Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Jul 2017 My Price 11.00

net sales and gross profit

Corona Company's balance sheet accounts follow:

  

  At December 31 2014 2013 2012
  Assets      
  Cash $65,787 $71,101 $71,139
  Accounts receivable, net 117,953 93,933 81,109
  Merchandise inventory 135,039 113,429 86,052
  Prepaid expenses 48,249 48,037 43,386
  Plant assets, net 281,773 258,870 239,499
  Total assets

$648,801

$585,370

$521,185
       
  Liabilities and Equity      
  Accounts payable $168,896 $127,973 $101,825
  Long-term notes payable secured by mortgages on plant assets 146,629 148,657 130,005
  Common stock, $10 par value 181,500 181,500 181,500
  Retained earnings 151,776 127,240 107,855
  Total liabilities and equity

$648,801

$585,370

$521,185
       
 

  

What is Corona Company's days' sales in inventory ratio for 2014, assuming net sales and gross profit for the period were $1,706,786, $1,122,812 respectively?
  73.72
  58.71
  84.40
  53.78
  70.90

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 07:07 PM My Price 11.00

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