Selected financial information of Long Way Inc. is presented below: Cash Accounts Receivable Inventory Prepaid Insurance...
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Selected financial information of Long Way Inc. is presented below: Cash Accounts Receivable Inventory Prepaid Insurance Building Accumulated Depreciation - Building Accounts Payable Mortgage Payable Common Shares Net Sales Cost of Goods Sold Interest Expense Income Tax Expense Profit (loss) Required: 1. Calculate the following for 2018 and 2017: i. Current ratio ii. Gross Profit Margin iii. Profit Margin iv. Debt to Total Assets v. Times Interest Earned 2. Calculate the following for 2018 i. Accounts Receivable Turnover ii. Inventory Turnover 2018 42,000 25,750 21,500 5,000 345,000 168,600 41,500 100,000 29,000 105,500 59,000 5,000 9,200 32,300 2017 39,500 14,000 23,400 4,000 345,000 160,000 39,500 105,000 29,000 98,500 55,200 5,250 8,250 29,800 Selected financial information of Long Way Inc. is presented below: Cash Accounts Receivable Inventory Prepaid Insurance Building Accumulated Depreciation - Building Accounts Payable Mortgage Payable Common Shares Net Sales Cost of Goods Sold Interest Expense Income Tax Expense Profit (loss) Required: 1. Calculate the following for 2018 and 2017: i. Current ratio ii. Gross Profit Margin iii. Profit Margin iv. Debt to Total Assets v. Times Interest Earned 2. Calculate the following for 2018 i. Accounts Receivable Turnover ii. Inventory Turnover 2018 42,000 25,750 21,500 5,000 345,000 168,600 41,500 100,000 29,000 105,500 59,000 5,000 9,200 32,300 2017 39,500 14,000 23,400 4,000 345,000 160,000 39,500 105,000 29,000 98,500 55,200 5,250 8,250 29,800
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Answer rating: 100% (QA)
1 st Answer 2021 2020 Cash 44500 37500 Accounts Receivable 25800 14600 Inventory 21750 23850 Prepaid ... View the full answer
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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