Homework Answers
Gross profit= Sales*Gross profit rate
= $5600000*20%= $1120000
Ending inventory= Beginning inventory+Purchases+Gross profit-Sales
= $482000+4346000+1120000-5600000
= $348000
(a) Accounts receivable turnover= Net credit sales/Average accounts receivable
= $5600000/700000= 8 times
Number of days sales in receivables= 365 days/Accounts receivable turnover
= 365/8= 45.63 days
(b) Cost of goods sold= Sales-Gross profit
= $5600000-1120000= $4480000
Average inventory= ($482000+348000)/2= $415000
Inventory turnover ratio= Cost of goods sold/Average inventory
= $4480000/415000= 10.80 times
Average days in inventory= 365 days/Inventory turnover ratio
= 365/10.80= 33.80 days
(c) Return on common stockholders' equity= (Net income-Preferred dividend)/Average common stockholders' equity
= $(341000-0)*100/3100000= 11%
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8. B. Jones Corporation has issued common stock only. The company has been successful and has...
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