The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,380,300 and cost of goods sold was $8,913,195. All of Pelican's sales are made on account and are due within 30 days. Cash and cash equivalents Accounts receivable Inventory Total current assets Total assets Total current liabilities Total liabilities Calculate the following: Current Ratio Prior Year Current Year $ 568,330 $ 631,780 4,710,000 3,816,000 a. Current ratios as of the end of the current and prior year. (Round your answers to 2 decimal places.) 936,360 1,271,440 8,300,030 8,240,100 11,116,020 10,996,000 7,760,300 6,436,000 8,465,900 8,272,700 Current Year Prior Year Receivables Turnover b. Calculate the receivables turnover ratio for the current year. (Round your answer to 2 decimal places.) c. Calculate the days to collect for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) Days to Collect d. Calculate the inventory turnover ratio for the current year. (Round your answer to 2 decimal places.) Inventory Turnover Ratio e. Calculate the days to sell for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) Days to Sell The financial information below presents selected information from the financial statements of Pelican Company. Sales revenue during the current year was $13,380,300 and cost of goods sold was $8,913,195. All of Pelican's sales are made on account and are due within 30 days. Cash and cash equivalents Accounts receivable Inventory Total current assets Total assets Total current liabilities Total liabilities Calculate the following: Current Ratio Prior Year Current Year $ 568,330 $ 631,780 4,710,000 3,816,000 a. Current ratios as of the end of the current and prior year. (Round your answers to 2 decimal places.) 936,360 1,271,440 8,300,030 8,240,100 11,116,020 10,996,000 7,760,300 6,436,000 8,465,900 8,272,700 Current Year Prior Year Receivables Turnover b. Calculate the receivables turnover ratio for the current year. (Round your answer to 2 decimal places.) c. Calculate the days to collect for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) Days to Collect d. Calculate the inventory turnover ratio for the current year. (Round your answer to 2 decimal places.) Inventory Turnover Ratio e. Calculate the days to sell for the current year. (Round your intermediate calculations and final answers to 2 decimal place.) Days to Sell
Expert Answer:
Answer rating: 100% (QA)
Answer a Current Ratio Current Year Prior Year a Current Asse... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
During 2014, Nebraska Wheat Company had operating expenses of $83,500 and income tax expenses of $13,000. Depreciation expense of $20,000 for 2014 was included in operating expenses. The ending...
-
Sales for 2014 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and...
-
Put the following income statement and balance sheet terms (general ledger accounts) in the proper order for properly prepared financial statements: Taxes, interest, gross profit, selling, general...
-
Repeat Prob. 37 using singularity functions exclusively (including reactions). Repeat Prob. 37, For the beam shown, find the reactions at the supports and plot the shear-force and bending-moment...
-
What kind of enterprise start-up pathway is Big Idea Group (BIG)? What benefits does it provide to inventors?
-
Find the derivative of the function. Simplify where possible. (a) y = (tan-1 x)2 (b) y = sin-1(2x + 1) (c) G(x) = 1 - x2 arccos x
-
Consider a simply supported uniform beam of length \(l\) subjected to a concentrated transverse harmonic force \(F(t)=F_{0} \sin \omega t\) at \(x=x_{0}\) from the left end of the beam. Determine the...
-
Koch Chemical Company makes a variety of cosmetic products, one of which is a skin cream designed to reduce the signs of aging. Koch produces a relatively small amount (15,000 units) of the cream and...
-
If employee costs were distributed equally for both WebLink and KH Connect, for which company, and for which year, was the highest employee cost per city?
-
The file P02_07.xlsx includes data on 204 employees at the (fictional) company Beta Technologies. For this problem, consider this data set as the population frame. a. Using the method in this section...
-
Naliaka has the following utility function for her mrenda (X) and likhubi (Y) consumption U = 4X/3 Y2/3
-
What is the limitation of duration-based hedging?
-
Draw up G. Stoner's statement of financial position from the following information as at 31 December 2015: Capital 44,400 Accounts receivable 1,600 Car 16,600 Accounts payable 1,800 Equipment 15,800...
-
What is the day convention for (a) Treasury bonds, (b) corporate bonds and, (c) Treasury bills in the United States?
-
What is the formula for the value of a forward contract in terms of the forward price?
-
Give two reasons why Treasury rates are less than other very low risk rates in the United States.
-
How would you go about implementing a function in Python to perform a binary search on a sorted array?
-
Les has collected stamps in his spare time for years. He purchased many of his stamps at a price much lower than the current market value. Les recently lost his job as a carpenter. Since his wife...
-
Charles Schwab Corporation is one of the more innovative brokerage and financial service companies in the United States. The company provided information about its major business segments as follows...
-
Calgary Water Supply Inc. bottles and distributes spring water. On September 9 of the current year, Calgary Water Supply reacquired 20,000 shares of its common stock at $44 per share. a. What is the...
-
Staples, Inc., is a leading office products distributor, with retail stores in the United States, Canada, Asia, Europe, and South America. The following financial statement data were adapted from...
-
An air-breathing jet aircraft of total mass \(m\) flying with a constant speed \(v\) consumes air at the mass rate \(m_{a}^{\prime}\) and exhausts burned gas at the mass rate \(m_{g}^{\prime}\) with...
-
The end of a chain of length \(L\) and mass \(ho\) per unit length which is piled on a platform is lifted vertically with a constant velocity \(v\) by a variable force \(P\). Find \(P\) as a function...
-
A rocket of initial total mass \(m_{0}\) is fired vertically up from the north pole and accelerates until the fuel, which burns at a constant rate, is exhausted. The relative nozzle velocity of the...
Study smarter with the SolutionInn App