Sales (all on credit) Cost of goods sold Average inventory Average accounts receivable Interest expense Income...

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Sales (all on credit) Cost of goods sold Average inventory Average accounts receivable Interest expense Income tax expense Net income Average investment in assets Average stockholders equity $2,750, 000 1,781,00 375,000 282,000 45,000 84,000 159,000 1,800,000 895,000 Required a. From the information given: 1. Compute the inventory turnover. (Round your answer to 2 decimal places.) 2. Compute the accounts receivable turnover. (Round your answer to 2 decimal places 3. Compute the total operating expenses. 4 Compute the gross profit percentage. (Round your answer to nearest whole percentage. i.е.0.123 as 12%) 5. Compute the return on average stockholders equity. (Round your percentage answer to 1 decimal place. i.e. 0.1234 6. Compute the return on average assets 4.80 times times a-2 Accounts receivable turnover a-3. Total operating expenses a-4. Gross profit percentage a-5. Return on average st a-6. Return on average assets Prey 1 of 4 İİİ Next >

Exercise 14.3 Common Size Income Statements (LO14-1) Cost of goods sold Gross profit Operating expenses Net income s 490,000 $ 402,000 330,000268,000 s 160,000 $ 134,000 130,000 116,000 ents for Price Company, a sole proprietorship, for the two years shown as above by converting a. Prepare common size income statements a sole the dollar amounts into percentages. For each year, sales will appear as 100 percent and other items percentage of sales. (Incom b. State whether the changes from year 1 to year 2 are favorable or unfavorable will be expressed as a e taxes are not involved as the business is no t incorporated.) Complete this question by entering your answers in the tabs below Required A Required B Prepare common size income statements for Price Company, a sole proprietorship, for the two years shown as above by converting the dollar amounts into percentages. For each year, sales will appear as 100 percent and other items will be expressed as a percentage of sales. (Income taxes are not involved as the business is not incorporated.) (Round your percentage value answers to 2 decimal places. .e. 0.1234 as 12.34%.) Show lessA < Prev 2 of 4H Next >

a. Prepare common size income statements for Price Company, a sole proprietorship, for the two years shown as above by converting the dollar amounts into percentages. For each year, sales will appear as 100 percent percentage of sales. (Income taxes are not involved as the business is not incorporated.) b. State whether the changes from year 1 to year 2 are favorable or unfavorable. and other items will be expressed as a Complete this question by entering your answers in the tabs below. Prepare common size income statements for Price Company, a sole p converting the dollar amounts into percentages. For each year, sales will appear as 100 percent and other items will be expressed as a percentage of sales. (Income taxes are not involved as the business is not incorporated.) (Round your percentage value answers to 2 decimal places. i.e. 0.1234 as 12.34%.) roprietorship, for the two years shown as above by Year 2 Cost of goods sold Gross profit 2 of 411 Next > < Prey

Check my work a. Prepare common size income statements for Price Company, a sole proprietorship, for the dollar amounts into percentages. For each year, sales will appear as 100 percent and other items will be expressed as a percentage of sales. (Income taxes are not involved as the business is not incorporated.) b. State whether the changes from year 1 to year 2 are favorable or unfavorable the two years shown as above by converting Complete this question by entering your answers in the tabs below State whether the changes from year I to year 2 re faorable or unfavorable Sales Gross Profit K Required A Next > 2 of 4 < Prey

14 Homework Assignment Help Save & Ex Chec Cash Marketable securities (short-term) Accounts receivable Prepaid expenses Retained earnings Notes payable to banks (due within one year) Accounts payable Dividends payable Accrued liabilities (short-term) Income taxes payable 50,230 55,926 23,553 32,210 5,736 121,477 20,000 5,912 1,560 21,532 6,438 The company also reported total assets of $353,816 thousand, total liabilities of $81,630 thousand, and a return on total assets percent. Required: a. Compute Sweet Tooths (1) quick assets, (2) current assets, and (3) current liabilities. b. Compute Sweet Tooths (1) quick ratio. (2) current ratio, (3) working capital, and (4) debt ratio. (Round ratios to 1 decimal plac tho b-1. Quick ratiot01 Prev 3 of 4 İll Next >

Check m Exercise 14.13 Current Ratio, Debt Ratio, and Earnings per Share (LO14-6, LO14-7) Selected items from successive annual reports of Middlebrook, Inc., appear as follows. Total assets (40 of which are current) Current liabilities Bonds payable, 12% Capital stock, $5 par value Retained earnings Total liabilities & stockholders equity 100,000 100,000 170,000 $ 450,000 90:00348,000 $ 80,000 100,000 50,000 100,000 98,000 : 348,000 Dividends of $16,000 were declared and paid in year 2 a. Compute the current ratio for year 2 and year 1. (Round your answers to 1 decimal place.) c. Compute the earnings per share for year 2. (Round your answer to 2 decimal places.) ratio for year 2 and year 1. (Round your percentage answers to nearest whole percent. Le, 01234 as 12%) Year 2 Year 1 to 1 to 1 b. Debt ratio per s < Prev 4 of 411 Next >

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Answer 1

Answer #1

Req a:
Inventory turnover:
Cost of goods sold	1781000
divide; Average inventory	375000
Inventory turnover:	4.75	times

Accounts receivable turnover:
Net sales	2750000
Divide: Average Accounts receivable	282000
Accounts receivable turnover:	9.75	times

Total Operating expense:
Sales	2750000
Less: Cost of goods sold	1781000
Gross Margin	969000
Less: Net Income	159000
Less: Interest expenses	45000
Less: Income tax expense	84000
Total Operating expense:	681000

Gross Profit Percentge:
Gross Margin(as computed above)	969000
Divide: Sales	2750000
Gross Profit Percentge:	35.24%

Return on Average Stockholder's equity:
Net Income	159000
Divide: Average Stockholder's equity	895000
Return on Average Stockholder's equity:	17.77%

Return on Average Total assets
Net Income	159000
Divide: Average Total a ssets	1800000
Return on Average Total assets	8.83%

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Answer 2

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