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Using the information below, what is Puppy Company's accounts receivable turnover ratio for 2019? The following financial statement accounts and balances are for Puppy Company:

Using the information below, what is Puppy Company's accounts receivable turnover ratio for 2019? The following financial statement accounts and balances are for Puppy Company:

Intermediate Accounting: Reporting And Analysis
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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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Sold) Gross Profit 765,584 Net Income / Profit 879,500 207,850| 250,094 Here are some formulas that you may find helpful: Formula Desired Result Item Current Ratio Quick Ratio (Acid-test) Current assets / Current liabilities |Cash+ short-term investments + AR / Current liabilities Sales / Average gross accounts receivable Days in year / Receivables turnover |Cost of goods sold / Average inventory Days in year / Inventory turnover Total liabilities / Total assets Total liabilities / Owner's (Shareholders') Equity Gross Profit / Total revenue |Higher Higher Receivables turnover Higher Collection Period Inventory turnover Days sales in inventory Debt to Total Assets Lower Higher Lower Lower Debt to Equity Lower Gross Margin (%) (Gross Profit Margin) Profit Margin (%) (Net Margin) Higher Net profit / Total revenue Higher Net sales / Average total assets Net profit / average total assets Higher Higher Higher Asset turnover Return on Assets Return on Equity (ROE) Profit / Average shareholders' equity Formulas 343 times O 35948 times 0.00 times
Transcribed Image Text:Sold) Gross Profit 765,584 Net Income / Profit 879,500 207,850| 250,094 Here are some formulas that you may find helpful: Formula Desired Result Item Current Ratio Quick Ratio (Acid-test) Current assets / Current liabilities |Cash+ short-term investments + AR / Current liabilities Sales / Average gross accounts receivable Days in year / Receivables turnover |Cost of goods sold / Average inventory Days in year / Inventory turnover Total liabilities / Total assets Total liabilities / Owner's (Shareholders') Equity Gross Profit / Total revenue |Higher Higher Receivables turnover Higher Collection Period Inventory turnover Days sales in inventory Debt to Total Assets Lower Higher Lower Lower Debt to Equity Lower Gross Margin (%) (Gross Profit Margin) Profit Margin (%) (Net Margin) Higher Net profit / Total revenue Higher Net sales / Average total assets Net profit / average total assets Higher Higher Higher Asset turnover Return on Assets Return on Equity (ROE) Profit / Average shareholders' equity Formulas 343 times O 35948 times 0.00 times
Using the information below, what is Puppy Company's accounts receivable turnover ratio for 2019? The following financial statement accounts and balances are for Puppy Company: Cash Accounts Receivable Total Inventory Prepaid Expenses Total Current Assets Property and Equipment Total Assets Total Current Liabilities Total Debt Total Liabilities Total Shareholders' Equity Sales / Net Revenue / Net Credit Sales COGS (Cost of Goods Sold) Gross Profit 2019 82,370 6,555 327,750 4,288| 420,963 290,750 711,713 111,450 45,000 156,450 555,263 2018 71,740 5,963 364,680 5,382 447,765 250,612 698,377 128,857 50,512 179,369 519,008 2,250,000 2,064,676 1,370,500| 1,299,092 765,584 Net Income / Profit 879,500 207,850|| 250,094| Here are some formulas that you may find helpful: Item Formula Desired Result Current Ratio Quick Ratio (Acid-test) Current assets / Current liabilities Cash+ short-term investments + AR / Current liabilities Sales / Higher Higher Receivables turnover Higher
Transcribed Image Text:Using the information below, what is Puppy Company's accounts receivable turnover ratio for 2019? The following financial statement accounts and balances are for Puppy Company: Cash Accounts Receivable Total Inventory Prepaid Expenses Total Current Assets Property and Equipment Total Assets Total Current Liabilities Total Debt Total Liabilities Total Shareholders' Equity Sales / Net Revenue / Net Credit Sales COGS (Cost of Goods Sold) Gross Profit 2019 82,370 6,555 327,750 4,288| 420,963 290,750 711,713 111,450 45,000 156,450 555,263 2018 71,740 5,963 364,680 5,382 447,765 250,612 698,377 128,857 50,512 179,369 519,008 2,250,000 2,064,676 1,370,500| 1,299,092 765,584 Net Income / Profit 879,500 207,850|| 250,094| Here are some formulas that you may find helpful: Item Formula Desired Result Current Ratio Quick Ratio (Acid-test) Current assets / Current liabilities Cash+ short-term investments + AR / Current liabilities Sales / Higher Higher Receivables turnover Higher
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