Homework Answers
Solution:-
a. The gross profit percentage:-
| Gross Profit Percentage | ||||
| Choose Numerator | Choose Denominator | Gross profit percentage | ||
| Gross Profit | / | Net Sales | = | Gross profit percentage |
| 115,680 | / | 524,000 | = | 22.08% |
Explanation:-
= Gross profit/Net sales
= (Net sales - Cost of goods sold)/Net sales
= (Gross sales - Sales discount - Cost of goods sold)/(Gross sales - Sales discount)
= (526,500 - 2,500 - 408,320)/(526,500 - 2,500) = 22.08%.
b. Working Capital:-
| Working Capital | ||||
| Choose Numerator | Choose Denominator | Working Capital | ||
| Current Assets | - | Current Liabilities | = | Working Capital |
| 120,295 | - | 47,700 | = | 72,595 |
Working capital = Current asset - Current liabilities
= (27,215 + 47,000 + 8,800 + 35,000 + 2,280) - (28,000 + 19,420 + 280) = 72,595
c. The current Ratio:-
| Current Ratio | ||||
| Choose Numerator | Choose Denominator | Current Ratio | ||
| Current Assets | / | Current Liabilities | = | Current Ratio |
| 120,295 | / | 47,700 | = | 2.14 |
Current Ratio = Current asset / Current liabilities
= (27,215 + 47,000 + 8,800 + 35,000 + 2,280) / (28,000 + 19,420 + 280) = 2.14
d. The Inventory Turnover:-
| Inventory Turnover | ||||
| Choose Numerator | Choose Denominator | Inventory Turnover | ||
| Cost Of Goods Sold | / | Average Inventories | = | Inventory Turnover |
| 408,320 | / | 44,150 | = | 9.25 |
Inventory turnover = Cost of goods sold/Average inventories
= 408,320/[(35,000 + 53,300)/2] = 7.4
Note:- As per HOMEWORKLIB RULES if more than four sub part is posted than we liable to answer only first four sub part.
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follow. (All sales were on credit, selected balance sheet amounts
at December 31 of the prior year were inventory \$55,900 ; total
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$38,032.)
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Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (all on account) .Cost of goods sold, $633,600 .Gross profit, $448,000 Accounts receivable, beginning of year, $94,000 Accounts receivable, end of year, $114,000 Merchandise inventory, beginning of year, $59,000 Merchandise inventory, end of year, $69,000 Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Required a Required b The accounts receivable turnover. Accounts Receivable Turnover Accounts Receivable Choose Numerator Choose...
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