Devlin Company Devlin Company Statement of Financial Position as
Question 105
Question 105
Multiple Choice
Devlin Company Devlin Company Statement of Financial Position as of May 31 (in thousands) Assets Current assets Cash Trading securities Accounts receivable (net) Inventories Prepaid expenses Total current assets Investments, at equity Property, plant, and equipment (net) Intangible assets (net) Total assets Liabilities and shareholders’ equity Current liabilities Notes payable Accounts payable Accrued expenses Income taxes pavable Total current liabilities Long-term debt Deferred taxes Total liabilities Shareholders’ equity Preferred stock, 6%,$100 par value, cumulative Common stock, $10 par value Additional paid-in capital-common stock Retained earmings Total shareholders’ equity Total liabilities and shareholders’ equity year 7$4530689022$2553837580$748$3570515125353$16315022511496$585$748year 6$3820488030$2163040045$691$184241680352$117150195100129$574$691 Devlin Company Income Statement For the year ended May 31 (in thousands) Net sales Costs and expenses Cost of goods sold Selling, general, and administrative Interest expense Income before taxes Income taxes Net income Year 7$480330528$9036$54 Year 6$460315519$8534$51 (CMA adapted, Jun 97 #15) Refer to the Devlin Company example.Devlin Company's inventory turnover for the year ended May 31, Year 7, was
A) 3.67 times B) 3.88 times C) 5.33 times D) 5.65 times E) 5.95 times
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