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 16% (average total assets is $80,000). Inventory turnover is 4 (average inventory is $5,000). Accounts receivable turnover is 7 (average accounts receivable is $6,000). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 7,100 Income tax expense 2,100 Net Income
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 16% (average total assets is $80,000). Inventory turnover is 4 (average inventory is $5,000). Accounts receivable turnover is 7 (average accounts receivable is $6,000). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 7,100 Income tax expense 2,100 Net Income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 16% (average total assets is $80,000).
- Inventory turnover is 4 (average inventory is $5,000).
Accounts receivable turnover is 7 (average accounts receivable is $6,000).
| Income Statement | |
| Net Sales | |
| Cost of goods sold | |
| Selling, general, and administrative expenses | 7,100 |
| Income tax expense | 2,100 |
| Net Income |
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