Markus Company's common stock sold for $3.00 per share at the end of this year. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Markus Company's common stock sold for $3.00 per share at the end of this year. The company paid a common stock dividend of $0.48 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 31,000 $ 64,000 Beginning Balance $ 32,200 $ 53,700 $ 59,200 $ 154,200 $490,000 $ 63,000 $ 140,000 $ 126,000 $ 350,000 $ 64,000 $ 149,900 $ 506,000 $ 49,500 $ 126,000 $ 126,000 $380,000 $ 506,000. $ 490,000 This Year Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income $750,000 $440,000 $310,000 $ 162,000 $9,000 $ 107,100 Foundational 14-9 (Algo) 9. What is the accounts receivable turnover and the average collection period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.) Accounts receivable tumover Average collection period days Markus Company's common stock sold for $3.00 per share at the end of this year. The company paid a common stock dividend of $0.48 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 31,000 $ 64,000 Beginning Balance $ 32,200 $ 53,700 $ 59,200 $ 154,200 $490,000 $ 63,000 $ 140,000 $ 126,000 $ 350,000 $ 64,000 $ 149,900 $ 506,000 $ 49,500 $ 126,000 $ 126,000 $380,000 $ 506,000. $ 490,000 This Year Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income $750,000 $440,000 $310,000 $ 162,000 $9,000 $ 107,100 Foundational 14-9 (Algo) 9. What is the accounts receivable turnover and the average collection period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.) Accounts receivable tumover Average collection period days
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
For each transaction, indicate in which journal it should be recorded. Sales Journal Cash Receipts Journal Purchases Journal Cash Payments Journal General Journal Returned products to a supplier....
-
1. a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or...
-
2022 Full Year Results Strong sales growth and continued progress against strategy Underlying performance GAAP measures (unaudited) 2022 vs 2021 2022 vs 2021 Full Year Underlying sales growth (USG)...
-
Which properties of the Clean annotation must be true for the following to compile? (Choose three.) A. The annotation must contain exactly one element. B. The annotation must contain an element named...
-
Give examples of situations in which classification would be an appropriate data mining technique. Give examples of situations in which regression would be an appropriate data mining technique.
-
Identify the null hypothesis and alternative hypothesis. Use these results from a USA Today survey in which 510 people chose to respond to this question that was posted on the USA Today website:...
-
Under what conditions may a debt due within the next year (as measured at year-end) be reported as a noncurrent liability? Under what conditions may a long-term debt (as measured at year-end) be...
-
Calzone Trucking Company is a corporation that is 100% owned by Fred Calzone. Before he incorporated in 2008, Fred had operated the business as a sole proprietorship. The taxable income (loss) of...
-
. D Question 1 1 pts An analyst gathered the following information for a stock and market parameters: stock beta = 1.06; expected return on the Market = 12.49%; expected return on T-bills = 3.85%;...
-
Hessel Corporation has two operating departments (Domestic and Global) and three service departments: Human Resources (HR), Legal, and Testing. In the most recent period, the following costs and...
-
Al Harris was particularly glad to have an opportunity to visit with Mildred Frazier. Al had been selling mutual funds for the last five years, and he believed he was about to make his best sale of...
-
What are the dimensions of a closed rectangular box that has a square cross section, a capacity of 1 1 8 in . 3 , and is constructed using the least amount of material? ( Round your answers to two...
-
Ashton Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one indirect-cost pool (assembly support)....
-
E-Tech Initiatives Limited plans to issue $400,000, 10-year, 4 percent bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2022. Show how the bonds would...
-
Mass Company has $13,500 in cash on hand on January 1 and has collected the following budget data: View the budget data. Assume Mass Company has cash payments for selling and administrative expenses...
-
Randon Inc.'s 2021 pro forma and 2020 actual balance sheets and income statements are as shown. Analysts project that the company's free cash flows for years 2022 to 2025 are as follows, and that...
-
Nitrogen monoxide reacts with hydrogen as follows: 2NO(g)+ H2(g) N2O(g) + H2O(g) The rate law is [H2]/ t = k[NO]2[H2], where k is 1.10 107 L2/(mol2s) at 826oC. A vessel contains NO and H2 at...
-
Repeat the solution of Problem 12 for the case when the flow is unsteady and the problem is solved using the fully implicit time discretization (the simple implicit scheme).
-
Modify the predictor-corrector formulas (10.27)-(10.30) for the method that uses the second-order Adams-Bashforth time-integration scheme (see Section 7.4.1) instead of the simple explicit scheme.
-
Compare the four algorithms described in Section 10.4 (SIMPLE, SIMPLER, SIMPLEC, PISO) by the amount of computations required for one iteration. Does the smaller amount necessarily mean smaller time...
Study smarter with the SolutionInn App