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According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is?

According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is?

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is?

Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses. Operating Profit Non-Operating Activities Interest Revenue Gain from the Sale of Asset Interest Expense Non-Operating Profit Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit FUNCAR AUTO SALES Statement of Comprehensive Income For the year ended June 30, 2020 Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses Operating Profit Non-Operating Activities Interest Revenue Gain from the sale of Asset interest Expense Non-Operating Profit Net Income [ABMZZ] Business Finance (Term 1, 1st Semester, SY 2023-2024) Less: Purchase Returns and Allowances 46.850 00 Purchase Discounts 72.200 00 864,510.00 220.500.00 D P 1.085,010.00 442 500 00 198,500.00 87,700.00 35.880,00 44,990 00 3,500.00 18,000.00 1.665.00 P P P 642.510 00 864,500.00 387,070.00 477.430.00 20.635.00 P 498.065.00 9 P P 4 P ( 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) D D P P 1,650,500.00 143,490.00 1,507,010.00 642,510.00 864,500.00 387,070.00 477,430.00 20,635.00 5* According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is
Transcribed Image Text:Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses. Operating Profit Non-Operating Activities Interest Revenue Gain from the Sale of Asset Interest Expense Non-Operating Profit Net Purchases Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit FUNCAR AUTO SALES Statement of Comprehensive Income For the year ended June 30, 2020 Operating Expenses Salaries Expense Utilities Expense Depreciation Expense Advertising Expense Total Operating Expenses Operating Profit Non-Operating Activities Interest Revenue Gain from the sale of Asset interest Expense Non-Operating Profit Net Income [ABMZZ] Business Finance (Term 1, 1st Semester, SY 2023-2024) Less: Purchase Returns and Allowances 46.850 00 Purchase Discounts 72.200 00 864,510.00 220.500.00 D P 1.085,010.00 442 500 00 198,500.00 87,700.00 35.880,00 44,990 00 3,500.00 18,000.00 1.665.00 P P P 642.510 00 864,500.00 387,070.00 477.430.00 20.635.00 P 498.065.00 9 P P 4 P ( 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) D D P P 1,650,500.00 143,490.00 1,507,010.00 642,510.00 864,500.00 387,070.00 477,430.00 20,635.00 5* According to the above Financial Statements and assuming that all Accounts Receivable is from Trade, the Inventory Turnover Ratio for 2020 is
Current Assets Cash Accounts Receivable Notes Receivable Merchandise Inventory Prepaid Insurance Office Supplies Total Current Assets Non-Current Assets Land Building Less: Accumulated Depreciation - Building Vehicles TOTAL ASSETS Accumulated Depreciation - Vehicles Total Non-Current Assets Net Sales Net Purchases ASSETS Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Statement of Financial Position For the years ended June 30, 2019 and 2020 LIABILITIES AND EQUITY Operating Expenses Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Salaries Expense Utilities Expense Operating Profit Depreciation Expense Advertising Expense Total Operating Expenses Interest Expense Non-Operating Profit Net Income Non-Operating Activities Interest Revenue Gain from the Sale of Asset Miss Business Finance (Term 1, 1st Semester, SY 202 Sales Less: Sales Returns and Allowances Sales Discounts P P 1 9 P P P P P P P 2019 167,850.00 D 87,780.00 69,900.00 P 2,728,270.00 P 2,596,250.00 77,250.00 16,500.00 9,990.00 429,270.00 P 1,250,000.00 9 750,000.00 265,000.00 668,000.00 104,000.00 2,299,000.00 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) P 2020 156,600.00 90,800.00 34,550.00 64,800.00 8,000.00 16,500.00 371,250.00 P 1,250,000.00 750,000.00 305,000.00 668,000.00 138,000.00 2,225,000.00 D 143,490.00 P 1,507,010.00 1,650,500.00 642,510.00 864,500.00 387,070.00 477,430.00 20,655.00 498,065.00
Transcribed Image Text:Current Assets Cash Accounts Receivable Notes Receivable Merchandise Inventory Prepaid Insurance Office Supplies Total Current Assets Non-Current Assets Land Building Less: Accumulated Depreciation - Building Vehicles TOTAL ASSETS Accumulated Depreciation - Vehicles Total Non-Current Assets Net Sales Net Purchases ASSETS Purchases Add: Freight-In Total Purchases Less: Purchase Returns and Allowances Purchase Discounts Statement of Financial Position For the years ended June 30, 2019 and 2020 LIABILITIES AND EQUITY Operating Expenses Merchandise Inventory, July 1, 2019 Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2020 Cost of Goods Sold Gross Profit Salaries Expense Utilities Expense Operating Profit Depreciation Expense Advertising Expense Total Operating Expenses Interest Expense Non-Operating Profit Net Income Non-Operating Activities Interest Revenue Gain from the Sale of Asset Miss Business Finance (Term 1, 1st Semester, SY 202 Sales Less: Sales Returns and Allowances Sales Discounts P P 1 9 P P P P P P P 2019 167,850.00 D 87,780.00 69,900.00 P 2,728,270.00 P 2,596,250.00 77,250.00 16,500.00 9,990.00 429,270.00 P 1,250,000.00 9 750,000.00 265,000.00 668,000.00 104,000.00 2,299,000.00 78,490.00 65,000.00 858,560.00 125,000.00 983,560.00 46,850.00 72,200.00 864,510.00 220,500.00 1,085,010.00 442,500.00 198,500.00 87,700.00 55,880.00 44,990.00 3,500.00 18,800.00 1,665.00) P 2020 156,600.00 90,800.00 34,550.00 64,800.00 8,000.00 16,500.00 371,250.00 P 1,250,000.00 750,000.00 305,000.00 668,000.00 138,000.00 2,225,000.00 D 143,490.00 P 1,507,010.00 1,650,500.00 642,510.00 864,500.00 387,070.00 477,430.00 20,655.00 498,065.00
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