Dowling's average inventory balance for 2021 is
(rounded):
Homework Answers
Answer
- Inventory turnover = 5.22
- Inventory turnover = Cost of Goods Sold / Average inventory
balance
5.22 = $ 60 / Average inventory balance
5.22 x Average inventory balance = $ 60
Average Inventory balance = $ 60 / 5.22
Average inventory balance = $ 11.49 or $ 11.5 - Correct Answer = Option #3: $ 11.5
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Dowling's average inventory balance for 2021 is
(rounded):
Excerpts from Dowling Company's December 31, 2021 and...
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented...
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 31 Net sales $ 130 $ 115 Cost of goods sold $ 75 $ 70 Net income $ 20 $ 32 Inventory turnover 5.95 Return on assets 12.0 % ...
Excerpts from Dowling Company's December 31, 2021 and 2020,financial statements and key ratios are presented...
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 21 $ 13 Net sales $ 125 $ 110 Cost of goods sold $ 70 $ 65 Net income $ 21 $ 16 Inventory turnover 5.70 Return on assets 11.50 % Equity multiplier 2.46 Dowling's 2021 average collection period is: (Round your answer to 2 decimal places.)
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented...
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): Accounts receivable (net) Net sales Cost of goods sold Net income Inventory turnover Return on assets Equity multiplier 69 2020 $ 25 $ 109 $ 64 $ 26 2021 $ 29 $ 124 $ $ 29 5.65 11.2% 2.45 Dowling's average total assets for 2021 is: (Round your answer to whole number.)
MC Qu. 110 Excerpts from Dowling Company's... Excerpts from Dowling Company's December 31, 2018 and 2017,...
MC Qu. 110 Excerpts from Dowling Company's... Excerpts from Dowling Company's December 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions): Dowling's 2018 average collection period is? 2018 2017 Accounts receivable (net) $ 22 $ 14 Net sales $ 126 $ 111 Cost of goods sold $ 71 $ 66 Net income $ 22 $ 17 Inventory turnover 5.75 Return on assets 11.30 % Equity Multiple 2.47
17.4%. 18.5%. 18.0%. 16.5%. 61 days. 92 days. 101 days. 90 days. Financial statements that report...
17.4%.
18.5%.
18.0%.
16.5%.
61 days.
92 days.
101 days.
90 days.
Financial statements that report changes over time include: Multiple Choice statement of shareholders' equity, balance sheet, and statement of cash flows. О O balance sheet, statement of cash flows, and income statement. statement of cash flows, income statement, and statement of shareholders' equity. statement of shareholders' equity, balance sheet, and income statement. Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 40,000 $ 36,000 Merchandise inventory $ 28,000 35,000 Net sales 190,000 186,000 Cost of goods sold 114,000 108,000 Total assets 425,000 405,000 Total shareholders' equity 240,000 225,000 Net income 32,500 28,000 Hulkster's 2021 receivables turnover is: Multiple Choice 2.85. 4.70. 5.00. 10.63.
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 Accounts...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 Accounts receivable $ 72,000 Merchandise inventory 44,000 Net sales 285,200 Cost of goods sold 146,000 Total assets 457,000 Total shareholders' equity 272,000 Net income 56,500 2020 $ 52,000 67,000 270,000 124,000 421,000 241,000 44,000 Hulkster's 2021 asset turnover is: (Round your answer to 2 decimal places.) Multiple Choice 3.13. 2.46. 2.15. 0.65.
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 74,000 45,000 317,500 148,000 459,000 274,000 58,000 2020 $ 53,000 69,000 311,000 125,000 422,000 242,000 45,000 Hulkster's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice 260. o o o
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 68,000 42,000 259,600 142,000 453,000 268,000 53,500 2020 $ 50,000 63,000 245,000 122,000 419,000 239,000 42,000 Hulkster's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice 2.70. 3.31 3.38. 4.94.
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 72,000 44,000 285,200 146,000 457,000 272,000 56,500 2020 $ 52,000 67,000 270,000 124,000 421,000 241,000 44,000 Hulkster's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice 0 2.63. 0 3.25. 0 3.32. 0 5.14.
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): Accounts receivable (net) Net sales Cost of goods sold Net income Inventory turnover Return on assets Equity multiplier 69 2020 $ 25 $ 109 $ 64 $ 26 2021 $ 29 $ 124 $ $ 29 5.65 11.2% 2.45 Dowling's average total assets for 2021 is: (Round your answer to whole number.)
17.4%.
18.5%.
18.0%.
16.5%.
61 days.
92 days.
101 days.
90 days.
Financial statements that report changes over time include: Multiple Choice statement of shareholders' equity, balance sheet, and statement of cash flows. О O balance sheet, statement of cash flows, and income statement. statement of cash flows, income statement, and statement of shareholders' equity. statement of shareholders' equity, balance sheet, and income statement. Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 Accounts receivable $ 72,000 Merchandise inventory 44,000 Net sales 285,200 Cost of goods sold 146,000 Total assets 457,000 Total shareholders' equity 272,000 Net income 56,500 2020 $ 52,000 67,000 270,000 124,000 421,000 241,000 44,000 Hulkster's 2021 asset turnover is: (Round your answer to 2 decimal places.) Multiple Choice 3.13. 2.46. 2.15. 0.65.
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 74,000 45,000 317,500 148,000 459,000 274,000 58,000 2020 $ 53,000 69,000 311,000 125,000 422,000 242,000 45,000 Hulkster's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice 260. o o o
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 68,000 42,000 259,600 142,000 453,000 268,000 53,500 2020 $ 50,000 63,000 245,000 122,000 419,000 239,000 42,000 Hulkster's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice 2.70. 3.31 3.38. 4.94.
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 72,000 44,000 285,200 146,000 457,000 272,000 56,500 2020 $ 52,000 67,000 270,000 124,000 421,000 241,000 44,000 Hulkster's 2021 inventory turnover is: (Round your answer to 2 decimal places.) Multiple Choice 0 2.63. 0 3.25. 0 3.32. 0 5.14.
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