Answered: 1. If year one equals P800,000, year…

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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1. If year one equals P800,000, year two equals P840,000, and year three equals P896,000, the percentage to be assigned for year three in a trend analysis, assuming that year 1 is the base year, is?

2. Astrazenica Pharmacy had net credit sales of P6,000,000 and cost of goods sold of P2,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were P350,000 and P250,000, respectively. The accounts receivable turnover ratio was?

3. 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?

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