A small business has sales of $2 million, cost of goods sold of $12 million, net...

A small business has sales of $2 million, cost of goods sold of $12 million, net profit of $34,500,net fixed assets of $200,000, and total asset turnover of 5.25. What is the value of current assets?

Expert Solution

Total asset turnover = Net sales / Total assets

5.25 = $2,000,000 / Total assets

Total assets = $2,000,000 / 5.25

Total assets = $380,952

Current assets = Total assets - Fixed assets

Current assets = $380,952 - $200,000

Current assets = $180,952

jeff jeffy answered 1 year ago

Carey's Department Store had net sales of $20 million and cost of goods sold of $14.00...

Carey's Department Store had net sales of $20 million and cost of goods sold of $14.00 million for the year. The beginning inventory for the year was $7.00 million. The ending inventory for the year was $11.00 million. What was the days' inventory outstanding? (Round any intermediary calculations to two decimal places and your final answer to the nearest day.)

The following company has sales of $30 million and a cost of goods sold of $18...

The following company has sales of $30 million and a cost of goods sold of $18 million. The balance sheet for period ending 31 December 2018 for this company appears below Assets $000 Liabilities and Shareholder Equity $000 Cash 2500 Accounts Payable 1600 Accounts Receivable 4400 Other Payables 900 Inventory 1500 Accruals 1100 Total Current Assets 8400 Total Current Liabilities 3600 Property Plant and Equipment 10500 Long Term Debt 2500 Total Assets 18900 Total Liabilities 6100 Issued Equity 12800 Total...

Sigma Limited has sales of $100 million, cost of goods sold of $60 million, assets of...

Sigma Limited has sales of $100 million, cost of goods sold of $60 million, assets of $120 million, accounts receivables of $20 million and inventory of $30 million. Calculate days' sales in receivables ratio.

Question 8: The following company has sales of $30 million and a cost of goods sold...

Question 8: The following company has sales of $30 million and a cost of goods sold of $18 million. The balance sheet for period ending 31 December 2019 for this company appears below: Assets $000 Liabilities and Shareholder Equity $000 Cash 2500 Accounts Payable 1600 Accounts Receivable 4400 Other Payables 900 Inventory 1500 Accruals 1100 Total Current Assets 8400 Total Current Liabilities 3600 Property Plant and Equipment 10500 Long Term Debt 2500 Total Assets 18900 Total Liabilities 6100 Issued Equity ...

Extotech has sales of $50 million, cost of goods sold for the same period of $15...

Extotech has sales of $50 million, cost of goods sold for the same period of $15 million, and average inventory of $250,000. What is Exotech’s inventory turnover? a. 200 b. 20 c. 60 d. 150 An inventory turn ratio of 25 means a company’s average quantity of goods in inventory sold within how many days? a. 5.2 b. 25 c....

Question 8: The following company has sales of $30 million and a cost of goods sold...

Question 8: The following company has sales of $30 million and a cost of goods sold of $18 million. The balance sheet for period ending 31 December 2019 for this company appears below: Assets $000 Liabilities and Shareholder Equity $000 Cash 2500 Accounts Payable 1600 Accounts Receivable 4400 Other Payables 900 Inventory 1500 Accruals 1100 Total Current Assets 8400 Total Current Liabilities 3600 Property Plant and Equipment 10500 Long Term Debt 2500 Total Assets 18900 Total Liabilities 6100 Issued Equity ...

The United Colours Corporation has $20 million in Sales, and its cost of goods sold is...

The United Colours Corporation has $20 million in Sales, and its cost of goods sold is $15 million. The average inventory balance for the company is $10 million. In order to meet the industry average of 80 days, how would the firm have to change its investment in INVENTORY? Select one: a. Decrease by $7.95 million b. Decrease by $2.05 million c. Increase by $2.05 million d. Increase by $7.95 million

The Greek Connection had sales of $ 29.9 million and a cost of goods sold of...

The Greek Connection had sales of $ 29.9 million and a cost of goods sold of $ 12.0 million in 2013. A simplified balance sheet for the firm appears? below: a. Calculate The Greek? Connection's net working capital in 2013. b. Calculate the cash conversion cycle of The Greek Connection in 2013. c. The industry average accounts receivable days is 30 days. What would have been the cash conversion cycle for The Greek Connection in 2013 had it met the...

Dickson City Company has annual sales of $5 million, while the cost of goods sold is...

Dickson City Company has annual sales of $5 million, while the cost of goods sold is $3.2 million. All sales are made on a cash basis. The owner of Dickson has come up with the plan of giving credit to the customers. He believes that this will increase the sales by 25% without increasing any of the fixed costs. He thinks that 20% of the customers will pay within 30 days, 40% within 60 days, 37% within 90 days, and...

Figures are in millions of dollars Net sales $ 2,473.8 Cost of goods sold (COGS) $...

Figures are in millions of dollars Net sales $ 2,473.8 Cost of goods sold (COGS) $ 1,316.2 Operating expenses (S&GA) $ 575.8 Inventory $ 250.1 Accounts receivable $ 36.7 Other current assets $ 68.9 Fixed assets $ 690.0 What's the net profit margin? $____ Show work. What's the net profit margin %? _____ Show work. What's the value of total assets? $____ Show work. What's the asset turnover ? $____ Show work. What's the return on assets (ROA)? $____ Show...

Question

A small business has sales of $2 million, cost of goods sold of $12 million, net...

Solutions

Expert Solution

Related Solutions

Carey's Department Store had net sales of $20 million and cost of goods sold of $14.00...

The following company has sales of $30 million and a cost of goods sold of $18...

Sigma Limited has sales of $100 million, cost of goods sold of $60 million, assets of...

Question 8: The following company has sales of $30 million and a cost of goods sold...

Extotech has sales of $50 million, cost of goods sold for the same period of $15...

Question 8: The following company has sales of $30 million and a cost of goods sold...

The United Colours Corporation has $20 million in Sales, and its cost of goods sold is...

The Greek Connection had sales of $ 29.9 million and a cost of goods sold of...

Dickson City Company has annual sales of $5 million, while the cost of goods sold is...

Figures are in millions of dollars Net sales $ 2,473.8 Cost of goods sold (COGS) $...