Your assistant has just provided you with your companys latest financial results. Unfortunately, several of the numbers
Question:
Determine the missing amounts above. (Round amounts to the nearestdollar.)
Balance sheet (as of month-end) Cash Accounts receivable Merchandise inventory Buildings and equipment Accumulated depreciation Investments, long-term Land Total assets Income statement (as of month-end) $ 482 Sales revenue $10,377 (a) Cost of goods sold (b) Gross profit $3,411 Operating expenses: (922) Advertising 250 Depreciation 980 $350 500 Rent S (c)Wages 376 $1,945 Income before taxes Income taxes (35%) Accounts payable Notes payable, long-term Common stock Retained earnings $ 977 (d) Net income 3,400 1,491 $ (e) Total liabilities and equity Summary ratio values 1. Accounts receivable turnover 2. Inventory turnover 3. Return on assets 4. Return on equity 5.62 7.15 18.27
Step by Step Answer:
Missing item Amount Solution a Accounts receivable 1846 Sales accts rece...View the full answer
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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.
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