dlblume
Jul 30, 2014, 01:18 PM
As of Dec 31
2012
2011
assets
Cash
$
15,000
$
12,000
Marketable securities
18,000
6,000
Accts receivable (net)
52,000
46,000
Inven.
130,000
142,000
Prepaid items
26,000
9,000
Total current assets
241,000
215,000
Investments
26,000
21,000
Plant (net)
268,000
259,000
Tot. assets
$
565,000
$
521,000
Tot. current liabilities
161,452
143,952
Tot. Noncurrent Liabilities
130,000
129,000
Tot. Liabilities
291,452
272,952
Tot. liabilities & stockholders' equity
$
565,000
$
521,000
State of Income & Retained Earnings
Years End Dec 31
2012
2011
Revenues
Sales (net)
$
230,000
$
210,000
Other revenues
9,000
4,000
Tot. revenues
239,000
214,000
Expenses
Cost of goods sold
119,500
102,720
Selling, general, and administrative expenses
55,000
51,000
Interest expense
9,000
7,200
Income tax expense
22,200
21,232
Tot. expenses
205,700
182,152
Net earnings (net income)
$
33,300
$
31,848
Retained earnings, January 1
108,048
84,000
Less: Preferred stock dividends
2,800
2,800
Common stock dividends
5,000
5,000
Retained earnings, December 31
$
133,548
$
108,048
What is the Accounts Receivable Turnover (beginning receivables at January 1, 2011, were $49,000) in 2011 and 2012?
2012
2011
assets
Cash
$
15,000
$
12,000
Marketable securities
18,000
6,000
Accts receivable (net)
52,000
46,000
Inven.
130,000
142,000
Prepaid items
26,000
9,000
Total current assets
241,000
215,000
Investments
26,000
21,000
Plant (net)
268,000
259,000
Tot. assets
$
565,000
$
521,000
Tot. current liabilities
161,452
143,952
Tot. Noncurrent Liabilities
130,000
129,000
Tot. Liabilities
291,452
272,952
Tot. liabilities & stockholders' equity
$
565,000
$
521,000
State of Income & Retained Earnings
Years End Dec 31
2012
2011
Revenues
Sales (net)
$
230,000
$
210,000
Other revenues
9,000
4,000
Tot. revenues
239,000
214,000
Expenses
Cost of goods sold
119,500
102,720
Selling, general, and administrative expenses
55,000
51,000
Interest expense
9,000
7,200
Income tax expense
22,200
21,232
Tot. expenses
205,700
182,152
Net earnings (net income)
$
33,300
$
31,848
Retained earnings, January 1
108,048
84,000
Less: Preferred stock dividends
2,800
2,800
Common stock dividends
5,000
5,000
Retained earnings, December 31
$
133,548
$
108,048
What is the Accounts Receivable Turnover (beginning receivables at January 1, 2011, were $49,000) in 2011 and 2012?