Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in 2021. The weighted average number of shares issued in 2021 was 50,000 shares. Shannon Corporation's common shares are selling for $40 per share on the Toronto Stock Exchange. Shannon Corporation reported the following data for 2021 and 2020:
2021
2020
Cash
$131,000
$126,000
Accounts Receivable, Net
84,000
59,000
Merchandise Inventory
43,000
42,000
Property, Plant, and Equipment, Net
130,000
96,000
For the year ending December 31, 2021:
Net Sales Revenue
$460,000
Cost of Goods Sold
(335,000)
Gross Profit
$125,000
What was Shannon Corporation's days' sales in inventory for 2021?
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!
