Oriole Company has these comparative balance sheet data: ORIOLE COMPANY Balance Sheets December...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Oriole Company has these comparative balance sheet data: ORIOLE COMPANY Balance Sheets December 31 2022 Cash $ 25,635 Accounts receivable (net) 119,630 Inventory 102,540 Plant assets (net) 341,800 $589,605 2021 $ 51,270 102,540 85,450 307,620 $546,880 $ 102,540 170,900 205,080 68,360 $546,880 Accounts payable Mortgage payable (15%) Common stock, $10 par Retained earnings $ 85,450 170,900 239,260 93,995 $589,605 Additional information for 2022: 1. Net income was $33,900. 2. Sales on account were $395,200. Sales returns and allowances amounted to $28,100. 3. Cost of goods sold was $217,500. 4. Net cash provided by operating activities was $56,500. 5. Capital expenditures were $26,600, and cash dividends were $20,800. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) (a) Current ratio. (b) Accounts receivable turnover. times days (c) Average collection period. (d) Inventory turnover. times Screenshot (e) Days in inventory. days
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
