Question: 1. Agnes Company reported the following data:
Quick assets |
$ 50,000 |
Current assets |
145,000 |
Total liabilities |
295,000 |
Average net receivables |
14,100 |
Beginning inventory |
33,000 |
Long-term liabilities |
195,000 |
Net credit sales |
121,000 |
Cost of goods sold |
79,000 |
Ending inventory |
41,000 |
What was the inventory turnover ratio?
2. Cecilia Company reported net income of $1,400,000. The average total liabilities were $4,310,000 and average total stockholders' equity was $5,220,000. Interest expense was $102,000 and the tax rate was 40%. Cecilia's return on assets ratio is closest to:
3. Gammell Company issued $51,400 of 9% bonds with annual interest payments. The bonds mature in ten years. The bonds were issued at $48,700. Gammel Company uses the straight-line method of amortization. How much is the annual interest expense?