The Following Information Is from Omega Corporation's Balance Sheets as of December

question 52

Essay

The following information is from Omega Corporation's balance sheets as of December 31,2010 and 2011 and its income statement for 2011:
$\begin{array}{|l|r|r|}\hline&2011&2010\\\hline\text { Assets: }\\\hline\text { Cash } & \$ 18,000 & \$ 22,000 \\\hline \text { Marketable securities } & 25,000 & 0 \\\hline \text { Accounts receivable } & 38,000 & 42,000 \\\hline \text { Inventory } & 61,000 & 52,000 \\\hline \text { Prepaid insurance } & 6,000 & 9,000 \\\hline \text { Long-term investments } & 49,000 & 20,000 \\\hline \text { Plant assets, net } & 218,000 & 225,000 \\\hline \text { Total assets } & \$ 415,000 & \$ 370,000\\\hline\\\hline\text { Net income } & \$ 62,250 \\\hline \text { Sales (all on credit) } & 305,000 \\\hline \text { Cost of goods sold } & 123,000 \\\hline \text { Interest expense } & 15,600 \\\hline \text { Income tax expense } & 27,000\\\hline\end{array}$

From the above information,calculate the following ratios for 2011:
(a)Inventory turnover.
(b)Accounts receivable turnover.
(c)Return on total assets.
(d)Times interest earned.
(e)Total asset turnover.

Recognize the institutionalization of cultural and artistic preferences and divisions, including highbrow and lowbrow culture.

Grasp the role of cultural capital and its influence on audience behavior and perceptions of culture.

Identify the mechanisms of cultural appropriation and the perpetuation of racial stereotypes in media and art.

Explore the historical and contemporary challenges faced by artists of color, including the tension between authenticity and profitability.

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Definitions:

Assembly Department

A division within a manufacturing plant where components are assembled into final products.

Direct Labor-Hours

The total number of hours worked by employees directly involved in the manufacturing process, used as a basis for assigning labor costs to products.

Machine-Hours

Machine-hours refer to the total time that machinery is operated within a specific period, used as a basis for allocating costs or assessing productivity.

Forming Department

A division within a manufacturing facility where raw materials begin their transformation into the final product, often through molding, shaping, or casting.