Please answer asap. I really need help. II. Given the income statement and statement of financial position of Tim Tam Tomse Trading, compute the missing information given the following additionalinformation:Additional information:1. All sales are on credit.2. The current ratio on December 31, 2019, is 3.0.POOS b3. The receivables turnover for 2019 is 10 times. vods er to emon s4. The inventory turnover for 2019 is 4.8 times.5. The net profit margin for 2019 is 14.5%.Show computations in good form.POSdeas dof the company 02Net SalesCost of Goods SoldGross ProfitSelling and administrative expensesOperating IncomeIncome tax expenseNet incomeoffs al gaiwolloted to doidW 2boris 29162 99619VA21922A IstoT 93619.5votneval 969VÁin determining efficiency in inveniuTim Tam Tom Trading 9b61T 99819 bIncome StatementFor the Year Ended December 31, 2019PeriodnigrM h.9Soldet villidsong 2019. doiWnigsM JHOT 6.gans (?) d556,250(?)lowing is not a soleancy DM140,000 bPSasol mail frenadai ya of vilde ayaqmos & animisto onSTIW Toftstide 6OSTV3 doder viupa 0 100 5 AssetsCurrent AssetsCashTrade ReceivableTim Tam Tom TradingStatement of Financial PositionAs of December 31Merchandise InventoryTotal Current AssetsProperty, Plant, and Equipment (net)Total AssetsLiabilities and Owner's EquityCurrent LiabilitiesTrade PayableNon-Current LiabilitiesLoan PayableTotal LiabilitiesOwner's EquityTotal Liabilities and Owner's Equity2019112,500(?)P1,155,000(?)(?)(?)850,000201893,750237,500430,000P 761,250988,7501,750,000206,250700,000P 906,250843,7501,750,000PARTReview of Journal Entrieporal Ledg

The net profit margin is calculated as net profit divided by net sales revenue. The net income is…

II. Given the income statement and statement of financial position of TimTam Tom se Trading, compute the missing information given the following additional information: Additional information: All sales are on credit. 1. of the compa POOS b 2. The current ratio on December 31, 2019, is 3.0. 3. The receivables turnover for 2019 is 10 times. svods er to enon 4. The inventory turnover for 2019 is 4.8 times. 5. The net profit margin for 2019 is 14.5%. Show computations in good form. POS deas d con olls al gniwollot edi to bidW 2 boris 29162 99679VA 21922A IstoT 93619 viornsvill ena S VÀ D ratios is useful in determining efficiency in inver

II. Given the income statement and statement of financial position of TimTam Tom se Trading, compute the missing information given the following additional information: Additional information: All sales are on credit. 1. of the compa POOS b 2. The current ratio on December 31, 2019, is 3.0. 3. The receivables turnover for 2019 is 10 times. svods er to enon 4. The inventory turnover for 2019 is 4.8 times. 5. The net profit margin for 2019 is 14.5%. Show computations in good form. POS deas d con olls al gniwollot edi to bidW 2 boris 29162 99679VA 21922A IstoT 93619 viornsvill ena S VÀ D ratios is useful in determining efficiency in inver

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
The following data are taken from the financial statements of Sheffield Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) X Your answer is incorrect. 2022 $555,000 3,997,500 2021 $470,000 3,122,250 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $435,000. (Round answers to 1 decimal place, e.g. 1.6.)
In 2021 Nash's Trading Co. had credit sales of $1840000 and sales returns related to these sales of $140000. Its comparative balance sheet at December 31, 2021 showed the following: Accounts receivable Less: Allowance for doubtful accounts Carrying amount Nash's Trading's receivable turnover for 2021 is O 2.00. O 2.16. 2.18. O 2.36. 2021 $900000 70000 $830000 2020 $800000 69000 $731000
2. Using the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries? Year 2017 2018 2019 BLACK WATER INDUSTRIES Net Credit Sales $685,430 700,290 768,500 Ending Accounts Receivable $330,250 360,450 401,650
The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.
4. The following select financial statement information from Hogge Computing. Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2021 and 2022 (round answers to two decimal places). Year 2020 2021 2022 2021: Net Credit Sales 2022: $1,557,200 $1,755,310 $1,965,170 Accounts Receivable Turnover Ratio: • Days' Sales: days Accounts Receivable Turnover Ratio: Days' Sales: days times times Ending Accounts Receivable $397,000 $465,200 $505,780
The following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000d. None of these
The following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000
The following financial results are shown for Smith, Inc. and Jones, Inc. RatiosSmith, Inc.Jones, Inc.Current ratio2.31.9Acid test ratio1.2.9Accounts receivable turnover8.4 times6.8 timesInventory turnover4.7 times3.1 timesDays sales in inventory64 days799 daysDays sales uncollected34.2 days39.7 daysProfit margin ratio3.2% 4.8% Total asset turnover1.11.8 Return on common stockholder' equity 4.6 %6.1% Price earnings ratio18.310.7Dividend yield.89%.90Debt ratio.62.47Times interest earned2.6 times6.2 times From the above financial data, prepare two separate memos. In the first memo, determine which of the two companies would be the better short-term credit risk and explain why. In the second memo, determine which of the two companies the better investment is and explain why. Your explanations must mention the exact ratios and numbers compared to support your choice. ******Answers and memos must be logically written and no grammatical errors.******* Memo #1: The company I selected as the…
N1. Account Calculate the following ratios for Lake of Egypt Marina, Inc. as of year-end 2021. (Use sales when computing the inventory turnover and use total stockholders' equity when computing the equity multiplier. Round your answers to 2 decimal places. Use 365 days a year.)
Help me please
Use the following financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Ending Accounts Receivable Year Net Credit Sales 2017 $690,430 $335,250 2018 705,290 364,450 2019 770,500 406,650 A. Compute the accounts receivable turnover ratios for 2018 and 2019. Round your answers to two decimal places. 2018 times 2019 times B. Using the accounts receivable turnover, choose the statement that most closely describes the company's management of its receivables. a. The company's lending policies may be too strict. b. Collection efforts are not aggressive enough. There may be uncollectable receivables affecting the beginning and ending C. balances. d. All of the above statements may be correct. a b d