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 | ||||||
Homework Answers
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable)/2
= (14+22)/2
= 18
Accounts receivable turnover = Net credit sales/Average accounts receivables
= 126/18
= $7 million
Average collection period = 365/Accounts receivable turnover
= 365/7
= 52 days
Kindly comment if you need further assistance. Thanks‼!
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MC Qu. 110 Excerpts from Dowling Company's... Excerpts from
Dowling Company's December 31, 2018 and 2017,...
Dowling's average inventory balance for 2021 is (rounded): Excerpts from Dowling Company's December 31, 2021 and...
Dowling's average inventory balance for 2021 is
(rounded):
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 60 Accounts receivable (net) Net sales Cost of goods sold Net income Inventory turnover Return on assets Equity multiplier 2021 2020 $ 20 $ 16 $ 115 100 55 2017 5.22 10.38 2.36 Dowling's average inventory balance for 2021 is (rounded): Multiple Choice
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): 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): 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.)
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Excerpts from Hulkster Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017...
Excerpts from Hulkster Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017 Accounts receivable $ 56,000 $ 44,000 Merchandise inventory 36,000 51,000 Net sales 240,000 230,000 Cost of goods sold 130,000 116,000 Total assets 441,000 413,000 Total shareholders' equity 256,000 233,000 Net income 44,500 36,000 Hulkster's 2018 return on assets is (rounded): Multiple Choice 54.4%. 10.4%. 17.4%. 17.4%. 9.2%. 54.4%.
Excerpts from Michael Organization's December 31, 2018 and 2017, financial statements are presented below: 2018 2017...
Excerpts from Michael Organization's December 31, 2018 and 2017, financial statements are presented below: 2018 2017 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 Michael's 2018 average collection period is: question 2: On June 1st, Jane & Sons received an order for 500 cupcakes. Lucy delivered the cupcakes to the client on June 27th....
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...
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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
Dowling's average inventory balance for 2021 is
(rounded):
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 60 Accounts receivable (net) Net sales Cost of goods sold Net income Inventory turnover Return on assets Equity multiplier 2021 2020 $ 20 $ 16 $ 115 100 55 2017 5.22 10.38 2.36 Dowling's average inventory balance for 2021 is (rounded): Multiple Choice
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...
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