The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year.
End of current year |
End of prior year |
|
Net sales revenue (all credit) |
$ 1 comma 520 comma 000$1,520,000 |
|
Cost of goods sold |
$ 1 comma 025 comma 000$1,025,000 |
|
Gross profit |
$495,000 |
|
Selling/general expenses |
$280,000 |
|
Interest expense |
$42,000 |
|
Net Income |
$173,000 |
|
Current assets |
$113,000 |
$82,000 |
Longminus−term assets |
$512,000 |
$440,000 |
Total assets |
$625,000 |
$522,000 |
Current liabilities |
$57,000 |
$52,000 |
Longminus−term liabilities |
$275,000 |
$245,000 |
Common stockholders' equity |
$293,000 |
$225,000 |
Total liabilities and stockholders' equity |
$625,000 |
$522,000 |
Inventory and prepaid expenses account for $30,000 of the current year's current assets.
Average inventory for the current year is $36,250.
Average net accounts receivable for the current year is
$ 58 comma 000$58,000.
There are 35,000 shares of common stock outstanding.
Total dividends paid during the current year were $17,000.
The market price per share of common stock is $20.
What is the accounts receivable turnover for the current year?
A.
0.040.04
times
B.
17.6717.67
times
C.
2.982.98
times
D.
26.2126.21
times
Net credit sales = $1520000
Average account receivable =$58000
accounts receivable turnover = net credit sales/ average account receivable
= $1520000/58000
= 26.2 approx.
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $ 1 comma 520 comma 000$1,520,000 Cost of goods sold $ 1 comma 025 comma 000$1,025,000 Gross profit $495,000 Selling/general expenses $280,000 Interest expense $42,000 Net Income $173,000 Current assets $ 116 comma 000$116,000 $82,000 Longminus−term assets $ 509 comma 000$509,000 $440,000 Total assets $625,000...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $ 1 comma 220 comma 000$1,220,000 Cost of goods sold $ 725 comma 000$725,000 Gross profit $495,000 Selling/general expenses $280,000 Interest expense $42,000 Net Income $173,000 Current assets $ 113 comma 000$113,000 $82,000 Longminus−term assets $ 512 comma 000$512,000 $440,000 Total assets $625,000 $522,000 Current...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $1,220,000 Cost of goods sold $725,000 Gross profit $495,000 Selling/general expenses $280,000 Interest expense $48,000 Net Income $167,000 Current assets $113,000 $82,000 Longminus−term assets $512,000 $440,000 Total assets $625,000 $522,000 Current liabilities $57,000 $52,000 Longminus−term liabilities $275,000 $245,000 Common stockholders' equity $293,000 $225,000 Total liabilities...
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