Dargent Trading applies a markup of 40%. At the start and end of the year, inventory was valued at £25,000 and £22,000 respectively. During the year cash purchases were £15,000 and credit purchases of £90,000. What was the value of sales for the year? a) £151,200 b) £142,800 c) £180,000 d) £170,000

Dargent Trading applies a markup of 40%. At the start and end of the year, inventory was valued at £25,000 and £22,000 respectively. During the year cash purchases were £15,000 and credit purchases of £90,000. What was the value of sales for the year? a) £151,200 b) £142,800 c) £180,000 d) £170,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Senji plc applies a mark-up of 40%. At the start and end of the year, stockwas valued at £25,000 and £22,000 respectively. During the year cash purchases were £15,000 and credit purchases of £90,000. What was the value of sales for the year? a) £151,200b) £142,800c) £170,000d) £180,000
Razor Trading applies a mark up of 40%. At the start and end of the year, inventory was valued at £25,000 and £22,000 respectively. During the year cash purchases were £15,000 and credit purchases of £90,000. What was the value of sales for the year? a) £151,200 b) £142,800 c) £180,000 d) £170,000 The directors of Repro Ltd are anxious to improve the profit to be reported for the accounting period just ended. Which of the following would improve the profit reported? a) Increasing the rate of provision for doubtful debts from 10% to 12% of all balances over 60 days old. b) Creating a provision for possible warranty claims against the company. c) Changing from a reducing balance to a straight line basis for computing depreciation on new non-current assets. d) Writing down the value of closing inventory on the basis of damage to the stock.
Angel Department Store had net credit sales of P12,000,000 and cost of goods sold of P8,000,000 for the year. The average inventory for the year amounted to P1,600,000. The inventory turnover ratio for the year is * a. 5.0 times. b. 4.0 times. c. 2.5 times. d. 7.2 times.
Accounting XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000, Purchases $600,000, Ending Inventory $150,000, and Gross Profit Rate 40%. Calculate the cost of goods sold and the gross profit for the year.
The gross of MARIGOLD Trading for the first quarter of the year amounted to P8, 284,000 and the sales returns and allowance totaled P313, 900. Find the net sales?
Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and the gross profit was 40% of net sales. What were net sales for the year? A. $126,000. C. $315,000. D. $210,000.
4. During the year ended 31 December, the business made sales of E45,000 and purchases of E25,000. The inventory at the beginning of the year was valued at £8,000 and, at 31 December, £4,500. The gross profit for the year was:
8. What is the amount of gross sales for the current year? GREEN Enterprises reported the following information for the current year: Inventory, January 1 2,300,000; Purchases - 7,105,000: Purchase returns and allowances - 520,000; Sales returns and allowances - 692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%.
GREEN Enterprises reported the following information for the current year: Inventory, January 1 - P2,300,000; Purchases - 27,105,000; Purchase returns and allowances - 520,000; Sales returns and allowances - P692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?
Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at the beginning of the year, and inventory is $25,000 at the end of the year. Calculate the inventory turnover ratio. (Round your answer to one decimal place)