QUESTION:NATCHER CORPORATION'S ACCOUNTSRECEIVABLE AT THE END OF YEAR 2WAS $155,000 AND ITS ACCOUNTSRECEIVABLE AT THE END OF YEAR 1WAS $161,000. THE COMPANY'SINVENTORY AT THE END OF YEAR 2WAS $156,000 AND ITS INVENTORYAT THE END OF YEAR 1 WAS$149,000. SALES, ALL ON THEACCOUNT,$1,411,000 IN YEAR 2. COST OFGOODS SOLD AMOUNTED ΤΟ$828,000 IN YEAR 2. THECOMPANY'S OPERATING CYCLE FORYEAR 2 IS CLOSEST TO: (ASSUME 365DAYS A YEAR. DO NOT ROUND YOURINTERMEDIATE ANSWERS.)AMOUNTEDTO

Average inventory = (156000 + 149000) /2 = 305000/2…

Answered: QUESTION: NATCHER CORPORATION'S…

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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Gross Profit During the current year, merchandise is sold for $ 137,900 cash and $ 435,200 on account. The cost of the goods sold is $ 378,200. What is the amount of the gross profit
Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s gross profit? $802,000 $222,000 $875,000 $248,000 $102,000
A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28
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During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of the goods sold is $341,500. What is the amount of the gross profit? $
am. 05.
MDTB Company provided the following information: Net accounts receivable, beginning P 900,000 Net accounts receivable, ending 1,000,000 Accounts receivable turnover 5 to 1 Inventory, beginning 1,100,000 Inventory, ending 1,200,000 Inventory turnover 4 to 1 Required: What is the gross margin for the current year? |
Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]

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