Devry ACCT 301 Week 3 Homework Latest

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Devry ACCT 301 Week 3 Homework Latest

Week 3

Problem 1

Required: Express each income statement component as a percentage of sales, and comment on the trends in each line from 2013 to 2014.

(25 points)

2014 % Sales 2013 % Sales

Sales $10,00,000 $12,00,000

Cost of goods sold $4,50,000 $6,00,000

Gross margin $5,50,000 $6,00,000

Operating expenses $6,00,000 $4,50,000

Net income $(50,000) $1,50,000

Problem 2

Required: Compute (1) accounts receivable turnover for 2014, (2) the inventory turnover for 2014, and (3) the net margin for 2014.

(25 points)

2014 2013

Balance sheet items

Accounts receivable $3,80,000.00 $3,76,000.00

Allowance for doubtful accounts $(20,000.00) $(16,000.00)

Net accounts receivable $3,60,000.00 $3,60,000.00

Inventory $4,80,000.00 $4,40,000.00

Income statement items

Sales $34,00,000.00 $30,80,000.00

Cost of goods sold $16,00,000.00 $14,40,000.00

Operating expenses $7,80,000.00 $6,80,000.00

 

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Devry ACCT 301 Week 3 Homework Latest

Best Devry ACCT 301 Week 3 Homework Latest

Devry ACCT 301 Week 3 Homework Latest