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Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses $900 $790 Long-term liabilities 410 380 Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 Interest expense Total costs and expenses 2022 Income Statement Income before income taxes Income tax expense Net Income $330 $360 470 400 460 390 160 120 1,380 1,310 10 420 530 $2,340 2022 2021 $3,800 955 2,400 25 3,380 420 126 $294 10 380 510 $2,210 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2021 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. Example 1500 ÷ 800 890 = Inventory Turnover Ratio 2021 ÷ 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.

Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses $900 $790 Long-term liabilities 410 380 Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 Interest expense Total costs and expenses 2022 Income Statement Income before income taxes Income tax expense Net Income $330 $360 470 400 460 390 160 120 1,380 1,310 10 420 530 $2,340 2022 2021 $3,800 955 2,400 25 3,380 420 126 $294 10 380 510 $2,210 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2021 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. Example 1500 ÷ 800 890 = Inventory Turnover Ratio 2021 ÷ 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 21E
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Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses $900 $790 Long-term liabilities 410 380 Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 Interest expense Total costs and expenses 2022 Income Statement Income before income taxes Income tax expense Net Income $330 $360 470 400 460 390 160 120 1,380 1,310 10 420 530 $2,340 2022 2021 $3,800 955 2,400 25 3,380 420 126 $294 10 380 510 $2,210 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2021 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. Example 1500 ÷ 800 890 = Inventory Turnover Ratio 2021 ÷ 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.
Transcribed Image Text:Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses $900 $790 Long-term liabilities 410 380 Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 Interest expense Total costs and expenses 2022 Income Statement Income before income taxes Income tax expense Net Income $330 $360 470 400 460 390 160 120 1,380 1,310 10 420 530 $2,340 2022 2021 $3,800 955 2,400 25 3,380 420 126 $294 10 380 510 $2,210 2021 $3,460 890 2,330 20 3,240 220 66 $154 Calculate the 2021 Inventory Turnover ratio. Use whole numbers rounded to 2 decimal places, if needed, as seen in the example below. Example 1500 ÷ 800 890 = Inventory Turnover Ratio 2021 ÷ 1.88 Click the check mark to check your answers. Fields with incorrect responses will be removed so you can try again.
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