Use balance sheet and income statement in the first photo to answer questions CIRCLED IN RED in the second photo CashAccounts ReceivableInventoryLandBuildings and EquipmentTotal AssetsAccounts PayableNotes PayableBonds Payable (Long-Term)Common StockAdditional Paid-In CapitalRetained EarningsTotal Liabilities and Stockholders'EquitySalesCost of Merchandise SoldGross ProfitAdvertising ExpenseDepreciation ExpenseOffice Supplies ExpenseInterest ExpenseProvision for Income TaxesNet Income2001$ 771,7501,221,9381,543,5001,218,2811,768,594$6,524,063$2,572,500200,0001,286,250192,9381,125,4691,146,906$6,524,0632001$ 6,431,250(3,858,750)2,572,500(160,781)(257,250)(128,625)(257,250)(1,215,506)$ 553,0882002$ 900,3751,382,7191,672,1251,218,2811,707,813$6,881,313$2,701,125300,000803,906192,9381,125,4691,757,875$6,881,3132002$ 8,000,000(5,042,100)2,957,900(418,031)(328,251)(144,703)(192,938)(1,028,743)$ 845,234 Seventy-five percent of Rudolph's sales are credit sales. Assume a 365-day calendar year. OnDecember 1, Rudolph declared and paid $200,000 and $34,265 of common and preferred dividends,respectively.Required:• Calculate Rudolph's inventory turnover at December 31, 2002.• Calculate the number of days' sales in Rudolph's inventory at December 31, 2002.• Calculate Rudolph's account receivable turnover at December 31, 2002.• Calculate the number of days' sales in Rudolph's receivables at December 31, 2002.• Calculate Rudolph's times interest earned at December 31, 2002.• Calculate Rudolph's ratio of liabilities to stockholders' equity for 2002.• Calculate Rudolph's return on stockholders' equity for 2002.• Calculate Rudolph's current ratio for 2002.• Calculate Rudolph's quick ratio for 2002.

Introduction:- Ratio analysis used identify the business performance of the company. It is used to…

Calculate the number of days' sales in Rudolph's receivables at December 31, 2002. • Calculate Rudolph's times interest earned at December 31, 2002. - Calculate Rudolph's ratio of liabilities to stockholders' equity for 2002.

Calculate the number of days' sales in Rudolph's receivables at December 31, 2002. • Calculate Rudolph's times interest earned at December 31, 2002. - Calculate Rudolph's ratio of liabilities to stockholders' equity for 2002.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 27BE

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