I need answer of this question Consider the overall effects on Fossil of sellingwatches on account for $64,000 and paying expensestotaling $25,000. What is Fossil"s net income or netloss?a. Net income of $39,000b. Net loss of $39,000c. Net income of $64,000d. Cannot determine from the data given

Step 1: Define Sales and ExpensesSales and expenses are interlinked; if a firm has to earn revenue…

Answered: Consider the overall effects on Fossil…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

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Please answer only to question b) Ratios calculations and Financial statements are below: Anne's business for October 2021 Net profit Margin = net profit/sales = (210)/5600 = - 3.75% Gross profit margin = gross profit/sales = 770/5600 = 13.75% Current ratio= current assets/current liability= 15,840/5,150= 3.08 Acid test ratio = (cash+ accounts receivable) / current liability = (7,340+8030+150)/5,150 = 3.02 Accounts receivable collection period = Receivables / Average daily credit sales = 150/ (5600/360 days) = 9.64 days or 10 days Accounts payable payment period = Accounts Payable / Average daily purchases = (5,150/ (5,150/360 days) = 360 days
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Help me with question b) only: Ratio calculations are: Anne's business for October 2021 Net profit Margin = net profit/sales = (210)/5600 = - 3.75% Gross profit margin = gross profit/sales = 770/5600 = 13.75% Current ratio= current assets/current liability= 15,840/5,150= 3.08 Acid test ratio = (cash+ accounts receivable) / current liability = (7,340+8030+150)/5,150 = 3.02 Accounts receivable collection period = Receivables / Average daily credit sales = 150/ (5600/360 days) = 9.64 days or 10 days Accounts payable payment period = Accounts Payable / Average daily purchases = (5,150/ (5,150/360 days) = 360 days
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Consider the overall effects on Fossil of selling watches on account for $64,000 and paying expenses totaling $25,000. What is Fossil"s net income or net loss? a. Net income of $39,000 b. Net loss of $39,000 c. Net income of $64,000 d. Cannot determine from the data given