Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 34) the following data represent selected informat

34) The following data represent selected information from the comparative income statement and balance sheet...

80.2K

Verified Solution

Question

Accounting

34) The following data represent selected information from the comparative income statement and balance sheet for Hot Rolled Corporation for the years ended December 31, 2020 and 2019:

2020

2019

Cash

$ 10,000

$ 15,000

Net accounts receivable

30,000

25,000

Inventory

43,000

40,000

Prepaid expenses

5,000

7,000

Total current assets

88,000

87,000

Total non-current assets

112,000

114,000

Total current liabilities

70,000

60,000

Total non-current liabilities

40,000

45,000

Common shares

60,000

60,000

Retained earnings

30,000

36,000

Net credit sales

370,000

333,000

Cost of goods sold

150,000

160,000

Gross margin

220,000

173,000

Income from operations

95,000

87,000

Interest expense

8,000

8,000

Net income

70,000

57,000

10,000 shares of common shares have been issued and outstanding since the company was established. They had a market value of $90 per share on December 31, 2019, and they were selling for $91.50 on December 31, 2020.

Refer to the table above. The accounts receivable turnover for Hot Rolled Corporation for the year ended December 31, 2020, was:

A) 13.45

B) 13.32

C) 12.33

D) 12.11

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

GrandSlam, Inc., incurred the following costs during March:Selling expenses $ 159,900 Direct labor 305,000...

Accounting
Q

The marketing director for a cereal company would like to know what proportion of households that...

Statistics
Q

In 1997 a woman sued a computer keyboard manufacturer, charging that her repetitive stress injuries were...

Basic Math
Q

Harassment in practice? This exercise asks you to consider what behaviour actually amounts to harassment, with reference...

General Management
Q

1 A circular swimming pool has a diameter of 20 feet To the nearest square...

Geometry
Q

Find the exact values of sin(x/2), cos(x/2) and tan(x/2) without solving for x.If sec z=-7,...

Calculus
Q

2017 Miller Company reported the following information in its...

Accounting
Q

I need 18-22 everything that has a has green check mark is correct. ...

Accounting
Q

An accumulated depreciation account Select one: A. increases on the debit side. B. has a...

Accounting
Q

Defining Active Listening Select elements of active listening from those shown below: Noticing tone and...

Accounting
Q

After comparing the fixed income valuation formula to the profit maximization formula, what does the...

Accounting
Q

Required: Prepare an accrual basis income statement for 2018. (Ignore income taxes.) E 2-19 Cash...

Accounting