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Author Question: Ottoman Manufacturing Company reported net sales (all credit) of $120,000 and $140,000 for 2020 and ... (Read 20 times)

jordangardner

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on: Feb 5, 2023
Ottoman Manufacturing Company reported net sales (all credit) of $120,000 and $140,000 for 2020 and 2021, respectively and net income of $24,000 and $32,000 for 2020 and 2021, respectively.  Ottoman's 2020 and 2021 balance sheets appear below:


​​20202021
Current Assets​​
  Cash$   16,000$   15,000
  Accounts receivable, net20,00019,000
  Inventory  30,000   28,000
Total current assets66,00062,000
Plant & equipment, net   60,000   40,000
Total assets$126,000$102,000
​​​
Current liabilities$  20,000$  30,000
Noncurrent liabilities    60,000    40,000
Total liabilities80,00070,000
Stockholders' equity​​
  Common stock2,0002,000
  Additional paid-In capital4,0004,000
  Retained earnings   40,000   26,000
Total stockholders' equity   46,000   32,000
Total liabilities and stockholders' equity$126,000$102,000

Required:

a.Calculate the working capital for 2021.
b.Calculate the accounts receivable turnover for 2021.
c.Calculate the debt ratio for 2021.
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by jordangardner on Feb 5, 2023

khammond77

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Reply #1 on: Feb 5, 2023
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jordangardner

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Reply 2 on: Feb 5, 2023
Great answer, keep it coming :)

chereeb

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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