Cameron's inventory turnover during 20X9 was (amounts rounded) 5 times. 6 times. 7 times. none of the
Question:
Cameron's inventory turnover during 20X9 was (amounts rounded)
5 times. | ||
6 times. | ||
7 times. | ||
none of the above. |
Cameron’s Accounts | 20x9 | 20x8 |
Cash and cash equivalents | $ 5,550 | $ 5,094 |
Receivables | 1,813 | 1,611 |
Inventory | 1,324 | 1,500 |
Prepaid expenses | 1,709 | 2,120 |
Total current assets | $ 10,396 | $ 10,325 |
Other assets | 18,500 | 15,737 |
Total assets | $ 28,896 | $ 26,062 |
Total current liabilities | $ 7,230 | $ 8,467 |
Long-term liabilities | 4,798 | 3,792 |
Common stock | 6,568 | 4,363 |
Retained earnings | 10,300 | 9,440 |
Total liabilities and equity | $ 28,896 | $ 26,062 |
Sales | $ 25,000 | |
Cost of sales (COGS) | 7,055 | |
Operating expenses | 7,065 | |
Operating income | $ 6,821 | |
Interest expense | 210 | |
Income tax expense | 2,563 | |
Net income | $ 8,107 |
Cameron’s Accounts | 20x9 | 20x8 |
Cash and cash equivalents | $ 5,550 | $ 5,094 |
Receivables | 1,813 | 1,611 |
Inventory | 1,324 | 1,500 |
Prepaid expenses | 1,709 | 2,120 |
Total current assets | $ 10,396 | $ 10,325 |
Other assets | 18,500 | 15,737 |
Total assets | $ 28,896 | $ 26,062 |
Total current liabilities | $ 7,230 | $ 8,467 |
Long-term liabilities | 4,798 | 3,792 |
Common stock | 6,568 | 4,363 |
Retained earnings | 10,300 | 9,440 |
Total liabilities and equity | $ 28,896 | $ 26,062 |
Sales | $ 25,000 | |
Cost of sales (COGS) | 7,055 | |
Operating expenses | 7,065 | |
Operating income | $ 6,821 | |
Interest expense | 210 | |
Income tax expense | 2,563 | |
Net income | $ 8,107 |
Vertical analysis of Cameron's balance sheet for 20X9 would report (amounts rounded)
Inventory Turnover of 5 times. | ||
Current liabilities as 25.0% of Total assets. | ||
A, B AND D | ||
9.0% increase in Cash |
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson