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Problem-2 Selected information from the comparative financial statements of Fava Company for the year ended...

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Accounting

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Problem-2 Selected information from the comparative financial statements of Fava Company for the year ended December 31, appears below: 2017 2016. Accounts receivable (net) $ 180,000 $200,000 Inventory 140,000 160,000 Total assets 1,200,000 800,000 Current liabilities 140,000 110,000 Long-term debt 400,000 300,000 Net credit sales 1,330,000 700,000 Cost of goods sold 900,000 530,000 50,000 25,000 Interest expense 60,000 29,000 Income tax expense 150,000 85,000 Net income Instructions Answer the following questions relating to the year ended December 31, 2017. Show computations. Inventory turnover for 2017 is Times interest earned in 2017 is_ The debt to assets ratio for 2017 is Accounts receivable turnover for 2017 is Return on assets for 2017 is

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