Question

The following information is from Omega Corporation's balance sheets as of December 31, 2013 and 2014 and its income statement for 2014:


2014 2013
Assets:
Cash $ 18,000 $ 22,000
Marketable securities 25,000 0
Accounts receivable 38,000 42,000
Inventory 61,000 52,000
Prepaid insurance 6,000 9,000
Long-term investments 49,000 20,000
Plant assets, net 218,000 225,000
Total assets $415,000 $370,000
Net income $ 62,250
Sales (all on credit) 305,000
Cost of goods sold 123,000
Interest expense 15,600
Income tax expense 27,000

From the above information, calculate the following ratios for 2014:
(a) Inventory turnover.
(b) Accounts receivable turnover.
(c) Return on total assets.
(d) Times interest earned.
(e) Total asset turnover.

Answer

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