I need the Accounts receivable turnover: Jackson Enterprises Income Statement For Year Ended December 31, 20-- Revenue from sales: Sales $180,000 Less: Sales returns and allowances 10,000 Net sales $170,000 Cost of goods sold: Merchandise inventory, January 1, 20-- $7,700 Estimated returns inventory, January 1, 20-- 1,300 $9,000 Purchases $92,420 Less: Purchases returns and allowances $1,872 Purchases discounts 1,810 3,682 Net purchases $88,738 Add: Freight-in 961 Cost of goods purchased 89,699 Goods available for sale $98,699 Less: Merchandise inventory, Dec. 31, 20-- $7,320 Estimated returns inventory, Dec. 31, 20-- 1,180 8,500 Cost of goods sold 90,199 Gross profit $79,801 Operating expenses: Wages expense $37,602 Advertising expense 1,230 Supplies expense 354 Phone expense 2,294 Utilities expense 11,116 Insurance expense 944 Depreciation expense—building 3,514 Depreciation expense—equipment 3,524 Miscellaneous expense 542 Total operating expenses 61,120 Income from operations $18,681 Other revenues: Interest revenue $1,898 Other expenses: Interest expense 850 1,048 Net income $19,729 Jackson Enterprises Statement of Owner's Equity For Year Ended December 31, 20-- J. B. Gray, capital, January 1, 20-- $81,941 Net income for the year $19,729 Less: Withdrawals for the year 16,000 Increase in capital 3,729 J. B. Gray, capital, December 31, 20-- 85,670 Jackson Enterprises Balance Sheet December 31, 20-- Assets Current assets: Cash $20,900 Accounts receivable 18,900 Merchandise inventory 7,320 Estimated returns inventory 1,180 8,500 Supplies 1,400 Prepaid insurance 900 Total current assets $50,600 Property, plant, and equipment: Building $91,500 Less: Accumulated depreciation-building 29,000 $62,500 Equipment $33,000 Less: Accumulated depreciation-equipment 7,400 25,600 Total property, plant, and equipment 88,100 Total assets $138,700 Liabilities Current liabilities: Accounts payable $11,000 Customer refunds payable 1,500 Wages payable 400 Sales tax payable 1,300 Mortgage payable (current portion) 720 Total current liabilities $14,920 Long-term liabilities: Mortgage payable $38,830 Less: Current portion 720 38,110 Total liabilities $53,030 Owner's Equity J. B. Gray, capital 85,670 Total liabilities and owner's equity $138,700 Compute the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $21,200. Round answers to one decimal place. Jackson Enterprises December 31, 20-- Working capital $ Current ratio to 1 Quick ratio to 1 Return on owner's equity % Accounts receivable turnover Average number of days required to collect receivables days Inventory turnover Average number of days required to sell inventory
I need the Accounts receivable turnover: Jackson Enterprises Income Statement For Year Ended December 31, 20-- Revenue from sales: Sales $180,000 Less: Sales returns and allowances 10,000 Net sales $170,000 Cost of goods sold: Merchandise inventory, January 1, 20-- $7,700 Estimated returns inventory, January 1, 20-- 1,300 $9,000 Purchases $92,420 Less: Purchases returns and allowances $1,872 Purchases discounts 1,810 3,682 Net purchases $88,738 Add: Freight-in 961 Cost of goods purchased 89,699 Goods available for sale $98,699 Less: Merchandise inventory, Dec. 31, 20-- $7,320 Estimated returns inventory, Dec. 31, 20-- 1,180 8,500 Cost of goods sold 90,199 Gross profit $79,801 Operating expenses: Wages expense $37,602 Advertising expense 1,230 Supplies expense 354 Phone expense 2,294 Utilities expense 11,116 Insurance expense 944 Depreciation expense—building 3,514 Depreciation expense—equipment 3,524 Miscellaneous expense 542 Total operating expenses 61,120 Income from operations $18,681 Other revenues: Interest revenue $1,898 Other expenses: Interest expense 850 1,048 Net income $19,729 Jackson Enterprises Statement of Owner's Equity For Year Ended December 31, 20-- J. B. Gray, capital, January 1, 20-- $81,941 Net income for the year $19,729 Less: Withdrawals for the year 16,000 Increase in capital 3,729 J. B. Gray, capital, December 31, 20-- 85,670 Jackson Enterprises Balance Sheet December 31, 20-- Assets Current assets: Cash $20,900 Accounts receivable 18,900 Merchandise inventory 7,320 Estimated returns inventory 1,180 8,500 Supplies 1,400 Prepaid insurance 900 Total current assets $50,600 Property, plant, and equipment: Building $91,500 Less: Accumulated depreciation-building 29,000 $62,500 Equipment $33,000 Less: Accumulated depreciation-equipment 7,400 25,600 Total property, plant, and equipment 88,100 Total assets $138,700 Liabilities Current liabilities: Accounts payable $11,000 Customer refunds payable 1,500 Wages payable 400 Sales tax payable 1,300 Mortgage payable (current portion) 720 Total current liabilities $14,920 Long-term liabilities: Mortgage payable $38,830 Less: Current portion 720 38,110 Total liabilities $53,030 Owner's Equity J. B. Gray, capital 85,670 Total liabilities and owner's equity $138,700 Compute the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $21,200. Round answers to one decimal place. Jackson Enterprises December 31, 20-- Working capital $ Current ratio to 1 Quick ratio to 1 Return on owner's equity % Accounts receivable turnover Average number of days required to collect receivables days Inventory turnover Average number of days required to sell inventory
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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I need the Accounts receivable turnover:
Jackson Enterprises Income Statement For Year Ended December 31, 20-- |
||||
---|---|---|---|---|
Revenue from sales: | ||||
Sales | $180,000 | |||
Less: Sales returns and allowances | 10,000 | |||
Net sales | $170,000 | |||
Cost of goods sold: | ||||
Merchandise inventory, January 1, 20-- | $7,700 | |||
Estimated returns inventory, January 1, 20-- | 1,300 | $9,000 | ||
Purchases | $92,420 | |||
Less: Purchases returns and allowances | $1,872 | |||
Purchases discounts | 1,810 | 3,682 | ||
Net purchases | $88,738 | |||
Add: Freight-in | 961 | |||
Cost of goods purchased | 89,699 | |||
Goods available for sale | $98,699 | |||
Less: Merchandise inventory, Dec. 31, 20-- | $7,320 | |||
Estimated returns inventory, Dec. 31, 20-- | 1,180 | 8,500 | ||
Cost of goods sold | 90,199 | |||
Gross profit | $79,801 | |||
Operating expenses: | ||||
Wages expense | $37,602 | |||
Advertising expense | 1,230 | |||
Supplies expense | 354 | |||
Phone expense | 2,294 | |||
Utilities expense | 11,116 | |||
Insurance expense | 944 | |||
|
3,514 | |||
Depreciation expense—equipment | 3,524 | |||
Miscellaneous expense | 542 | |||
Total operating expenses | 61,120 | |||
Income from operations | $18,681 | |||
Other revenues: | ||||
Interest revenue | $1,898 | |||
Other expenses: | ||||
Interest expense | 850 | 1,048 | ||
Net income | $19,729 |
Jackson Enterprises Statement of Owner's Equity For Year Ended December 31, 20-- |
||
---|---|---|
J. B. Gray, capital, January 1, 20-- | $81,941 | |
Net income for the year | $19,729 | |
Less: Withdrawals for the year | 16,000 | |
Increase in capital | 3,729 | |
J. B. Gray, capital, December 31, 20-- | 85,670 |
Jackson Enterprises Balance Sheet December 31, 20-- |
|||
---|---|---|---|
Assets | |||
Current assets: | |||
Cash | $20,900 | ||
Accounts receivable | 18,900 | ||
Merchandise inventory | 7,320 | ||
Estimated returns inventory | 1,180 | 8,500 | |
Supplies | 1,400 | ||
Prepaid insurance | 900 | ||
Total current assets | $50,600 | ||
Property, plant, and equipment: | |||
Building | $91,500 | ||
Less: |
29,000 | $62,500 | |
Equipment | $33,000 | ||
Less: Accumulated depreciation-equipment | 7,400 | 25,600 | |
Total property, plant, and equipment | 88,100 | ||
Total assets | $138,700 | ||
Liabilities | |||
Current liabilities: | |||
Accounts payable | $11,000 | ||
Customer refunds payable | 1,500 | ||
Wages payable | 400 | ||
Sales tax payable | 1,300 | ||
Mortgage payable (current portion) | 720 | ||
Total current liabilities | $14,920 | ||
Long-term liabilities: | |||
Mortgage payable | $38,830 | ||
Less: Current portion | 720 | 38,110 | |
Total liabilities | $53,030 | ||
Owner's Equity | |||
J. B. Gray, capital | 85,670 | ||
Total liabilities and owner's equity | $138,700 |
Compute the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $21,200.
Round answers to one decimal place.
Jackson Enterprises | ||
December 31, 20-- | ||
$ | ||
to 1 | ||
Quick ratio | to 1 | |
Return on owner's equity | % | |
Accounts receivable turnover | ||
Average number of days required to collect receivables | days | |
Inventory turnover | ||
Average number of days required to sell inventory |
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