Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the comparative financial statements prepared at d

The comparative financial statements prepared at December 31, 2019, for ABC Company showed the following...

60.1K

Verified Solution

Question

Accounting

image
image
The comparative financial statements prepared at December 31, 2019, for ABC Company showed the following summarized data 2019 2018 A Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income 250,000 $ 150,000 100,000 40,000 4,100 55,900 16,770 39,130 $ 205,000 125.000 80,000 34,000 3,400 42,600 12,800 29,800 S Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets 41,800 $ 16,000 30,000 130,000 217,800 $ 39,800 16,000 25,000 120,000 200,800 $ $ Accounts Payable Income Tax Payable Note Payable, Long-Term Total Liabilities 25,000 $ 3,000 80,000 108,000 $ 23,000 2,800 95,000 120,800 $ Contributed Capital (25,000 shares outstanding) Retained Earnings Total Liabilities and Shareholders' Equity 25,000 84,800 217,800 $ 25,000 55,000 200,800 $ Compute the following Liquidity Ratios for 2019... (include one decimal place) Receivable turnover = times Days to collect = days (whole number) Inventory turnover = times Days to Sell = days (whole number) Current Ratio = :1

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students