Homework Answers
Hi,
So to begin with -
19) Using total asset turnover, one can calculate the total sales figure which is 1,625,000$. (Formula - Total Revenue/Total Assets)
20) To calculate current liabilities, we first need to calculate current assets. Also since Total assets = Fixed Assets + Current Assets, we need to calculate fixed assets using Fixed Asset turnover ratio.
Fixed Asset turnover ratio is 12.037 and sales is 1,625,000$. (Formula - Total revenue / Fixed Assets), hence fixed assets comes to 135,000$ (rounded off).
Since total assets are 325,000 and fixed assets are 135,000$, hence current assets are 190,000$.
Current ratio is given which is 2 and current assets calculated above are 190,000$. Hence current liabilities work out to 95,000$. (Formula - Current Assets/Current Liabilities)
21) To calculate cash shown by company in books, first we need to calculate accounts receivables and inventories, and then subtract the same from current assets to arrive at cash shown by company.
Accounts receivables can be calculated in the following manner - Total sales/360 * avg collection period which equals to 76,000$ (1,625,000/360*16.837).
Inventory can be calculated using quick ratio formula i.e. Quick Ratio = (Total Current Assets - Inventory)/Current Liabilities. Hence inventories = 85,500$.
Now cash = total current assets - inventories - accounts receivable, i.e. = 28,500.
22) Fixed assets are 135,000$ which have already been calculated at point number 20.
Hope the above answer clears your doubts. In case of any further doubts, do leave a comment. Also, please do leave a positive reply, thanks :).
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