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Author Question: Ottoman Manufacturing Company reported net sales (all credit) of $120,000 and $140,000 for 2020 and ... (Read 29 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
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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jordangardner

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Reply 2 on: Feb 5, 2023
Excellent

xiazhe

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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