Hello, you did a project for me but it was incomplete
Journalize the adjusting entries
Income statement and retained earnings
Net sales revenue
Less: Cost of goods
add freight in
less purchase discount
less ending stock
cost of goods sold
gas and oil expense
Total operating expense
Less interest expense
gas and oil
a) Current Ratio
current assets ? current liabilities
b) Quick Ratio
(Current assets- inventory) ? Current liabilities
c) Working Capital
Current assets-current liabilities
d) Accounts Receivable Turnover
Net Credit Sales / Average Accounts Receivable
Average account receivables= (36600+34750)/2=35675
e) Average Collection Period
Days Sales Outstanding = 360 Days / Receivable Turnover
f) Inventory Turnover
Inventory Turnover = Cost of Sales / Average Inventory
g) Days in Inventory
Days Inventory Outstanding = 360 Days / Inventory Turnover
h) Debt to Total Assets Ratio
total liabilities ? total assets
i) Gross Profit Ratio
Gross income ? net revenue
j) Profit Margin Ratio
Net income ? net revenue
k) Return on Assets Ratio
Net income ? total assets
l) Asset Turnover Ratio
1. The company is able to meet its current and long term obligations as they become
due. This is because the current ratio is above 1. Also the working capital is positive
indicating the company can be able to meets its obligations.
2. The profitability of the company is produced with a high cost of sales. Therefore,
the company should find ways to reduce the cost of sales.
3. I would lend money to the company since it can be able to meet both short term and
long term obligations.
4. The company has average collection period of 15 days.
This question was answered on: Oct 07, 2020
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