets	Total assets
		Debt to asset ratio =	150,000	150,000
			584,000	524,000
		Debt to asset ratio =	25.68%	28.63%
	i	Debt to equity ratio	2019	2018
		Debt to equity ratio	Short term debt+ long term debt+other fixed payment	Short term debt+ long term debt+other fixed payment
			Shareholder equity	Shareholder equity
	Note;-	There is only note payable as debt
			Total debt	Total debt
			Shareholder equity	Shareholder equity
		Debt to equity ratio	150,000	150,000
			281000	256900
		Debt to equity ratio	0.53	0.58