Presented in the left graph are trends in sales revenue and cash received from customers over a six-year period. In the right graph are trends in cost of goods sold and cash paid for inventory over a six-year period. All inventory is purchased with cash. $450,000 Sales Revenue vs. Cash Received from Customers Cost of Goods Sold vs. Cash Paid for Inventory $120,000 $400,000 $350,000 $300,000 $250,000 $200,000 $100,000 $80,000 $60,000 $40,000 $150,000 $100,000 $20,000 $50,000 $0 $0 Year 1 2 3 4 5 6 Year 1 2 3 4 5 6 Year-End Balance of Accounts Receivable Year-End Balance of Inventory -Sales Revenue -Cash Received from Customers -Cost of Goods Sold -Cash Paid for Inventory Click here to open the graphs in a new tab. Required: 1. In Year 1, which is higher - Sales Revenue or Cash Received? 2. In which year is it most likely the company had a large sale on account without cash being collected? 3. In which year does it appear the cash from that large sale on account is collected? 4. In a year that cash received from customers is greater than sales revenue, the year- end balance of Accounts Receivable: 5. In Year 1, which is higher - Cost of Goods Sold or Cash Paid? 6. In which year is it most likely the company had a large purchase of inventory without it being sold? 7. In which year does it appear the excess inventory was sold without an additional cash purchases of inventory to replace it? 8. In a year that cash paid to purchase inventory is greater than cost of goods sold, the year-end balance of Inventory:

Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales   Cost of goods sold   Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income

The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?

A condensed income statement for Weber Associates and a partially completed vertical analysis follow. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). 2. Does Cost of Goods Sold, as a percentage of Net Revenues, represent better or worse performance in 2019 as compared to 2018? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). (Decreases should be indicated by a minus sign. Round your answers to the nearest whole percent.) Net Revenues Cost of Goods Sold Research and Development Expense Sales and Marketing Expense General and Administrative Expense Income from Operations Other…