Homework Answers
1) Gross Profit Margin = 51% on sales Therefore the cost would be 49%
Hence , $628.00 * 49% = $307.72
cost = $307.72
3) If apple had maintained the cost of $252.21
then the sales price would be $252.21 + 51%($252.21) = $380.84
4) The markup percentage would be
selling price-cost price/cost price p.u.= $628.00-296.00/$296.00 = 112%
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receivable as of September 30, 2017?
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of September 30, 2017.
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Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
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