The following is the excerpt of financial information of WATANABE Corporation on December 31, 2022, and on December 31, 2021 Account 2022 2021 Cost of Goods sold P8,456,000.00 P7,235,000.00 Gross profit 5,000,000.00 3,500,000.00 Interest expense 300,000.00 300,000.00 Income Tax expense 50,000.00 34,500.00 Cash 75,000.00 120,000.00 Accounts Receivable 720,000.00 795,000.00 Inventories 300,000.00 245,000.00 Trading/Marketable Securities 50,000.00 50,000.00 Land 7,000,000.00 7,000,000.00 Accounts Payable 450,000.00 325,000.00 Mortgage Payable 750,000.00 750,000.00 Considering the information above, how many times did the inventory turn-over in year 2022? A 17.88 times or 18 times B cannot be determined 11.6 times or 12 times 31.03 times or 32 times

The following is the excerpt of financial information of WATANABE Corporation on December 31, 2022, and on December 31, 2021 Account 2022 2021 Cost of Goods sold P8,456,000.00 P7,235,000.00 Gross profit 5,000,000.00 3,500,000.00 Interest expense 300,000.00 300,000.00 Income Tax expense 50,000.00 34,500.00 Cash 75,000.00 120,000.00 Accounts Receivable 720,000.00 795,000.00 Inventories 300,000.00 245,000.00 Trading/Marketable Securities 50,000.00 50,000.00 Land 7,000,000.00 7,000,000.00 Accounts Payable 450,000.00 325,000.00 Mortgage Payable 750,000.00 750,000.00 Considering the information above, how many times did the inventory turn-over in year 2022? A 17.88 times or 18 times B cannot be determined 11.6 times or 12 times 31.03 times or 32 times

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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