22. The records of BRACKISH SALTY Co. showed the following information: Accounts receivable, net, Jan. 1, 20x1 Accounts receivable, net, Dec. 31, 20x1 40,000 160,000 Accounts receivable turnover 4:1 Inventory, Jan. 1, 20x1 Inventory, Dec. 31, 20x1 Inventory turnover 120,000 60,000 3:1

22. The records of BRACKISH SALTY Co. showed the following information: Accounts receivable, net, Jan. 1, 20x1 Accounts receivable, net, Dec. 31, 20x1 40,000 160,000 Accounts receivable turnover 4:1 Inventory, Jan. 1, 20x1 Inventory, Dec. 31, 20x1 Inventory turnover 120,000 60,000 3:1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How much is the gross profit for the year?
a. 120,000 b. 130,000 C. 132,000 d. 146,000

22. The records of BRACKISH SALTY Co. showed the following information:
Accounts receivable, net, Jan. 1, 20x1
Accounts receivable, net, Dec. 31, 20x1
Accounts receivable turnover
40,000
160,000
4:1
120,000
Inventory, Jan. 1, 20x1
Inventory, Dec. 31, 20x1
Inventory turnover
60,000
3:1

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