Homework Answers
Average total assets = $81,000
Return on total assets = 14%
Return on total assets = Net income/Average total assets
14% = Net income/81,000
Net income = $11,340
Inventory turnover = 6
Average inventory = $6,200
Inventory turnover = Cost of goods sold/Average inventory
6 = Cost of goods sold/6,200
Cost of goods sold = $37,200
Accounts receivable turnover = 9
Average Accounts receivables = $7,200
Accounts receivable turnover = Net sales/Average Accounts receivables
9 = Net sales/7,200
Net sales = $64,800
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Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net...
Following is an incomplete current year income statement Determine Net Sales, Cost of goods sold and...
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 15% (average total assets is $78,000). • Inventory turnover is 5 (average inventory is $5,900) • Accounts receivable turnover is 8 (average accounts receivable is $6,900). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income 8,000 3,000
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