10a. Alpha's net accounts receivable were $500,000 atDecember 31, 2015, and $600,000 at December...

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10a. Alpha's net accounts receivable were $500,000 atDecember 31, 2015, and $600,000 at December 31,2016. Net cash sales for 2016 were$250,000. The accounts receivable turnover for 2016 was5.3. Use this information to determine the Fiscal Year2016: (Round & enter your answers to one decimal place fornon-dollar ratios and enter the value. For dollar ratio enter aswhole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
10b. The following financial information isfor Alpha Corporation are for the fiscal years ending 2017& 2016 (all balances are normal):
Item/Account
2017
2016
Cash
$26,000
$16,000
Accounts Receivable
40,000
50,000
Inventory
30,000
22,000
Current Liabilities
76,000
42,000
Net Sales (all credit)
390,000
360,000
Cost of Goods Sold
260,000
250,000
Use this information to determine for FY 2017: (Round& enter your answers to one decimal place and enter thevalue.)
1. the inventory turnover ratio:
2. number of days of inventory:
3. Gross Profit Margin:____
10 c.
The following financial information is for Alpha Corporation arefor the fiscal years ending 2017 & 2016 (all balances arenormal):
Item/Account
2017
2016
Cash
$26,000
$16,000
Accounts Receivable
30,000
50,000
Inventory
30,000
22,000
Current Liabilities
76,000
42,000
Net Sales (all credit)
390,000
360,000
Cost of Goods Sold
260,000
250,000
Use this information to determine the quick ratio for FY 2017:(Round & enter your answers to one decimal place and enter thevalue.)
10d.
The following financial information isfor Alpha Corporation are for the fiscal years ending 2017& 2016 (all balances are normal):
Item/Account
2017
2016
Cash
$26,000
$16,000
Accounts Receivable
40,000
50,000
Inventory
30,000
22,000
Current Liabilities
76,000
42,000
Net Sales (all credit)
390,000
360,000
Cost of Goods Sold
260,000
250,000

Use this information to determine for FY 2017: (Round &enter your answers to one decimal place for non-dollar ratios andenter the value. For dollar ratio enter as whole dollarsonly.)
1. the Current Ratio
2. Working Capital

Answer & Explanation Solved by verified expert

4.4 Ratings (650 Votes)

Solution 10a Accounts receivable turnover 53 Credit sales Average accounts receivables 53 Average accounts receivables 500000 600000 2 550000 Credit Sales 550000 53 2915000 Total net sales Credit See Answer

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In: Accounting10a. Alpha's net accounts receivable were $500,000 atDecember 31, 2015, and $600,000 at December 31,...10a. Alpha's net accounts receivable were $500,000 atDecember 31, 2015, and $600,000 at December 31,2016. Net cash sales for 2016 were$250,000. The accounts receivable turnover for 2016 was5.3. Use this information to determine the Fiscal Year2016: (Round & enter your answers to one decimal place fornon-dollar ratios and enter the value. For dollar ratio enter aswhole dollars only.)1. Total Net Sales2. Total Net Credit Sales10b. The following financial information isfor Alpha Corporation are for the fiscal years ending 2017& 2016 (all balances are normal):Item/Account20172016Cash$26,000$16,000Accounts Receivable40,00050,000Inventory30,00022,000Current Liabilities76,00042,000Net Sales (all credit)390,000360,000Cost of Goods Sold260,000250,000Use this information to determine for FY 2017: (Round& enter your answers to one decimal place and enter thevalue.)1. the inventory turnover ratio:________ 2. number of days of inventory: ________3. Gross Profit Margin:____________10 c.The following financial information is for Alpha Corporation arefor the fiscal years ending 2017 & 2016 (all balances arenormal):Item/Account20172016Cash$26,000$16,000Accounts Receivable30,00050,000Inventory30,00022,000Current Liabilities76,00042,000Net Sales (all credit)390,000360,000Cost of Goods Sold260,000250,000Use this information to determine the quick ratio for FY 2017:(Round & enter your answers to one decimal place and enter thevalue.)10d.The following financial information isfor Alpha Corporation are for the fiscal years ending 2017& 2016 (all balances are normal):Item/Account20172016Cash$26,000$16,000Accounts Receivable40,00050,000Inventory30,00022,000Current Liabilities76,00042,000Net Sales (all credit)390,000360,000Cost of Goods Sold260,000250,000Use this information to determine for FY 2017: (Round &enter your answers to one decimal place for non-dollar ratios andenter the value. For dollar ratio enter as whole dollarsonly.)1. the Current Ratio2. Working Capital

Item/Account	2017	2016
Cash	$26,000	$16,000
Accounts Receivable	40,000	50,000
Inventory	30,000	22,000
Current Liabilities	76,000	42,000
Net Sales (all credit)	390,000	360,000
Cost of Goods Sold	260,000	250,000

Item/Account	2017	2016
Cash	$26,000	$16,000
Accounts Receivable	40,000	50,000
Inventory	30,000	22,000
Current Liabilities	76,000	42,000
Net Sales (all credit)	390,000	360,000
Cost of Goods Sold	260,000	250,000

Item/Account	2017	2016
Cash	$26,000	$16,000
Accounts Receivable	30,000	50,000
Inventory	30,000	22,000
Current Liabilities	76,000	42,000
Net Sales (all credit)	390,000	360,000
Cost of Goods Sold	260,000	250,000