This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Ottoman Manufacturing Company reported net sales (all credit) of $120,000 and $140,000 for 2020 and ... (Read 21 times)

jordangardner

  • Full Member
  • ***
  • Posts: 145
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by jordangardner on Feb 5, 2023

khammond77

  • Full Member
  • ***
  • Posts: 156
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.
Answer Preview
Only 59% of students answer this correctly


jordangardner

  • Member
  • Posts: 145
Reply 2 on: Feb 5, 2023
YES! Correct, THANKS for helping me on my review

sultansheikh

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

On November 11, 1887, four anarchists were hanged in Chicago on charges that they had thrown a bomb On November 11, 1887, four anarchists were hanged in Chicago on charges that they had thrown a bomb
The Stillwater Mining Company The Stillwater Mining Company
Dismantling the Ottoman Empire, 1919–1920 Dismantling the Ottoman Empire, 1919–1920
One of the rats in the research reported on BioFoods. One of the rats in the research reported on BioFoods.
Pharmaceutical Company Representatives Pharmaceutical Company Representatives
Population receiving welfare, 1960-2020 Population receiving welfare, 1960-2020
Video: Bond in biological molecules (Ionic, Covalent and Hydrogen bonds)/ How atoms bond?

For a complete list of videos, visit our video library