Description
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
DeVry Courses helps in providing the best essay writing service. If you need 100% original papers for Devry ACCT 301 Week 3 Homework Latest, then contact us through call or live chat.
Devry ACCT 301 Week 3 Homework Latest
Reviews
There are no reviews yet.