(Solved by Expert Tutors) For the FY 2016, Alpha Company's balance sheet included the foll

For the FY 2016, Alpha Company's balance sheet included the following current items: cash $50,000,

accounts receivable $170,000, inventories $100,000, prepaid expenses $25,000, accounts payable $90,000, and accrued expenses $70,000.?Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)

1. Quick Ratio

2. Current Ratio

2. Working Capital

For the FY 2016, Alpha Company had net sales of $850,000 and net income of $50,000, paid income taxes of $20,000, and had before tax interest expense of $10,000. Use this information to determine the: (Round & enter your answers to one decimal place and enter the value.)

1. Times Interest Earned Ratio

2. Profit Margin

The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):

Item/Account

2017

2016

Accounts Receivable

$9,800

$9,400

Inventory

30,000

16,000

Net Sales (all credit)

85,000

71,000

Cost of Goods Sold

62,000

52,000

Net Income

7,200

6,900

Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)

1. the inventory turnover ratio

2. number of days of inventory

3. Gross Profit Margin

4. Profit Margin

The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):

Item/Account

2017

2016

Accounts Receivable

$9,800

$9,400

Inventory

20,000

16,000

Net Sales (all credit)

72,000

71,000

Cost of Goods Sold

54,000

52,000

Net Income

7,200

6,900

Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)

1. the accounts receivable turnover ratio

2. average collection period accounts receivable

3. Gross Profit Margin

4. Profit Margin

?

Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016.?Net cash sales for 2016 were $200,000.?The accounts receivable turnover for 2016 was 5.0.?Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)

1. Total Net Sales

2. Total Net Credit Sales

 

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DATE ANSWERED

Apr 19, 2020

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