Use the Jeryht Bakers Corp. data to compute the following (amounts in millions): a. The rate of
Question:
a. The rate of inventory turnover for 2017.
b. Days' sales in receivables during 2017. All sales are made on account. Round dollar amounts to three decimal places.
Jeryht Bakers Corp., a baking supplies chain, reported these summarized figures (in millions):
JERYHT BAKERS CORP Balance Sheet December 31 2017 2016 Cash Short-term investments Accounts receivable Inventory Other current assets Total current assets All other assets Total assets 2017 2016 $ 8.8 $ 7.2 8.3 17.4 15.5 4.8 15.711.8 16.6 24.6 21.0 Total liabilities and equity $38.3 $32.1 $ 2.8 0.4 0.5 $1.6 Total current liabilities 0.5 Long-term liabilities 0.4 Total liabilities 8.0 Common shares 0.6 Retained earnings 8.6 5.2 0.8 13.7 11.1 Total equity 20.9 $38.3 $32.1
Step by Step Answer:
a Dollar amounts in millions Inventory turnover Cos...View the full answer
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Related Video
Inventory turnover is a key metric that helps businesses evaluate the efficiency of their operations. A high turnover ratio is generally considered positive, indicating that the company is effectively selling its inventory and making efficient use of its resources. On the other hand, a low turnover ratio may indicate issues such as overstocking or slow sales and may require further examination to identify and address the underlying causes. Businesses use this ratio to make decisions about inventory levels, production schedules, and pricing strategies. It also helps businesses to identify areas where they may need to make improvements, such as reducing lead times for production or optimizing sales and marketing efforts. Additionally, inventory turnover is used by investors and analysts as a key performance indicator to evaluate the financial health and growth potential of a company.
Students also viewed these Cost Accounting questions
-
Use the Jeryht Bakers Corp. balance sheet data given above. 1. Compute the company's current ratio at December 31, 2017 and 2016. 2. Did Jeryht Bakers Corp.'s current ratio value improve,...
-
Use the financial statements of Jeryht Bakers Corp. 1. Compute the debt ratio at December 31, 2017. 2. Is Jeryht Bakers Corp.'s ability to pay its liabilities strong or weak? Explain your reasoning....
-
Use the financial statements of Jeryht Bakers Corp. 1. Compute these profitability measures for 2017: a. Rate of return on net sales b. Rate of return on total assets; interest expense for 2017 was...
-
On January 1, 2011, Devco acquired cum div. all the shares of Brooke, at which date the equity and liability sections of Brookes statement of financial position showed the following balances: Share...
-
In the context of computing a predetermined indirect cost rate, what is a cost driver?
-
A 4-kg projectile is fired vertically with an initial velocity of 90 m/s, reaches a maximum height and falls to the ground. The aerodynamic drag D has a magnitude D = 0.0024 v2 where D and v are...
-
Condore & Company is contemplating the purchase of a machine that would cost \($142,790\). The machine would provide an annual contribution margin of \($47,262.55\) each year. The proposed new...
-
The adjusted trial balance for Frinzi Company is given in E3-13. In E3-13, the trial balances before and after adjustment for Frinzi Company at the end of its fiscal year are presented below....
-
Can you show me the step by step on where to go and how to input/record this transactions in Sage 50? thats my question.. Memo #2 Dated April 8, 2022 Pay hourly employee, Bobbi Bowser for 35 hours...
-
Johannes Inc. acquired 80 percent of Corner Brook Ltd. common shares on January 1, Year 4, for $720,000. At that date, the fair value of the noncontrolling interest was $180,000. Corner Brooks...
-
Compare HomePro Corp. and Away Inc. by converting their income statements to common size. Which company earns more net income? Which company's net income is a higher percentage of its net sales? (in...
-
Compute the dollar change and the percentage change in Navin Ltd.'s working capital each year during 2016 and 2017. Is this trend favourable or unfavourable? Total current assets Total current...
-
Construct a normal probability plot of the cycles to failure data in Exercise 6-15. Does it seem reasonable to assume that cycles to failure is normally distributed?
-
A couple needs $8,948.00 in one year. They only have $7,142.00 today to invest in a mutual fund. What return must the fund generate this year in order to reach their goal? Answer format: Percentage...
-
you have a 70% solution and a 15% solution, and you are asked tomake 480 ml of a 30% solution. what parts of each strength will beused, and given the final volume of each needed for theprescription?
-
An elderly patient in long-term care is on an enteralfeeding. The nursing staff reports the patient is febrile with apresent temperature of 102.60F. How much should the RD adjust theK-calorie...
-
LongBoard Products has lowered its prices by 10% over the year and this year annual sales increased by 20% to $4,461,072.Some of the new customers (retail stores) are taking a lot longer to pay and...
-
(30.3) Show that for a gas of fermions with density of states g(E), the chemical potential is given by H(T) = Er - T2 ( 6 -(KBT) 29 (EF) g(EF) +... (30.64)
-
In a clinical trial, 11,000 male physicians were treated with aspirin and another 11,000 male physicians were given a placebo. A variable of interest was the proportion of heart attacks among the...
-
Which of the following statements is false? a. Capital leases are not commonly reported in a Capital Projects Fund. b. A governmental entity may report a Capital Project Fund in one year but not the...
-
Describe the two advantages that special journals have over recording all transactions in the general journal.
-
Use the terms maker, payee, principal, maturity date, promissory note, and interest in an appropriate sentence or two describing a note receivable.
-
Identify the accounts debited and credited to account for uncollectibles under (a) The allowance method, (b) The direct write-off method.
-
2. Method 2, Residual Income Model: Find or estimate the EPS growth rate. Find book value per share on the balance sheet. Use the discount rate k from part a or b above and estimate the value of your...
-
The underlying motivation for fraud is to Blank______. Multiple choice question. cover up an error in the financial statements achieve a gain over another party that would not otherwise exist...
-
ecure and confidential patient registration locations are considered to influence what type of organizational marketing efforts: Group of answer choices internal and controllable internal and...
Study smarter with the SolutionInn App