Financial Ratios Given Below Are Comparative Balance Sheets and an Income Statement

question 7

Essay

Financial ratios
Given below are comparative balance sheets and an income statement for the Excellent Corporation:
All sales were made on account.Cash dividends declared during the year totaled $58,550.Compute the following:

---

Definitions:

JIT Systems

Just-In-Time Systems refer to a strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Inventory

The quantity of goods or materials that a business holds for the purpose of resale or production.

JIT Partnerships

Collaborations between companies and their suppliers to implement Just-In-Time inventory strategies, aiming to reduce waste and increase efficiency.

In-plant Inventory

The stock of goods and materials held within a manufacturing plant for the production process or for immediate use.