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The Following Are Rudolph Corporation's 2009 and 2010 Balance Sheets

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The following are Rudolph Corporation's 2009 and 2010 balance sheets and income statements.
The following are Rudolph Corporation's 2009 and 2010 balance sheets and income statements.       Seventy-five percent of Rudolph's sales are credit sales. Assume a 360-day calendar year. On December 1, Rudolph declared and paid $200,000 and $34,265 of common and preferred dividends, respectively. Required: a. Calculate Rudolph's accounts receivable turnover ratio at December 31, 2010. b. Calculate the average age of Rudolph's receivables at December 31, 2010. c. Calculate Rudolph's inventory turnover ratio at December 31, 2010. d. Calculate the average age of Rudolph's inventory at December 31, 2010. e. Calculate Rudolph's total asset turnover ratio at December 31, 2010. f. Calculate Rudoloph's profit margin percentage for 2010. g. Calculate Rudoloph's gross margin percentage for 2010. h. Calculate Rudolph's return on assets for 2010. i. Calculate Rudoloph's return on equity for 2010. The following are Rudolph Corporation's 2009 and 2010 balance sheets and income statements.       Seventy-five percent of Rudolph's sales are credit sales. Assume a 360-day calendar year. On December 1, Rudolph declared and paid $200,000 and $34,265 of common and preferred dividends, respectively. Required: a. Calculate Rudolph's accounts receivable turnover ratio at December 31, 2010. b. Calculate the average age of Rudolph's receivables at December 31, 2010. c. Calculate Rudolph's inventory turnover ratio at December 31, 2010. d. Calculate the average age of Rudolph's inventory at December 31, 2010. e. Calculate Rudolph's total asset turnover ratio at December 31, 2010. f. Calculate Rudoloph's profit margin percentage for 2010. g. Calculate Rudoloph's gross margin percentage for 2010. h. Calculate Rudolph's return on assets for 2010. i. Calculate Rudoloph's return on equity for 2010.
Seventy-five percent of Rudolph's sales are credit sales. Assume a 360-day calendar year. On December 1, Rudolph declared and paid $200,000 and $34,265 of common and preferred dividends, respectively.
Required:
a. Calculate Rudolph's accounts receivable turnover ratio at December 31, 2010.
b. Calculate the average age of Rudolph's receivables at December 31, 2010.
c. Calculate Rudolph's inventory turnover ratio at December 31, 2010.
d. Calculate the average age of Rudolph's inventory at December 31, 2010.
e. Calculate Rudolph's total asset turnover ratio at December 31, 2010.
f. Calculate Rudoloph's profit margin percentage for 2010.
g. Calculate Rudoloph's gross margin percentage for 2010.
h. Calculate Rudolph's return on assets for 2010.
i. Calculate Rudoloph's return on equity for 2010.

Correct Answer:

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a. Credit sales = 0.75 x $8,000,000 = $6...

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